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  <dei:DocumentPeriodEndDate contextRef="c4_From1Jan2011To31Dec2011">2011-12-31</dei:DocumentPeriodEndDate>   
  <us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Basis&#xd; 
      of Presentation and General Information&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Euroseas&#xd;   
      Ltd. (the &quot;Company&quot;) was formed on May 5, 2005 under the laws&#xd;   
      of the Republic of the Marshall Islands to consolidate the&#xd;     
      beneficial owners of the ship owning companies in existence&#xd; 
      at that time (see list below). On June 28, 2005, the&#xd;    
      beneficial owners exchanged all their shares in the&#xd;   
      ship-owning companies for shares in Friends Investment&#xd; 
      Company Inc., a newly formed Marshall Islands&#xd;  
      company.&amp;#160;&amp;#160;On June 29, 2005, Friends Investment&#xd; 
      Company Inc. then exchanged all the shares in the ship-owning&#xd;   
      companies for shares in Euroseas Ltd., thus, becoming the&#xd;    
      sole shareholder of Euroseas Ltd.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      operations of the vessels are managed by Eurobulk Ltd. (the&#xd; 
      &quot;manager&quot;), a corporation controlled by members of the Pittas&#xd;   
      family.&amp;#160;&amp;#160;The Pittas family is the controlling&#xd;     
      shareholders of Friends Investment Company Inc. which owns&#xd;     
      35.4% of the Company&apos;s shares and of Eurobulk Marine Holdings&#xd;   
      Inc. which owns another 1.3% of the Company&apos;s shares as of&#xd;     
      December 31, 2011.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      manager has an office in Greece located at 4, Messogiou &amp;amp;&#xd;  
      Evropis Street, Maroussi, Athens, Greece. The manager&#xd;     
      provides the Company with a wide range of shipping services&#xd; 
      such as technical support and maintenance, insurance&#xd;    
      consulting, chartering, financial and accounting services, as&#xd;   
      well as executive management services, in consideration for&#xd; 
      fixed and variable fees (see Note 8).&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company is engaged in the ocean transportation of dry bulk&#xd;     
      and containers through ownership and operation of dry bulk&#xd;     
      and container carriers owned by the following ship-owning&#xd;    
      companies:&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-236&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd; 
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Oceanopera&#xd;   
              Shipping Ltd. incorporated in Cyprus on June 26,&#xd;   
              1995, owner of the Cyprus flag 34,750 DWT bulk&#xd; 
              carrier M/V &quot;Nikolaos P&quot;, which was built in 1984 and&#xd;   
              acquired on July 22, 1996. M/V &quot;Nikolaos P&quot; was sold&#xd;  
              in February 2009.&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-237&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Alcinoe&#xd;     
              Shipping Ltd. incorporated in Cyprus on March 20,&#xd;    
              1997, owner of the Cyprus flag 26,354 DWT bulk&#xd; 
              carrier M/V &quot;Pantelis P&quot;, which was built in 1981 and&#xd;   
              acquired on June 4, 1997.&amp;#160;&amp;#160;M/V &quot;Pantelis P&quot;&#xd; 
              was sold on May 31, 2006.&amp;#160;&amp;#160;On February 22,&#xd;     
              2007, Alcinoe Shipping Ltd. acquired the 38,691 DWT&#xd; 
              Cyprus flag drybulk carrier M/V &quot;Gregos&quot;, which was&#xd; 
              built in 1984.&amp;#160;&amp;#160;On June 13, 2007, M/V&#xd;     
              Gregos was transferred to Gregos Shipping Limited&#xd;    
              incorporated in the Marshall Islands and its flag was&#xd;   
              changed to the flag of the Marshall Islands. M/V&#xd;   
              &quot;Gregos&quot; was sold in December 2009.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-238&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Allendale&#xd;  
              Investment S.A. incorporated in Panama on January 22,&#xd;   
              2002, owner of the Panama flag 18,154 DWT / 1,169&#xd;    
              twenty-foot equivalent (&quot;TEU&quot; &amp;#8211; a measure of&#xd;    
              carrying capacity in containers) container carrier&#xd;     
              M/V &quot;Kuo Hsiung&quot;, which was built in 1993 and&#xd;     
              acquired on May 13, 2002.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-239&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Alterwall&#xd;  
              Business Inc. incorporated in Panama on January 15,&#xd; 
              2001, owner of the Panama flag 18,253 DWT / 1,169 TEU&#xd;   
              container carrier M/V &quot;Ninos&quot; (previously named M/V&#xd; 
              &quot;Quingdao I&quot;) which was built in 1990 and acquired on&#xd;   
              February 16, 2001.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-240&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Diana&#xd;   
              Trading Ltd. incorporated in the Marshall Islands on&#xd;  
              September 25, 2002, owner of the Marshall Islands&#xd;    
              flag 69,734 DWT bulk carrier M/V &quot;Irini&quot;, which was&#xd; 
              built in 1988 and acquired on October 15,&#xd; 
              2002.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-241&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Salina&#xd;    
              Shipholding Corp., incorporated in the Marshall&#xd;  
              Islands on October 20, 2005, owner of the Marshall&#xd;     
              Islands flag 29,693 DWT / 2,098 TEU container carrier&#xd;   
              M/V &quot;Artemis&quot;, which was built in 1987 and acquired&#xd; 
              on November 25, 2005.&amp;#160;&amp;#160;M/V &quot;Artemis&quot; was&#xd;   
              sold in December 2009.&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-242&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Xenia&#xd;   
              International Corp., incorporated in the Marshall&#xd;    
              Islands on April 6, 2006, owner of the Marshall&#xd;  
              Islands flag 22,568 DWT / 950 TEU multipurpose M/V&#xd;     
              &quot;Tasman Trader&quot;, which was built in 1990 and acquired&#xd;   
              on April 27, 2006.&amp;#160;&amp;#160;On March 7, 2012, the&#xd;    
              vessel was renamed M/V &quot;Anking&quot;.&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-243&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Prospero&#xd; 
              Maritime Inc., incorporated in the Marshall Islands&#xd; 
              on July 21, 2006, owner of the Marshall Islands flag&#xd;  
              69,268 DWT dry bulk M/V &quot;Aristides N.P.&quot;, which was&#xd; 
              built in 1993 and acquired on September 4,&#xd;  
              2006.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-244&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Xingang&#xd;     
              Shipping Ltd., incorporated in Liberia on October 16,&#xd;   
              2006, owner of the Liberian flag 23,596 DWT / 1,599&#xd; 
              TEU container carrier M/V &quot;YM Xingang I&quot; , which was&#xd;  
              built in February 1993 and acquired on November 15,&#xd; 
              2006. On July 11, 2009, the vessel was renamed M/V&#xd;     
              &quot;Mastro Nicos&quot; and on November 5, 2009, it was&#xd; 
              renamed M/V &quot;YM Port Kelang&quot;. On October 25, 2011 the&#xd;   
              vessel was renamed M/V &quot;Marinos&quot;.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-245&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Manolis&#xd;     
              Shipping Ltd., incorporated in the Marshall Islands&#xd; 
              on March 16, 2007, owner of the Marshall Islands flag&#xd;   
              20,346 DWT / 1,452 TEU container carrier M/V &quot;Manolis&#xd;   
              P&quot;, which was built in 1995 and acquired on April 12,&#xd;   
              2007.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-246&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Eternity&#xd; 
              Shipping Company, incorporated in the Marshall&#xd; 
              Islands on May 17, 2007, owner of the Marshall&#xd; 
              Islands flag 30,007 DWT / 1,742 TEU container carrier&#xd;   
              M/V &quot;Clan Gladiator&quot;, which was built in 1992 and&#xd;    
              acquired on June 13, 2007. On May 9, 2008, M/V &quot;Clan&#xd;  
              Gladiator&quot; was renamed M/V &quot;OEL Transworld&quot; and on&#xd;     
              August 31, 2009 the vessel was renamed M/V &quot;Captain&#xd; 
              Costas&quot;.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-247&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Emmentaly&#xd;  
              Business Inc., incorporated in Panama on July 4,&#xd;   
              2007, owner of the Panamanian flag 33,667 DWT / 1,932&#xd;   
              TEU container carrier M/V &quot;Jonathan P&quot;, which was&#xd;    
              built in 1990 and acquired on August 7, 2007. On&#xd;   
              April 16, 2008, M/V &quot;Jonathan P&quot; was renamed M/V &quot;OEL&#xd;   
              Integrity&quot;; on March 5, 2009, the vessel was renamed&#xd;  
              again M/V &quot;Jonathan P&quot; upon the expiration of its&#xd;    
              charter with Orient Express Lines. M/V &quot;Jonathan P&quot;&#xd; 
              was sold on March 16, 2012.&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-248&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Pilory&#xd;    
              Associates Corp., incorporated in Panama on July 4,&#xd; 
              2007, owner of the Panamanian flag 33,667 DWT / 1,932&#xd;   
              TEU container carrier M/V &quot;Despina P&quot;, which was&#xd;   
              built in 1990 and acquired on August 13, 2007.&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-249&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Tiger&#xd;   
              Navigation Corp., incorporated in Marshall Islands on&#xd;   
              August 29, 2007, owner of the Marshall Islands flag&#xd; 
              31,627 DWT / 2,228 TEU container carrier M/V &quot;Tiger&#xd; 
              Bridge&quot;, which was built in 1990 and acquired on&#xd;   
              October 4, 2007.&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-250&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Trust&#xd;   
              Navigation Corp., incorporated in Liberia on October&#xd;  
              1, 2007, owner of the Liberian flag 64,873 DWT bulk&#xd; 
              carrier M/V &quot;Ioanna P&quot;, which was built in 1984 and&#xd; 
              acquired on November 1, 2007. M/V &quot;Ioanna P&quot; was sold&#xd;   
              in January 2009.&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-251&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Noumea&#xd;    
              Shipping Ltd, incorporated in Marshall Islands on May&#xd;   
              14, 2008, owner of the Marshall Islands flag 34,677&#xd; 
              DWT / 2,556 TEU container carrier M/V &quot;Maersk&#xd;     
              Noumea&quot;, which was built in 2001 and acquired on May&#xd;  
              22, 2008.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-252&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Saf-Concord&#xd;    
              Shipping Ltd., incorporated in Liberia on June 8,&#xd;    
              2008, owner of the Liberian flag 46,667 DWT bulk&#xd;   
              carrier M/V &quot;Monica P&quot;, which was built in 1998 and&#xd; 
              acquired on January 19, 2009.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-253&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Eleni&#xd;   
              Shipping Ltd., incorporated in Liberia on February&#xd;     
              11, 2009, owner of the Liberian flag 72,119 DWT bulk&#xd;  
              carrier M/V &quot;Eleni P&quot;, which was built in 1997 and&#xd;     
              acquired on March 6, 2009.&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-254&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Pantelis&#xd; 
              Shipping Ltd., incorporated in the Republic of Malta&#xd;  
              on July 2, 2009, owner of the Maltese flag 74,020 DWT&#xd;   
              bulk carrier M/V &quot;Pantelis&quot; which was built in 2000&#xd; 
              and acquired on July 23, 2009. On December 15, 2009,&#xd;  
              ownership of the vessel was transferred to Pantelis&#xd; 
              Shipping Corp., incorporated in Liberia, and the&#xd;   
              vessel changed its flag to the Liberian flag.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-255&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Aggeliki&#xd; 
              Shipping Ltd., incorporated in the Republic of&#xd; 
              Liberia on May 21, 2010, owner of the Liberian flag&#xd; 
              30,306 DWT / 2008 TEU container carrier M/V &quot;Aggeliki&#xd;   
              P&quot; which was built in 1998 and acquired on June 21,&#xd; 
              2010.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;During&#xd; 
      the years ended December 31, 2009, 2010 and 2011, the&#xd;     
      following charterers individually accounted for more than 10%&#xd;   
      of the Company&apos;s voyage and time charter revenues as&#xd;    
      follows:&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;  
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot;&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Year&#xd; 
              ended December 31,&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Charterer&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;right&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2009&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;right&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2010&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;right&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2011&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;64%&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;A&#xd;   
              (Maersk Lines)&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;10.25&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;%&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;14.95&lt;/font&gt;&#xd;    
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;%&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;15.73&lt;/font&gt;&#xd;    
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;%&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
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        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;64%&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;B&#xd;   
              (Klaveness)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
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          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;16.84&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;%&lt;/font&gt;&#xd;     
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          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;30.29&lt;/font&gt;&#xd;    
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;%&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;13.59&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;%&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;64%&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;C&#xd;   
              (Orient Express Lines)&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;10.33&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;%&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;%&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;4.57&lt;/font&gt;&#xd;   
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;%&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;64%&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;D&#xd;   
              (Sun Express)&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;10.10&lt;/font&gt;&#xd;    
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;%&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>   
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd; 
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Significant&#xd;  
      Accounting Policies&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      accompanying consolidated financial statements of the Company&#xd;   
      have been prepared in accordance with accounting principles&#xd; 
      generally accepted in the United States of&#xd;    
      America.&amp;#160;&amp;#160;The following are the significant&#xd;   
      accounting policies adopted by the Company:&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Principles&#xd;    
      of consolidation&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      accompanying consolidated financial statements included the&#xd; 
      accounts of Euroseas Ltd. and its&#xd;     
      subsidiaries.&amp;#160;&amp;#160;Inter-company transactions were&#xd; 
      eliminated on consolidation.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Use&#xd;  
      of estimates&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      preparation of the accompanying consolidated financial&#xd; 
      statements requires management to make estimates and&#xd;    
      assumptions that affect the reported amounts of assets and&#xd;     
      liabilities, the disclosures of contingent assets and&#xd;     
      liabilities at the date of the consolidated financial&#xd;     
      statements, and the stated amounts of revenues and expenses&#xd; 
      during the reporting period.&amp;#160;&amp;#160;Actual results could&#xd;     
      differ from those estimates.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Other&#xd;    
      comprehensive income / (loss)&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company presents separately comprehensive income / (loss), if&#xd;   
      any, and its components in shareholders&apos;&#xd;  
      equity.&amp;#160;&amp;#160;The Company has no other comprehensive&#xd;  
      income / (loss) and, accordingly, comprehensive income / loss&#xd;   
      equals net income / loss for all periods presented.&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Foreign&#xd; 
      currency translation&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company&apos;s functional currency as well as the functional&#xd;  
      currency of all its subsidiaries is the U.S.&#xd; 
