Pangaea Logistics Solutions (PANL) 10-Q 15 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 15, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Pangaea Logistics Solutions Ltd.
Entity Central Index Key	0001606909
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		44,499,924

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 59,123,045	$ 53,614,735
Accounts receivable (net of allowance of $2,349,977 at March 31, 2019 and $2,357,130 December 31, 2018)	12,730,117	28,481,787
Bunker inventory	15,415,223	19,222,087
Advance hire, prepaid expenses and other current assets	13,188,661	12,187,551
Total current assets	100,457,046	113,506,160
Restricted cash	2,500,000	2,500,000
Fixed assets, net	289,557,019	281,355,366
Finance lease right of use assets, net	55,488,026	56,113,096
Total assets	448,002,091	453,474,622
Current liabilities
Accounts payable, accrued expenses and other current liabilities	24,260,439	31,897,507
Related party debt	2,039,644	2,877,746
Deferred revenue	6,408,818	14,717,072
Current portion of secured long-term debt	18,958,795	20,127,742
Current portion of finance lease liabilities	6,601,611	5,364,963
Dividend payable	2,928,598	4,063,598
Total current liabilities	61,197,905	79,048,628
Secured long-term debt, net	92,262,780	95,374,270
Finance lease liabilities	56,018,804	45,684,727
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding	0	0
Common stock, $0.0001 par value, 100,000,000 shares authorized; 44,504,090 shares issued and outstanding at March 31, 2019; 43,998,560 shares issued and outstanding at December 31, 2018	4,450	4,400
Additional paid-in capital	156,621,001	155,946,452
Retained earnings	9,439,753	5,737,199
Total Pangaea Logistics Solutions Ltd. equity	166,065,204	161,688,051
Non-controlling interests	72,457,398	71,678,946
Total stockholders' equity	238,522,602	233,366,997
Total liabilities and stockholders' equity	$ 448,002,091	$ 453,474,622

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 2,349,977	$ 2,357,130
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares Issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	44,504,090	43,998,560
Common stock, shares outstanding (in shares)	44,504,090	43,998,560

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Revenue	$ 79,544,185	$ 78,973,293
Expenses:
Voyage expense	32,174,107	30,168,028
Charter hire expense	24,947,369	22,695,935
Vessel operating expense	9,754,375	9,849,165
General and administrative	4,033,680	4,128,298
Depreciation and amortization	4,377,188	4,338,188
Total expenses	75,286,719	71,179,614
Income from operations	4,257,466	7,793,679
Other income (expense):
Interest expense, net	(2,207,168)	(2,060,736)
Interest expense on related party debt	(26,898)	(63,459)
Unrealized gain (loss) on derivative instruments, net	2,289,786	(562,605)
Total other income (expense), net	167,820	428,332
Other income	223,540	(2,258,468)
Net income	4,481,006	5,535,211
Income attributable to non-controlling interests	(778,452)	(1,210,217)
Net income attributable to Pangaea Logistics Solutions Ltd.	$ 3,702,554	$ 4,324,994
Earnings per common share:
Basic (in dollars per share)	$ 0.09	$ 0.10
Diluted (in dollars per share)	$ 0.09	$ 0.10
Weighted average shares used to compute earnings per common share:
Basic (in dollars per share)	42,601,227	42,019,779
Diluted (in dollars per share)	43,071,632	42,655,038
Voyage revenue
Revenues:
Revenue	$ 65,851,347	$ 70,319,194
Charter revenue
Revenues:
Revenue	$ 13,692,838	$ 8,654,099

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Total Pangaea Logistics Solutions Ltd. Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	(Accumulated Deficit) Retained Earnings	Non-Controlling Interest
Balance at Dec. 31, 2017	$ 210,655,642	$ 145,351,322	$ 0	$ 4,379	$ 154,943,728	$ (9,596,785)	$ 65,304,320
Balance (in shares) at Dec. 31, 2017			0	43,794,526
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Recognized cost for restricted stock issued as compensation	612,665	612,665			612,665
Issuance of restricted shares (in shares)				302,385
Issuance of restricted shares, net of forfeitures				$ 31	(31)
Net income	5,535,211	4,324,994				4,324,994	1,210,217
Balance at Mar. 31, 2018	214,380,482	147,865,945	$ 0	$ 4,410	155,556,362	(7,694,827)	66,514,537
Balance (in shares) at Mar. 31, 2018			0	44,096,911
Balance at Dec. 31, 2018	233,366,997	161,688,051	$ 0	$ 4,400	155,946,452	5,737,199	71,678,946
Balance (in shares) at Dec. 31, 2018			0	43,998,560
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Recognized cost for restricted stock issued as compensation	674,599	674,599			674,599
Issuance of restricted shares (in shares)				505,530
Issuance of restricted shares, net of forfeitures				$ 50	(50)
Net income	4,481,006	3,702,554				3,702,554	778,452
Balance at Mar. 31, 2019	$ 238,522,602	$ 166,065,204	$ 0	$ 4,450	$ 156,621,001	$ 9,439,753	$ 72,457,398
Balance (in shares) at Mar. 31, 2019			0	44,504,090

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net income	$ 4,481,006	$ 5,535,211
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	4,377,188	4,338,188
Amortization of deferred financing costs	182,802	166,221
Amortization of prepaid rent	29,649	30,484
Unrealized (gain) loss on derivative instruments	(2,289,786)	562,605
Gain from equity method investee	(128,250)	(90,000)
Provision for doubtful accounts	487,372	0
Drydocking costs	(381,059)	(1,497,979)
Recognized cost for restricted stock issued as compensation	674,599	612,665
Change in operating assets and liabilities:
Accounts receivable	15,264,298	(593,487)
Bunker inventory	3,806,864	1,063,365
Advance hire, prepaid expenses and other current assets	(872,860)	4,026,194
Accounts payable, accrued expenses and other current liabilities	(5,363,850)	(7,400,141)
Deferred revenue	(8,308,254)	(3,962,909)
Net cash provided by operating activities	11,959,719	2,790,417
Investing activities
Purchase of vessels and vessel improvements	(11,426,174)	(298,418)
Purchase of building and equipment	(159,619)	(110,417)
Proceeds from sale of equipment	0	31,594
Net cash used in investing activities	(11,585,793)	(377,241)
Financing activities
Proceeds from long-term debt	(838,102)	(2,541,140)
Payments of financing fees and issuance costs	(260,225)	(91,329)
Payments of long-term debt	(4,203,014)	(4,765,747)
Proceeds from finance leases	13,000,000	0
Dividends paid to non-controlling interests	0	(904,803)
Payments of finance lease obligations	(1,429,275)	(436,506)
Accrued common stock dividends paid	(1,135,000)	0
Net cash provided by (used in) financing activities	5,134,384	(8,739,525)
Net increase (decrease) in cash, cash equivalents and restricted cash	5,508,310	(6,326,349)
Cash, cash equivalents and restricted cash at beginning of period	56,114,735	38,531,812
Cash, cash equivalents and restricted cash at end of period	61,623,045	32,205,463
Supplemental cash flow information and disclosure of noncash items
Cash paid for interest	2,237,147	1,758,934
Total cash, cash equivalents and restricted cash	$ 56,114,735	$ 38,531,812

