Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 09, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36798 | |
Entity Registrant Name | PANGAEA LOGISTICS SOLUTIONS LTD. | |
Entity Incorporation, State or Country Code | D0 | |
Entity Tax Identification Number | 98-1205464 | |
Entity Address, Address Line One | 109 Long Wharf | |
Entity Address, City or Town | Newport | |
Entity Address, State or Province | RI | |
Entity Address, Postal Zip Code | 02840 | |
City Area Code | 401 | |
Local Phone Number | 846-7790 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | PANL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,641,441 | |
Entity Central Index Key | 0001606909 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 49,164,440 | $ 46,897,216 |
Restricted cash | 0 | 1,500,000 |
Accounts receivable (net of allowance of $2,089,898 and $1,896,038 at September 30, 2021 and December 31, 2020, respectively) | 41,301,940 | 29,152,153 |
Bunker inventory | 24,881,273 | 15,966,247 |
Advance hire, prepaid expenses and other current assets | 52,834,890 | 19,515,945 |
Total current assets | 168,182,543 | 113,031,561 |
Fixed assets, net | 439,119,414 | 276,741,751 |
Investment in newbuildings in-process | 4,013,195 | 15,390,635 |
Finance lease right of use assets, net | 45,468,458 | 45,240,198 |
Total assets | 656,783,610 | 450,404,145 |
Current liabilities | ||
Accounts payable, accrued expenses and other current liabilities | 50,888,657 | 32,400,288 |
Related party debt | 242,852 | 242,852 |
Deferred revenue | 24,785,419 | 12,799,561 |
Current portion of secured long-term debt | 15,569,202 | 57,382,674 |
Current portion of finance lease liabilities | 13,282,377 | 6,978,192 |
Dividend payable | 98,864 | 1,005,763 |
Total current liabilities | 104,867,371 | 110,809,330 |
Secured long-term debt, net | 108,872,095 | 47,761,898 |
Finance lease liabilities, net | 143,528,702 | 47,266,104 |
Long-term liabilities - other - Note 8 | 15,117,209 | 10,135,408 |
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; 45,641,441 shares issued and outstanding at September 30, 2021; 45,447,751 shares issued and outstanding at December 31, 2020 | 4,564 | 4,545 |
Additional paid-in capital | 161,187,164 | 159,581,415 |
Retained earnings | 72,170,881 | 23,179,805 |
Total Pangaea Logistics Solutions Ltd. equity | 233,362,609 | 182,765,765 |
Non-controlling interests | 51,035,624 | 51,665,640 |
Total stockholders' equity | 284,398,233 | 234,431,405 |
Total liabilities and stockholders' equity | $ 656,783,610 | $ 450,404,145 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 2,089,898 | $ 1,896,038 |
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) | 45,641,441 | 45,447,751 |
Common stock, shares outstanding (in shares) | 45,641,441 | 45,447,751 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Revenue | $ 213,029,235 | $ 103,766,558 | $ 483,546,127 | $ 270,042,665 |
Expenses: | ||||
Voyage expense | 60,405,741 | 40,729,271 | 154,357,377 | 120,283,093 |
Charter hire expense | 103,721,059 | 34,969,551 | 219,960,415 | 82,498,729 |
Vessel operating expense | 11,753,951 | 9,699,890 | 30,022,420 | 28,958,812 |
General and administrative | 4,442,064 | 3,691,963 | 14,676,755 | 11,557,594 |
Depreciation and amortization | 7,163,479 | 4,230,302 | 16,451,303 | 12,818,260 |
Loss on impairment of vessels | 0 | 0 | 0 | 1,801,039 |
Loss on sale of vessels | 0 | 485,580 | 0 | 705,065 |
Total expenses | 187,486,294 | 93,806,557 | 435,468,270 | 258,622,592 |
Income from operations | 25,542,941 | 9,960,001 | 48,077,857 | 11,420,073 |
Other income (expense): | ||||
Interest expense, net | (2,416,677) | (1,956,729) | (6,994,593) | (6,073,599) |
Income attributable to Non-controlling interest recorded as long-term liability | (325,742) | 0 | (775,487) | 0 |
Unrealized gain (loss) on derivative instruments, net | 5,344,327 | (18,098) | 13,670,475 | (1,530,875) |
Other income | 550,781 | 301,543 | 801,743 | 996,734 |
Total other income (expense), net | 3,152,689 | (1,673,284) | 6,702,138 | (6,607,740) |
Net income | 28,695,630 | 8,286,717 | 54,779,995 | 4,812,333 |
Income attributable to non-controlling interests | (1,700,399) | (734,472) | (2,703,318) | (1,050,287) |
Net income attributable to Pangaea Logistics Solutions Ltd. | $ 26,995,231 | $ 7,552,245 | $ 52,076,677 | $ 3,762,046 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.61 | $ 0.17 | $ 1.18 | $ 0.09 |
Diluted (in dollars per share) | $ 0.60 | $ 0.17 | $ 1.16 | $ 0.09 |
Weighted average shares used to compute earnings per common share: | ||||
Basic (in shares) | 44,004,980 | 43,488,241 | 43,994,726 | 43,393,764 |
Diluted (in shares) | 44,927,456 | 43,510,961 | 44,704,303 | 43,398,472 |
Voyage revenue | ||||
Revenues: | ||||
Revenue | $ 186,352,802 | $ 98,120,344 | $ 411,978,482 | $ 251,501,401 |
Charter revenue | ||||
Revenues: | ||||
Revenue | $ 26,676,433 | $ 5,646,214 | $ 71,567,645 | $ 18,541,264 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Total Pangaea Logistics Solutions Ltd. Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Non-Controlling Interest |
Beginning Balance (in shares) at Dec. 31, 2019 | 44,886,122 | |||||
Beginning Balance at Dec. 31, 2019 | $ 243,071,674 | $ 170,245,964 | $ 4,489 | $ 157,504,895 | $ 12,736,580 | $ 72,825,710 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 1,915,188 | 1,915,188 | 1,915,188 | |||
Issuance of restricted shares, net of forfeitures (in shares) | 179,540 | |||||
Issuance of restricted shares, net of forfeitures | (154,126) | (154,126) | $ 18 | (154,144) | ||
Net Income | 4,812,333 | 3,762,046 | 3,762,046 | 1,050,287 | ||
Ending Balance (in shares) at Sep. 30, 2020 | 45,065,662 | |||||
Ending Balance at Sep. 30, 2020 | 227,145,069 | 175,769,072 | $ 4,507 | 159,265,939 | 16,498,626 | 51,375,997 |
Beginning Balance (in shares) at Jun. 30, 2020 | 45,065,662 | |||||
Beginning Balance at Jun. 30, 2020 | 240,966,650 | 167,825,125 | $ 4,507 | 158,874,237 | 8,946,381 | 73,141,525 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 391,702 | 391,702 | 391,702 | |||
Net Income | 8,286,717 | 7,552,245 | 7,552,245 | 734,472 | ||
Ending Balance (in shares) at Sep. 30, 2020 | 45,065,662 | |||||
Ending Balance at Sep. 30, 2020 | 227,145,069 | 175,769,072 | $ 4,507 | 159,265,939 | 16,498,626 | 51,375,997 |
Beginning Balance (in shares) at Dec. 31, 2020 | 45,447,751 | |||||
Beginning Balance at Dec. 31, 2020 | 234,431,405 | 182,765,765 | $ 4,545 | 159,581,415 | 23,179,805 | 51,665,640 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 1,734,958 | 1,734,958 | 1,734,958 | |||
Common Stock Dividend | (3,085,601) | (3,085,601) | ||||
Issuance of restricted shares, net of forfeitures (in shares) | 193,690 | |||||
Issuance of restricted shares, net of forfeitures | (129,190) | (129,190) | $ 19 | (129,209) | ||
Net Income | 54,779,995 | 52,076,677 | 2,703,318 | |||
Ending Balance (in shares) at Sep. 30, 2021 | 45,641,441 | |||||
Ending Balance at Sep. 30, 2021 | 284,398,233 | 233,362,609 | $ 4,564 | 161,187,164 | 72,170,881 | 51,035,624 |
Beginning Balance (in shares) at Jun. 30, 2021 | 45,641,441 | |||||
Beginning Balance at Jun. 30, 2021 | 256,876,138 | 207,540,913 | $ 4,564 | 160,817,940 | 46,718,409 | 49,335,225 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 369,224 | 369,224 | 369,224 | |||
Common Stock Dividend | (1,542,759) | (1,542,759) | ||||