      dollar.&amp;#160;&amp;#160;Assets and liabilities denominated in&#xd; 
      foreign currencies are translated into U.S. dollars at&#xd; 
      exchange rates prevailing at the balance sheet&#xd;   
      date.&amp;#160;&amp;#160;Income and expenses denominated in foreign&#xd;    
      currencies are translated into U.S. dollars at exchange rates&#xd;   
      prevailing at the date of the transaction.&amp;#160;&amp;#160;The&#xd;  
      resulting exchange gains and/or losses on settlement or&#xd;  
      translation are included in the accompanying consolidated&#xd;    
      statements of operations.&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Cash&#xd;   
      equivalents&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Cash&#xd;    
      equivalents are time deposits or other certificates purchased&#xd;   
      with an original maturity of three months or less.&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Restricted&#xd;    
      cash&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Restricted&#xd;     
      cash reflects deposits with certain banks that can only be&#xd;     
      used to pay the current loan installments or are required to&#xd;  
      be maintained as a certain minimum cash balance per mortgaged&#xd;   
      vessel.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Trade&#xd;    
      accounts receivable&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      amount shown as trade accounts receivable, at each balance&#xd;     
      sheet date, includes estimated recoveries from each voyage or&#xd;   
      time charter. At each balance sheet date, the Company&#xd;     
      provides for doubtful accounts on the basis of specific&#xd;  
      identified doubtful receivables.&amp;#160;&amp;#160;No allowance for&#xd;     
      doubtful accounts was recorded for any of the periods&#xd;     
      presented.&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Inventories&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Inventories&#xd; 
      are stated at the lower of cost and market&#xd;    
      value.&amp;#160;&amp;#160;Inventories are valued using the FIFO&#xd;     
      (First-In First-Out) method.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Vessels&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Vessels&#xd;  
      are stated at cost which comprises the vessels&apos; contract&#xd;   
      price, costs of major repairs and improvements upon&#xd;   
      acquisition, direct delivery and other acquisition expenses&#xd; 
      less accumulated depreciation. Subsequent expenditures for&#xd;     
      conversions and major improvements are also capitalized when&#xd;  
      they appreciably extend the life, increase the earning&#xd; 
      capacity or improve the efficiency or safety of the vessels;&#xd;  
      otherwise these amounts are charged to expense as&#xd; 
      incurred.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Expenditures&#xd;  
      for vessel repair and maintenance are charged against income&#xd;  
      in the period incurred.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Depreciation&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Depreciation&#xd;  
      is calculated on a straight line basis with reference to the&#xd;  
      cost of the vessel, age and scrap value as estimated at the&#xd; 
      date of acquisition.&amp;#160;&amp;#160;Depreciation is calculated&#xd;   
      over the remaining useful life of the vessel, which is&#xd; 
      estimated to range from 25 to 30 years from the completion of&#xd;   
      its construction.&amp;#160;&amp;#160;Remaining useful lives of&#xd;    
      property are periodically reviewed and revised to recognize&#xd; 
      changes in conditions and such revisions, if any, are&#xd;     
      recognized over current and future periods.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Insurance&#xd;   
      proceeds&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Insurance&#xd;    
      proceeds are recorded according to type of claim that gives&#xd; 
      rise to the proceeds in the consolidated statements of&#xd; 
      operations and the consolidated statements of cash flow. For&#xd;  
      example, certain hull and machinery claim receipts are&#xd; 
      classified as &quot;cash flow from investment&#xd;  
      activities&quot;.&amp;#160;&amp;#160;In 2009, the Company had $667,839&#xd;  
      receipts for hull and machinery claims (mainly for M/V&#xd; 
      &quot;Jonathan P&quot;, ex-M/V &quot;OEL Integrity&quot;) which were classified&#xd; 
      under &quot;cash flows from investing activities&quot;. There were no&#xd; 
      hull and machinery claim receipts in 2010. In 2011, the&#xd;  
      Company had $1,793,832 receipts for hull and machinery claims&#xd;   
      (mainly for M/V &quot;Aristides N.P.&quot;, M/V &quot;Monica P&quot; and M/V&#xd;   
      &quot;Port Kelang&quot;) which were also classified under &quot;cash flows&#xd; 
      from investing activities&quot;.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Revenue&#xd; 
      and expense recognition&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Revenues&#xd;   
      are generated from voyage and time charter&#xd;    
      agreements.&amp;#160;&amp;#160;If a charter agreement exists, the&#xd;  
      price is fixed, service is provided and the collection of the&#xd;   
      related revenue is reasonably assured, revenues are recorded&#xd;  
      over the term of the charter as service is provided and&#xd;  
      recognized on a pro-rata basis over the duration of the&#xd;  
      voyage or time charter adjusted for the off-hire days that a&#xd;  
      vessel spends undergoing repairs, maintenance or upgrade&#xd;   
      work. A voyage is deemed to commence upon the later of the&#xd;     
      completion of discharge of the vessel&apos;s previous cargo or the&#xd;   
      time it receives a contract that is not cancelable and is&#xd;    
      deemed to end upon the completion of discharge of the current&#xd;   
      cargo.&amp;#160;&amp;#160;A time charter contract is deemed to&#xd;    
      commence from the time of the delivery of the vessel to an&#xd;     
      agreed port and is deemed to end upon the re-delivery of the&#xd;  
      vessel at an agreed port. We generally enter into a charter&#xd; 
      agreement for the vessel&apos;s next voyage or time charter prior&#xd;  
      to the time of discharge of the previous cargo or completion&#xd;  
      of previous time charter. We do not begin recognizing voyage&#xd;  
      or time charter revenue until a charter contract has been&#xd;    
      agreed to both by us and the customer, even if the vessel has&#xd;   
      discharged its cargo or completed the previous time charter&#xd; 
      and it is sailing to the anticipated load port for its next&#xd; 
      voyage or to the port it will be delivered to the next&#xd; 
      charterer. Demurrage income, which is included in voyage&#xd;   
      revenues, represents payments received from the charterer&#xd;    
      when loading or discharging time exceeded the stipulated time&#xd;   
      in the voyage charter and is recognized when earned. Probable&#xd;   
      losses on voyages are provided for in full at the time such&#xd; 
      losses can be estimated.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;For&#xd;   
      the Company&apos;s vessels operating in chartering pools, revenues&#xd;   
      and voyage expenses are pooled and allocated to each pool&apos;s&#xd; 
      participants on a time charter equivalent basis in accordance&#xd;   
      with an agreed-upon formula, which is determined by points&#xd;     
      awarded to each vessel in the pool based on the vessel&apos;s age,&#xd;   
      design and other performance characteristics. For vessels&#xd;    
      that simultaneously participate in spot chartering pools and&#xd;  
      cargo pools (pools of contracts of affreightment, also&#xd; 
      called, short funds; in the Company&apos;s case, participation in&#xd;  
      cargo pools requires participation in spot chartering pools),&#xd;   
      a combined time charter equivalent revenue is provided by the&#xd;   
      operator of the vessel and cargo pools. Revenues and voyage&#xd; 
      expenses are recognized during the period services were&#xd;  
      performed, the collectability has been reasonably assured, an&#xd;   
      agreement with the pool exists and price is determinable.&#xd;    
      Pool income may be subject to future adjustments by the pool&#xd;  
      however, the effect on the Company&apos;s income resulting from a&#xd;  
      subsequent reallocation of pool income on the results for the&#xd;   
      year historically has not been significant.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Charter&#xd;  
      fees received in advance are recorded as a liability&#xd;    
      (deferred revenue) until charter services are&#xd;  
      rendered.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Vessels&#xd;  
      operating expenses are comprised of all expenses relating to&#xd;  
      the operation of the vessels, including crewing, insurance,&#xd; 
      repairs and maintenance, stores, lubricants, spares and&#xd;  
      consumables, professional and legal fees and miscellaneous&#xd;     
      expenses. Vessel operating expenses are recognized as&#xd;     
      incurred; payments in advance of services or use are recorded&#xd;   
      as prepaid expenses. Voyage expenses are incurred when the&#xd;     
      vessel is chartered under a voyage charter and comprise of&#xd;     
      all expenses relating to particular voyages, including&#xd; 
      bunkers, port charges, canal tolls, and agency fees. Voyage&#xd; 
      expenses are expensed as incurred.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Drydocking&#xd;    
      and special survey expenses&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Drydocking&#xd;     
      and special survey expenses are expensed as incurred. The&#xd;    
      Company believes that the direct expense method is preferable&#xd;   
      as it eliminates the significant amount of time and&#xd;   
      subjectivity involved in determining which costs and&#xd;    
      activities related to drydocking qualify for the deferral&#xd;    
      method.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Pension&#xd; 
      and retirement benefit obligations &amp;#8211; crew&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      ship-owning companies employ the crews on board the vessels&#xd; 
      under short-term contracts (usually up to 9&#xd;     
      months).&amp;#160;&amp;#160;Accordingly, they are not liable for any&#xd;     
      pension or post retirement benefits.&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Financing&#xd;   
      costs&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Loan&#xd;    
      arrangement fees are deferred and amortized to interest&#xd;  
      expense over the duration of the underlying loan using the&#xd;     
      effective interest method. Unamortized fees relating to loans&#xd;   
      repaid or refinanced are expensed in the period the repayment&#xd;   
      or refinancing occurs.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Fair&#xd;   
      value of time charter acquired&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company records all identified tangible and intangible assets&#xd;   
      or any liabilities associated with the acquisition of a&#xd;  
      vessel at fair value. Where vessels are acquired with&#xd;     
      existing time charters, the Company determines the present&#xd;     
      value of the difference between: (i) the contractual charter&#xd;  
      rate and (ii) the prevailing market rate for a charter of&#xd;    
      equivalent duration. In discounting the charter rate&#xd;    
      differences in future periods, the Company uses its Weighted&#xd;  
      Average Cost of Capital (WACC) adjusted to account for the&#xd;     
      credit quality of the charterer.&amp;#160;&amp;#160;The capitalized&#xd;    
      above-market (assets) and below-market (liabilities) charters&#xd;   
      are amortized as a reduction and increase, respectively, to&#xd; 
      voyage revenues over the remaining term of the&#xd;   
      charter.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Stock&#xd;    
      incentive plan awards&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Share-based&#xd; 
      compensation represents vested and unvested restricted shares&#xd;   
      granted to employees and to non-employee directors, for their&#xd;   
      services as directors, as well as to non-employees and are&#xd;     
      included in &quot;Other general and administrative expenses&quot; in&#xd;     
      the &quot;Consolidated statements of operations.&quot; These shares are&#xd;   
      measured at their fair value equal to the market value of the&#xd;   
      Company&apos;s common stock on the grant date. The shares that do&#xd;  
      not contain any future service vesting conditions are&#xd;     
      considered vested shares and a total fair value of such&#xd;  
      shares is expensed on the grant date. The shares that contain&#xd;   
      a time-based service vesting condition are considered&#xd;     
      unvested shares on the grant date and a total fair value of&#xd; 
      such shares recognized on a straight-line basis over the&#xd;   
      requisite service period. In addition, unvested awards&#xd; 
      granted to non-employees are measured at their then-current&#xd; 
      fair value as of the financial reporting dates until&#xd;    
      non-employees complete the service (Note 12).&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Investments&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company classifies unrestricted publicly traded investments&#xd; 
      as trading securities and records them at fair value. The&#xd;    
      Company records unrealized gains or losses resulting from&#xd;    
      changes in fair value of its investment in trading securities&#xd;   
      between measurement dates as a component of &quot;Gain (loss) on&#xd; 
      investments&quot;. In accordance with guidance relating to &quot;Fair&#xd; 
      Value Measurements&quot;, the Company determines the fair value of&#xd;   
      its investments in trading securities using quoted market&#xd;    
      prices in active markets for the same securities (Level 1&#xd;    
      under the &quot;Fair Value Measurements&quot; guidance hierarchy (see&#xd; 
      Note 15). The Company determines the cost of trading&#xd;    
      securities sold by using the First-In-First-Out (&quot;FIFO&quot;)&#xd;   
      method. Purchases of, or proceeds from, the sale of trading&#xd; 
      securities are classified as cash flows from operating&#xd; 
      activities. The Company has adopted guidance relating to &quot;The&#xd;   
      Fair Value Option for Financial Assets and Financial&#xd;    
      Liabilities&quot; which allows the classification of purchases of,&#xd;   
      or proceeds from, the sale of trading securities to be&#xd; 
      classified to cash flows from operating activities or cash&#xd;     
      flows from investing activities based upon the Company&apos;s&#xd;   
      intent with respect to these securities.&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Investment&#xd;    
      in Joint Venture&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Investments&#xd; 
      in companies over which the Company believes it exercises&#xd;    
      significant influence over operating and financial policies,&#xd;  
      are accounted for using the equity method. Under this method&#xd;  
      the investment is carried at cost, and is adjusted to&#xd;     
      recognize the investor&apos;s share of the earnings or losses of&#xd; 
      the investee after the date of acquisition and is adjusted&#xd;     
      for impairment whenever facts and circumstances determine&#xd;    
      that a decline in fair value below the cost basis is other&#xd;     
      than temporary. The amount of the adjustment is included in&#xd; 
      the determination of net income by the investor and such&#xd;   
      amount reflects adjustments similar to those made in&#xd;    
      preparing consolidated financial statements including&#xd;     
      adjustments to eliminate intercompany gains and losses, and&#xd; 
      to amortize, if appropriate, any differences between investor&#xd;   
      cost and underlying equity in net assets of the investee at&#xd; 
      the date of acquisition. The investment of an investor is&#xd;    
      also adjusted to reflect the investor&apos;s share of changes in&#xd; 
      the investee&apos;s capital.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Impairment&#xd;    
      of long-lived assets&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Impairment&#xd;     
      loss is recognized on a long-lived asset used in operations&#xd; 
      when indicators of impairment are present and the carrying&#xd;     
      amount of the long-lived asset is not recoverable from the&#xd;     
      undiscounted cash flows estimated to be generated by the&#xd;   
      asset and the asset&apos;s carrying amount is less than its fair&#xd; 
      value. In determining fair value and future benefits derived&#xd;  
      from use of long-lived assets, the Company performs an&#xd; 
      analysis of the anticipated undiscounted future net cash&#xd;   
      flows of the related long-lived assets.&amp;#160;&amp;#160;If the&#xd;  
      carrying value of the related asset exceeds its undiscounted&#xd;  
      future net cash flows, the carrying value is reduced to its&#xd; 
      fair value. Various factors including future charter rates&#xd;     
      and vessel operating costs are included in this analysis. The&#xd;   
      Company performed the undiscounted cash flow test as of&#xd;  
      December 31, 2010 and 2011 for its vessels held for use and&#xd; 
      determined that its vessels were not impaired.&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Derivative&#xd;    
      financial instruments&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Every&#xd;     
      derivative instrument (including certain derivative&#xd;   
      instruments embedded in other contracts) is recorded in the&#xd; 
      balance sheet as either an asset or liability measured at its&#xd;   
      fair value with changes in the instruments&apos; fair value&#xd; 
      recognized as a component in other comprehensive income or&#xd;     
      earnings depending on whether specific hedge accounting&#xd;  
      criteria are met at the inception of the hedge and over the&#xd; 