General Information

General Information	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General Information	GENERAL INFORMATION The accompanying consolidated financial statements include the accounts of Pangaea Logistics Solutions Ltd. and its consolidated subsidiaries (collectively, the “Company”, “we” or “our”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, chartering and operation of drybulk vessels. The Company is a holding company incorporated under the laws of Bermuda as an exempted company on April 29, 2014. The Company owns three Panamax, two Ultramax Ice Class 1C, seven Supramax, and two Handymax Ice Class 1A drybulk vessels. The Company also owns one-third of Nordic Bulk Holding Company Ltd. (“NBHC”), a consolidated joint venture with a fleet of six Panamax Ice Class 1A drybulk vessels and has a 50% interest in the owner of a deck barge.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated balance sheets as of March 31, 2019 and 2018 , the consolidated statements of income for the three months ended March 31, 2019 and 2018 and the consolidated statements of cash flows for the three months ended March 31, 2019 and 2018 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position as of March 31, 2019 and December 31, 2018 , and its results of operations and cash flows for the three months ended March 31, 2019 and 2018 . The financial data and the other information disclosed in these notes to the consolidated financial statements related to these three month periods are unaudited. Certain information and disclosures included in the annual consolidated financial statements have been omitted for the interim periods pursuant to the rules and regulations of the SEC. The results for three months ended March 31, 2019 and 2018 are not necessarily indicative of the results for the year ending December 31, 2019 or for any other interim period or future years. The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are the estimated future cash flows used in its impairment analysis, the estimated salvage value used in determining depreciation expense and the allowances for doubtful accounts. Voyage revenues represent revenues earned by the Company, principally from providing transportation services under voyage charters. A voyage charter involves the carriage of a specific amount and type of cargo on a load port to discharge port basis, subject to various cargo handling terms. Under a voyage charter, the service revenues are earned and recognized ratably over the duration of the voyage. A contract is accounted for when it has approval and commitment from both parties, the rights and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Estimated losses under a voyage charter are provided for in full at the time such losses become probable. Demurrage, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading and discharging time exceed the stipulated time in the voyage charter. Demurrage is measured in accordance with the provisions of the respective charter agreements and the circumstances under which demurrage revenues arise. At the time demurrage revenue can be estimated, it is included in the calculation of voyage revenue and recognized ratably over the duration of the voyage to which it pertains. Voyage revenue recognized is presented net of address commissions. Charter revenues relate to a time charter arrangement under which the Company is paid to provide transportation services on a per day basis for a specified period of time. Revenues from time charters are earned and recognized on a straight-line basis over the term of the charter, as the vessel operates under the charter. Revenue is not earned when vessels are offhire. Cash and cash equivalents include short-term deposits with an original maturity of less than three months. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows: March 31, 2019 December 31, 2018 (unaudited) Money market accounts – cash equivalents $ 41,149,343 $ 13,819,043 Cash (1) 17,973,702 39,795,692 Total cash and cash equivalents $ 59,123,045 $ 53,614,735 Restricted cash $ 2,500,000 $ 2,500,000 Total cash, cash equivalents and restricted cash $ 61,623,045 $ 56,114,735 (1) Consists of cash deposits at various major banks. Restricted cash at March 31, 2019 and December 31, 2018 consists of $2.5 million held by the facility agent as required by the Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. – Dated September 28, 2015 - Amended and Restated Loan Agreement (See NOTE 4). Advance hire, prepaid expenses and other current assets were comprised of the following: March 31, 2019 December 31, 2018 (unaudited) Advance hire $ 2,493,274 $ 5,851,070 Prepaid expenses 2,386,632 1,276,901 Accrued receivables 6,066,030 2,479,800 Margin deposit 1,405,010 1,820,656 Other current assets 837,715 759,124 $ 13,188,661 $ 12,187,551 Accounts payable, accrued expenses and other current liabilities were comprised of the following: March 31, 2019 December 31, 2018 (unaudited) Accounts payable $ 12,123,157 $ 19,892,511 Accrued expenses 10,361,607 7,424,286 Accrued interest 541,153 540,886 Derivative liabilities 1,002,798 3,225,907 Other accrued liabilities 231,724 813,917 $ 24,260,439 $ 31,897,507 Recently Issued Accounting Pronouncements In February 2016, the FASB issued an ASU 2016-02, Accounting Standards Update for Leases. The update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. In determining the estimated value of right-of-use assets and lease liabilities, the Company considers the noncancelable period of the lease as well as periods for which it is reasonably certain that renewal options will be exercised. The Company discounts any estimated lease liability using the portfolio approach, the composition of which is its secured long-term debt facilities. Time charter out contracts Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. The charterer has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter in contracts The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. As allowed by a practical expedient under ASC 842, the Company made an accounting policy election by class of underlying asset for leases with a term of 12 months or less, to forego recognizing a right-of-use asset and lease liability on its balance sheet. For the quarter ending March 31, 2019, the Company did not have any time charter in contracts with terms greater than 12 months, as such charter hire expense presented on the Consolidated Statement of Operations are lease expenses for chartered in contracts less than 12 months. Adoption of ASC 842 The Company adopted ASC 842 on January 1, 2019. The Company elected the "package of practical expedients" in the new standard, under which we are not required to reassess our prior conclusions regarding lease identification, classification and initial direct costs. We did not elect the use-of-hindsight practical expedient; and the practical expedient pertaining to land easements does not apply to the Company. In July 2018, the Financial Accounting Standards Board issued ASU 2018-11 to amend ASU 2016-02 and provided an additional (and optional) transition method to adopt the new lease standard. This transition method allows entities to apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption instead of using the original modified retrospective transition method of adoption which required the restatement of all prior period financial statements. Under this new transition method, the comparative periods presented in the financial statements will continue to be in accordance with ASC Topic 840, Leases. The Company adopted the new lease standard effective January 1, 2019 using this new transition method. The amendments in this Update also provide lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: 1. The timing and pattern of transfer of the nonlease component(s) and associated lease component are the same. 2. The lease component, if accounted for separately, would be classified as an operating lease. The Company elected to use this practical expedient when it adopted the lessor provisions of this Update. As a result, the operating lease component and the vessel operating expense nonlease component in a time charter are reported as a single component. At March 31, 2019, the Company had six vessels chartered to customers under time charters that contain leases. These six leases varied in original length from 34 days to 116 days. At March 31, 2019, lease payments due under these arrangements totaled approximately $797,000 and each of the time charters were due to be completed in twenty-one days or less. The Company does not have any sales-type or direct financing leases. Adoption of the lessee provisions of this guidance did not have a material impact on the Company's consolidated financial statements because the Company does not have any vessels chartered in (operating leases) for longer than one year and the practical expedient relating to leases with terms of 12 months or less was elected. Furthermore, the Company's finance lease right of use assets and finance lease liabilities were referred to as "assets under capital lease" and "obligations under capital leases" in prior period financial statements, but no other changes resulted from adoption of the standard. In addition, the Company has only one noncancelable office lease for which the noncancelable period is less than five months and noncancelable office equipment leases do not create significant right-of-use assets or lease liabilities. In August 2017, the FASB issued an ASU 2017-12 Accounting Standards Update for Derivatives and Hedging. The amendments in this Update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the amendments in this Update. The amended presentation and disclosure guidance is required only prospectively. Adoption of this guidance did not have a material impact on the Company's financial statements because our forward freight agreements and our fuel swaps do not qualify for hedge accounting treatment even after application of the amendments in this Update. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. For most financial assets, such as trade and other receivables, loans and other instruments, this standard changes the current incurred loss model to a forward-looking expected credit loss model, which generally will result in the earlier recognition of allowances for losses. The new standard is effective for our company at the beginning of 2020. Entities are required to apply the provisions of the standard through a cumulative-effect adjustment to retained earnings as of the effective date. We are currently evaluating the impact of the standard on our consolidated financial statements.