Net Income | 28,695,630 | 26,995,231 | 26,995,231 | 1,700,399 | ||
Ending Balance (in shares) at Sep. 30, 2021 | 45,641,441 | |||||
Ending Balance at Sep. 30, 2021 | $ 284,398,233 | $ 233,362,609 | $ 4,564 | $ 161,187,164 | $ 72,170,881 | $ 51,035,624 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income | $ 54,779,995 | $ 4,812,333 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization expense | 16,451,303 | 12,818,260 |
Amortization of deferred financing costs | 676,109 | 513,092 |
Amortization of prepaid rent | 86,442 | 91,704 |
Unrealized (gain) loss on derivative instruments | (13,670,475) | 1,530,875 |
Income (Loss) from Equity Method Investments | (801,743) | (1,097,531) |
Earnings attributable to non-controlling interest recorded as other long term liability | 775,487 | 104,662 |
Provision (recovery) for doubtful accounts | 193,860 | (45,661) |
Loss on impairment of vessels | 0 | 1,801,039 |
Loss on sale of vessel | 0 | 705,065 |
Drydocking costs | (7,616,318) | (3,112,910) |
Share-based compensation | 1,734,958 | 1,915,188 |
Change in operating assets and liabilities: | ||
Accounts receivable | (12,343,647) | 8,416,171 |
Bunker inventory | (8,915,026) | 4,768,430 |
Advance hire, prepaid expenses and other current assets | (19,146,819) | (2,553,779) |
Accounts payable, accrued expenses and other current liabilities | 18,487,297 | (4,236,385) |
Deferred revenue | 11,985,858 | (3,989,219) |
Net cash provided by operating activities | 42,677,281 | 22,441,334 |
Investing activities | ||
Purchase of vessels and vessel improvements | (159,710,150) | (2,072,496) |
Investment in newbuildings in-process | 0 | (33,446) |
Purchase of fixed assets and equipment | (137,874) | 0 |
Acquisition of non-controlling interest | 0 | (15,000,000) |
Proceeds from sale of vessels | 0 | 11,691,507 |
Purchase of derivative instrument | 0 | (628,000) |
Net cash used in investing activities | (159,848,024) | (6,042,435) |
Financing activities | ||
Proceeds from long-term debt | 79,150,000 | 0 |
Payments of financing fees and debt issuance costs | (1,992,346) | (167,984) |
Payments of long-term debt | (58,614,319) | (9,852,201) |
Proceeds from finance leases | 109,125,739 | 0 |
Dividends paid to non-controlling interests | (3,333,334) | 0 |
Payments of finance lease obligations | (6,482,397) | (10,817,136) |
Payments of other long-term liabilities | 2,500,000 | 0 |
Accrued common stock dividends paid | (3,992,500) | (532,834) |
Cash paid for incentive compensation shares relinquished | (129,190) | (154,126) |
Contributions from non-controlling interest recorded as long-term liability | 6,901,911 | 322,750 |
Payments to non-controlling interest recorded as long-term liability | (195,597) | (193,508) |
Net cash provided by (used in) financing activities | 117,937,967 | (21,395,039) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 767,224 | (4,996,140) |
Cash, cash equivalents and restricted cash at beginning of period | 48,397,216 | 53,055,091 |
Cash, cash equivalents and restricted cash at end of period | 49,164,440 | 48,058,951 |
Supplemental cash flow information | ||
Cash and cash equivalents | 49,164,440 | 45,558,951 |
Restricted cash | 0 | 2,500,000 |
Total cash, cash equivalents and restricted cash | $ 49,164,440 | $ 48,058,951 |
General Information and Recent
General Information and Recent Events | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information and Recent Events | GENERAL INFORMATION AND RECENT EVENTS Organization and General The accompanying consolidated financial statements include the accounts of Pangaea Logistics Solutions Ltd. and its consolidated subsidiaries (collectively, the “Company”, “Pangaea” “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. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. 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. The significant estimates and assumptions of the Company are residual value of vessels, the useful lives of vessels, the percentage completion of spot voyages and estimated losses on our trade receivables. Actual results could differ from those estimates. Cash, cash equivalents and restricted cash 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: September 30, 2021 December 31, 2020 (unaudited) Money market accounts – cash equivalents $ 14,219,153 $ 18,443,443 Cash (1) 34,945,287 28,453,773 Total cash and cash equivalents $ 49,164,440 $ 46,897,216 Restricted cash — 1,500,000 Total cash, cash equivalents and restricted cash $ 49,164,440 $ 48,397,216 (1) Consists of cash deposits at various major banks. Restricted cash at December 31, 2020 consists of $1.5 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. The restricted cash of $1.5 million was released in connection with the April 2021 refinancing. Advance hire, prepaid expenses and other current assets Advance hire, prepaid expenses and other current assets were comprised of the following: September 30, 2021 December 31, 2020 (unaudited) Advance hire $ 10,599,721 $ 5,026,953 Prepaid expenses 4,615,198 3,706,396 Accrued receivables 16,697,727 6,823,409 Margin deposit — 814,062 Derivative assets 13,670,383 — Other current assets 7,251,861 3,145,125 $ 52,834,890 $ 19,515,945 Accounts payable, accrued expenses and other current liabilities Accounts payable, accrued expenses and other current liabilities were comprised of the following: September 30, 2021 December 31, 2020 (unaudited) Accounts payable $ 29,302,500 $ 18,678,099 Accrued expenses 16,089,841 10,654,357 Deferred consideration - Note 8 2,502,964 2,500,000 Other accrued liabilities 2,993,352 567,832 $ 50,888,657 $ 32,400,288 Leases 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, Leases ("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 September 30, 2021, 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 statements of income are lease expenses for chartered in contracts less than 12 months. 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. At September 30, 2021, the Company had eight vessels chartered to customers under time charters that contain leases. These eight leases varied in original length from 16 days to 92 days. At September 30, 2021, lease payments due under these arrangements totaled approximately $9,474,000 and each of the time charters were due to be completed in 51 days or less. At September 30, 2020, the Company had nine vessels chartered to customers under time charters that contain leases. These nine leases varied in original length from 26 days to 60 days. At September 30, 2020, lease payments due under these arrangements totaled approximately $3,381,000 and each of the time charters were due to be completed in 56 days or less. The Company does not have any sales-type or direct financing leases. Office leases The Company has two non-cancelable office leases and non-cancelable office equipment leases and the lease assets and liabilities are not material. Revenue Recognition In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any delays that exceed the agreed to laytime at the ports visited, with the amounts recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime which is known as despatch and results in a reduction of revenue. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Company determined that its voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight-line basis over the voyage days from the commencement of the loading of cargo to completion of discharge. The voyage contracts are considered service contracts which fall under the provisions of ASC 606, Revenue from Contracts with Customers because the Company, as the shipowner, retains control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. During time charter agreements, 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, the charterers have substantive decision-making rights to direct how and for what purpose the vessel is used. As such, the Company has identified that time charter agreements contain a lease in accordance with ASC 842. Revenue is not earned when vessels are offhire. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however the guidance will only be available until December 31, 2022. The Company is currently evaluating the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Long-term debt consists of the following: September 30, 2021 December 31, 2020 Interest Rate (%) (1) Maturity Date (unaudited) Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Loan Agreement (2) $ — $ 25,466,300 Not applicable Bulk Nordic Oasis Ltd. Loan Agreement (2) — 14,000,000 Not applicable Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) — 12,004,295 Not applicable Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3) 16,673,047 18,000,000 2.950 % December 2027 Bulk Nordic Oshima (MI) Corp., Bulk Nordic Odin (MI) Corp., Bulk Nordic Olympic (MI) Corp., Bulk Nordic Oasis (MI) Corp. Secured Term Loan Facility (2) (3) (4) 50,600,000 — 3.375 % June 2027 The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (5) Bulk Nordic Six Ltd. - Tranche A (2) 11,433,328 12,233,329 4.390 % May 2024 Bulk Nordic Six Ltd. - Tranche B 2,395,000 2,590,000 2.546 % May 2024 Bulk Pride - Tranche C (2) 4,375,000 5,200,000 5.390 % May 2024 Bulk Independence - Tranche E (2) 11,750,000 12,500,000 3.540 % May 2024 Bulk Freedom Loan Agreement 2,750,000 3,200,000 3.866 % June 2022 Bulk Valor Corp. Loan and Security Agreement (2) 13,035,430 — 3.290 % June 2028 Bulk Promise Corp. 12,800,000 — 2.419 % October 2027 109 Long Wharf Commercial Term Loan 511,466 593,666 2.088 % April 2026 Total $ 126,323,271 $ 105,787,590 Less: unamortized issuance costs, net (6) (1,881,974) (643,018) $ 124,441,297 $ 105,144,572 Less: current portion (15,569,202) (57,382,674) Secured long-term debt, net $ 108,872,095 $ 47,761,898 (1) As of September 30, 2021. (2) Interest rates on the loan facilities are fixed. (3) The borrower under this facility is NBHC. The Company has two-third's ownership interest and an independent third party has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (4) On April 26, 2021, NBHC entered into a new Senior Secured Term Loan Facility with two new lenders. The agreement advanced $53.0 million in respect of the m/v Nordic Oshima, m/v Nordic Olympic, m/v Nordic Odin and m/v Nordic Oasis. The agreement requires repayment of the advance in 24 equal quarterly principal installments of $1.2 million beginning on June 15, 2021 and a balloon payment of $24.2 million due in June 2027. (5) This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company (6) A portion of unamortized debt issuance costs were reclassified as a reduction of the finance leases liabilities. Refer to Note 7 "Commitments and Contingencies" for additional information. The Bulk Valor Corp. Loan Agreement -- Dated June 17, 2021 The agreement advanced $13,350,000 in respect of the m/v Bulk Valor on June 17, 2021. The agreement requires repayment of the loan in 28 quarterly installments commencing on September 17, 2021. A balloon payment is due on June 17, 2028. Interest on this advance is fixed at 3.29%. The loan is secured by a first preferred mortgage on the m/v Bulk Valor, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. The Bulk Promise Corp. Loan Agreement -- Dated July 12, 2021 The agreement advanced $12,800,000 in respect of the m/v Bulk Promise on July 7, 2021. The agreement requires repayment of the loan in 24 quarterly installments commencing on October 15, 2021. A balloon payment is due on October 15, 2027. Interest on this advance is floating at three-month LIBOR plus 2.30%. The loan is secured by a first preferred mortgage on the m/v Bulk Promise, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. The future minimum annual payments under the debt agreements are as follows: Years ending December 31, (unaudited) 2021 (remainder of the year) $ 3,346,149 2023 15,443,116 2024 12,940,758 2025 31,857,187 2026 9,718,626 Thereafter 53,017,435 $ 126,323,271 Financial Covenants Under the Company's respective debt agreements, the Company is required to comply with certain financial covenants, including 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 and to maintain positive working capital. The Company was in compliance with all applicable financial covenants as of September 30, 2021 and December 31, 2020. |
Derivative Instruments and Fair
Derivative Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
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. 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. Interest rate cap The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract. In January 2020, the Company entered into four interest rate cap contracts with total notional amount of $22.8 million at a cost of $628,000 to mitigate the risk associated with increases in interest rates on our sale and lease back financing arrangements of the four new-building vessels. In the event that the three-month LIBOR rate rises above the applicable strike rate of 3.25%, the Company would receive quarterly payments related to the spread difference. These interest rate cap agreements do not qualify for hedge accounting treatment. 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. The interest rate caps contracts are valued using analysis obtained from independent third party valuation specialists based on market observable inputs, representing Level 2 assets. The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020: Asset Derivative Liability Derivative Derivative instruments Balance Sheet Location 09/30/2021 12/31/2020 Balance Sheet Location 9/30/2021 12/31/2020 Margin accounts (1) Other current assets $ — $ 814,062 Other current liabilities $ — $ — Forward freight agreements (2) Other current assets $ 10,869,340 $ — Other current liabilities $ — $ 163,335 Fuel swap contracts (2) Other current assets $ 2,106,073 $ — Other current liabilities $ — $ 47,667 Interest rate cap (2) Other current assets $ 694,970 $ 210,910 Other current liabilities $ — $ — (1) The fair value measurements were all categorized within Level 1 of the fair value hierarchy. (2) These fair value measurements were all categorized within Level 2 of the fair value hierarchy. 