      life of the contract in accordance with guidance relating&#xd;    
      to&amp;#160;&amp;#160;&quot;Derivatives and Hedging&quot;.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;For&#xd;   
      the years ended December 31, 2009, 2010 and 2011, the&#xd;     
      interest rate swaps and the Forward Freight Agreement (&quot;FFA&quot;)&#xd;   
      contracts were not designated as hedging instruments and did&#xd;  
      not qualify for hedge accounting&#xd;    
      treatment.&amp;#160;&amp;#160;Accordingly, all gains or losses have&#xd;    
      been recorded in the &quot;Consolidated statements of&#xd;     
      operations.&quot;&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Earnings&#xd;  
      per common share&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Basic&#xd;     
      earnings per share is computed by dividing net income&#xd;     
      available to common shareholders by the weighted-average&#xd;   
      number of common shares outstanding during the period. The&#xd;     
      weighted-average number of common shares outstanding does not&#xd;   
      include any potentially dilutive securities or any unvested&#xd; 
      restricted shares of common stock. These unvested restricted&#xd;  
      shares, although classified as issued and outstanding at&#xd;   
      December 31, 2010 and 2011, are considered contingently&#xd;  
      returnable until the restrictions lapse and will not be&#xd;  
      included in the basic net income per share calculation until&#xd;  
      the shares are vested.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Diluted&#xd;  
      net income per share gives effect to all potentially dilutive&#xd;   
      securities. The Company&apos;s then outstanding warrants and&#xd;  
      unvested restricted shares were potentially dilutive&#xd;    
      securities during the years ended December 31, 2009, 2010 and&#xd;   
      2011 (Note 13).&amp;#160;&amp;#160;However, if the result for the&#xd;  
      year is a loss the effect of any potentially dilutive&#xd;     
      securities is not considered.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Segment&#xd; 
      reporting&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company reports financial information and evaluates its&#xd;  
      operations by charter revenue and not by the length of ship&#xd; 
      employment for its customers, i.e. voyage or time&#xd; 
      charters.&amp;#160;&amp;#160;The Company does not use discrete&#xd;    
      financial information to evaluate the operating results for&#xd; 
      each such type of charter. Although revenue can be identified&#xd;   
      for these types of charters, management cannot and does not&#xd; 
      identify expenses, profitability or other financial&#xd;   
      information for these charters.&amp;#160;&amp;#160;As a result,&#xd;     
      management, including the chief operating decision maker,&#xd;    
      reviews operating results solely by revenue per day and&#xd;  
      operating results of the fleet and thus the Company has&#xd;  
      determined that it operates under one reporting segment.&#xd;   
      Furthermore, when the Company charters a vessel to a&#xd;    
      charterer, the charterer is free to trade the vessel&#xd;    
      worldwide and, as a result, the disclosure of geographical&#xd;     
      information is impracticable.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Fair&#xd;   
      Value of Financial Instruments&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      estimated fair values of the Company&apos;s financial instruments&#xd;  
      such as trade receivable, trading securities, trade accounts&#xd;  
      payable, cash and cash equivalents and restricted cash&#xd; 
      approximate their individual carrying amounts as of December&#xd;  
      31, 2010 and 2011, due to their short-term maturity.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      carrying amounts of borrowings under the Company&apos;s loan&#xd;  
      agreements approximate their fair value due to the variable&#xd; 
      interest rate they bear.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      fair value of the interest rate swaps is the estimated amount&#xd;   
      the Company would receive or pay to terminate these&#xd;   
      agreements at the reporting date, taking into account current&#xd;   
      interest rates and the creditworthiness of the counterparty&#xd; 
      for assets and creditworthiness of the Company for&#xd;  
      liabilities.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      fair value of the FFA contracts is the amount the Company&#xd;    
      would receive or pay to terminate these agreements at the&#xd;    
      reporting date, taking into account current broker quoted&#xd;    
      rates for same contracts and the creditworthiness of the&#xd;   
      counterparty for assets and creditworthiness of the Company&#xd; 
      for liabilities (see Note 15 - Financial Instruments for&#xd;   
      additional disclosure on the fair values of interest rate&#xd;    
      swap agreements and FFA contracts).&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Recent&#xd;     
      accounting pronouncements&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;There&#xd;     
      are no recent accounting pronouncements that their adoption&#xd; 
      would have a material effect on the Company&apos;s consolidated&#xd;     
      financial statements in the current year or expected to have&#xd;  
      an impact on future years.&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>  
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;3.&lt;/font&gt;&#xd;  
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      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Inventories&#xd; 
      consisted of the following:&lt;/font&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2010&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2011&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
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              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Lubricants&lt;/font&gt;&#xd; 
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        &lt;tr&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;190,669&lt;/font&gt;&#xd; 
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;865,791&lt;/font&gt;&#xd; 
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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        &lt;tr&gt;&#xd;    
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          &lt;/td&gt;&#xd;  
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,788,256&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2,606,535&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
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        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;4.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
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          &lt;td&gt;&#xd; 
            &lt;div align=&quot;left&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Vessels,&#xd;     
              net&lt;/font&gt;&#xd; 
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      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      amounts in the accompanying consolidated balance sheets are&#xd; 
      as follows:&lt;/font&gt;&#xd; 
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; style=&quot;BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Accumulated&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Depreciation&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; style=&quot;BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Net&amp;#160;Book&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
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            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;64%&quot; style=&quot;BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;   
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Balance,&#xd;     
              January 1, 2009&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;280,267,999&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(48,304,393&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;231,963,606&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-RIGHT: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;64%&quot; style=&quot;BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;   
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-Depreciation&#xd; 
              for the year&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(19,092,384&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;255,412,434&lt;/font&gt;&#xd;    
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            &lt;/div&gt;&#xd;     
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          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: 4px&quot;&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;326,449,124&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;237,063,878&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;During&#xd; 
      2009, the Company acquired M/V &quot;Monica P&quot;, M/V &quot;Eleni P&quot; and&#xd;  
      M/V &quot;Pantelis&quot; for an aggregate purchase price plus costs&#xd;    
      required to make the vessels available for use of&#xd; 
      $64,046,437.&amp;#160;&amp;#160;During 2010, the Company acquired M/V&#xd; 
      &quot;Aggeliki P&quot; for a purchase price plus costs required to make&#xd;   
      the vessel available for use of $16,121,360. There were no&#xd;     
      purchases of vessels during 2011.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;In&#xd;  
      November 2009, the Company decided to dispose of two of its&#xd; 
      vessels, M/V &quot;Artemis&quot; and M/V &quot;Gregos,&quot; which were sold in&#xd; 
      December 2009 for a gross price of $3,162,786 and $7,900,000,&#xd;   
      respectively. After sales commissions of 2% and 3%,&#xd;   
      respectively, and other sales expenses the Company recorded a&#xd;   
      loss of $8,959,321 from the sale of the two vessels. There&#xd;     
      were no sales of vessels in 2010 or 2011.&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>   
  <esea:DeferredChargesTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-264&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;  
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;5.&lt;/font&gt;&#xd;  
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Deferred&#xd;     
              Charges, net&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
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      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&quot;Deferred&#xd;    
      charges, net&quot; consist of loan arrangement fees which are&#xd;   
      amortized over the duration of the loan and deferred offering&#xd;   
      expenses related to the filing of the Company&apos;s shelf&#xd;     
      registration which will be charged against the proceeds of an&#xd;   
      offering of the Company&apos;s securities or will be expensed at&#xd; 
      the end of the years of validity of the shelf registration if&#xd;   
      it will have not been used for any securities&#xd;  
      offering.&lt;/font&gt;&#xd;    
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2009&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center&quot;&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2010&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2011&lt;/font&gt;&#xd;    
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        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;64%&quot; style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;64%&quot; style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;    
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            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(108,569&lt;/font&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(440,513&lt;/font&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;327,694&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;599,374&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;697,951&lt;/font&gt;&#xd;     
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      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      additions of $208,000 in 2009 consisted of loan arrangement&#xd; 
      fees for the loans of M/V &quot;Monica P&quot;, M/V &quot;Eleni P&quot; and M/V&#xd; 
      &quot;Pantelis&quot;. The additions of $380,249 in 2010 consisted of&#xd;     
      loan arrangement fees for the loans of M/V &quot;Maersk Noumea&quot;&#xd;     
      and M/V &quot;Aggeliki P&quot;. During the year 2011 there were no&#xd;   
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    &lt;/div&gt;&lt;br/&gt;</esea:DeferredChargesTextBlock>     
  <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
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      Expenses&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;As&#xd;    
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          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center&quot;&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;As&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
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        &lt;tr&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Accrued&#xd;     
              payroll expenses&lt;/font&gt;&#xd;    
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          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;255,194&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;308,380&lt;/font&gt;&#xd; 
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Accrued&#xd;     
              interest&lt;/font&gt;&#xd; 
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          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;149,740&lt;/font&gt;&#xd; 
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;115,682&lt;/font&gt;&#xd; 
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Accrued&#xd;     
              general and administrative expenses&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;400,172&lt;/font&gt;&#xd; 
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;441,876&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
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        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Accrued&#xd;     
              commissions&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;102,921&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;84,724&lt;/font&gt;&#xd;     
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Other&#xd;   
              accrued expenses&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,304,374&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;708,932&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Total&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2,212,401&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,659,594&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>   
  <us-gaap:FairValueDisclosuresTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-265&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;7.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Fair&#xd; 
              Value of Above or Below Market Time Charters&#xd;    
              Acquired&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;M/V&#xd;   
      &quot;Marinos&quot; was acquired on November 15, 2006 with an&#xd;   
      outstanding time charter terminating on July 21, 2009 with a&#xd;  
      charter rate of $26,650 per day.&amp;#160;&amp;#160;This charter rate&#xd; 
      was above the market rates for equivalent time charters&#xd;  
      prevailing at the time.&amp;#160;&amp;#160;The present value of the&#xd;    
      above the market charter was estimated by the Company at&#xd;   
      $7,923,480, and was recorded as an asset in the &quot;Consolidated&#xd;   
      balance sheets.&quot;&amp;#160;&amp;#160;This amount was amortized over&#xd;   
      the duration of the charter. For the years ended December 31,&#xd;   
      2009, 2010 and 2011, voyage revenue included a reduction of&#xd; 
      $1,653,422, $0 and $0, respectively, as amortization of the&#xd; 
      above market rate charter for M/V &quot;Marinos&quot;. There was no&#xd;    
      unamortized above market rate charter for M/V &quot;Marinos&quot; as of&#xd;   
      December 31, 2010 and 2011.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;M/V&#xd;   
      &quot;Tiger Bridge&quot; was acquired on October 4, 2007 with an&#xd; 
      outstanding time charter terminating on August 4, 2009 with a&#xd;   
      charter rate of $16,500 per day.&amp;#160;&amp;#160;This charter rate&#xd; 
      was below the market rates for equivalent time charters&#xd;  
      prevailing at the time.&amp;#160;&amp;#160;The present value of the&#xd;    
      below-market charter was estimated by the Company at&#xd;    
      $2,263,924, and was recorded as a liability in the&#xd;  
      &quot;Consolidated balance sheets&quot;.&amp;#160;&amp;#160;This amount was&#xd;  
      amortized over the duration of the charter. Voyage revenues&#xd; 
      included $738,965, $0 and $0 as amortization of the&#xd;   
      below-market rate charter for M/V &quot;Tiger Bridge&quot; for the&#xd;   
      years ended December 31, 2009, 2010 and 2011, respectively.&#xd; 
      There was no unamortized below market rate charter as of&#xd;   
      December 31, 2010 and 2011.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;M/V&#xd;   
      &quot;Maersk Noumea&quot; was acquired on May 22, 2008 with an&#xd;    
      outstanding time charter terminating on August 2011 with a&#xd;     
      charter rate of $16,800 per day plus three one-year&#xd;   
      consecutive optional extensions at $18,735, $19,240 and&#xd;  
      $19,750 per day, respectively.&amp;#160;&amp;#160;This charter rate&#xd;    
      was below the market rates for equivalent time charters&#xd;  
      prevailing at the time.&amp;#160;&amp;#160;The present value of the&#xd;    
      below-market charter plus the optional periods was estimated&#xd;  
      by the Company at $9,597,438 and was recorded as a liability&#xd;  
      in the &quot;Consolidated balance sheets&quot;. This amount was&#xd;     
      amortized over the duration of the charter. Thus, voyage&#xd;   
      revenue included $4,541,219 as amortization of the&#xd;  
      below-market rate charter for M/V &quot;Maersk Noumea&quot; for the&#xd;    
      year ended December 31, 2009. For the years ended on December&#xd;   
      31, 2010 and 2011, voyage revenue included $2,106,416 and&#xd;    