Fixed Assets

Fixed Assets	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Fixed Assets	FIXED ASSETS At March 31, 2019 , the Company owned twenty dry bulk vessels including five financed under finance leases; and one barge. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: March 31, December 31, 2019 2018 Owned vessels (unaudited) m/v BULK PANGAEA $ 15,241,681 $15,231,305 m/v BULK PATRIOT 9,807,507 10,130,797 m/v BULK JULIANA 10,527,478 10,651,029 m/v NORDIC ODYSSEY 23,936,879 24,283,497 m/v NORDIC ORION 24,743,805 25,095,469 m/v BULK NEWPORT 13,717,761 13,956,092 m/v NORDIC BARENTS 4,249,276 4,370,817 m/v NORDIC BOTHNIA 4,202,519 4,322,490 m/v NORDIC OSHIMA 28,608,642 28,897,931 m/v NORDIC ODIN 29,014,890 29,151,529 m/v NORDIC OLYMPIC 28,846,590 29,321,599 m/v NORDIC OASIS 30,110,222 30,416,651 m/v BULK ENDURANCE 25,774,822 26,020,505 m/v BULK FREEDOM 8,469,683 8,467,058 m/v BULK PRIDE 13,397,749 13,531,561 m/v BULK SPIRIT (1) 13,248,500 1,950,000 MISS NORA G PEARL 2,995,144 2,995,144 286,893,148 278,793,474 Other fixed assets, net 2,663,871 2,561,892 Total fixed assets, net $ 289,557,019 $ 281,355,366 Right of Use Assets m/v BULK DESTINY $ 22,101,959 $ 22,307,701 m/v BULK BEOTHUK 6,946,360 7,065,300 m/v BULK TRIDENT 12,522,611 12,664,906 m/v BULK PODS $ 13,917,096 14,075,189 $ 55,488,026 $ 56,113,096 (1) On October 26, 2018, the Company entered into an agreement to purchase a 2009 built Supramax (m/v Bulk Spirit) for $13 million , and placed a deposit of $1.95 million . The vessel was delivered in February 2019 (see NOTE 7). Long-lived Assets Impairment Considerations. The carrying values of the Company’s vessels may not represent their fair market value or the amount that could be obtained by selling the vessel at any point in time because the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the pricing of new vessels, which tend to be cyclical. The carrying value of each group of vessels classified as held and used are reviewed for potential impairment when events or changes in circumstances indicate that the carrying value of a particular group may not be fully recoverable. In such instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to result from the use of the group and its eventual disposition is less than its carrying value. This assessment is made at the group level, which represents the lowest level for which identifiable cash flows are largely independent of other groups of assets. The asset groups established by the Company are defined by vessel size and major characteristic or trade. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis include the Company’s estimate of future time charter equivalent "TCE" rates based on current rates under existing charters and contracts. When existing contracts expire, the Company uses an estimated TCE based on actual results and extends these rates out to the end of the vessel’s useful life. TCE rates can be highly volatile, may affect the fair value of the Company’s vessels and may have a significant impact on the Company’s ability to recover the carrying amount of its fleet. Accordingly, the volatility is contemplated in the undiscounted projected net operating cash flow by using a sensitivity analysis based on percent changes in the TCE rates. The Company prepares a series of scenarios in an attempt to capture the range of possible trends and outcomes. Projected net operating cash flows are net of brokerage and address commissions and assume no revenue on scheduled offhire days. The Company uses the current vessel operating expense budget, estimated costs of drydocking and historical general and administrative expenses as the basis for its expected outflows, and applies an inflation factor it considers appropriate. The net of these inflows and outflows, plus an estimated salvage value, constitutes the projected undiscounted future cash flows. If these projected cash flows do not exceed the carrying value of the asset group, an impairment charge would be recognized. At March 31, 2019 and 2018 the Company did not identify any potential triggering events and therefore, in accordance with authoritative guidance, did not perform tests of recoverability.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	DEBT Long-term debt consists of the following: March 31, 2019 December 31, 2018 (unaudited) Bulk Phoenix Secured Note (1) 2,259,515 2,702,374 Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) 60,450,001 62,325,000 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 4,163,010 4,489,100 Bulk Nordic Oasis Ltd. Loan Agreement (3) 16,625,000 17,000,000 The Amended Senior Facility (formerly Bulk Nordic Six Ltd. - Loan Agreement) 24,644,998 25,626,665 Bulk Freedom Loan Agreement 4,275,000 4,450,000 109 Long Wharf Commercial Term Loan 785,466 812,867 Total 113,202,990 117,406,006 Less: unamortized bank fees (1,981,417 ) (1,903,994 ) 111,221,573 115,502,012 Less: current portion (18,958,793 ) (20,127,742 ) Secured long-term debt, net $ 92,262,780 $ 95,374,270 (1) See Senior Secured Post-Delivery Term Loan Facility below. (2) The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (3) This facility is cross-collateralized by the vessels m/v Bulk Endurance and m/v Bulk Pride, and is guaranteed by the Company. The Senior Secured Post-Delivery Term Loan Facility On April 14, 2017, the Company, through its wholly owned subsidiaries, Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Trident and Bulk Phoenix, entered into the Fourth Amendatory Agreement, (the "Fourth Amendment"), amending and supplementing the Loan Agreement dated April 15, 2013, as amended by a First Amendatory Agreement dated May 16, 2013, the Second Amendatory Agreement dated August 28, 2013 and the Third Amendatory Agreement dated July 14, 2016. The Fourth Amendment advanced the final repayment dates for Bulk Pangaea and Bulk Patriot, which have since been repaid. Final payment on the Bulk Juliana Secured Note was made on July 19, 2018. The Bulk Trident Secured Note was repaid on June 7, 2018 in conjunction with the sale and leaseback of the vessel (NOTE - 7). Bulk Phoenix Secured Note Initial amount of $10,000,000 , entered into in May 2013, for the acquisition of m/v Bulk Newport. The Fourth Amendment did not change this tranche, the balance of which is payable in two installments of $700,000 and seven installments of $442,858 . A balloon payment of $1,816,659 is payable on July 19, 2019. The interest rate is fixed at 5.09% . The agreement contains financial covenants that require the Company to maintain a minimum net worth and minimum liquidity, on a consolidated basis. The facility also contains a consolidated leverage ratio and a consolidated debt service coverage ratio. In addition, the facility contains other Company and vessel related covenants that, among other things, restrict changes in management and ownership of the vessel, declaration of dividends, further indebtedness and mortgaging of a vessel without the bank’s prior consent. It also requires minimum collateral maintenance, which is tested at the discretion of the lender. As of March 31, 2019 and December 31, 2018 , the Company was in compliance with these covenants. Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. And Bulk Nordic Oshima Ltd. – Dated September 28, 2015 - Amended and Restated Loan Agreement The amended agreement advanced $21,750,000 in respect of each the m/v Nordic Odin and the m/v Nordic Olympic; $13,500,000 in respect of each the m/v Nordic Odyssey and the m/v Nordic Orion, and $21,000,000 in respect of the m/v Nordic Oshima. The agreement requires repayment of the advances as follows: In respect of the Odin and Olympic advances, repayment to be made in 28 equal quarterly installments of $375,000 per borrower (one of which was paid prior to the amendment by each borrower) and balloon payments of $11,233,150 due with each of the final installments in January 2022. In respect of the Odyssey and Orion advances, repayment to be made in 20 quarterly installments of $375,000 per borrower and balloon payments of $5,677,203 due with each of the final installments in September 2020. In respect of the Oshima advance, repayment to be made in 28 equal quarterly installments of $375,000 and a balloon payment of $11,254,295 due with the final installment in September 2021. Interest on 50% of the advances to Odyssey and Orion was fixed at 4.24% in March 2017. Interest on the remaining advances to Odyssey and Orion is floating at LIBOR plus 2.40% ( 4.80% at March 31, 2019 ). Interest on 50% of the advances to Odin and Olympic was fixed at 3.95% in January 2017. Interest on the remaining advances to Odin and Olympic was floating at LIBOR plus 2.0% and was fixed at 4.07% on April 27, 2017. Interest on 50% of the advance to Oshima was fixed at 4.16% in January 2017. Interest on the remaining advance to Oshima is floating at LIBOR plus 2.25% ( 4.65% at March 31, 2019 ). The amended loan is secured by first preferred mortgages on the m/v Nordic Odin, m/v Nordic Olympic, m/v Nordic Odyssey, m/v Nordic Orion and m/v Nordic Oshima, the assignment of earnings, insurances and requisite compensation of the five entities, and by guarantees of their shareholders. The amended agreement contains one financial covenant that requires the Company to maintain minimum liquidity and a collateral maintenance ratio clause, which requires the aggregate fair market value of the vessels plus the net realizable value of any additional collateral provided, to remain above defined ratios. At March 31, 2019 and December 31, 2018 , the Company was in compliance with this covenant. The Bulk Nordic Oasis Ltd. - Loan Agreement - Dated December 11, 2015 The agreement advanced $21,500,000 in respect of the m/v Nordic Oasis. The agreement requires repayment of the advance in 24 equal quarterly installments of $375,000 beginning on March 28, 2016 and a balloon payment of $12,500,000 due with the final installment in March 2022. Interest on this advance is fixed at 4.30% . The loan is secured by a first preferred mortgage on the m/v Nordic Oasis, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. As of March 31, 2019 and December 31, 2018 , the Company was in compliance with this covenant. Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) Barents and Bothnia entered into a secured Term Loan Facility of $13,000,000 in two tranches of $6,500,000 which were drawn in conjunction with the delivery of the m/v Bulk Bothnia on January 23, 2014 and the m/v Bulk Barents on March 7, 2014. The loan is secured by mortgages on the m/v Nordic Bulk Barents and m/v Nordic Bulk Bothnia and is guaranteed by the Company. The facility bears interest at LIBOR plus 2.50% ( 4.90% at March 31, 2019 ). The loan requires repayment in 22 equal quarterly installments of $163,045 (per borrower) beginning in June 2014, one installment of $163,010 (per borrower) and a balloon payment of $1,755,415 (per borrower) due in December 2019. In addition, any cash in excess of $750,000 per borrower on any repayment date shall be applied toward prepayment of the relevant loan in inverse order, so the balloon payment is prepaid first. The agreement also contains a profit split in respect of the proceeds from the sale of either vessel, and a minimum value clause ("MVC"). The Company was in compliance with this covenant at March 31, 2019 and December 31, 2018 . The Amended Senior Facility - Dated December 21, 2017 (previously identified as Bulk Nordic Six Ltd. - Loan Agreement - Dated December 21, 2016) The agreement advanced $19,500,000 in respect of the m/v Bulk Endurance on January 7, 2017, in two tranches. The agreement requires repayment of Tranche A, totaling $16,000,000 , in three equal quarterly installments of $100,000 beginning on April 7, 2017 and, thereafter, 17 equal quarterly installments of $266,667 and a balloon payment of $11,667,667 due with the final installment in March 2022. Interest on this advance was fixed at 4.74% on March 27, 2017. The agreement also advanced $3,500,000 under Tranche B, which is payable in 18 equal quarterly installments of $65,000 beginning on October 7, 2017, and a balloon payment of $2,330,000 due with the final installment in March 2022. Interest on this advance is floating at LIBOR plus 6.00% ( 8.40% at March 31, 2019 ). The amended agreement advanced $10,000,000 in respect of the m/v Bulk Pride on December 21, 2017, in two tranches. The agreement requires repayment of Tranche C, totaling $8,500,000 , in 16 equal quarterly installments of $275,000 beginning in March 2018 and a balloon payment of $4,100,000 due with the final installment in December 2021. Interest on this advance was fixed at 5.74% as of May 2018. The agreement also advanced $1,500,000 under Tranche D, which is payable in 4 equal quarterly installments of $375,000 beginning on August 21, 2018. Interest on this advance is floating at LIBOR plus 6.00% ( 8.40% at March 31, 2019 ). The loan is secured by first preferred mortgages on the m/v Bulk Endurance and the m/v Bulk Pride, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a minimum liquidity requirement, positive working capital of the borrower and a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. At March 31, 2019 and December 31, 2018 , the Company was in compliance with these covenants. The Bulk Freedom Corp. Loan Agreement -- Dated June 14, 2017 The agreement advanced $5,500,000 in respect of the m/v Bulk Freedom on June 14, 2017. The agreement requires repayment of the loan in 8 quarterly installments of $175,000 and 12 quarterly installments of $150,000 beginning on September 14, 2017. A balloon payment of $2,300,000 is due with the final installment. The facility bears interest at LIBOR plus a margin of 3.75% . On June 14, 2018, the Company elected to fix rates for the following four quarterly periods. The rate at March 31, 2019 is 6.09% , increasing quarterly to 6.51% for the installment due June 14, 2019. The loan is secured by a first preferred mortgage on the m/v Bulk Freedom, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. At March 31, 2019 and December 31, 2018 , the Company was in compliance with this covenant. 109 Long Wharf Commercial Term Loan Initial amount of $1,096,000 entered into on May 27, 2016. The Long Wharf Construction to Term Loan was repaid from the proceeds of this new facility. The loan is payable in 120 equal monthly installments of $9,133 . Interest is floating at the 30 day LIBOR plus 2.0% ( 4.40% at March 31, 2019 ). The loan is collateralized by all real estate located at 109 Long Wharf, Newport, RI, and a corporate guarantee of the Company. The loan contains a maximum loan to value covenant and a debt service coverage ratio. At March 31, 2019 and December 31, 2018 , the Company was in compliance with these covenants. The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows: Years ending March 31, (unaudited) 2020 $ 18,958,793 2021 21,240,674 2022 70,096,857 2023 2,559,600 2024 109,600 Thereafter 237,466 $ 113,202,990