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 presents the effect of our derivative financial instruments on the consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020: Unrealized gain (loss) on derivative instruments For the three months ended For the nine months ended Derivative instruments 09/30/2021 9/30/2020 09/30/2021 9/30/2020 Forward freight agreements $ 4,891,791 $ (57,765) $ 11,032,675 $ 60,405 Fuel Swap Contracts 471,511 19,924 $ 2,153,740 $ (1,167,192) Interest rate cap (18,975) 19,743 $ 484,060 $ (424,088) Total Gain (loss) $ 5,344,327 $ (18,098) $ 13,670,475 $ (1,530,875) |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Amounts and notes payable to related parties consist of the following: December 31, 2020 Activity September 30, 2021 (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) $ 106,959 $ — $ 106,959 Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (ii) $ 4,151,192 (46,446) $ 4,104,746 Commissions payable (trade payables) (iii) $ — 65,043 $ 65,043 Included in current related party debt on the consolidated balance sheets: Interest payable - 2011 Founders Note 242,852 — 242,852 Total current related party debt $ 242,852 $ — $ 242,852 i. King George Slag LLC is a joint venture of which the Company owns 25% ii. Seamar Management S.A. ("Seamar") iii. P hoenix Bulk Carriers (Brasil) Intermediacoes Maritimas Ltda. - a wholly-owned Company of a member of the Board of Directors 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 September 30, 2021 and 2020, the Company incurred technical management fees of approximately $765,600 and 627,600, respectively, under this arrangement. During the nine months ended September 30, 2021 and 2020, the Company incurred technical management fees of approximately $2,019,000 and $1,990,000, respectively, under this arrangement. The Company paid cash dividends of $3.3 million to a non-controlling interest holder of NBHC and $0.2 million to a non-controlling interest holder of NBP during the nine months ended September 30, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Bulk Destiny, Bulk Trident, Bulk PODS, Bulk Spirit and Bulk Friendship are under finance leases and the leases are secured by the assignment of earnings and insurances and by guarantees of the Company. The Company will own these vessels at the end of lease term. Refer to the Company's annual report Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 15, 2021 for additional information on the finance leases. Bulk Nordic Five Ltd. Amendment and Restatement of Bareboat Charter Agreement dated July 1, 2021 On July 6, 2021, the Company, through its wholly owned subsidiary, Bulk Nordic Five Ltd., and the existing lender agreed to amend and restate the original Bareboat Charter dated October 27, 2016. The amended agreement extends the lease maturity date to April 2028 with a purchase obligation of $6.95 million. The Company also fixed the interest rate through maturity at 3.97%. The bareboat charter party is secured by a first preferred mortgage on the m/v Bulk Destiny, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Bulk Courageous Corp Bareboat Charter Agreement dated April 8, 2021 In April 2021, the Company took delivery of the m/v Bulk Courageous for $16.5 million 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 includes a fixed price purchase obligation at the end of the lease term. The minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven-year lease term. Interest is floating at three-month LIBOR plus 2.75%. On July 8th, 2021, the company fixed interest on the lease at 3.93%. The Company has the option to purchase the vessel in the case of default by the lessor, at any time during the lease term. The purchase obligation at the end of the lease term is at a fixed price of $3.6 million. This lease is secured by the assignment of earnings and insurances and by a guarantee of the Company. In 2019, the Company entered into a series of transactions to finance its four new post-panamax dry bulk vessels, to be delivered in 2021, under sale and leaseback transactions. The agreements obligate the Company to sell the vessels upon completion of construction at the lesser of approximately $32 million or 85% of fair market value at closing. Following the sale, the Company is obligated to charter the vessels from the buyer under a bareboat charter for a period of 15 years with a purchase obligation of $2.5 million at the end of year 15. The Company has options to purchase the vessels at designated prices starting the sixth year after delivery of each vessel. The Company took delivery of the first three vessels during the second and third quarter. These transactions were accounted for as failed sale and leaseback transactions and leases were classified as finance leases. Nordic Siku is expected to be delivered in the 4 th quarter of 2021. The Company expects to account for this transaction as a failed sale and leaseback transaction and classify the lease as a finance lease.” The Company took delivery of the first three vessels during second and third quarter of 2021 and the Nordic Siku is expected to be delivered in the 4th quarter of 2021. Bulk Nordic Seven LLC Bareboat Charter Agreement dated September 27, 2019 In May 2021, the Company took delivery of the m/v Nordic Nuluujaak for $38.4 million 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 includes a fixed price purchase obligation at the end of the lease term. The minimum lease payments fluctuate based on three-month LIBOR and are payable monthly over the fifteen-year lease term. Interest is floating at three-month LIBOR plus 3.55%. The Company has the option to purchase the vessel starting in year 5 at 101% of then outstanding principal, and a purchase obligation in year 15. The purchase obligation is at a fixed price of $2.5 million. This lease is secured by the assignment of earnings and insurances and by a guarantee of the Company. Bulk Nordic Eight LLC Bareboat Charter Agreement dated September 27, 2019 In June 2021, the Company took delivery of the m/v Nordic Qinngua for $38.4 million 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 includes a fixed price purchase obligation at the end of the lease term. The minimum lease payments fluctuate based on three-month LIBOR and are payable monthly over the fifteen-year lease term. Interest is floating at three-month LIBOR plus 3.55%. The Company has the option to purchase the vessel starting in year 5 at 101% of then outstanding principal, and a purchase obligation in year 15. The purchase obligation is at a fixed price of $2.5 million. This lease is secured by the assignment of earnings and insurances and by a guarantee of the Company. Bulk Nordic Nine LLC Bareboat Charter Agreement dated September 27, 2019 In September 2021, the Company took delivery of the m/v Nordic Sanngijuq for $37.9 million 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 a finance lease in accordance with ASC 842, because the lease includes a fixed price purchase obligation at the end of the lease term. The minimum lease payments fluctuate based on three-month LIBOR and are payable monthly over the fifteen-year lease term. Interest is floating at three-month LIBOR plus 3.55%. The Company has the option to purchase the vessel starting in year 5 at 101% of then outstanding principal, and a purchase obligation in year 15. The purchase obligation is at a fixed price of $2.5 million. This lease is secured by the assignment of earnings and insurances and by a guarantee of the Company. The following table provides details of the Company's future minimum lease payments under finance lease liabilities recorded on the Company's consolidated balance sheets as of September 30, 2021. Year ending December 31, Amount 2021 (remainder of the year) $ 5,294,108 2022 19,172,074 2023 18,990,370 2024 25,639,599 2025 16,463,435 Thereafter 117,059,840 Total minimum lease payments $ 202,619,426 Less imputed interest 42,477,352 Present value of minimum lease payments 160,142,074 Less current portion (13,282,377) Less issuance costs (3,330,995) Long-term portion $ 143,528,702 Other Long-Term Liabilities The Company has also entered into a LLC agreement with the non-controlling interest holder of NBP which includes certain obligations as described in Note 8. 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 non-cancelable period is six months. The Company leases office space for its Singapore operations. In August 2021, the Company renewed its lease for a two year period. At September 30, 2021, the remaining lease term is twenty-three months. For the three months ended September 30, 2021 and 2020, the Company recognized approximately $51,000 as lease expense for office leases in General and Administrative Expenses. For the nine months ended September 30, 2021 and 2020, the Company recognized approximately $155,000 as lease expense for office leases in General and Administrative Expenses. Legal Proceedings and Claims |
