Long Term Debt (Tables)

3 Months Ended

Mar. 31, 2015

Long Term Debt [Abstract]

Schedule Of Long-Term Debt

(All Amount in Thousands)	Interest Rate					Total Principal Due
	March 31,		December 31,		Maturity	March 31,		December 31,
Description of Secured Debt	2015		2014		Date	2015		2014
Notes Payable – Variable Rate 1	2.7703	%	2.7471	%	2018	$	11,166	$	12,025
Notes Payable – Variable Rate	2.675-2.714	%	2.7312-2.7324	%	2018		26,986		41,400
Notes Payable – Variable Rate	2.5219	%	2.5050	%	2017		8,584		9,144
Notes Payable – Variable Rate 1	2.7561	%	2.7350	%	2018		15,080		15,394
Notes Payable – Variable Rate 2	3.6100	%	3.6100	%	2020		24,020		24,812
Notes Payable – Variable Rate 3	4.0100	%	3.9900	%	2018		41,063		41,906
Notes Payable – Fixed Rate 4	4.3500	%	4.3500	%	2020		37,019		37,759
Notes Payable – Variable Rate 5	2.9220	%	2.9195	%	2021		21,120		21,943
Note Payable - Mortgage 6							5		5
Line of Credit 3	3.9700	%	3.9100	%	2018		41,000		38,500
							226,043		242,888
			Less: Current Maturities				(22,412)		(23,367)
						$	203,631	$	219,521

1. We entered into a variable rate financing agreement with ING Bank N.V., London branch in June 2011 for a seven year facility to finance the acquisition of a Capesize vessel and a Supramax Bulk Carrier newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk.  Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn in June 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million in January 2012.

2. We have an interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2020 at 2.065%. After applicable margin adjustments, the effective interest rate on this note payable is fixed at 5.565%. The swap agreement is for the same term as the associated note payable.

3. As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45 million and a LOC in the principal amount up to $50 million. The LOC facility includes a $20 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans.

4. We entered into a fixed rate financing agreement with DVB Bank SE, on August 26, 2014 in the amount of $38.5 million, collateralized by our 2007 PCTC at a rate of 4.35% with 24 quarterly payments with a final balloon payment of $20.7 million in August 2020.  This loan requires us to pre-fund a one-third portion of the upcoming quarterly scheduled debt payment, which, at March 31, 2015, constituted $0.4 million and is included as restricted cash on the balance sheet.

5. During August 2014, we paid off our $11.4 million loan with DnB ASA and obtained a new loan with RBS Asset Finance in the amount of $23.0 million collateralized by one of our 1999 PCTCs at a variable rate of 30 day Libor rate plus 2.75% payable in 84 monthly installments with the final payment due August 2021.

6. Represents consideration given in connection with the proposed construction financing relating to the building we plan to renovate as our new New Orleans headquarters building.