      $1,318,211, respectively, as amortization of the below-market&#xd;   
      rate charter for M/V &quot;Maersk Noumea&quot;. The unamortized below&#xd; 
      market rate charter was and $1,318,211 as of December 31,&#xd;    
      2010 and was recorded as a liability in the &quot;Consolidated&#xd;    
      balance sheets&quot;. There was no remaining unamortized below&#xd;    
      market rate charter as of December 31, 2011.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;</us-gaap:FairValueDisclosuresTextBlock>   
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-267&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;    
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;8.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Related&#xd;    
              Party Transactions&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company&apos;s vessel owning companies are parties to management&#xd; 
      agreements with Eurobulk Ltd. (&quot;Management Company&quot;), which&#xd; 
      is controlled by members of the Pittas family, whereby the&#xd;     
      Management Company provided technical and commercial vessel&#xd; 
      management for a fixed daily fee of an average of Euro 655&#xd;     
      for 2009, Euro 665 for 2010 and Euro 700 for 2011 under the&#xd; 
      Company&apos;s Master Management Agreement (see&#xd;    
      below).&amp;#160;&amp;#160;Vessel management fees paid to the&#xd;   
      Management Company amounted to $5,074,297, $4,892,006 and&#xd;    
      $5,810,095 in 2009, 2010 and 2011, respectively.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;These&#xd;     
      agreements were renewed on January 31, 2005 and amended in&#xd;     
      August and October 2006, February 2008 and February 2011 with&#xd;   
      an initial term of five years and will automatically be&#xd;  
      extended after the initial term until terminated by the&#xd;  
      parties.&amp;#160;&amp;#160;An annual adjustment of the management&#xd;   
      fee due to inflation as provided under the management&#xd;     
      agreement takes effect January 1 of each year. Laid-up&#xd; 
      vessels are billed for half of the daily fee for the period&#xd; 
      they are laid-up. The Company&apos;s Master Management Agreement&#xd; 
      with Eurobulk - effective as of January 1, 2011 and with an&#xd; 
      initial term of five years until January 1, 2016 &amp;#8211; was&#xd; 
      amended and renewed for five years on February 4, 2011 with&#xd; 
      effect from January 1, 2011.&amp;#160;&amp;#160;The amended and&#xd;     
      restated Master Management Agreement will automatically be&#xd;     
      extended after the initial period for an additional five year&#xd;   
      period unless terminated on or before the 90th day preceding&#xd;  
      the initial termination date. Pursuant to the Master&#xd;    
      Management Agreement, each shipowning company has signed&#xd;   
      &amp;#8211; and each future shipowning company when a vessel is&#xd;     
      acquired will sign - with Eurobulk a management agreement&#xd;    
      with the rate and term of these agreements set in the Master&#xd;  
      Management Agreement as in effect since January 1, 2011. The&#xd;  
      new agreement was further amended and restated as of January&#xd;  
      1, 2012 to reflect a 5% discount of the daily vessel&#xd;    
      management fee for the period during which the number of the&#xd;  
      Euroseas owned vessels (including vessels in which Euroseas&#xd; 
      is a part owner) managed by Eurobulk is greater than 20&#xd;  
      (&quot;volume discount&quot;). The management fee was adjusted for&#xd;   
      inflation and agreed at 700 Euros per vessel per day for 2011&#xd;   
      taking effect on January 1, 2011. Starting January 1, 2012,&#xd; 
      Euroseas will pay to Eurobulk a fee of 685 Euros per vessel&#xd; 
      per day in operation and 342.5 Euros per vessel per day in&#xd;     
      lay up, after adjusting for inflation and taking into account&#xd;   
      a 5% volume discount as the number of vessels wholly or&#xd;  
      partly owned by Euroseas and managed by Eurobulk has been in&#xd;  
      excess of 20. In absence of the &quot;volume discount&quot;, the daily&#xd;  
      management fee is 720 Euros per vessel per day in operation&#xd; 
      and 360 Euros per vessel per day in lay up. These fees are&#xd;     
      recorded under &quot;Related party management fees&quot; in the&#xd;     
      &quot;Consolidated statements of operations&quot;.&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;In&#xd;  
      addition to the vessel management services, Eurobulk provides&#xd;   
      management services for the Company&apos;s needs as a public&#xd;  
      company. In 2009, compensation for such services to the&#xd;  
      Company as a public company was $1,150,000. This fee was&#xd;   
      adjusted for inflation and agreed at $1,165,000 for 2010 and&#xd;  
      at $1,225,000 for 2011. Starting January 1, 2012, this fee&#xd;     
      was agreed at $1,850,000 to account for increased&#xd; 
      administration expenses and adjustment for inflation. These&#xd; 
      amounts are recorded in &quot;Other general and administrative&#xd;    
      expenses&quot; under &quot;Operating expenses&quot;.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Amounts&#xd;  
      due to or from related companies represent net disbursements&#xd;  
      and collections made on behalf of the vessel-owning companies&#xd;   
      by the Management Company during the normal course of&#xd;     
      operations for which a right of off-set exists.&amp;#160;&amp;#160;As&#xd; 
      of December 31, 2011, the amount due from related companies&#xd; 
      was $208,704, while as of December 31, 2010, there was an&#xd;    
      amount due to related companies of $1,594,773. Based on the&#xd; 
      Master Management Agreement between Euroseas Ltd. and&#xd;     
      Euroseas&apos; shipowning subsidiaries and Eurobulk Ltd. an&#xd; 
      estimate of the quarter&apos;s operating expenses, expected&#xd; 
      drydock expenses, vessel management fee and fee for&#xd;   
      management executive services are to be advanced in the&#xd;  
      beginning of the quarter to Eurobulk Ltd.&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company uses brokers for various services, as is industry&#xd;    
      practice.&amp;#160;&amp;#160;Eurochart S.A., an affiliated company&#xd;   
      controlled by certain members of the Pittas family, provides&#xd;  
      vessel sale and purchase services, and chartering services to&#xd;   
      the Company whereby the Company pays commission of 1% of the&#xd;  
      vessel sales price and 1.25% of charter&#xd; 
      revenues.&amp;#160;&amp;#160;Commission expenses for vessel sales for&#xd; 
      the year ended December 31, 2008 of $62,490 were recorded for&#xd;   
      the sale of M/V &quot;Nikolaos P&quot; and M/V &quot;Ioanna P&quot; as the two&#xd;     
      vessels were held for sale; these commission expenses were&#xd;     
      paid to Eurochart in 2009 along with additional commission&#xd;     
      expenses of $110,628 for the sale of M/V &quot;Artemis&quot; and M/V&#xd;     
      &quot;Gregos&quot; for a total of $173,118. Eurochart S.A. also&#xd;     
      received 1% commission for vessel acquisitions from the&#xd;  
      sellers of the vessels that the Company acquired. Commissions&#xd;   
      to Eurochart S.A. for chartering services were $766,879,&#xd;   
      $612,998 and $766,304 in 2009, 2010 and 2011,&#xd;  
      respectively.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Certain&#xd;  
      members of the Pittas family, together with another unrelated&#xd;   
      ship management company, have formed a joint venture with the&#xd;   
      insurance broker Sentinel Maritime Services Inc.&#xd;     
      (&quot;Sentinel&quot;); and with a crewing agent More Maritime Agencies&#xd;   
      Inc. (&quot;More&quot;). In 2010 &quot;More&quot; was replaced by Technomar Crew&#xd;  
      Management Services Corp (&quot;Technomar&quot;), a company owned by&#xd;     
      certain members of the Pittas family, together with two other&#xd;   
      unrelated ship management companies. The shareholders&apos;&#xd; 
      percentage participation in Sentinel and More joint ventures&#xd;  
      in 2009 was 86.8% and 88.8% respectively, while in 2010,&#xd;   
      ownership in Sentinel was 86.8% and&amp;#160;&amp;#160;in Technomar&#xd;    
      43%. In 2011 ownership in Sentinel was 86.8% and in Technomar&#xd;   
      45%.&amp;#160;&amp;#160;Sentinel is paid a commission on premium not&#xd;     
      exceeding 5%; More or Technomar is paid a fee of&#xd;     
      about&amp;#160;$50 per crew member per month. Total fees charged&#xd; 
      by Sentinel and More or Technomar were $180,198 and $162,197&#xd;  
      in 2009, $197,921 and $219,602 in 2010 and $173,717 and&#xd;  
      $219,014 in 2011, respectively.&amp;#160;&amp;#160;These amounts are&#xd;     
      recorded in &quot;Vessel operating expenses&quot; under &quot;Operating&#xd;   
      expenses&quot;.&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>  
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  <us-gaap:LongTermDebtTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-269&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;  
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;9.&lt;/font&gt;&#xd;  
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Long-Term&#xd; 
              Debt&lt;/font&gt;&#xd;  
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          &lt;/td&gt;&#xd;  
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      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;This&#xd;    
      consisted of bank loans of the ship-owning companies and is&#xd; 
      as follows:&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;  
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          &lt;td valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;December&#xd;     
              31,&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -5.3pt&quot; align=&quot;center&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2010&lt;/font&gt;&#xd;    
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          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;December&#xd;     
              31,&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -5.3pt&quot; align=&quot;center&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2011&lt;/font&gt;&#xd;    
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        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;53%&quot;&gt;&#xd;  
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              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Alterwall&#xd;  
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            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Allendale&#xd;  
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          &lt;td valign=&quot;bottom&quot; width=&quot;23%&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; TEXT-INDENT: 0pt&quot;&gt;&#xd;     
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            &lt;/div&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
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          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
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          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;53%&quot;&gt;&#xd;  
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              International Corp&lt;/font&gt;&#xd; 
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          &lt;td valign=&quot;bottom&quot; width=&quot;23%&quot;&gt;&#xd;    
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          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
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        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
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              Maritime Inc.&lt;/font&gt;&#xd; 
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              Shipping Ltd. / Alcinoe Shipping Ltd&lt;/font&gt;&#xd;    
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              Shipping Ltd.&lt;/font&gt;&#xd; 
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              Navigation Corp. / Tiger Navigation Co.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
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              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Saf-Concord&#xd;    
              Shipping Ltd.&lt;/font&gt;&#xd; 
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          &lt;td valign=&quot;bottom&quot; width=&quot;23%&quot;&gt;&#xd;    
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              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Eleni&#xd;   
              Shipping Ltd.&lt;/font&gt;&#xd; 
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          &lt;td valign=&quot;bottom&quot; width=&quot;23%&quot;&gt;&#xd;    
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              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Pantelis&#xd; 
              Shipping Corp.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;23%&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(i)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;10,720,000&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;9,600,000&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;53%&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Aggeliki&#xd; 
              Shipping Ltd.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;23%&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(j)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;8,500,000&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;7,288,000&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Noumea&#xd;    
              Shipping Ltd.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;23%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(k)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;20,000,000&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;17,310,000&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;53%&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;23%&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;88,385,000&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;74,913,000&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Less:&#xd;   
              Current portion&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;23%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(13,472,000&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(13,332,000&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Long-term&#xd; 
              portion&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;23%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;74,913,000&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;61,581,000&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;    
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;None&#xd;    
      of the above loans is registered in the U.S. The future&#xd;  
      annual loan repayments are as follows:&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;  
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;To&#xd;     
              December 31:&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2012&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;13,332,000&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2013&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;20,937,000&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2014&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;16,312,000&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2015&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;11,412,000&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2016&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;8,920,000&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Thereafter&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;4,000,000&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Total&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;74,913,000&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-270&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman&quot;&gt;(a)&lt;/font&gt;&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Allendale&#xd;  
              Investments S.A. and Alterwall Business Inc. drew&#xd;    
              $20,000,000 on May 26, 2005 against a loan facility&#xd; 
              for which they are jointly and severally&#xd;     
              liable.&amp;#160;&amp;#160;The loan is payable in twenty-four&#xd; 
              unequal consecutive quarterly installments of&#xd;     
              $1,500,000 each in the first year, $1,125,000 each in&#xd;   
              the second year, $775,000 each in the third year,&#xd;    
              $450,000 each in the fourth through sixth years and a&#xd;   
              balloon payment of $1,000,000 payable with the final&#xd;  
              installment due in May 2011.&amp;#160;&amp;#160;The interest&#xd;     
              is based on LIBOR plus 1.25% per annum as long as the&#xd;   
              outstanding loan amount remains below 60% of the fair&#xd;   
              market value (FMV) of M/V &quot;Ninos&quot; and M/V &quot;Kuo&#xd; 
              Hsiung&quot; and plus 1.375% if the outstanding loan&#xd;  
              amount is above 60% of the FMV of such vessels. &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman&quot;&gt;Other&#xd;    
              covenants and guarantees are similar to the rest of&#xd; 
              the loans of the Company.&lt;/font&gt; This loan was paid&#xd;  
              in full as of May 2011.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-271&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(b)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;This&#xd;  
              is an $8,250,000 loan drawn by Xenia International&#xd;     
              Corp. on June 30, 2006.&amp;#160;&amp;#160;The loan is&#xd;    
              payable in twenty three consecutive quarterly&#xd;     
              installments consisting of $265,000 each and a&#xd; 
              balloon payment of $2,155,000 payable with the final&#xd;  
              quarterly installment due in March 2012. The interest&#xd;   
              is based on LIBOR plus a margin of 0.95%. The loan is&#xd;   
              secured with the following: (i) first priority&#xd; 
              mortgage over M/V &quot;Anking&quot;, (ii) first assignment of&#xd;  