Derivative Instruments and Fair

Derivative Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments and fair Value Measurements	DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS Forward freight agreements The Company assesses risk associated with fluctuating future freight rates and, when appropriate, hedges identified economic risk with appropriate derivative instruments, specifically forward freight agreements (FFAs). These economic hedges do not usually qualify for hedge accounting under ASC 815 and as such, the usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. The aggregate fair value of FFAs at March 31, 2019 and December 31, 2018 were liabilities of approximately $500,000 and $60,000 , which are included in other current liabilities on the consolidated balance sheets. The change in the aggregate fair value of the FFAs during the three months ended March 31, 2019 and 2018 are losses of approximately $440,000 and $314,000 , respectively, which are included in unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of operations. Fuel Swap Contracts The Company continuously monitors the market volatility associated with bunker prices and seeks to reduce the risk of such volatility through a bunker hedging program. The Company enters into fuel swap contracts that are not designated for hedge accounting under ASC 815 and as such, the usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. The aggregate fair value of these fuel swaps at March 31, 2019 and December 31, 2018 are liabilities of approximately $437,000 and $3,166,000 , respectively, which are included in other liabilities on the consolidated balance sheets. The change in the aggregate fair value of the fuel swaps during the three months ended March 31, 2019 and 2018 are gains of approximately $2,729,000 and losses of $248,000 , respectively, which are included in unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of operations. The three levels of the fair value hierarchy established by ASC 820, Fair Value Measurements and Disclosures , in order of priority are as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 fair value measurements include cash, money-market accounts and restricted cash accounts. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018 : Balance at March 31, 2019 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 1,405,010 $ 1,405,010 $ — $ — Fuel swaps $ (436,541 ) $ — $ (436,541 ) $ — Freight forward agreements $ (499,580 ) $ — $ (499,580 ) $ — Balance at December 31, 2018 Level 1 Level 2 Level 3 Margin accounts $ 1,820,657 $ 1,820,657 $ — $ — Fuel swaps $ (3,165,967 ) $ — $ (3,165,967 ) $ — Freight forward agreements $ (59,940 ) $ — $ (59,940 ) $ — The estimated fair values of the Company’s forward freight agreements and fuel swap contracts are based on market prices obtained from an independent third-party valuation specialist based on published indices. Such quotes represent the estimated amounts the Company would receive or pay to terminate the contracts.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Amounts and notes payable to related parties consist of the following: December 31, 2018 Activity March 31, 2019 (unaudited) Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively: Trade receivables due from King George Slag (i) 627,629 — (50,000 ) 577,629 Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (ii) 1,971,935 323,663 2,295,598 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note $ 2,595,000 (865,000 ) $ 1,730,000 Interest payable - 2011 Founders Note 282,746 26,898 309,644 Total current related party debt $ 2,877,746 $ (838,102 ) $ 2,039,644 i. King George Slag LLC is a joint venture of which the Company owns 25% ii. Seamar Management S.A. ("Seamar") On October 1, 2011, the Company entered into a $10,000,000 loan agreement with the Founders, which was payable on demand at the request of the lenders (the 2011 Founders Note). The note bears interest at a rate of 5% . The balance of the 2011 Founders Note was $1,730,000 and $2,595,000 at March 31, 2019 and December 31, 2018 , respectively. Under the terms of a technical management agreement between the Company and Seamar Management S.A. (“Seamar”), an equity method investee, Seamar is responsible for the day-to-day operations for certain of the Company’s owned vessels. During the three months ended March 31, 2019 and 2018 , the Company incurred technical management fees of approximately $716,400 and $756,000 , respectively, under this arrangement. The total amounts payable to Seamar at March 31, 2019 and December 31, 2018 were approximately $2,296,000 and $1,972,000 , respectively. Dividends payable consist of the following, all of which are payable to related parties: 2013 Balance at December 31, 2018 4,063,598 Payments (1,135,000 ) Balance at March 31, 2019 $ 2,928,598