Other Long-Term Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | OTHER LONG-TERM LIABILITIES In September 2019, the Company entered into an LLC agreement for the formation of NBP, that, at inception is owned 75% by the Company and 25% by an independent third party. NBP was established for the purpose of constructing and owning four new-build ice class post panamax vessels. During the construction phase of the vessel, the third party has committed to contribute additional funding and will ultimately own 50% of NBP at the time of delivery of the new-build ice class post panamax vessels. The Company took delivery of Nordic Nuluujaak, Nordic Qinngua and Nordic Sanngijuq during the second and third quarters of 2021, respectively, the independent third party made additional contribution which increased their ownership interest in NBP to approximately 44% at September 30, 2021. The agreement contains both put and call option provisions. Accordingly, the Company may be obligated, pursuant to the put option, or entitled pursuant to the call option, to purchase the third party's interest in NBP beginning any time after September 2026. The put option and call option are at fixed prices which are not significantly different from each other, starting at $4.0 million per vessel on the fourth anniversary from completion and delivery of each vessel and declining to $3.7 million per vessel on or after the seventh anniversary from completion and delivery of each vessel. If neither put nor call option is exercised, the Company is obligated to purchase the vessels from NBP at a fixed price. Pursuant to ASC 480, Distinguishing Liabilities from Equity , the Company has recorded the third party's interest in NBP of $12.6 million in Long term liabilities - Other at September 30, 2021. On September 28, 2020, the Company acquired an additional one-third equity interest in its partially-owned consolidated subsidiary NBHC from its shareholders for $22.5 million, including a $15.0 million cash payment upon closing and $7.5 million of deferred consideration, at three-month LIBOR plus 3.5%, in three equal installments of $2.5 million due on the first, second, and third anniversaries of September 28, 2020. The Company made the first installment of $2.5 million in September 2021. The deferred consideration is recorded in "Other current liabilities" for $2.5 million plus accrued interest and "Long-term liabilities - other" for $2.5 million on the Company's Consolidated Balance Sheet as of September 30, 2021. NBHC will continue to be a consolidated entity in the Company’s consolidated financial statements pursuant to ASC 810-10. The portion of NBHC not owned by the Company will continue to be recognized as non-controlling interest in the Company’s consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On November 5, 2021 the Company entered into a memorandum of agreement to purchase a 2009 built Panamax vessel to add to its operating fleet for $19.9 million which is expected to deliver during the first quarter of 2022. On November 8, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.035 per common share, to be paid on December 15, 2021, to all shareholders of record as of December 1, 2021. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Pronouncements | 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, Leases ("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 September 30, 2021, 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 statements of income are lease expenses for chartered in contracts less than 12 months. 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. At September 30, 2021, the Company had eight vessels chartered to customers under time charters that contain leases. These eight leases varied in original length from 16 days to 92 days. At September 30, 2021, lease payments due under these arrangements totaled approximately $9,474,000 and each of the time charters were due to be completed in 51 days or less. At September 30, 2020, the Company had nine vessels chartered to customers under time charters that contain leases. These nine leases varied in original length from 26 days to 60 days. At September 30, 2020, lease payments due under these arrangements totaled approximately $3,381,000 and each of the time charters were due to be completed in 56 days or less. The Company does not have any sales-type or direct financing leases. Office leases The Company has two non-cancelable office leases and non-cancelable office equipment leases and the lease assets and liabilities are not material. Revenue Recognition In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any delays that exceed the agreed to laytime at the ports visited, with the amounts recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime which is known as despatch and results in a reduction of revenue. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Company determined that its voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight-line basis over the voyage days from the commencement of the loading of cargo to completion of discharge. The voyage contracts are considered service contracts which fall under the provisions of ASC 606, Revenue from Contracts with Customers because the Company, as the shipowner, retains control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. During time charter agreements, 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, the charterers have substantive decision-making rights to direct how and for what purpose the vessel is used. As such, the Company has identified that time charter agreements contain a lease in accordance with ASC 842. Revenue is not earned when vessels are offhire. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however the guidance will only be available until December 31, 2022. The Company is currently evaluating the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: September 30, 2021 December 31, 2020 (unaudited) Money market accounts – cash equivalents $ 14,219,153 $ 18,443,443 Cash (1) 34,945,287 28,453,773 Total cash and cash equivalents $ 49,164,440 $ 46,897,216 Restricted cash — 1,500,000 Total cash, cash equivalents and restricted cash $ 49,164,440 $ 48,397,216 (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: September 30, 2021 December 31, 2020 (unaudited) Advance hire $ 10,599,721 $ 5,026,953 Prepaid expenses 4,615,198 3,706,396 Accrued receivables 16,697,727 6,823,409 Margin deposit — 814,062 Derivative assets 13,670,383 — Other current assets 7,251,861 3,145,125 $ 52,834,890 $ 19,515,945 |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable, accrued expenses and other current liabilities were comprised of the following: September 30, 2021 December 31, 2020 (unaudited) Accounts payable $ 29,302,500 $ 18,678,099 Accrued expenses 16,089,841 10,654,357 Deferred consideration - Note 8 2,502,964 2,500,000 Other accrued liabilities 2,993,352 567,832 $ 50,888,657 $ 32,400,288 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: September 30, 2021 December 31, 2020 Interest Rate (%) (1) Maturity Date (unaudited) Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Loan Agreement (2) $ — $ 25,466,300 Not applicable Bulk Nordic Oasis Ltd. Loan Agreement (2) — 14,000,000 Not applicable Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) — 12,004,295 Not applicable Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3) 16,673,047 18,000,000 2.950 % December 2027 Bulk Nordic Oshima (MI) Corp., Bulk Nordic Odin (MI) Corp., Bulk Nordic Olympic (MI) Corp., Bulk Nordic Oasis (MI) Corp. Secured Term Loan Facility (2) (3) (4) 50,600,000 — 3.375 % June 2027 The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (5) Bulk Nordic Six Ltd. - Tranche A (2) 11,433,328 12,233,329 4.390 % May 2024 Bulk Nordic Six Ltd. - Tranche B 2,395,000 2,590,000 2.546 % May 2024 Bulk Pride - Tranche C (2) 4,375,000 5,200,000 5.390 % May 2024 Bulk Independence - Tranche E (2) 11,750,000 12,500,000 3.540 % May 2024 Bulk Freedom Loan Agreement 2,750,000 3,200,000 3.866 % June 2022 Bulk Valor Corp. Loan and Security Agreement (2) 13,035,430 — 3.290 % June 2028 Bulk Promise Corp. 12,800,000 — 2.419 % October 2027 109 Long Wharf Commercial Term Loan 511,466 593,666 2.088 % April 2026 Total $ 126,323,271 $ 105,787,590 Less: unamortized issuance costs, net (6) (1,881,974) (643,018) $ 124,441,297 $ 105,144,572 Less: current portion (15,569,202) (57,382,674) Secured long-term debt, net $ 108,872,095 $ 47,761,898 (1) As of September 30, 2021. (2) Interest rates on the loan facilities are fixed. (3) The borrower under this facility is NBHC. The Company has two-third's ownership interest and an independent third party has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (4) On April 26, 2021, NBHC entered into a new Senior Secured Term Loan Facility with two new lenders. The agreement advanced $53.0 million in respect of the m/v Nordic Oshima, m/v Nordic Olympic, m/v Nordic Odin and m/v Nordic Oasis. The agreement requires repayment of the advance in 24 equal quarterly principal installments of $1.2 million beginning on June 15, 2021 and a balloon payment of $24.2 million due in June 2027. (5) This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company (6) A portion of unamortized debt issuance costs were reclassified as a reduction of the finance leases liabilities. Refer to Note 7 "Commitments and Contingencies" for additional information. |
Schedule of Maturities of Long-term Debt | Years ending December 31, (unaudited) 2021 (remainder of the year) $ 3,346,149 2023 15,443,116 2024 12,940,758 2025 31,857,187 2026 9,718,626 Thereafter 53,017,435 $ 126,323,271 |
Derivative Instruments and Fa_2
Derivative Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) | The following table presents the effect of our derivative financial instruments on the consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020: Unrealized gain (loss) on derivative instruments For the three months ended For the nine months ended Derivative instruments 09/30/2021 9/30/2020 09/30/2021 9/30/2020 Forward freight agreements $ 4,891,791 $ (57,765) $ 11,032,675 $ 60,405 Fuel Swap Contracts 471,511 19,924 $ 2,153,740 $ (1,167,192) Interest rate cap (18,975) 19,743 $ 484,060 $ (424,088) Total Gain (loss) $ 5,344,327 $ (18,098) $ 13,670,475 $ (1,530,875) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Amounts and notes payable to related parties consist of the following: December 31, 2020 Activity September 30, 2021 (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) $ 106,959 $ — $ 106,959 Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (ii) $ 4,151,192 (46,446) $ 4,104,746 Commissions payable (trade payables) (iii) $ — 65,043 $ 65,043 Included in current related party debt on the consolidated balance sheets: Interest payable - 2011 Founders Note 242,852 — 242,852 Total current related party debt $ 242,852 $ — $ 242,852 i. King George Slag LLC is a joint venture of which the Company owns 25% ii. Seamar Management S.A. ("Seamar") iii. P hoenix Bulk Carriers (Brasil) Intermediacoes Maritimas Ltda. - a wholly-owned Company of a member of the Board of Directors |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Leases | The following table provides details of the Company's future minimum lease payments under finance lease liabilities recorded on the Company's consolidated balance sheets as of September 30, 2021. Year ending December 31, Amount 2021 (remainder of the year) $ 5,294,108 2022 19,172,074 2023 18,990,370 2024 25,639,599 2025 16,463,435 Thereafter 117,059,840 Total minimum lease payments $ 202,619,426 Less imputed interest 42,477,352 Present value of minimum lease payments 160,142,074 Less current portion (13,282,377) Less issuance costs (3,330,995) Long-term portion $ 143,528,702 |
General Information and Recen_2
General Information and Recent Events (Details) | Sep. 30, 2021numberOfVessel |
NBHC | |
Property, Plant and Equipment [Line Items] | |
Ownership percentage | 66.67% |
NBHC | Owner of a deck barge | |
Property, Plant and Equipment [Line Items] | |
Ownership percentage | 50.00% |
NBHC | Nordic Bulk Partners LLC | |
Property, Plant and Equipment [Line Items] | |
Ownership percentage | 56.00% |
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 | 8 |
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 ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Money market accounts – cash equivalents | $ 14,219,153 | $ 18,443,443 | ||
Cash | 34,945,287 | 28,453,773 | ||
Total cash and cash equivalents | 49,164,440 | 46,897,216 | $ 45,558,951 | |
Restricted cash | 0 | 1,500,000 | 2,500,000 | |
Total cash, cash equivalents and restricted cash | $ 49,164,440 | $ 48,397,216 | $ 48,058,951 | $ 53,055,091 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2021USD ($)numberOfVessellease | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Restricted cash | $ 0 | $ 1,500,000 | $ 2,500,000 | |
Restricted cash | $ 0 | 1,500,000 | ||
Number of vessels chartered to customers | numberOfVessel | 8 | |||
Lease payments | $ 9,474,000 | |||
Time charter, term to completion | 15 years | 51 days | ||
Number of noncancelable office leases | lease | 2 | |||
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 | $ 1,500,000 | $ 1,500,000 | ||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessel lease term | 16 days | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessel lease term | 92 days |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Advance Hire, Prepaid Expenses and Other Current Assets (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advance hire | $ 10,599,721 | $ 5,026,953 |
Prepaid expenses | 4,615,198 | 3,706,396 |
Accrued receivables | 16,697,727 | 6,823,409 |
Margin deposit | 0 | 814,062 |