              earnings and insurance of M/V &quot;Anking&quot;, (iii) a&#xd;  
              corporate guarantee of Euroseas Ltd., and (iv)&#xd; 
              overall liquidity (cash and cash equivalents) of&#xd;   
              $300,000 for each of the Company&apos;s vessels throughout&#xd;   
              the life of the facility. Other covenants and&#xd;     
              guarantees are similar to the rest of the loans of&#xd;     
              the Company.&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-272&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(c)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;This&#xd;  
              is a $15,500,000 loan drawn by Prospero Maritime Inc.&#xd;   
              on September 4, 2006.&amp;#160;&amp;#160;The loan is payable&#xd;     
              in fourteen consecutive semi-annual installments&#xd;   
              consisting of two installments of $1,200,000 each,&#xd;     
              one installment of $1,000,000 each and eleven&#xd;     
              installments of $825,000 each and a balloon payment&#xd; 
              of $3,025,000 payable with the final semi-annual&#xd;   
              installment due in September 2013. The interest is&#xd;     
              based on LIBOR plus a margin that ranges between&#xd;   
              0.9%-0.95%, depending on the asset cover ratio. The&#xd; 
              loan is secured with the following: (i) first&#xd;     
              priority mortgage over M/V &quot;Aristides N.P.&quot;, (ii)&#xd;    
              first assignment of earnings and insurance of M/V&#xd;    
              &quot;Aristides N.P.&quot;, (iii) a corporate guarantee of&#xd;   
              Euroseas Ltd., (iv) a minimum cash balance equal to&#xd; 
              an amount of no less than $300,000 in an account&#xd;   
              Prospero Maritime Inc. maintains with the bank, and&#xd; 
              (v) overall liquidity (cash and cash equivalents) of&#xd;  
              $300,000 for each of the Company&apos;s vessels throughout&#xd;   
              the life of the facility. Other covenants and&#xd;     
              guarantees are similar to the rest of the loans of&#xd;     
              the Company.&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-273&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(d)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;This&#xd;  
              is a $20,000,000 loan drawn by Xingang Shipping Ltd.&#xd;  
              on November 15, 2006; Alcinoe Shipping Ltd., owner of&#xd;   
              the M/V &quot;Gregos&quot;, became a guarantor to the loan in&#xd; 
              March 2007. Diana Shipping Ltd, owner of M/V &quot;Irini&quot;&#xd;  
              is a guarantor to this loan. After M/V Gregos was&#xd;    
              sold in December 2009, a cash collateral of&#xd;   
              $2,000,000 has been maintained with the bank in lieu&#xd;  
              of any repayment because of the sale. The loan is&#xd;    
              payable in eight consecutive quarterly installments&#xd; 
              of $1.0 million each, the first of which was due in&#xd; 
              February 2007, followed by four consecutive quarterly&#xd;   
              installments of $750,000 each, followed by sixteen&#xd;     
              consecutive installments of $250,000 each and a&#xd;  
              balloon payment of $5.0 million payable with the&#xd;   
              final quarterly installment due in November 2013. The&#xd;   
              interest was based on LIBOR plus a margin of 0.935%&#xd; 
              initially; after Alcinoe Shipping Ltd. became a&#xd;  
              guarantor the rate became 0.90%. The loan is secured&#xd;  
              with the following: (i) first priority mortgage over&#xd;  
              M/V &quot;Marinos&quot;, (ii) first assignment of earnings and&#xd;  
              insurance, (iii) a corporate guarantee of Euroseas&#xd;     
              Ltd. and (iv) a mortgage on M/V &quot;Irini&quot;. Other&#xd; 
              covenants and guarantees are similar to the rest of&#xd; 
              the loans of the Company.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-274&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(e)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;This&#xd;  
              is a $10,000,000 loan drawn by Manolis Shipping Ltd.&#xd;  
              on June 11, 2007. In August 2009, an additional&#xd;  
              guarantee was provided by the Company&apos;s wholly owned&#xd;  
              subsidiary, SAF-Concord Shipping Ltd., owner of M/V&#xd; 
              &quot;Monica P&quot; in order to ensure compliance with the&#xd;    
              hull cover ratio covenant (a similar guarantee was&#xd;     
              provided by SAF-Concord Shipping Ltd. to the loan&#xd;    
              drawn by Trust Navigation Corp. &amp;#8211; see (g)&#xd; 
              below). On such date, SAF-Concord Shipping Ltd. also&#xd;  
              granted the lender a second priority mortgage over&#xd;     
              M/V &quot;Monica&quot; to secure the loan and its guarantee. In&#xd;   
              August 2010, the guarantee provided by SAF-Concord&#xd;     
              Shipping Ltd. expired and was not renewed. The loan&#xd; 
              is payable in thirty-two consecutive quarterly&#xd; 
              installments of $160,000 each, the first of which was&#xd;   
              due in September 2007, plus a balloon payment of&#xd;   
              $4,880,000 payable with the final quarterly&#xd;   
              installment in June 2015. The interest is based on&#xd;     
              LIBOR plus a margin of 0.80% if the ratio of the&#xd;   
              outstanding loan to the vessel value is below 55%,&#xd;     
              otherwise the margin is 0.90%.&amp;#160;&amp;#160;The loan is&#xd; 
              secured with the following: (i) first priority&#xd; 
              mortgage over M/V &quot;Manolis P&quot;, (ii) first assignment&#xd;  
              of earnings and insurance, (iii) a corporate&#xd;    
              guarantee of Euroseas Ltd. and (iv) a minimum cash&#xd;     
              balance equal to an amount of no less than $300,000&#xd; 
              in an account Manolis Shipping Ltd. maintains with&#xd;     
              the bank.&amp;#160;&amp;#160;Other covenants and guarantees&#xd;    
              are similar to the rest of the loans of the&#xd;   
              Company.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-275&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(f)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;This&#xd;  
              loan is a $15,000,000 loan drawn by Trust Navigation&#xd;  
              Corp. on November 1, 2007. The M/V &quot;Ioanna P&quot; secured&#xd;   
              the loan until the vessel was sold on January 12,&#xd;    
              2009. In anticipation of such sale, on December 29,&#xd; 
              2008, a replacement guarantee for the loan was put in&#xd;   
              place by Tiger Navigation Trust Corp., one of the&#xd;    
              Company&apos;s subsidiaries and the owner of M/V &quot;Tiger&#xd;     
              Bridge&quot;.&amp;#160;&amp;#160;On such date, Tiger Navigation&#xd;   
              Trust Corp. also granted the lender a first priority&#xd;  
              mortgage over M/V &quot;Tiger Bridge&quot; to secure the loan&#xd; 
              and its guarantee.&amp;#160;&amp;#160;In August 2009, an&#xd; 
              additional guarantee was provided by the Company&apos;s&#xd;     
              wholly owned subsidiary, SAF-Concord Shipping Ltd.,&#xd; 
              owner of M/V &quot;Monica P&quot; in order to ensure compliance&#xd;   
              with the hull cover ratio covenant (a similar&#xd;     
              guarantee was provided by SAF-Concord Shipping Ltd.&#xd; 
              to the loan drawn by Manolis Shipping Ltd. &amp;#8211;&#xd;    
              see (e) above). On such date, SAF-Concord Shipping&#xd;     
              Ltd. also granted the lender a second priority&#xd; 
              mortgage over M/V &quot;Monica&quot; to secure the loan and its&#xd;   
              guarantee.&amp;#160;&amp;#160;In August 2010, the guarantee&#xd;    
              provided by SAF-Concord Shipping Ltd. expired and was&#xd;   
              not renewed.&amp;#160;&amp;#160;The loan is payable in four&#xd;    
              consecutive quarterly installments of $1,850,000&#xd;   
              each, the first of which was due in February 2008,&#xd;     
              followed by four consecutive quarterly installments&#xd; 
              of $750,000 each, followed by four consecutive&#xd; 
              quarterly installments of $550,000 each, plus a&#xd;  
              balloon payment of $2,400,000 payable with the final&#xd;  
              quarterly installment in November 2010. The interest&#xd;  
              is based on LIBOR plus a margin of 0.90%. On October&#xd;  
              29, 2010, Tiger Navigation Trust Corp. agreed to&#xd;   
              re-financed the balloon payment of $2,400,000 to be&#xd; 
              paid in ten consecutive quarterly installments of&#xd;    
              $50,000 each plus a balloon payment of $1,900,000&#xd;    
              payable with the final instalment in April 2013. The&#xd;  
              interest rate is based on LIBOR plus 3.75%. The loan&#xd;  
              is secured with the following: (i) first priority&#xd;    
              mortgage over M/V &quot;Tiger Bridge&quot;, (ii) first&#xd;    
              assignment of earnings and insurance, (iii) a&#xd;     
              corporate guarantee of Euroseas Ltd. and (iv) a&#xd;  
              minimum cash balance equal to an amount of no less&#xd;     
              than $300,000 in an account Trust Navigation Corp.&#xd;     
              maintains with the bank.&amp;#160;&amp;#160;Other covenants&#xd;    
              and guarantees are similar to the rest of the loans&#xd; 
              of the Company.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-276&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(g)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;This&#xd;  
              loan is a $10,000,000 loan drawn by SAF-Concord&#xd;  
              Shipping Ltd. on January 19, 2009. The loan is&#xd; 
              payable in twenty consecutive quarterly installments&#xd;  
              of $250,000 each, the first of which was due in April&#xd;   
              2009, plus a balloon payment of $5,000,000 payable&#xd;     
              with the final quarterly installment in January 2014.&#xd;   
              The interest is based on LIBOR plus a margin of&#xd;  
              2.50%. The loan is secured with the following: (i)&#xd;     
              first priority mortgage over M/V &quot;Monica P&quot;, (ii)&#xd;    
              first assignment of earnings and insurance, (iii) a&#xd; 
              corporate guarantee of Euroseas Ltd. and (iv) a&#xd;  
              minimum cash balance equal to an amount of no less&#xd;     
              than $300,000 in an account SAF-Concord Shipping Ltd.&#xd;   
              Shipping Ltd. maintains with the&#xd;  
              bank.&amp;#160;&amp;#160;Other covenants and guarantees are&#xd;    
              similar to the rest of the loans of the&#xd;    
              Company.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-277&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(h)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;This&#xd;  
              loan is a $10,000,000 loan drawn by Eleni Shipping&#xd;     
              Ltd. on April 30, 2009. &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
              loan is payable in 10 consecutive semi-annual&#xd;     
              installments, two in the amount of $100,000, two in&#xd; 
              the amount of $400,000, two in the amount of $600,000&#xd;   
              and four in the amount of $800,000, with a $4.6&#xd;  
              million balloon payment to be paid together with the&#xd;  
              last installment in April 2014. The margin of the&#xd;    
              loan is 2.50% above LIBOR for the $5.4 million repaid&#xd;   
              throughout the 5 years and 2.70% above LIBOR for the&#xd;  
              amount of the balloon payment.&lt;/font&gt; The loan is&#xd;     
              secured with the following: (i) first priority&#xd; 
              mortgage over M/V &quot;Eleni P&quot;, (ii) first assignment of&#xd;   
              earnings and insurance, (iii) a corporate guarantee&#xd; 
              of Euroseas Ltd. and (iv) a minimum cash balance&#xd;   
              equal to an amount of no less than $300,000 in an&#xd;    
              account Eleni Shipping Ltd. maintains with the&#xd; 
              bank.&amp;#160;&amp;#160;Other covenants and guarantees are&#xd;    
              similar to the rest of the loans of the&#xd;    
              Company.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-278&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(i)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;This&#xd;  
              loan is a $13,000,000 loan drawn by Pantelis Shipping&#xd;   
              Corp. on December 15, 2009. &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;  
              loan is payable in 32 consecutive quarterly&#xd;   
              installments, four in the amount of $500,000 and&#xd;   
              twenty-eight in the amount of $280,000, with a $3.16&#xd;  
              million balloon payment to be paid together with the&#xd;  
              last installment in December 2017. The margin of the&#xd;  
              loan is 2.70% above LIBOR.&lt;/font&gt; The loan is secured&#xd;    
              with the following: (i) first priority mortgage over&#xd;  
              M/V &quot;Pantelis&quot;, (ii) first assignment of earnings and&#xd;   
              insurance, (iii) a corporate guarantee of Euroseas&#xd;     
              Ltd. and (iv) a minimum cash balance equal to an&#xd;   
              amount of no less than $300,000 in an account&#xd;     
              Pantelis Shipping Corp. maintains with the&#xd;  
              bank.&amp;#160;&amp;#160;Other covenants and guarantees are&#xd;    
              similar to the rest of the loans of the&#xd;    
              Company.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-279&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(j)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;This&#xd;  
              loan is a $8,500,000 loan drawn by Aggeliki Shipping&#xd;  
              Ltd. on November 5, 2010. The loan is payable in 20&#xd; 
              equal consecutive quarterly installments of $303,000&#xd;  
              each, with a $2.44 million balloon payment to be paid&#xd;   
              together with the last installment in November 2015.&#xd;  
              The margin of the loan is 2.85% above LIBOR. The loan&#xd;   
              is secured with the following: (i) first priority&#xd;    
              mortgage over M/V &quot;Aggeliki P.&quot;, (ii) first&#xd;   
              assignment of earnings and insurance, (iii) a&#xd;     
              corporate guarantee of Euroseas Ltd. Other covenants&#xd;  
              and guarantees are similar to the rest of the loans&#xd; 
              of the Company.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-280&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(k)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;This&#xd;  
              loan is a $20,000,000 loan drawn by Noumea Shipping&#xd; 
              Ltd. on December 28, 2010. The loan consists of two&#xd; 
              tranches: Tranche A of $15,000,000 payable in 12&#xd;   
              equal consecutive six-monthly installments of&#xd;     
              $720,000 each with a $6.36 million balloon payment to&#xd;   
              be paid together with the last installment in&#xd;     
              December 2016; and, Tranche B of $5,000,000 payable&#xd; 
              in 8 equal consecutive six-monthly installments of&#xd;     
              $625,000 each running in parallel with Tranche A. The&#xd;   
              margin of both tranches is 2.65% above LIBOR,&#xd;     
              however, if the collateral vessel, M/V &quot;Maersk&#xd; 
              Noumea&quot;, does not have a charter, the margin of&#xd;  
              Tranche B becomes 4% above LIBOR and any balance&#xd;   
              remaining thereof, to be repaid not later that the&#xd;     
              original Tranche B Maturity, as an Interim&#xd;  
              Balloon.&amp;#160;&amp;#160;&amp;#160;The loan is secured with&#xd;  
              the following: (i) first priority mortgage over M/V&#xd; 
              &quot;Maersk Noumea&quot;, (ii) second priority mortgage over&#xd; 
              M/V &quot;Aristides N.P.&quot;, (iii) first assignment of&#xd;  
              earnings and insurance, (iv) a corporate guarantee of&#xd;   
              Euroseas Ltd. Other covenants and guarantees are&#xd;   
              similar to the rest of the loans of the&#xd;    
              Company.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;In&#xd;  
      addition to the terms specific to each loan described above,&#xd;  
      all the above loans are secured with one or more of the&#xd;  
      following:&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-281&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd; 
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;first&#xd;   
              priority mortgage over the respective vessels on a&#xd;     
              joint and several basis.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-282&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;first&#xd;   
              assignment of earnings and insurance.&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-283&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;a&#xd;    
              personal guarantee of one shareholder.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-284&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;a&#xd;    
              corporate guarantee of Euroseas Ltd.&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-285&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;font style=&quot;display: inline; font-family: Symbol, serif;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;a&#xd;    
              pledge of all the issued shares of each&#xd;    
              borrower.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      loan agreements contain covenants such as minimum&#xd; 
      requirements regarding the hull ratio cover&amp;#160;&amp;#160;(the&#xd;    
      ratio of fair value of vessel to outstanding loan less cash&#xd; 