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITTMENTS AND CONTINGENCIES Vessel Sales and Leasebacks Accounted for as Capital Leases (in accordance with prior accounting guidance - ASC 840) The Company's fleet includes four vessels financed under sale and leaseback financing arrangements accounted for as capital leases. These leases are secured by the assignment of earnings and insurances and by guarantees of the Company. The selling price of the m/v Bulk Destiny to the new owner (lessor) was $21.0 million and the fair value of the vessel at the inception of the lease was $24.0 million . The difference between the selling price and the fair value of the vessel was recorded as prepaid rent and is being amortized over the 25 year estimated useful life of the vessel. Prepaid rent is included in finance lease right of use assets (previously "vessels under capital lease") on the consolidated balance sheet at March 31, 2019 . Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term , with a purchase obligation of $11,200,000 due with the final lease payment in January 2024. Interest is floating at LIBOR plus 2.75% ( 5.06% including the margin, at inception of the lease). The Company will own this vessel at the end of the lease term. The lease contains a minimum liquidity requirement, positive working capital of the leasee and a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. At March 31, 2019 and December 31, 2018 , the Company was in compliance with these covenants. The selling price of the m/v Bulk Beothuk was $7,000,000 and the fair value was estimated to be the same. The lease is payable at $3,500 per day every fifteen days over the five year lease term , and a balloon payment of $4,000,000 is due with the final lease payment in June 2022. The implied interest rate at inception was 11.83% . The Company will own this vessel at the end of the lease term. The selling price of the m/v Bulk Trident was $13,000,000 and the fair value was estimated to be the same. The Company simultaneously leased the vessel back from the buyer. The minimum lease payments fluctuate based on three-month LIBOR and are payable monthly over the eight -year lease term. The Company has the option to purchase the vessel at the end of the third year of the lease or thereafter, or in the case of default by the lessor, at any time during the lease term. Interest is floating at LIBOR plus 1.7% ( 4.02% including the margin, at inception of the lease). The Company will own this vessel at the end of the lease term. The selling price of the m/v Bulk PODS was $14,750,000 and the fair value was estimated to be the same. The Company simultaneously leased the vessel back from the buyer. The minimum lease payments fluctuate based on three-month LIBOR and are payable monthly over the eight-year lease term. The Company has the option to purchase the vessel at the end of the third year of the lease or thereafter, or in the case of default by the lessor, at any time during the lease term. Interest is floating at LIBOR plus 1.7% ( 4.02% including the margin, at inception of the lease). The Company will own this vessel at the end of the lease term. Vessel Acquisition Accounted for as a Finance Lease (in accordance with new accounting guidance - ASC 842) In February 2019, the Company acquired the m/v Bulk Spirit for $13,000,000 , which is the estimated fair value and simultaneously entered into a failed sale and leaseback of the vessel. The Company determined that the transfer of the vessel to the lessor was not a sale in accordance with ASC 606, because control of the vessel was not transferred to the lessor. The lease is classified as finance lease in accordance with ASC 842, because the lease transfers ownership of the vessel to the Company by the end of the lease term. The minimum lease payments include interest at 5.10% for the first five years. Interest fluctuates based on the three-month LIBOR for the remaining three years of the eight-year lease term. The Company has the option to purchase the vessel at the end of the second year of the lease or thereafter, or in the case of default by the lessor, at any time during the lease term. The Company is obligated to repurchase the vessel at the end of the lease term. A balloon payment of $3,875,000 is due with the final lease payment in March 2027. This lease is secured by the assignment of earnings and insurances and by a guarantee of the Company. Long-term Contracts Accounted for as Operating Leases The Company leases office space for its Copenhagen operations. Since December 31, 2018 , this lease continues on a month to month basis. The noncancelable period is six months, which represents the period for which it is reasonably certain that termination will not be exercised. The Company leases office space for its Singapore operations. At March 31, 2019 , the remaining obligation under this lease is approximately $42,000 . Future minimum lease payments under finance leases with initial or remaining terms in excess of one year at March 31, 2019 were: Years ending March 31, 2020 $ 10,262,187 2021 9,999,366 2022 9,860,376 2023 12,356,386 2024 19,595,782 Thereafter 16,754,568 Total minimum lease payments $ 78,828,665 Less amount representing interest 16,208,250 Present value of minimum lease payments 62,620,415 Less current portion 6,601,611 Long-term portion $ 56,018,804 At March 31, 2019 the Company recognized approximately $52,000 as lease expense for office leases in General and Administrative Expenses. The Company is subject to certain asserted claims arising in the ordinary course of business. The Company intends to vigorously assert its rights and defend itself in any litigation that may arise from such claims. While the ultimate outcome of these matters could affect the results of operations of any one year, and while there can be no assurance with respect thereto, management believes that after final disposition, any financial impact to the Company would not be material to its consolidated financial position, results of operations, or cash flows.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On May 7, 2019, the Company entered into an agreement to purchase a 2008 built Supramax (to be renamed m/v Bulk Independence) for $14 million . The vessel, which was delivered on May 14, 2019, was financed with an existing lender and is cross-collateralized with the m/v Bulk Endurance and m/v Bulk Pride. On May 2, 2019, the Board of Directors of NBHC approved a $7 million dividend to its shareholders, two-thirds of which is payable to noncontrolling interests. The dividend was paid on May 7, 2019. On April 30, 2019, the Company entered into a contract to build two new post-panamax 95,000 dwt dry bulk vessels and holds options to build two more similar vessels. The new vessels, with a building cost of approximately $38 million each, are expected to be delivered in the first half of 2021.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued an ASU 2016-02, Accounting Standards Update for Leases. The update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. In determining the estimated value of right-of-use assets and lease liabilities, the Company considers the noncancelable period of the lease as well as periods for which it is reasonably certain that renewal options will be exercised. The Company discounts any estimated lease liability using the portfolio approach, the composition of which is its secured long-term debt facilities. Time charter out contracts Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. The charterer has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter in contracts The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. As allowed by a practical expedient under ASC 842, the Company made an accounting policy election by class of underlying asset for leases with a term of 12 months or less, to forego recognizing a right-of-use asset and lease liability on its balance sheet. For the quarter ending March 31, 2019, the Company did not have any time charter in contracts with terms greater than 12 months, as such charter hire expense presented on the Consolidated Statement of Operations are lease expenses for chartered in contracts less than 12 months. Adoption of ASC 842 The Company adopted ASC 842 on January 1, 2019. The Company elected the "package of practical expedients" in the new standard, under which we are not required to reassess our prior conclusions regarding lease identification, classification and initial direct costs. We did not elect the use-of-hindsight practical expedient; and the practical expedient pertaining to land easements does not apply to the Company. In July 2018, the Financial Accounting Standards Board issued ASU 2018-11 to amend ASU 2016-02 and provided an additional (and optional) transition method to adopt the new lease standard. This transition method allows entities to apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption instead of using the original modified retrospective transition method of adoption which required the restatement of all prior period financial statements. Under this new transition method, the comparative periods presented in the financial statements will continue to be in accordance with ASC Topic 840, Leases. The Company adopted the new lease standard effective January 1, 2019 using this new transition method. The amendments in this Update also provide lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: 1. The timing and pattern of transfer of the nonlease component(s) and associated lease component are the same. 2. The lease component, if accounted for separately, would be classified as an operating lease. The Company elected to use this practical expedient when it adopted the lessor provisions of this Update. As a result, the operating lease component and the vessel operating expense nonlease component in a time charter are reported as a single component. At March 31, 2019, the Company had six vessels chartered to customers under time charters that contain leases. These six leases varied in original length from 34 days to 116 days. At March 31, 2019, lease payments due under these arrangements totaled approximately $797,000 and each of the time charters were due to be completed in twenty-one days or less. The Company does not have any sales-type or direct financing leases. Adoption of the lessee provisions of this guidance did not have a material impact on the Company's consolidated financial statements because the Company does not have any vessels chartered in (operating leases) for longer than one year and the practical expedient relating to leases with terms of 12 months or less was elected. Furthermore, the Company's finance lease right of use assets and finance lease liabilities were referred to as "assets under capital lease" and "obligations under capital leases" in prior period financial statements, but no other changes resulted from adoption of the standard. In addition, the Company has only one noncancelable office lease for which the noncancelable period is less than five months and noncancelable office equipment leases do not create significant right-of-use assets or lease liabilities. In August 2017, the FASB issued an ASU 2017-12 Accounting Standards Update for Derivatives and Hedging. The amendments in this Update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the amendments in this Update. The amended presentation and disclosure guidance is required only prospectively. Adoption of this guidance did not have a material impact on the Company's financial statements because our forward freight agreements and our fuel swaps do not qualify for hedge accounting treatment even after application of the amendments in this Update. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. For most financial assets, such as trade and other receivables, loans and other instruments, this standard changes the current incurred loss model to a forward-looking expected credit loss model, which generally will result in the earlier recognition of allowances for losses. The new standard is effective for our company at the beginning of 2020. Entities are required to apply the provisions of the standard through a cumulative-effect adjustment to retained earnings as of the effective date. We are currently evaluating the impact of the standard on our consolidated financial statements.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows: March 31, 2019 December 31, 2018 (unaudited) Money market accounts – cash equivalents $ 41,149,343 $ 13,819,043 Cash (1) 17,973,702 39,795,692 Total cash and cash equivalents $ 59,123,045 $ 53,614,735 Restricted cash $ 2,500,000 $ 2,500,000 Total cash, cash equivalents and restricted cash $ 61,623,045 $ 56,114,735 (1) Consists of cash deposits at various major banks.
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	Advance hire, prepaid expenses and other current assets were comprised of the following: March 31, 2019 December 31, 2018 (unaudited) Advance hire $ 2,493,274 $ 5,851,070 Prepaid expenses 2,386,632 1,276,901 Accrued receivables 6,066,030 2,479,800 Margin deposit 1,405,010 1,820,656 Other current assets 837,715 759,124 $ 13,188,661 $ 12,187,551
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable, accrued expenses and other current liabilities were comprised of the following: March 31, 2019 December 31, 2018 (unaudited) Accounts payable $ 12,123,157 $ 19,892,511 Accrued expenses 10,361,607 7,424,286 Accrued interest 541,153 540,886 Derivative liabilities 1,002,798 3,225,907 Other accrued liabilities 231,724 813,917 $ 24,260,439 $ 31,897,507