Derivative assets | 13,670,383 | 0 |
Other current assets | 7,251,861 | 3,145,125 |
Advance hire, prepaid expenses and other current assets | $ 52,834,890 | $ 19,515,945 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts payable | $ 29,302,500 | $ 18,678,099 |
Accrued expenses | 16,089,841 | 10,654,357 |
Deferred consideration | 2,502,964 | 2,500,000 |
Other accrued liabilities | 2,993,352 | 567,832 |
Accounts payable accrued expenses and other current liabilities | $ 50,888,657 | $ 32,400,288 |
Fixed Assets (Details)
Fixed Assets (Details) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020numberOfVessel |
Property, Plant and Equipment [Line Items] | |||
Number of dry bulk vessels financed under finance leases | numberOfVessel | 4 | ||
Other fixed assets, net | $ 2,314,030 | $ 2,700,125 | |
Total fixed assets, net | 439,119,414 | 276,741,751 | |
Right of Use Assets (4) | 45,468,458 | 45,240,198 | |
Nordic Nuluujaak | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 39,244,861 | ||
Bulk Promise | |||
Property, Plant and Equipment [Line Items] | |||
Vessels, net | 18,495,136 | ||
Nordic Qinngua | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | $ 39,257,426 | ||
NBHC | |||
Property, Plant and Equipment [Line Items] | |||
Ownership percentage | 66.67% | ||
m/v BULK PANGAEA | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | $ 12,086,365 | 13,636,241 | |
m/v NORDIC OSHIMA (1) | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 25,950,057 | 26,966,257 | |
m/v NORDIC ODYSSEY | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 22,910,091 | 24,481,390 | |
m/v NORDIC ORION | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 23,468,634 | 22,625,141 | |
m/v NORDIC OSHIMA | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 26,322,467 | 27,341,460 | |
m/v NORDIC ODIN | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 26,410,793 | 27,421,649 | |
m/v NORDIC OLYMPIC | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 28,029,218 | 28,029,024 | |
m/v NORDIC OASIS | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 23,308,307 | 24,024,593 | |
m/v BULK NEWPORT | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 11,846,330 | 11,966,186 | |
m/v BULK FREEDOM | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 8,789,526 | 9,457,640 | |
m/v BULK PRIDE | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 13,900,866 | 14,628,727 | |
m/v BULK INDEPENDENCE | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 16,505,668 | ||
m/v BULK BEOTHUK | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 3,161,779 | ||
MISS NORA G PEARL | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 2,826,643 | 3,161,779 | |
m/v BULK PODS | |||
Property, Plant and Equipment [Line Items] | |||
Right of Use Assets (4) | 20,036,426 | 20,636,264 | |
m/v BULK DESTINY | |||
Property, Plant and Equipment [Line Items] | |||
Right of Use Assets (4) | 12,809,932 | 11,508,911 | |
m/v BULK TRIDENT | |||
Property, Plant and Equipment [Line Items] | |||
Right of Use Assets (4) | 12,622,100 | 13,095,023 | |
Nordic Siku | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 38,711,124 | 0 | |
Nordic Nukilik | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 4,013,195 | 3,801,195 | |
Bulk Valor | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 17,986,055 | 0 | |
Bulk Friendship [Member] | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 14,691,088 | 13,431,253 | |
Mv BULK Independence [Member] | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | 13,632,396 | 14,020,964 | |
BULK Spirit | |||
Property, Plant and Equipment [Line Items] | |||
m/v BULK PANGAEA | $ 12,432,333 | $ 12,849,322 |
Fixed Assets (Details)_2
Fixed Assets (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Bulk Friendship [Member] | ||
Property, Plant and Equipment [Line Items] | ||
m/v BULK PANGAEA | $ 14,691,088 | $ 13,431,253 |
m/v BULK INDEPENDENCE | ||
Property, Plant and Equipment [Line Items] | ||
m/v BULK PANGAEA | $ 16,505,668 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 126,323,271 | $ 105,787,590 |
Less: unamortized debt issuance and bank fees | (1,881,974) | (643,018) |
Long-term Debt | 124,441,297 | 105,144,572 |
Less: current portion | (15,569,202) | (57,382,674) |
Secured long-term debt | $ 108,872,095 | 47,761,898 |
NBHC | ||
Debt Instrument [Line Items] | ||
Ownership percentage | 66.67% | |
NBHC | STST | ||
Debt Instrument [Line Items] | ||
Noncontrolling interest, ownership percentage | 33.33% | |
Bulk Nordic Odin Ltd, Bulk Nordic Olympic Ltd Loan Agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | 25,466,300 |
Interest rate, stated percentage | ||
Bulk Nordic Odyssey Ltd, Bulk Nordic Orion Ltd, Loan Agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | 12,004,295 |
Interest rate, stated percentage | ||
Bulk Nordic Oshima Ltd, Amended and Restated Loan Agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | 14,000,000 |
Bulk Nordic Oasis Ltd. Loan Agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 16,673,047 | 18,000,000 |
Bulk Nordic Six Ltd. - Tranche A (2) | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 11,433,328 | 12,233,329 |
Bulk Nordic Six Ltd. - Tranche B | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 2,395,000 | 2,590,000 |
Bulk Pride - Tranche C (2) | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 4,375,000 | 5,200,000 |
Bulk Independence - Tranche E (2) | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 11,750,000 | 12,500,000 |
Bulk Freedom Loan Agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 2,750,000 | 3,200,000 |
Interest rate, stated percentage | 3.866% | |
109 Long Wharf Commercial Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 511,466 | 593,666 |
Interest rate, stated percentage | 2.088% | |
Bulk Nordic Oshima, Bulk Nordic Odin, Nordic Olympic, Nordic Oasis | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 50,600,000 | 0 |
Bulk Valor Corp Loan Agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 13,035,430 | $ 0 |
Bulk Valor Loan Agreement | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 3.29% | |
Secured Debt | Bulk Nordic Oshima Ltd, Amended and Restated Loan Agreement | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | ||
Secured Debt | Bulk Nordic Oasis Ltd. Loan Agreement | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 2.95% | |
Secured Debt | Bulk Nordic Oshima, Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Oasis | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 3.375% | |
Secured Debt | Period one | Tranche A | Bulk Nordic Six Ltd. - Tranche A (2) | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 4.39% | |
Secured Debt | Period one | Tranche B | Bulk Nordic Six Ltd. - Tranche B | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 2.546% | |
Secured Debt | Period one | Tranche C | Bulk Pride - Tranche C (2) | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 5.39% | |
Secured Debt | Period one | Tranche E | Bulk Independence - Tranche E (2) | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 3.54% |
Debt - Future Minimum Annual Pa
Debt - Future Minimum Annual Payments (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2021 (remainder of the year) | $ 3,346,149 | |
2023 | 15,443,116 | |
2024 | 12,940,758 | |
2025 | 31,857,187 | |
2026 | 9,718,626 | |
Thereafter | 53,017,435 | |
Long-term Debt | $ 126,323,271 | $ 105,787,590 |