      in retention accounts), restrictions as to changes in&#xd;     
      management and ownership of the vessel shipowning companies,&#xd;  
      distribution of profits or assets (i.e. limiting dividends in&#xd;   
      some loans to 60% of profits, or, not permitting dividend&#xd;    
      payment or other distributions in cases that an event of&#xd;   
      default has occurred), additional indebtedness and mortgage&#xd; 
      of vessels without the lender&apos;s prior consent, sale of&#xd; 
      vessels, maximum fleet-wide leverage, sale of capital stock&#xd; 
      of our subsidiaries, ability to make investments and other&#xd;     
      capital expenditures, entering in mergers or acquisitions,&#xd;     
      minimum cash balance requirements and minimum cash retention&#xd;  
      accounts (restricted cash).&amp;#160;&amp;#160;The loan agreements&#xd;   
      also require the Company to make deposits in retention&#xd; 
      accounts with certain banks that can only be used to pay the&#xd;  
      current loan installments. Minimum cash balance requirements&#xd;  
      are in addition to cash held in retention accounts. These&#xd;    
      cash deposits amounted to $5,776,714 and $5,670,111 as of&#xd;    
      December 31, 2010 and 2011, respectively, and are shown as&#xd;     
      &quot;Restricted cash&quot; under &quot;Current assets&quot; and &quot;Long-term&#xd;  
      assets&quot; in the consolidated balance sheets. As of December&#xd;     
      31, 2011, all the debt covenants are satisfied.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Interest&#xd;   
      expense for the years ended December 31, 2009, 2010 and 2011&#xd;  
      amounted to $1,327,133, $1,389,647 and $2,046,420,&#xd;  
      respectively.&amp;#160;&amp;#160;At December 31, 2011, LIBOR for the&#xd;     
      Company&apos;s loans was on average approximately 0.29% per year,&#xd;  
      the average interest rate margin over LIBOR on our debt was&#xd; 
      approximately 2.00% per year for a total average interest&#xd;    
      rate of approximately 2.29% per year.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;</us-gaap:LongTermDebtTextBlock>     
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd; 
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;10.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Income&#xd;   
      Taxes&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Under&#xd;     
      the laws of the countries of the companies&apos; incorporation&#xd;    
      and/or vessels&apos; registration, the companies are not subject&#xd; 
      to tax on international shipping income, however, they are&#xd;     
      subject to registration and tonnage taxes, which have been&#xd;     
      included in &quot;Vessel operating expenses&quot; in the accompanying&#xd; 
      &quot;Consolidated statements of operations.&quot;&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Pursuant&#xd;   
      to the Internal Revenue Code of the United States (the&#xd; 
      &quot;Code&quot;), U.S. source income from the international operations&#xd;   
      of ships is generally exempt from U.S tax if the company&#xd;   
      operating the ships meets certain requirements. Among other&#xd; 
      things, in order to qualify for this exemption, the company&#xd; 
      operating the ships must be incorporated in a country,&#xd; 
      which&lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold&quot;&gt;&amp;#160;&lt;/font&gt;grants&#xd; 
      an equivalent exemption from income taxes to U.S&#xd;     
      corporations. All the Company&apos;s ship-operations subsidiaries&#xd;  
      satisfy this particular criterion.&amp;#160;&amp;#160;In addition,&#xd;   
      more than 50% of the value of the stock must be owned,&#xd; 
      directly or indirectly, by individuals who are residents as&#xd; 
      defined in the countries of incorporation or another foreign&#xd;  
      country that grants an equivalent exemption to U.S&#xd;  
      corporations, the &quot;50% Ownership Test&quot;, or, the stock is&#xd;   
      &quot;primarily and regularly traded on an established securities&#xd;  
      market&quot; in our country of organization, in another country&#xd;     
      that grants an &quot;equivalent exemption&quot; to United States&#xd; 
      corporations, or in the United States, the &quot;Publicly-Traded&#xd; 
      Test&quot;. The management of the Company believes that by virtue&#xd;  
      of the special rule applicable to situations where the ship&#xd; 
      operating companies are beneficially owned by a&#xd;    
      publicly-traded company like the Company, the&#xd;  
      &quot;Publicly-Traded Test&quot; was satisfied for 2009, 2010 and 2011&#xd;  
      and thereafter, but no assurance can be given that this will&#xd;  
      remain so, since continued compliance with this rule is&#xd;  
      subject to factors outside the Company&apos;s control.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;</us-gaap:IncomeTaxDisclosureTextBlock>  
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-286&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;  
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;11.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Commitments&#xd;   
              and Contingencies&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-287&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(a)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;There&#xd;   
              are no material legal proceedings to which the&#xd; 
              Company is a party or to which any of its properties&#xd;  
              are subject, other than routine litigation incidental&#xd;   
              to the Company&apos;s business.&amp;#160;&amp;#160;In the opinion&#xd;     
              of the management, the disposition of these lawsuits&#xd;  
              should not have a material impact on the consolidated&#xd;   
              results of operations, financial position and cash&#xd;     
              flows.&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-288&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(b)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;During&#xd;    
              the year ended December 31, 2009, the Company has&#xd;    
              recognized approximately $1.7 million of revenue upon&#xd;   
              resolution of a contingency related to the delivery&#xd; 
              date of a vessel.&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-289&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;(c)&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Future&#xd;    
              minimum long-term time charter revenue net of&#xd;     
              commissions, based on non-cancelable time charter&#xd;    
              contracts as of December 31, 2011 will be $26.7&#xd;  
              million for 2012 and $10.5 million for 2013 assuming&#xd;  
              the scheduled drydockings and special surveys (20-25&#xd;  
              days every two and a half years) and one additional&#xd; 
              offhire day per quarter to account for any&#xd;  
              unscheduled off-hire time.&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>    
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-290&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;    
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;12.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Stock&#xd;  
              Incentive Plan&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;On&#xd;  
      October 25, 2007, the Board of Directors approved the&#xd;     
      Company&apos;s 2007 Stock Incentive Plan (the &quot;2007 Plan&quot;) and on&#xd;  
      February 4, 2010, the Company&apos;s 2010 Stock Incentive Plan&#xd;    
      (the &quot;2010 Plan&quot;). Both plans are administered by the Board&#xd; 
      of Directors which can make awards totaling in aggregate up&#xd; 
      to 600,000 and 1,500,000 shares, respectively over 10 years&#xd; 
      after each plan&apos;s adoption date. The persons eligible to&#xd;   
      receive awards under the Plan are officers, directors, and&#xd;     
      executive, managerial, administrative and professional&#xd; 
      employees of the Company or Eurobulk or Eurochart,&#xd;  
      (collectively, &quot;key persons&quot;) as the Board, in its sole&#xd;  
      discretion, shall select based upon such factors as the Board&#xd;   
      shall deem relevant.&amp;#160;&amp;#160;Awards may be made under the&#xd;     
      Plan in the form of incentive stock options, non-qualified&#xd;     
      stock options, stock appreciation rights, dividend equivalent&#xd;   
      rights, restricted stock, unrestricted stock, restricted&#xd;   
      stock units and performance shares.&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-291&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd; 
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;a)&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;On&#xd;     
              February 7, 2008, an award of 150,000 unvested&#xd; 
              restricted shares under the 2007 Plan was made to 12&#xd;  
              key persons of which 50% vested on August 7, 2008 and&#xd;   
              the remaining 50% vested on August 7, 2009; awards to&#xd;   
              officers and directors amounted to 95,000 shares and&#xd;  
              the remaining 55,000 shares were awarded to employees&#xd;   
              of Eurobulk; of the latter, 5,000 shares were&#xd;     
              forfeited.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-292&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;b)&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;On&#xd;     
              November 12, 2008, an award of 160,000 unvested&#xd;  
              restricted shares under the 2007 Plan was made to the&#xd;   
              same 12 and an additional two (a total of 14) key&#xd;    
              persons of which 50% vested on November 16, 2009 and&#xd;  
              50% on November 16, 2010; awards to officers and&#xd;   
              directors amounted to 100,000 shares and the&#xd;    
              remaining 60,000 shares were awarded to employees of&#xd;  
              Eurobulk; of the latter, 20,000 shares were&#xd;   
              forfeited.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-293&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;c)&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;On&#xd;     
              November 4, 2009, an award of 165,000 unvested&#xd; 
              restricted shares under the 2007 Plan was made to 14&#xd;  
              key persons of which 50% vested on July 1, 2010 and&#xd; 
              50% vested on July 1, 2011; awards to officers and&#xd;     
              directors amounted to 100,000 shares and the&#xd;    
              remaining 65,000 shares were awarded to employees of&#xd;  
              Eurobulk.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-294&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;d)&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;On&#xd;     
              November 4, 2010, an award of 165,000 unvested&#xd; 
              restricted shares, 15,000 shares under the 2007 Plan&#xd;  
              and 150,000 shares under the 2010 Plan, was made to&#xd; 
              14 key persons of which 50% vested on November 16,&#xd;     
              2011 and 50% will vest on November 16, 2012; awards&#xd; 
              to officers and directors amounted to 100,000 shares&#xd;  
              and the remaining 65,000 shares were awarded to&#xd;  
              employees of Eurobulk.&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-295&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;e)&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;On&#xd;     
              November 4, 2011 an award of 290,000 unvested&#xd;     
              restricted shares under the 2010 Plan, was made to 17&#xd;   
              key persons of which 50% will vest on July 1, 2012&#xd;     
              and 50% on July 1, 2013; awards to officers and&#xd;  
              directors amounted to 164,000 shares and the&#xd;    
              remaining 126,000 shares were awarded to employees of&#xd;   
              Eurobulk.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;All&#xd;   
      unvested restricted shares are conditional upon the grantee&apos;s&#xd;   
      continued service as an employee of the Company, Eurobulk or&#xd;  
      as a director until the applicable vesting date. The grantee&#xd;  
      does not have the right to vote such unvested restricted&#xd;   
      shares until they vest or exercise any right as a shareholder&#xd;   
      of these shares, however, the unvested shares will accrue&#xd;    
      dividends as declared and paid which will be retained by the&#xd;  
      Company until the shares vest at which time they are payable&#xd;  
      to the grantee. As of December 31, 2010 and 2011 the unvested&#xd;   
      restricted shares accrued dividends of $32,175 and $47,525,&#xd; 
      respectively. As unvested restricted share grantees accrue&#xd;     
      dividends on awards that are expected to vest, such dividends&#xd;   
      are charged to retained earnings.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company estimates the forfeitures of unvested restricted&#xd;   
      shares to be immaterial. The Company will, however,&#xd;   
      re-evaluate the reasonableness of its assumption at each&#xd;   
      reporting period.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      compensation cost that has been charged against income for&#xd;     
      those plans was $820,189, $696,117 and $568,488 for the years&#xd;   
      ended December 31, 2009, 2010 and 2011, respectively. The&#xd;    
      Company has used the straight-line method to recognize the&#xd;     
      cost of the awards.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;A&#xd; 
      summary of the status of the Company&apos;s unvested shares as of&#xd;  
      December 31, 2011 and changes during the years ended December&#xd;   
      31, 2009, 2010 and 2011, are presented below:&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;  
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Unvested&#xd;     
              Shares&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; style=&quot;BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Shares&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Weighted-Average&#xd;   
              Grant-Date Fair Value&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Unvested&#xd; 
              on January 1, 2009&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;235,000&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,465,000&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-RIGHT: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;BORDER-LEFT: medium none&quot;&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Granted&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;165,000&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;658,350&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-RIGHT: medium none; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;BORDER-LEFT: medium none&quot;&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Vested&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(140,000&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(1,050,000&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-RIGHT: medium none; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;910,600&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-RIGHT: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Vested&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(165,000&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(669,075&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-RIGHT: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Forfeited&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-RIGHT: medium none; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;BORDER-LEFT: medium none; BORDER-BOTTOM: 4px&quot;&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Unvested&#xd; 
              on December 31, 2011&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: 4px&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: 4px; TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: 4px; TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;372,500&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: 4px; TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: 4px&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: 4px; TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: 4px; TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,250,500&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-RIGHT: medium none; BORDER-BOTTOM: 4px; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&lt;a id=&quot;JD_fasb-amended-op_fas123_r__am__par._a2&quot; name=&quot;JD_fasb-amended-op_fas123_r__am__par._a2&quot;&gt;&#xd;   
      &lt;!--EFPlaceholder--&gt;&lt;/a&gt;As of December 31, 2011, there was&#xd;  
      $977,516 of total unrecognized compensation cost related to&#xd; 
      unvested share-based compensation arrangements granted under&#xd;  
      the Plan based on the closing stock price of $2.35 on&#xd;     
      December 31, 2011 used for the valuation of the shares&#xd; 
      awarded to non-employees. That cost is expected to be&#xd;     
      recognized over a weighted-average period of 0.78 years. The&#xd;  
      total fair value of shares vested during the year ended&#xd;  
      December 31, 2009 was $716,974 and the recognized portion of&#xd;  
      the unvested shares was $103,215. The total fair value of&#xd;    
      shares vested during the year ended December 31, 2010 was&#xd;    
      $505,585 and the recognized portion of the unvested shares&#xd;     
      was $190,532. The total fair value of shares vested during&#xd;     
      the year ended December 31, 2011 was $446,694 and the&#xd;     
      recognized portion of the unvested shares was&#xd;  
      $121,794.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>  
  <us-gaap:EarningsPerShareTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-297&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd; 
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;13.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Earnings&#xd;     
              / (Loss) Per Share&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Basic&#xd;     
      and diluted earnings / (loss) per common share are computed&#xd; 
      as follows:&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;  