Fixed Assets (Tables)

Fixed Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Property Plant and Equipment Schedule of Significant Acquisitions	At March 31, 2019 , the Company owned twenty dry bulk vessels including five financed under finance leases; and one barge. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: March 31, December 31, 2019 2018 Owned vessels (unaudited) m/v BULK PANGAEA $ 15,241,681 $15,231,305 m/v BULK PATRIOT 9,807,507 10,130,797 m/v BULK JULIANA 10,527,478 10,651,029 m/v NORDIC ODYSSEY 23,936,879 24,283,497 m/v NORDIC ORION 24,743,805 25,095,469 m/v BULK NEWPORT 13,717,761 13,956,092 m/v NORDIC BARENTS 4,249,276 4,370,817 m/v NORDIC BOTHNIA 4,202,519 4,322,490 m/v NORDIC OSHIMA 28,608,642 28,897,931 m/v NORDIC ODIN 29,014,890 29,151,529 m/v NORDIC OLYMPIC 28,846,590 29,321,599 m/v NORDIC OASIS 30,110,222 30,416,651 m/v BULK ENDURANCE 25,774,822 26,020,505 m/v BULK FREEDOM 8,469,683 8,467,058 m/v BULK PRIDE 13,397,749 13,531,561 m/v BULK SPIRIT (1) 13,248,500 1,950,000 MISS NORA G PEARL 2,995,144 2,995,144 286,893,148 278,793,474 Other fixed assets, net 2,663,871 2,561,892 Total fixed assets, net $ 289,557,019 $ 281,355,366 Right of Use Assets m/v BULK DESTINY $ 22,101,959 $ 22,307,701 m/v BULK BEOTHUK 6,946,360 7,065,300 m/v BULK TRIDENT 12,522,611 12,664,906 m/v BULK PODS $ 13,917,096 14,075,189 $ 55,488,026 $ 56,113,096 (1) On October 26, 2018, the Company entered into an agreement to purchase a 2009 built Supramax (m/v Bulk Spirit) for $13 million , and placed a deposit of $1.95 million . The vessel was delivered in February 2019 (see NOTE 7).

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consists of the following: March 31, 2019 December 31, 2018 (unaudited) Bulk Phoenix Secured Note (1) 2,259,515 2,702,374 Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) 60,450,001 62,325,000 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 4,163,010 4,489,100 Bulk Nordic Oasis Ltd. Loan Agreement (3) 16,625,000 17,000,000 The Amended Senior Facility (formerly Bulk Nordic Six Ltd. - Loan Agreement) 24,644,998 25,626,665 Bulk Freedom Loan Agreement 4,275,000 4,450,000 109 Long Wharf Commercial Term Loan 785,466 812,867 Total 113,202,990 117,406,006 Less: unamortized bank fees (1,981,417 ) (1,903,994 ) 111,221,573 115,502,012 Less: current portion (18,958,793 ) (20,127,742 ) Secured long-term debt, net $ 92,262,780 $ 95,374,270 (1) See Senior Secured Post-Delivery Term Loan Facility below. (2) The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (3) This facility is cross-collateralized by the vessels m/v Bulk Endurance and m/v Bulk Pride, and is guaranteed by the Company.
Schedule of Maturities of Long-term Debt	The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows: Years ending March 31, (unaudited) 2020 $ 18,958,793 2021 21,240,674 2022 70,096,857 2023 2,559,600 2024 109,600 Thereafter 237,466 $ 113,202,990

Derivative Instruments and Fa_2

Derivative Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018 : Balance at March 31, 2019 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 1,405,010 $ 1,405,010 $ — $ — Fuel swaps $ (436,541 ) $ — $ (436,541 ) $ — Freight forward agreements $ (499,580 ) $ — $ (499,580 ) $ — Balance at December 31, 2018 Level 1 Level 2 Level 3 Margin accounts $ 1,820,657 $ 1,820,657 $ — $ — Fuel swaps $ (3,165,967 ) $ — $ (3,165,967 ) $ — Freight forward agreements $ (59,940 ) $ — $ (59,940 ) $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Amounts and notes payable to related parties consist of the following: December 31, 2018 Activity March 31, 2019 (unaudited) Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively: Trade receivables due from King George Slag (i) 627,629 — (50,000 ) 577,629 Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (ii) 1,971,935 323,663 2,295,598 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note $ 2,595,000 (865,000 ) $ 1,730,000 Interest payable - 2011 Founders Note 282,746 26,898 309,644 Total current related party debt $ 2,877,746 $ (838,102 ) $ 2,039,644 i. King George Slag LLC is a joint venture of which the Company owns 25% ii. Seamar Management S.A. ("Seamar")
Schedule of Dividends Payable	Dividends payable consist of the following, all of which are payable to related parties: 2013 Balance at December 31, 2018 4,063,598 Payments (1,135,000 ) Balance at March 31, 2019 $ 2,928,598

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments for Leases	Future minimum lease payments under finance leases with initial or remaining terms in excess of one year at March 31, 2019 were: Years ending March 31, 2020 $ 10,262,187 2021 9,999,366 2022 9,860,376 2023 12,356,386 2024 19,595,782 Thereafter 16,754,568 Total minimum lease payments $ 78,828,665 Less amount representing interest 16,208,250 Present value of minimum lease payments 62,620,415 Less current portion 6,601,611 Long-term portion $ 56,018,804

General Information (Details)

General Information (Details)	Mar. 31, 2019vessel
Property, Plant and Equipment [Line Items]
Number of vessels	4
Panamax
Property, Plant and Equipment [Line Items]
Number of vessels	3
Ultramax Ice Class 1C
Property, Plant and Equipment [Line Items]
Number of vessels	2
Supramax
Property, Plant and Equipment [Line Items]
Number of vessels	7
Handymax Ice Class 1A
Property, Plant and Equipment [Line Items]
Number of vessels	2
Panamax Ice Class 1A
Property, Plant and Equipment [Line Items]
Number of vessels	6

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Money market accounts – cash equivalents	$ 41,149,343	$ 13,819,043
Cash	17,973,702	39,795,692
Total cash and cash equivalents	59,123,045	53,614,735	$ 28,205,463
Restricted cash	2,500,000	2,500,000	4,000,000
Total cash, cash equivalents and restricted cash	$ 61,623,045	$ 56,114,735	$ 32,205,463	$ 38,531,812

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Advance Hire, Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advance hire	$ 2,493,274	$ 5,851,070
Prepaid expenses	2,386,632	1,276,901
Accrued receivables	6,066,030	2,479,800
Margin deposit	1,405,010	1,820,656
Other current assets	837,715	759,124
Advance hire, prepaid expenses and other current assets	$ 13,188,661	$ 12,187,551

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 12,123,157	$ 19,892,511
Accrued voyage expenses	10,361,607	7,424,286
Accrued interest	541,153	540,886
Derivative liabilities	1,002,798	3,225,907
Other accrued liabilities	231,724	813,917
Accounts payable accrued expenses and other current liabilities	$ 24,260,439	$ 31,897,507

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Property, Plant and Equipment [Line Items]
Restricted cash	$ 2,500,000	$ 2,500,000	$ 4,000,000
Operating lease, payments	797,000
Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement
Property, Plant and Equipment [Line Items]
Restricted cash	$ 2,500,000	$ 2,500,000

Fixed Assets (Details)

