XML 44 R55.htm IDEA: XBRL DOCUMENT v3.20.1
DEBT - $108 Million Credit Facility (Details) - Secured Debt - $108 Million Credit Facility
$ in Thousands
3 Months Ended
Nov. 05, 2019
USD ($)
Aug. 14, 2018
USD ($)
item
Mar. 31, 2020
USD ($)
Mar. 31, 2019
USD ($)
Sep. 30, 2018
USD ($)
Dec. 31, 2019
USD ($)
Line of Credit Facility            
Term of facilities   5 years        
Maximum borrowing capacity   $ 108,000 $ 108,000 $ 108,000   $ 108,000
Proceeds from credit facility         $ 108,000  
Number of vessels to serve as collateral under debt agreement | item   6        
Maximum facility amount of fair market value of aggregate vessels at delivery (as a percent)         45.00%  
Remaining borrowing capacity     0      
Repayment of secured debt     $ 1,580 $ 1,580    
Repaid value of loan when certain debt terms are met   $ 0        
Average age of collateral vessels for repayment of loan   20 years        
Amount of repayment per quarter   $ 1,580        
Percentage limit of consolidated net income for which dividends can be paid 50.00%          
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents to total indebtedness (as a percent) 18.75%          
Key covenant - Unrestricted cash and cash equivalents minimum   $ 30,000        
Key covenant – Percentage of unrestricted cash to total indebtedness   7.50%        
Minimum working capital required   $ 0        
Maximum total indebtedness to total capitalization (as a ratio)   70        
LIBOR | Through September 30, 2019            
Line of Credit Facility            
Applicable margin over reference rate (as a percent)   2.50%        
Agreement To Purchase Ultramax And Capesize Vessels            
Line of Credit Facility            
Number of vessels committed to be acquired under purchase agreement | item   6        
Agreement to Purchase Capesize Drybulk Vessels            
Line of Credit Facility            
Number of vessels committed to be acquired under purchase agreement | item   4        
Agreement To Purchase Ultramax Drybulk Vessels            
Line of Credit Facility            
Number of vessels committed to be acquired under purchase agreement | item   2        
Minimum            
Line of Credit Facility            
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents $ 100,000          
Collateral security maintenance test (as a percent) 200.00% 135.00%        
Minimum | LIBOR | Period After September 30, 2019            
Line of Credit Facility            
Applicable margin over reference rate (as a percent)   2.25%        
Maximum | LIBOR | Period After September 30, 2019            
Line of Credit Facility            
Applicable margin over reference rate (as a percent)   2.75%