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2pt&quot; align=&quot;right&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2009&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2pt&quot; align=&quot;right&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2010&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2pt&quot; align=&quot;right&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2011&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Income:&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;64%&quot; style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Net&#xd; 
              income / (loss)&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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              average common shares &amp;#8211;&amp;#160;&lt;/font&gt;&lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Outstanding&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;30,648,991&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;30,900,122&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(0.51&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(0.21&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;0.04&lt;/font&gt;&#xd;   
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      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;During&#xd; 
      2009 and 2010, the effect of the unvested stock awards was&#xd;     
      anti-dilutive.&lt;/font&gt;&#xd;    
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      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;In&#xd;  
      2009, 2010 and 2011, the Company declared dividends of&#xd; 
      $10,779,609 ($0.35 per share), $6,848,536 ($0.22 per share)&#xd; 
      and $8,457,722 ($0.27 per share), respectively.&lt;/font&gt;&#xd;  
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      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
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      September 8, 2009 under which it may sell from time to time&#xd; 
      shares of common stock. During September 2009 the Company&#xd;    
      sold under this program 134,100 shares at an average price of&#xd;   
      $4.94 per share resulting in net sales proceeds of $649,265&#xd; 
      after commissions of $13,251. The Company recorded a $4,023&#xd; 
      increase in share capital and $204,732 increase in paid-in&#xd;     
      capital after accounting for offering expenses of $440,513.&#xd; 
      This program was terminated as of January 16, 2010.&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;</us-gaap:EarningsPerShareTextBlock>    
  <esea:VesselVoyageAndOperatingExpensesTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd; 
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;14.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Voyage,&#xd;    
      Vessel Operating Expenses and Commissions&lt;/font&gt;&#xd; 
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      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;These&#xd;     
      consisted of:&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Year&#xd; 
              ended December 31,&lt;/font&gt;&#xd; 
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2009&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center&quot;&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2010&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2011&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Voyage&#xd;   
              expense&lt;/font&gt;&#xd;     
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          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,666,897&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,331,475&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2,428,373&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;64%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Related&#xd;     
              parties (see Note 8)&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;766,879&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;612,998&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;766,304&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; width=&quot;64%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2,433,776&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,944,473&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;3,194,677,&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;</esea:VesselVoyageAndOperatingExpensesTextBlock> 
  <us-gaap:FinancialInstrumentsDisclosureTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;    
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;15.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Financial&#xd; 
      Instruments&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      principal financial assets of the Company consist of cash on&#xd;  
      hand and at banks, trading securities, interest rate swaps,&#xd; 
      FFA contracts and accounts receivable due from charterers.&#xd;     
      The principal financial liabilities of the Company consist of&#xd;   
      long-term loans, FFA contracts and accounts payable due to&#xd;     
      suppliers.&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Interest&#xd;  
      rate risk&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company enters into interest rate swap contracts as economic&#xd;  
      hedges to manage its exposure to variability in its floating&#xd;  
      rate long term debt. Under the terms of the interest rate&#xd;    
      swaps the Company and the bank agreed to exchange, at&#xd;     
      specified intervals the difference between a paying fixed&#xd;    
      rate and receiving floating rate interest amount calculated&#xd; 
      by reference to the agreed principal amounts and&#xd;     
      maturities.&amp;#160;&amp;#160;Interest rate swaps allow the Company&#xd;     
      to convert long-term borrowings issued at floating rates into&#xd;   
      equivalent fixed rates. Even though the interest rate swaps&#xd; 
      were entered into for economic hedging purposes, the&#xd;    
      derivatives described below (see Note 16) do not qualify for&#xd;  
      accounting purposes as fair value hedges, under guidance&#xd;   
      relating to &lt;font style=&quot;DISPLAY: inline; FONT-STYLE: italic&quot;&gt;Derivatives and&#xd;     
      Hedging&lt;/font&gt;, as the Company does not have currently&#xd;  
      written contemporaneous documentation identifying the risk&#xd;     
      being hedged and, both on a prospective and retrospective&#xd;    
      basis, performing an effectiveness test to support that the&#xd; 
      hedging relationship is highly effective. Consequently, the&#xd; 
      Company recognizes the change in fair value of these&#xd;    
      derivatives in the &quot;Consolidated statements of operations.&quot;&#xd; 
      As of December 31, 2011, the Company had three open swap&#xd;   
      contracts for a notional amount of $60.0 million.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;     
        &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Concentration&#xd;    
        of credit risk&lt;/font&gt;&#xd; 
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;     
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Financial&#xd;    
      instruments, which potentially subject the Company to&#xd;     
      significant concentration of credit risk consist primarily of&#xd;   
      cash and trade accounts receivable. The Company places its&#xd;     
      temporary cash investments, consisting mostly of deposits,&#xd;     
      with high credit qualified financial institutions. The&#xd; 
      Company performs periodic evaluation of the relative credit&#xd; 
      standing of these financial institutions that are considered&#xd;  
      in the Company&apos;s investment strategy. The Company limits its&#xd;  
      credit risk with accounts receivable by performing ongoing&#xd;     
      credit evaluations of its customers&apos; financial condition and&#xd;  
      generally does not require collateral for its accounts&#xd; 
      receivable.&amp;#160;&amp;#160;As of December 31, 2011, there were no&#xd; 
      customers with trade accounts receivable accounting for more&#xd;  
      than 10% of the customer&apos;s 2011 hire revenues.&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Forward&#xd; 
      freight agreements (&quot;FFA&quot;)&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company trades in the FFA market with an objective to utilize&#xd;   
      the FFAs as economic hedging instruments that are effective&#xd; 
      at reducing the market risk of specific drybulk vessels. The&#xd;  
      Company does not trade FFAs speculatively. FFA trading&#xd; 
      generally has not qualified as hedge accounting and as such&#xd; 
      the trading of FFAs could lead to material fluctuations in&#xd;     
      the Company&apos;s reported results from operations on a period to&#xd;   
      period basis.&amp;#160;&amp;#160;As of December 31, 2009, the Company&#xd; 
      had eleven open FFAs amounting to 905 vessel-days in 2010 on&#xd;  
      the Baltic Panamax Index, the equivalent capacity of&#xd;    
      approximately 2.5 modern panamax &amp;#8211;size drybulk&#xd;   
      carriers. Since December 2008, the Company has sold a total&#xd; 
      of 765 days for 2009 (all of which settled during 2009) and&#xd; 
      1145 days for 2010 and bought 240 days for 2010 (see Note&#xd;    
      16). In 2010, the Company bought a &quot;put&quot; option contract on&#xd; 
      the BPI for 360 days with $16,500 per day striking price and&#xd;  
      sold a &quot;call&quot; option contract for 360 days on the BPI with&#xd;     
      $23,500 per day on the BPI both for calendar 2011. None of&#xd;     
      the &quot;mark-to-market&quot; positions of the open FFA contracts&#xd;   
      qualified for hedge accounting treatment. As of December 31,&#xd;  
      2011, there were no FFA contracts or option contracts&#xd;     
      outstanding.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left&quot;&gt;&#xd;     
        &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman&quot;&gt;Fair&#xd;     
        value of financial instruments&lt;/font&gt;&#xd;  
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;     
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company follows guidance relating to &quot;Fair value&#xd;     
      measurements&quot;, which establishes a framework for measuring&#xd;     
      fair value in generally accepted accounting principles, and&#xd; 
      expands disclosure about fair value&#xd;  
      measurements.&amp;#160;&amp;#160;This statement enables the reader of&#xd; 
      the financial statements to assess the inputs used to develop&#xd;   
      those measurements by establishing a hierarchy for ranking&#xd;     
      the quality and reliability of the information used to&#xd; 
      determine fair values. The statement requires that assets and&#xd;   
      liabilities carried at fair value will be classified and&#xd;   
      disclosed in one of the following three categories:&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Level&#xd;     
      1: Quoted market prices in active markets for identical&#xd;  
      assets or liabilities;&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Level&#xd;     
      2: Observable market based inputs or unobservable inputs that&#xd;   
      are corroborated by market data;&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Level&#xd;     
      3: Unobservable inputs that are not corroborated by market&#xd;     
      data.&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      fair value of the Company&apos;s investments in trading securities&#xd;   
      and FFA contracts are determined based on quoted prices in&#xd;     
      active markets and therefore are considered Level 1 of the&#xd;     
      fair value hierarchy as defined in guidance relating to &quot;Fair&#xd;   
      value measurements&quot;.&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      fair value of the Company&apos;s interest rate swap agreements is&#xd;  
      determined using a discounted cash flow approach based on&#xd;    
      market-based LIBOR swap rates.&amp;#160;&amp;#160;LIBOR swap rates&#xd;   
      are observable at commonly quoted intervals for the full&#xd;   
      terms of the swaps and therefore are considered Level 2&#xd;  
      items. The fair values of the interest rate swap determined&#xd; 
      through Level 2 of the fair value hierarchy as defined in&#xd;    
      guidance relating to &quot;Fair value measurements&quot; are derived&#xd;     
      principally from or corroborated by observable market data.&#xd; 
      Inputs include quoted prices for similar assets, liabilities&#xd;  
      (risk adjusted) and market-corroborated inputs, such as&#xd;  
      market comparables, interest rates, yield curves and other&#xd;     
      items that allow value to be determined. As of December 31,&#xd; 
      2010 and December 31, 2011 no fair value measurements for&#xd;    
      assets or liabilities under Level 3 were recognized in the&#xd;     
      Company&apos;s consolidated financial statements.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;  
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; style=&quot;PADDING-BOTTOM: 2px&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;14&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Fair&#xd;  
              Value Measurement at Reporting Date Using&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot; style=&quot;PADDING-BOTTOM: 2px&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Total,&#xd;    
              December 31, 2011&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Quoted&#xd;    
              Prices in Active Markets for Identical&#xd;   
              Assets&amp;#160;&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(Level&#xd;    
              1)&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
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              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Significant&#xd;    
              Other Observable Inputs&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(Level&#xd;    
              2)&lt;/font&gt;&#xd;     
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          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Significant&#xd;    
              Other Unobservable Inputs&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(Level&#xd;    
              3)&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot;&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline&quot;&gt;&lt;font style=&quot;DISPLAY: inline&quot;&gt;Assets&lt;/font&gt;&lt;/font&gt;&#xd;    
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          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;263,223&lt;/font&gt;&#xd; 
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
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        &lt;tr&gt;&#xd;    
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          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;574,336&lt;/font&gt;&#xd; 
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;52%&quot;&gt;&#xd;  
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              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline&quot;&gt;&lt;font style=&quot;DISPLAY: inline&quot;&gt;Liabilities&lt;/font&gt;&lt;/font&gt;&#xd;    
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          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;52%&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Derivatives,&#xd;     
              current and long-term portion&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;3,374,980&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;$&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;3,374,980&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;</us-gaap:FinancialInstrumentsDisclosureTextBlock>  
  <us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;16.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Derivative&#xd;  
      Financial Instruments&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      derivative losses for the period ended December 31, 2009,&#xd;    
      2010 and 2011 arose from three interest rate swap contracts&#xd; 
      entered into in July 2008, 2009 and 2011 and a number of FFA&#xd;  
      contracts entered in December 2008, throughout 2009 and in&#xd;     
      July 2010 that did not meet the criteria for hedge&#xd;  
      accounting.&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Interest&#xd;  
      rate swaps&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Effective&#xd;    
      July 14, 2008, July 8, 2009 and January 21, 2011,&#xd; 
      respectively, the Company entered into three interest rate&#xd;     
      swaps with EFG Eurobank &amp;#8211; Ergasias S.A. (&quot;Eurobank&quot;) on&#xd;  
      a notional amount of $25.0 million for the first two&#xd;    
      contracts and $10.0 million for the last contract, each in&#xd;     
      order to manage interest costs and the risk associated with&#xd; 
      changing interest rates. Under the terms of the swaps,&#xd; 
      Eurobank makes a quarterly payment to the Company equal to&#xd;     
      the 3-month LIBOR while the Company pays the fixed rate of&#xd;     
      3.99%, 2.88% and 2.29% on the three respective swaps based on&#xd;   
      the relevant notional amount; all contracts are net settled&#xd; 
      between Eurobank and the Company. The swaps are effective for&#xd;   
      five years from July 14, 2008 to July 14, 2013, from July 8,&#xd;  
      2009 to July 8, 2014 and from January 21 2011 to January 21,&#xd;  
      2016, respectively. The interest rate swaps did not qualify&#xd; 
      for hedge accounting as of December 31, 2010 and 2011.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      Company follows guidance relating to &quot;Fair Value&#xd;     
      measurements&quot; to calculate the fair value of the swaps (see&#xd; 
      Note 15).&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Freight&#xd; 
      Forward Agreements (&quot;FFA&quot;)&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;In&#xd;  
      December 2008, the Company sold six FFA contracts on the&#xd;   
      Baltic Panamax Index (&quot;BPI&quot;) for calendar years 2009 and 2010&#xd;   
      totaling 480 and 485 days, respectively, at an average time&#xd; 
      charter equivalent date of approximately $11,350 and $11,430&#xd;  
      per day, respectively.&amp;#160;&amp;#160;During 2009, the Company&#xd;   
      also sold and bought a number of additional FFA contracts on&#xd;  