Fixed Assets (Details) - USD ($)	Oct. 26, 2018	Feb. 28, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Payment for purchase of vessels			$ 11,426,174	$ 298,418
Vessels, net			286,893,148		$ 278,793,474
Other fixed assets, net			2,663,871		2,561,892
Total fixed assets, net			289,557,019		281,355,366
Capital lease asset, net			55,488,026		56,113,096
m/v BULK PANGAEA
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			15,241,681		15,231,305
m/v BULK PATRIOT
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			9,807,507		10,130,797
m/v BULK JULIANA
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			10,527,478		10,651,029
m/v NORDIC ODYSSEY
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			23,936,879		24,283,497
m/v NORDIC ORION
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			24,743,805		25,095,469
m/v BULK NEWPORT
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			13,717,761		13,956,092
m/v NORDIC BARENTS
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			4,249,276		4,370,817
m/v NORDIC BOTHNIA
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			4,202,519		4,322,490
m/v NORDIC OSHIMA
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			28,608,642		28,897,931
m/v NORDIC ODIN
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			29,014,890		29,151,529
m/v NORDIC ODIN
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			28,846,590		29,321,599
m/v NORDIC OASIS
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			30,110,222		30,416,651
m/v BULK ENDURANCE
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			25,774,822		26,020,505
m/v BULK FREEDOM
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			8,469,683		8,467,058
m/v BULK PRIDE
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			13,397,749		13,531,561
m/v BULK SPIRIT
Property, Plant and Equipment [Line Items]
Payment for purchase of vessels	$ 13,000,000	$ 13,000,000
Vessels and vessel improvements property plant and equipement gross			13,248,500		1,950,000
MISS NORA G PEARL
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements property plant and equipement gross			2,995,144		2,995,144
m/v BULK DESTINY
Property, Plant and Equipment [Line Items]
Capital lease asset, net			22,101,959		22,307,701
m/v BULK BEOTHUK
Property, Plant and Equipment [Line Items]
Capital lease asset, net			6,946,360		7,065,300
m/v BULK TRIDENT
Property, Plant and Equipment [Line Items]
Capital lease asset, net			12,522,611		12,664,906
m/v BULK PODS
Property, Plant and Equipment [Line Items]
Capital lease asset, net			$ 13,917,096		$ 14,075,189

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Dec. 11, 2015	Mar. 31, 2019	Dec. 31, 2018	Jun. 14, 2017	May 27, 2016	Mar. 07, 2014	May 31, 2013
Debt Instrument [Line Items]
Long-term debt, gross		$ 113,202,990	$ 117,406,006
Less: unamortized debt issuance and bank fees		(1,981,417)	(1,903,994)
Long-term Debt		111,221,573	115,502,012
Less: current portion		(18,958,793)	(20,127,742)
Secured long-term debt		92,262,780	95,374,270
The Amended Senior Facility - Dated December 21, 2017
Debt Instrument [Line Items]
Long-term debt, gross		24,644,998	25,626,665
Bulk Freedom Loan Agreement
Debt Instrument [Line Items]
Long-term debt, gross		4,275,000	4,450,000
Bulk Phoenix Secured Note
Debt Instrument [Line Items]
Long-term debt, gross		2,259,515	2,702,374
Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement
Debt Instrument [Line Items]
Long-term debt, gross		60,450,001	62,325,000
Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.
Debt Instrument [Line Items]
Long-term debt, gross		4,163,010	4,489,100
Bulk Nordic Oasis Ltd. Loan Agreement
Debt Instrument [Line Items]
Long-term debt, gross		16,625,000	17,000,000
Long Wharf Commercial Term Loan
Debt Instrument [Line Items]
Long-term debt, gross		$ 785,466	$ 812,867
Secured Debt | Bulk Freedom Loan Agreement
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 5,500,000
Secured Debt | Bulk Phoenix Secured Note
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 10,000,000
Secured Debt | Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 13,000,000
Secured Debt | Bulk Nordic Oasis Ltd. Loan Agreement
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 21,500,000
Secured Debt | 109 Long Wharf Commercial Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 1,096,000
Primary Beneficiary | m/v NORDIC OASIS
Debt Instrument [Line Items]
Ownership Percentage	33.33%
ST Shipping and Transport Ltd. (STST) | Not Primary Beneficiary | m/v NORDIC OASIS
Debt Instrument [Line Items]
Ownership Percentage	33.33%
ASO 2020 Maritime S.A. (ASO2020) | Not Primary Beneficiary | m/v NORDIC OASIS
Debt Instrument [Line Items]
Ownership Percentage	33.33%

Debt - Additional Information (

Debt - Additional Information (Details) - Secured Debt

Dec. 21, 2017USD ($)

Jun. 14, 2017USD ($)

Dec. 21, 2016USD ($)installment

May 27, 2016USD ($)installment

Dec. 11, 2015USD ($)installment

Sep. 28, 2015USD ($)installment

Mar. 07, 2014USD ($)trancheinstallment

May 31, 2013USD ($)installment

Jun. 14, 2019

Mar. 31, 2019

Apr. 27, 2017

Mar. 31, 2017

Mar. 27, 2017

Jan. 31, 2017

Dec. 28, 2016

Sep. 30, 2016

Jan. 23, 2014USD ($)

Bulk Phoenix Secured Note

Debt Instrument [Line Items]

Face amount

$ 10,000,000

Interest rate, stated percentage

5.09%

Periodic payment terms, balloon payment to be paid

$ 1,816,659

Bulk Phoenix Secured Note | Seven equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments | installment

7

Periodic payment, principal amount

$ 442,858

Bulk Phoenix Secured Note | Two quarterly installment

Debt Instrument [Line Items]

Number of periodic payments | installment

2

Periodic payment, principal amount

$ 700,000

Bulk Nordic Oasis Ltd. Loan Agreement

Debt Instrument [Line Items]

Face amount

$ 21,500,000

Interest rate, stated percentage

4.30%

Periodic payment, principal amount

375,000

Periodic payment terms, balloon payment to be paid

$ 12,500,000

m/v NORDIC OASIS

Debt Instrument [Line Items]

Number of periodic payments | installment

24

Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.

Debt Instrument [Line Items]

Face amount

$ 13,000,000

Periodic payment terms, balloon payment to be paid

$ 1,755,415

Payment terms

In addition, any cash in excess of $750,000 per borrower on any repayment date shall be applied toward prepayment of the relevant loan in inverse order, so the balloon payment is prepaid first.

Basis spread on variable rate

2.50%

Interest rate, effective percentage

4.90%

Number of tranches | tranche

2

Payment terms

$ 750,000

Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd. | Twenty-two equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments | installment

22

Periodic payment, principal amount

$ 163,045

Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd. | One Installment Per Borrower

Debt Instrument [Line Items]

Periodic payment, principal amount

163,010

Nordic Bulk Bothina Ltd.

Debt Instrument [Line Items]

Long-term line of credit

$ 6,500,000

Nordic Bulk Barents Ltd.

Debt Instrument [Line Items]

Long-term line of credit

$ 6,500,000

Bulk Nordic Six Ltd. Loan Agreement

Debt Instrument [Line Items]

Interest rate, stated percentage

4.74%

Bulk Freedom Loan Agreement

Debt Instrument [Line Items]

Face amount

$ 5,500,000

Periodic payment terms, balloon payment to be paid

$ 2,300,000

Basis spread on variable rate

3.75%

Interest rate, effective percentage

6.09%

Bulk Freedom Loan Agreement | Twelve equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments

12

Periodic payment, principal amount

$ 150,000

Bulk Freedom Loan Agreement | Eight equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments

8

Periodic payment, principal amount

$ 175,000

Bulk Endurance Senior Tranche Loan

Debt Instrument [Line Items]

Face amount

$ 16,000,000

109 Long Wharf Commercial Term Loan

Debt Instrument [Line Items]

Face amount

$ 1,096,000

Number of periodic payments | installment

120

Periodic payment, principal amount

$ 9,133

Basis spread on variable rate

2.00%

Interest rate, effective percentage

4.40%

mv NORDIC ODIN

Debt Instrument [Line Items]

Face amount

$ 21,750,000

mv NORDIC ODIN | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement

Debt Instrument [Line Items]

Interest rate, stated percentage

4.07%

3.95%

Number of periodic payments | installment

28

Periodic payment, principal amount

$ 375,000

Periodic payment terms, balloon payment to be paid

$ 11,233,150

Interest rate, portion fixed

50.00%

mv NORDIC ODIN | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Odyssey And Orion

Debt Instrument [Line Items]

Face amount

$ 13,500,000

Odyssey And Orion | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement

Debt Instrument [Line Items]

Interest rate, stated percentage

4.24%

Number of periodic payments | installment

20

Periodic payment, principal amount

$ 5,677,203

Periodic payment terms, balloon payment to be paid

$ 375,000

Interest rate, portion fixed

50.00%

Odyssey And Orion | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement

Debt Instrument [Line Items]

Basis spread on variable rate

2.40%

Interest rate, effective percentage

4.80%

Nordic Bulk Oshima | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement

Debt Instrument [Line Items]

Number of periodic payments | installment

28

Nordic Bulk Oshima | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement

Debt Instrument [Line Items]

Periodic payment, principal amount

$ 375,000

Periodic payment terms, balloon payment to be paid

$ 11,254,295

Basis spread on variable rate

2.25%

Interest rate, effective percentage

4.65%

m/v NORDIC OSHIMA

Debt Instrument [Line Items]