Derivative Instruments and Fa_3
Derivative Instruments and Fair Value Measurements - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jan. 31, 2020USD ($)numberOfVesselnumberOfContract | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Purchase of derivative instrument | $ 0 | $ 628,000 | |||
Unrealized (gain) loss on derivative instruments | $ (5,344,327) | $ 18,098 | $ (13,670,475) | 1,530,875 | |
London Interbank Offered Rate (LIBOR) Swap Rate [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Variable rate | 3.25% | 3.25% | |||
Interest rate cap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of interest rate cap contracts | numberOfContract | 4 | ||||
Unrealized (gain) loss on derivative instruments | $ 18,975 | $ (19,743) | $ (484,060) | $ 424,088 | |
Derivative, notional amount | $ 22,800,000 | ||||
Number of new building vessels | numberOfVessel | 4 |
Derivative Instruments and Fa_4
Derivative Instruments and Fair Value Measurements - Schedule of Derivative Instruments (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Margin accounts | Fair Value, Inputs, Level 1 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | $ 0 | $ 814,062 |
Liability Derivative | 0 | 0 |
Forward freight agreements | Fair Value, Inputs, Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | 10,869,340 | 0 |
Liability Derivative | 0 | 163,335 |
Fuel swap contracts | Fair Value, Inputs, Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | 2,106,073 | 0 |
Liability Derivative | 0 | 47,667 |
Interest rate cap | Fair Value, Inputs, Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | 694,970 | 210,910 |
Liability Derivative | $ 0 | $ 0 |
Derivative Instruments and Fa_5
Derivative Instruments and Fair Value Measurements - Unrealized Gain (Loss) on Derivative Instruments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gain (loss) on derivative instruments, net | $ 5,344,327 | $ (18,098) | $ 13,670,475 | $ (1,530,875) |
Forward Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative gain (loss) | 471,511 | 19,924 | 2,153,740 | |
Forward freight agreements | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gain (loss) on derivative instruments, net | 4,891,791 | (57,765) | 11,032,675 | 60,405 |
Fuel swap contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gain (loss) on derivative instruments, net | (1,167,192) | |||
Interest rate cap | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gain (loss) on derivative instruments, net | $ (18,975) | $ 19,743 | $ 484,060 | $ (424,088) |
Related Party Transactions - Am
Related Party Transactions - Amounts and Notes Payable to Related Parties (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Schedule of Related Party Payables | |
December 31, 2019 | $ 242,852 |
September 30, 2020 | 242,852 |
Included in current related party debt on the consolidated balance sheets | |
Schedule of Related Party Payables | |
December 31, 2019 | 242,852 |
Activity | 0 |
September 30, 2020 | $ 242,852 |
Trade receivables due from King George Slag | Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively | |
Related Party Transaction [Line Items] | |
Ownership percentage | 25.00% |
Schedule of Related Party Payables | |
December 31, 2019 | $ 106,959 |
Activity | 0 |
September 30, 2020 | 106,959 |
Affiliated companies (trade payables) | Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets | |
Schedule of Related Party Payables | |
December 31, 2019 | 4,151,192 |
Activity | (46,446) |
September 30, 2020 | 4,104,746 |
Commissions payable (trade payables) | Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets | |
Schedule of Related Party Payables | |
December 31, 2019 | 0 |
Activity | 65,043 |
September 30, 2020 | 65,043 |
Interest payable - 2011 Founders Note | Included in current related party debt on the consolidated balance sheets | Loans payable | |
Schedule of Related Party Payables | |
December 31, 2019 | 242,852 |
Activity | 0 |
September 30, 2020 | $ 242,852 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Technical management fees | $ 765,600 | |
Due to related parties, current | 242,852 | $ 242,852 |
Accounts payable and accrued liabilities | Affiliated Companies | ||
Related Party Transaction [Line Items] | ||
Due to related parties, current | $ 4,104,746 | $ 4,151,192 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($)numberOfContractnumberOfVessel | Sep. 30, 2019USD ($) | Sep. 30, 2021 | Dec. 31, 2020USD ($) | |
Commitments and Contingencies [Line Items] | |||||
Number of dry bulk vessels financed under finance leases | numberOfVessel | 4 | ||||
Sale of vessel, selling price | $ 32,000 | ||||
Sale price at fair market value at closing, percentage | 0.85 | ||||
Vessel charter period obligation | 15 years | ||||
Purchase obligation | $ 2,500 | ||||
Time charter, term to completion | 15 years | 51 days | |||
Noncancelable period | 6 months | ||||
Lease expense | $ 51 | $ 51 | |||
dwt Dry Bulk | |||||
Commitments and Contingencies [Line Items] | |||||
Number of vessel newbuilding contracts | numberOfContract | 3 | ||||
Singapore | |||||
Commitments and Contingencies [Line Items] | |||||
Lease payable | 23 months | 23 months |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments Under Finance Leases (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 (remainder of the year) | $ 5,294,108 | |
2021 | 19,172,074 | |
2022 | 18,990,370 | |
2023 | 25,639,599 | |
2024 | 16,463,435 | |
Thereafter | 117,059,840 | |
Finance Lease, Liability, Payment, Due, Total | 202,619,426 | |
Finance Lease, Liability, Undiscounted Excess Amount | 42,477,352 | |
Finance Lease, Liability, Total | 160,142,074 | |
Less current portion | 13,282,377 | $ 6,978,192 |
Less issuance costs | (3,330,995) | |
Less current portion | $ 143,528,702 | $ 47,266,104 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) | Jun. 30, 2021 | Sep. 28, 2020USD ($)numberOfInstallment | Sep. 30, 2019 | Sep. 30, 2021USD ($)numberOfVessel | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Variable Interest Entity [Line Items] | ||||||
Other liabilities, noncurrent | $ 15,117,209 | $ 10,135,408 | ||||
Earnings attributable to non-controlling interest recorded as other long term liability | 775,487 | $ 104,662 | ||||
Deferred consideration | 2,502,964 | $ 2,500,000 | ||||
Nordic Bulk Holding Company Ltd. | ||||||
Variable Interest Entity [Line Items] | ||||||
Business combination, consideration transferred | $ 22,500,000 | |||||
Payments to acquire businesses | 15,000,000 | |||||
Deferred consideration | $ 7,500,000 | |||||
Basis spread on variable rate | 3.50% | |||||
Number of installments | numberOfInstallment | 3 | |||||
Debt instrument, quarterly payment | $ 2,500,000 | |||||
Nordic Bulk Partners LLC. | ||||||
Variable Interest Entity [Line Items] | ||||||
Other liabilities, noncurrent | 12,600,000 | |||||
Maximum | ||||||
Variable Interest Entity [Line Items] | ||||||
Put/call option | 4,000,000 | |||||
Minimum | ||||||
Variable Interest Entity [Line Items] | ||||||
Put/call option | $ 3,700,000 | |||||
Nordic Bulk Partners LLC. | ||||||
Variable Interest Entity [Line Items] | ||||||
Ownership percentage | 75.00% | |||||
Number of newbuild ice class post panamax vessels | numberOfVessel | 4 | |||||
Nordic Bulk Partners LLC. | Third-Party | ||||||
Variable Interest Entity [Line Items] | ||||||
Ownership percentage | 44.00% | 25.00% | 50.00% |