      the BPI for certain periods of 2009 and calendar year&#xd;     
      2010.&lt;/font&gt;&#xd;     
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      contracts are settled on a monthly basis using the average of&#xd;   
      the BPI for the days of the month the BPI is&#xd; 
      published.&amp;#160;&amp;#160;The Company will receive a payment if&#xd;    
      the average BPI for the month is below the contract rate&#xd;   
      equal to the difference of the contract rate less the average&#xd;   
      BPI for the month times the number of contract days sold (for&#xd;   
      example, January 2009 was settled based on 40 days as 40 of&#xd; 
      the 480 days sold by the Company referred to January 2009);&#xd; 
      if the average BPI for the month is greater than the contract&#xd;   
      rate the Company will make a payment equal to the difference&#xd;  
      of the average BPI for the month less the contract rate times&#xd;   
      the number of contract days sold. If the Company buys&#xd;     
      contracts previously sold (or the opposite) the Company&#xd;  
      receives or pays the difference of the two rates for the&#xd;   
      period covered by the contracts.&lt;/font&gt;&#xd;  
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;In&#xd;  
      2010, the Company bought a &quot;put&quot; option contract on the BPI&#xd; 
      for 360 days with $16,500 per day striking price and sold a&#xd; 
      &quot;call&quot; option contract for 360 days on the BPI with $23,500&#xd; 
      per day on the BPI both for calendar 2011. Options FFA&#xd; 
      contracts require an initial premium to be paid (if bought)&#xd; 
      or received (if sold) and are settled monthly like regular&#xd;     
      FFA contracts provided they are &quot;in-the-money&quot;. If Company&#xd;     
      sells an options contract it previously bought (or the&#xd; 
      opposite) the Company will record a profit or loss on the&#xd;    
      sale depending on whether the premium it received is higher&#xd; 
      than the premium it paid. During the year 2011 the Company&#xd;     
      closed the &quot;put&quot; and the call &quot;options&quot; resulting in a net&#xd;     
      gain on FFA contracts of $336,552.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;The&#xd;   
      FFA contracts did not qualify for hedge accounting as of&#xd;   
      December 31, 2010 and December 31, 2011, respectively. The&#xd;     
      Company follows guidance relating to &quot;Fair value&#xd;     
      measurements&quot; to calculate the fair value of the FFA&#xd;    
      contracts (see Note 15).&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;  
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;38%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd; 
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Derivatives&#xd;   
              not designated as hedging instruments&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;36%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; TEXT-INDENT: 0pt&quot;&gt;&#xd;     
              &amp;#160;&#xd;     
            &lt;/div&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; TEXT-INDENT: 0pt&quot;&gt;&#xd;     
              &amp;#160;&#xd;     
            &lt;/div&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Balance&#xd;    
              Sheet Location&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;10%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;right&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;December&#xd;     
              31, 2010&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,907,088&lt;/font&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,537,056&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,544,409&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;38%&quot; style=&quot;BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Total&#xd;  
              derivative long-term liabilities&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;36%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,537,056&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;1,544,409&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;38%&quot; style=&quot;BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Total&#xd;  
              derivative liabilities&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;36%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;3,374,980&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;3,451,497&lt;/font&gt;&#xd;  
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd; 
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;31%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd; 
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Derivatives&#xd;   
              not designated as hedging instruments&lt;/font&gt;&#xd;     
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;31%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;    
            &lt;div style=&quot;DISPLAY: block; TEXT-INDENT: 0pt&quot;&gt;&#xd;     
              &amp;#160;&#xd;     
            &lt;/div&gt;&#xd;     
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Location&#xd;     
              of gain (loss) recognized&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
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          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;10%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;right&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Year&#xd; 
              Ended December 31, 2009&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;10%&quot; style=&quot;BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;right&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Year&#xd; 
              Ended December 31, 2010&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
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            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;right&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Year&#xd; 
              Ended December 31, 2011&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;31%&quot; style=&quot;BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;FFA&#xd; 
              contracts &amp;#8211; Fair value&lt;/font&gt;&#xd;     
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          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;31%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;   
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Change&#xd;    
              in fair value of derivatives&lt;/font&gt;&#xd; 
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              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Total&#xd;  
              loss on derivatives&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;31%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(15,778,209&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(4,221,817&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(1,498,122&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;</us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock>   
  <us-gaap:EquityMethodInvestmentsDisclosureTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-298&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;   
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;17.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;left&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Investment&#xd;  
              in Joint Venture&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;On&#xd;  
      March 25, 2010, the Company entered into a partnership (the&#xd; 
      &quot;Joint Venture&quot;) with companies managed by Eton Park Capital&#xd;  
      Management, L.P. (&quot;Eton Park&quot;) and Rh&amp;#244;ne Capital III&#xd;   
      L.P. (&quot;Rh&amp;#244;ne&quot;) to form Euromar LLC.&amp;#160;&amp;#160;Eton&#xd;     
      Park&apos;s investments are made through Paros Ltd., a Cayman&#xd;   
      Islands exempted company, and Rh&amp;#244;ne&apos;s investments are&#xd;    
      made through the Cayman Islands limited companies All Seas&#xd;     
      Investors I Ltd., All Seas Investors II Ltd., and the Cayman&#xd;  
      Islands exempted limited partnership All Seas Investors III&#xd; 
      LP.&amp;#160;&amp;#160;Euromar LLC will acquire, maintain, manage,&#xd;   
      operate and dispose of shipping vessels.&amp;#160;&amp;#160;Pursuant&#xd;     
      to the terms of the Joint Venture, the Company may invest up&#xd;  
      to $25.0 million for a 14.286% interest in the Joint Venture,&#xd;   
      while Eton Park and Rh&amp;#244;ne may each invest up to $75.0&#xd;    
      million for a 42.857% interest in the Joint Venture&#xd;   
      each,&amp;#160;&amp;#160;for a total of $175&#xd; 
      million.&amp;#160;&amp;#160;&amp;#160;&amp;#160;Management of the vessels and&#xd;    
      various administrative services pertaining to the vessels are&#xd;   
      performed by Eurobulk and its affiliates; strategic,&#xd;    
      financial and reporting services are provided by Euroseas.&#xd;     
      For these services, Euroseas earned $240,000 in 2011. These&#xd; 
      amounts are recorded in &quot;Related party revenue&quot; under&#xd;     
      &quot;Revenues&quot;.&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;As&#xd;  
      of December 31, 2010, the Company contributed $15.0 million&#xd; 
      of the $25.0 million initially committed and it may further&#xd; 
      invest an additional $10.0 million. The Company accounts for&#xd;  
      its investment in the Joint Venture using the equity method&#xd; 
      of accounting despite the fact that it is a minority partner,&#xd;   
      it is considered to have significant influence in the&#xd;     
      operations and management of Euromar LLC (see &quot;Significant&#xd;     
      Accounting Policies&quot; &amp;#8211; Note 2).&amp;#160;&amp;#160;The&#xd; 
      Company&apos;s share of the results of operations of the Joint&#xd;    
      Venture is included in the &quot;Consolidated statements of&#xd; 
      operations&quot; as &quot;Equity loss in joint venture&quot;.&amp;#160;&amp;#160;The&#xd; 
      Company&apos;s share of the results of operations of the Joint&#xd;    
      Venture in 2010 amounted to a loss of ($538,833) and for the&#xd;  
      year 2011 a loss of ($2,415).&amp;#160;&amp;#160;The Company&apos;s&#xd;    
      investment in the Joint Venture is recorded in the&#xd;  
      &quot;Consolidated balance sheets&quot; at its book value which was&#xd;    
      $14,461,167 and $14,458,762 as of December 31, 2010 and 2011,&#xd;   
      respectively.&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Summarized&#xd;     
      financial information for the Joint Venture is as&#xd; 
      follows:&lt;/font&gt;&#xd;   
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;  
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: center&quot;&gt;&#xd; 
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2009&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: center&quot;&gt;&#xd; 
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2010&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot;&gt;&#xd;     
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: center&quot;&gt;&#xd; 
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center&quot;&gt;&#xd;  
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;2011&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot;&gt;&#xd;  
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;64%&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Current&#xd;     
              assets&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;7,432,566&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;7,732,697&lt;/font&gt;&#xd;   
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;64%&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Long-term&#xd;  
              assets&lt;/font&gt;&#xd;    
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;4,367,197&lt;/font&gt;&#xd;   
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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        &lt;tr&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;64%&quot;&gt;&#xd;  
            &lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;Operating&#xd;  
              income / (loss)&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;   
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(3,388,490&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;     
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          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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        &lt;tr style=&quot;background-color: #CCEEFF;&quot;&gt;&#xd;    
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;64%&quot;&gt;&#xd;  
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          &lt;/td&gt;&#xd;  
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd; 
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;-&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(4,017,868&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;     
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
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            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;    
          &lt;/td&gt;&#xd;  
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;(16,902&lt;/font&gt;&#xd; 
          &lt;/td&gt;&#xd;  
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;    
            &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;)&lt;/font&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;</us-gaap:EquityMethodInvestmentsDisclosureTextBlock>     
  <us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-299&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd; 
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 36pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;18.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Charter&#xd;    
              Termination Fees and Other Income&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;  
      &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;Income&#xd; 
      of $103,577 in 2009 represent fees received for the early&#xd;    
      termination of the charter of M/V &quot;Aristides N.P.&quot;. Income of&#xd;   
      $2,352,946 in 2010 and $735,707 in 2011 represents insurance&#xd;  
      proceeds consisting primarily of loss of hire insurance for&#xd; 
      the period M/V &quot;Eleni P&quot; was hijacked and unable to trade.&#xd;     
      The Company books such proceeds as other operating income&#xd;    
      when there is confirmation that its claim is accepted.&lt;/font&gt;&#xd;    
    &lt;/div&gt;&lt;br/&gt;</us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock>    
  <us-gaap:SubsequentEventsTextBlock contextRef="c4_From1Jan2011To31Dec2011">&lt;div style=&quot;DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;justify&quot;&gt;&#xd;   
      &lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;19.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Subsequent&#xd;  
      Events&lt;/font&gt;&#xd; 
    &lt;/div&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-300&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd; 
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          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;a)&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
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          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;On&#xd;     
              February 9, 2012, the Board of Directors declared a&#xd; 
              cash dividend of $0.05 per Euroseas Ltd. common&#xd;  
              share.&amp;#160;&amp;#160;Such cash dividend was paid on&#xd; 
              March 6, 2012 to the holders of record of Euroseas&#xd;     
              Ltd. common shares as of March 2, 2012.&lt;/font&gt;&#xd;  
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-301&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
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          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
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              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;b)&lt;/font&gt;&#xd;   
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          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;On&#xd;     
              February 29,&lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top&quot;&gt;,&lt;/font&gt;&#xd;    
              2012, Emmentaly Business Inc., owner of the 33,667&#xd;     
              DWT / 1,932 TEU container carrier M/V &quot;Jonathan P&quot;,&#xd; 
              entered into a Memorandum of Agreement with Silvia&#xd;     
              Shiptrade (S) PTE Ltd. for the sale&amp;#160;of the M/V&#xd;     
              &quot;Jonathan P&quot;. The selling price was agreed at&#xd;     
              approximately $4.4 million resulting in a loss on&#xd;    
              sale of approximately $8.6 million, or $0.27 per&#xd;   
              share. The vessel was delivered to her new owners on&#xd;  
              March 16, 2012.&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;&lt;table align=&quot;center&quot; border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;hangingindent-302&quot; width=&quot;100%&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;     
        &lt;tr valign=&quot;top&quot;&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div&gt;&#xd;    
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td style=&quot;WIDTH: 18pt&quot;&gt;&#xd; 
            &lt;div style=&quot;MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd; 
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;c)&lt;/font&gt;&#xd;   
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
          &lt;td&gt;&#xd; 
            &lt;div align=&quot;justify&quot;&gt;&#xd;     
              &lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman&quot;&gt;On&#xd;     
              April 26, 2012, the Company amended the operating&#xd;    
              agreement of Euromar LLC, the Joint Venture, to&#xd;  
              extend the commitment period an additional year to&#xd;     
              March 25, 2013 and increase the maximum capital&#xd;  
              contributions owed by all members of Euromar LLC by&#xd; 
              $70 million to $245 million, of which&amp;#160;&amp;#160;the&#xd;     
              Company has committed an additional $10.0 million for&#xd;   
              a total of $35 million.&lt;/font&gt;&#xd; 
            &lt;/div&gt;&#xd;     
          &lt;/td&gt;&#xd;  
        &lt;/tr&gt;&#xd;     
      &lt;/table&gt;&lt;br/&gt;</us-gaap:SubsequentEventsTextBlock>   
</xbrl>