Face amount

$ 21,000,000

m/v NORDIC OSHIMA | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement

Debt Instrument [Line Items]

Interest rate, stated percentage

4.16%

Interest rate, portion fixed

50.00%

Tranche A | Bulk Nordic Six Ltd. Loan Agreement

Debt Instrument [Line Items]

Face amount

19,500,000

Periodic payment terms, balloon payment to be paid

$ 11,667,667

Tranche A | Bulk Nordic Six Ltd. Loan Agreement | Three equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments | installment

3

Periodic payment, principal amount

$ 100,000

Tranche A | Bulk Nordic Six Ltd. Loan Agreement | Seventeen equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments

17

Periodic payment, principal amount

$ 266,667

Tranche A | The Amended Senior Facility

Debt Instrument [Line Items]

Face amount

$ 10,000,000

Tranche B | Bulk Nordic Six Ltd. Loan Agreement

Debt Instrument [Line Items]

Face amount

$ 3,500,000

Number of periodic payments | installment

18

Periodic payment, principal amount

$ 65,000

Periodic payment terms, balloon payment to be paid

$ 2,330,000

Basis spread on variable rate

6.00%

Interest rate, effective percentage

8.40%

Tranche C | The Amended Senior Facility

Debt Instrument [Line Items]

Face amount

$ 8,500,000

Number of periodic payments

16

Periodic payment, principal amount

$ 275,000

Periodic payment terms, balloon payment to be paid

$ 4,100,000

Basis spread on variable rate

5.74%

Tranche D | The Amended Senior Facility

Debt Instrument [Line Items]

Face amount

$ 1,500,000

Number of periodic payments

4

Periodic payment, principal amount

$ 375,000

Basis spread on variable rate

6.00%

Interest rate, effective percentage

8.40%

Subsequent Event | Bulk Freedom Loan Agreement

Debt Instrument [Line Items]

Interest rate, effective percentage

6.51%

Debt - Future Minimum Annual Pa

Debt - Future Minimum Annual Payments (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Long-term Debt, Fiscal Year Maturity [Abstract]
2020	$ 18,958,793
2021	21,240,674
2022	70,096,857
2023	2,559,600
2024	109,600
Thereafter	237,466
Long-term Debt	$ 113,202,990	$ 117,406,006

Derivative Instruments and Fa_3

Derivative Instruments and Fair Value Measurements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Freight forward agreements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss)	$ 2,729,000	$ (248,000)
Fuel swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss)	(440,000)	$ (314,000)
Recurring | Freight forward agreements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Net Asset (Liability)	(499,580)		$ (59,940)
Recurring | Fuel swaps | Fuel
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Net Asset (Liability)	(436,541)		(3,165,967)
Level 2 | Recurring | Freight forward agreements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Net Asset (Liability)	(499,580)		(59,940)
Level 2 | Recurring | Fuel swaps | Fuel
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Net Asset (Liability)	$ (436,541)		$ (3,165,967)

Derivative Instruments and Fa_4

Derivative Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - Recurring - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Margin accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	$ 1,405,010	$ 1,820,657
Fuel swaps | Fuel
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	(436,541)	(3,165,967)
Freight forward agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	(499,580)	(59,940)
Level 1 | Margin accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	1,405,010	1,820,657
Level 2 | Fuel swaps | Fuel
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	(436,541)	(3,165,967)
Level 2 | Freight forward agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	$ (499,580)	$ (59,940)

Related Party Transactions - Am

Related Party Transactions - Amounts and Notes Payable to Related Parties (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Schedule of Related Party Payables
December 31, 2018	$ 2,877,746
March 31, 2019	2,039,644
Related party debt current
Schedule of Related Party Payables
December 31, 2018	2,877,746
Activity	(838,102)
March 31, 2019	2,039,644
King George Slag | Accounts receivable, net
Related Party Transaction [Line Items]
Notes Receivable, Related Parties, Current	577,629	$ 627,629
Schedule of Related Party Payables
Activity	(50,000)
Ownership percentage		25.00%
Affiliated Companies | Accounts payable and accrued liabilities
Schedule of Related Party Payables
December 31, 2018	1,971,935
Activity	323,663
March 31, 2019	2,295,598
Loan Payable - 2011 Founders Note | Related party debt current | Loans payable
Schedule of Related Party Payables
December 31, 2018	2,595,000
Activity	(865,000)
March 31, 2019	1,730,000
Interest payable - 2011 Founders Note | Related party debt current | Loans payable
Schedule of Related Party Payables
December 31, 2018	282,746
Activity	26,898
March 31, 2019	$ 309,644

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	Oct. 01, 2011	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Technical management fees		$ 716,000	$ 756,000
Due to related parties, current		2,039,644		$ 2,877,746
Founder
Related Party Transaction [Line Items]
Proceeds from related party debt	$ 10,000,000
Notes payable, related parties, current		1,730,000		2,595,000
Interest rate, stated percentage	5.00%
Related party debt current
Related Party Transaction [Line Items]
Due to related parties, current		2,039,644		2,877,746
Accounts payable and accrued liabilities | Affiliated Companies
Related Party Transaction [Line Items]
Due to related parties, current		$ 2,295,598		$ 1,971,935

Related Party Transactions - Sc

Related Party Transactions - Schedule of Dividends (Details) - Common Stock Dividend 2013	3 Months Ended
	Mar. 31, 2019USD ($)
Dividends Payable [Roll Forward]
Balance at December 31, 2018	$ 4,063,598
Payments	(1,135,000)
Balance at March 31, 2019	$ 2,928,598

Commitments and Contingencies_2

Commitments and Contingencies (Details Textual)	Oct. 26, 2018USD ($)	Jun. 15, 2017USD ($)	Feb. 28, 2019USD ($)	Mar. 31, 2019USD ($)vessel	Mar. 31, 2018USD ($)
Commitments and Contingencies [Line Items]
Number of vessels | vessel				4
Payment for purchase of vessels				$ 11,426,174	$ 298,418
Operating lease, expense				52,000
m/v BULK DESTINY
Commitments and Contingencies [Line Items]
Sale leaseback transaction, proceeds				21,000,000
Capital leased assets, gross				$ 24,000,000
Useful life				25 years
Lease terms				Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term
Periodic payment terms, balloon payment to be paid				$ 11,200,000
Basis spread on variable rate				2.75%
Term of contract				7 years
Interest rate, effective percentage				5.06%
m/v BULK BEOTHUK
Commitments and Contingencies [Line Items]
Capital leased assets, gross		$ 7,000,000
Lease terms		The lease is payable at $3,500 per day every fifteen days over the five year lease term
Lease payable				$ 3,500
Periodic payment terms, balloon payment to be paid		$ 4,000,000
Term of contract				5 years
Interest rate, stated percentage		11.83%
m/v BULK TRIDENT
Commitments and Contingencies [Line Items]
Sale leaseback transaction, proceeds				$ 13,000,000
Basis spread on variable rate				1.70%
Term of contract				8 years
Interest rate, effective percentage				4.02%
m/v BULK PODS
Commitments and Contingencies [Line Items]
Sale leaseback transaction, proceeds				$ 14,750,000
Interest rate, effective percentage				4.02%
m/v BULK SPIRIT
Commitments and Contingencies [Line Items]
Periodic payment terms, balloon payment to be paid			$ 3,875,000
Payment for purchase of vessels	$ 13,000,000		$ 13,000,000
SINGAPORE
Commitments and Contingencies [Line Items]
Operating leases remaining obligations				$ 42,000

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Lease Payments Under Finance Leases (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
2020	$ 10,262,187
2021	9,999,366
2022	9,860,376
2023	12,356,386
2024	19,595,782
Thereafter	16,754,568
Total minimum lease payments	78,828,665
Less amount representing interest	16,208,250
Present value of minimum lease payments	62,620,415
Less current portion	6,601,611	$ 5,364,963
Long-term portion	$ 56,018,804

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	May 02, 2019USD ($)	Apr. 30, 2019USD ($)vessel	May 07, 2019USD ($)	Mar. 31, 2019vessel
Subsequent Event [Line Items]
Number of vessels | vessel				4
Subsequent Event
Subsequent Event [Line Items]
Dividends | $	$ 7
Number of vessels | vessel		2
Vessel building costs | $		$ 38
Subsequent Event | m/v BULK Independence
Subsequent Event [Line Items]
Vessel purchase price | $			$ 14
Subsequent Event | dwt DRY BULK
Subsequent Event [Line Items]
Number of vessels | vessel		2

Uncategorized Items - panl-2019

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (2,423,036)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,423,036)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (2,423,036)