Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 46,006,182 | |
Entity Central Index Key | 0001606909 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 102,175,390 | $ 56,208,902 |
Accounts receivable (net of allowance of $2,509,255 and $1,990,459 at June 30, 2022 and December 31, 2021, respectively) | 41,100,379 | 54,259,265 |
Bunker inventory | 52,823,684 | 27,147,760 |
Advance hire, prepaid expenses and other current assets | 38,063,875 | 46,347,687 |
Total current assets | 234,163,328 | 183,963,614 |
Fixed assets, net | 469,965,208 | 471,912,810 |
Advances for vessel purchases | 0 | 1,990,000 |
Finance lease right of use assets, net | 46,296,661 | 45,195,759 |
Other non-current Assets | 4,198,766 | 3,961,823 |
Total assets | 754,623,963 | 707,024,006 |
Current liabilities | ||
Accounts payable, accrued expenses and other current liabilities | 65,304,630 | 49,154,439 |
Related party debt | 0 | 242,852 |
Deferred revenue | 24,346,521 | 32,205,312 |
Current portion of secured long-term debt | 12,891,501 | 15,443,115 |
Current portion of finance lease liabilities | 16,153,750 | 14,479,803 |
Dividend payable | 197,741 | 213,765 |
Total current liabilities | 118,894,143 | 111,739,286 |
Secured long-term debt, net | 99,587,978 | 105,836,797 |
Finance lease liabilities, net | 176,437,981 | 170,959,553 |
Long-term liabilities - other - Note 8 | 18,849,983 | 17,806,976 |
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; 46,006,182 shares issued and outstanding at June 30, 2022; 45,617,840 shares issued and outstanding at December 31, 2021 | 4,599 | 4,562 |
Additional paid-in capital | 162,385,398 | 161,534,280 |
Retained earnings | 125,250,467 | 85,663,375 |
Total Pangaea Logistics Solutions Ltd. equity | 287,640,464 | 247,202,217 |
Non-controlling interests | 53,213,414 | 53,479,177 |
Total stockholders' equity | 340,853,878 | 300,681,394 |
Total liabilities and stockholders' equity | $ 754,623,963 | $ 707,024,006 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 2,509,255 | $ 1,990,459 |
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) | 46,006,182 | 45,617,840 |
Common stock, shares outstanding (in shares) | 46,006,182 | 45,617,840 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Revenue | $ 195,543,956 | $ 145,544,365 | $ 387,306,359 | $ 270,516,892 |
Expenses: | ||||
Voyage expense | 67,907,824 | 46,112,779 | 133,158,291 | 93,951,636 |
Charter hire expense | 65,713,016 | 62,604,014 | 143,424,623 | 116,239,356 |
Vessel operating expense | 12,929,700 | 9,772,966 | 26,117,533 | 18,268,469 |
General and administrative | 5,137,387 | 6,029,793 | 10,418,775 | 10,234,691 |
Depreciation and amortization | 7,293,433 | 4,868,730 | 14,594,852 | 9,287,824 |
Loss on impairment of vessels | 0 | 0 | 3,007,809 | 0 |
Loss on sale of vessels | 318,032 | 0 | 318,032 | 0 |
Total expenses | 159,299,392 | 129,388,282 | 331,039,915 | 247,981,976 |
Income from operations | 36,244,564 | 16,156,083 | 56,266,444 | 22,534,916 |
Other income (expense): | ||||
Interest expense, net | (3,634,732) | (2,621,110) | (7,005,905) | (4,577,916) |
Income attributable to Non-controlling interest recorded as long-term liability interest expense | (1,702,674) | (179,080) | (3,543,007) | (449,745) |
Unrealized (loss) gain on derivative instruments, net | (3,501,649) | 6,303,776 | 3,998,665 | 8,326,148 |
Other income (loss) | 81,231 | (82,496) | 218,438 | 250,962 |
Total other (expense) income, net | (8,757,824) | 3,421,090 | (6,331,809) | 3,549,449 |
Net income | 27,486,740 | 19,577,173 | 49,934,635 | 26,084,365 |
Income attributable to non-controlling interests | (2,454,307) | (349,898) | (4,734,237) | (1,002,919) |
Net income attributable to Pangaea Logistics Solutions Ltd. | $ 25,032,433 | $ 19,227,275 | $ 45,200,398 | $ 25,081,446 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.56 | $ 0.44 | $ 1.02 | $ 0.57 |
Diluted (in dollars per share) | $ 0.56 | $ 0.43 | $ 1 | $ 0.56 |
Weighted average shares used to compute earnings per common share: | ||||
Basic (in shares) | 44,430,487 | 43,998,424 | 44,411,025 | 43,989,515 |
Diluted (in shares) | 45,070,533 | 44,688,602 | 45,129,077 | 44,731,058 |
Voyage revenue | ||||
Revenues: | ||||
Revenue | $ 173,189,073 | $ 117,395,377 | $ 349,525,824 | $ 225,625,680 |
Charter revenue | ||||
Revenues: | ||||
Revenue | $ 22,354,883 | $ 28,148,988 | $ 37,780,535 | $ 44,891,212 |
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, 2020 | 44,886,122 | |||||
Beginning Balance at Dec. 31, 2020 | $ 221,911,604 | $ 170,245,964 | $ 4,489 | $ 157,504,895 | $ 12,736,580 | $ 51,665,640 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 1,365,734 | 1,365,734 | 1,365,734 | |||
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) | ||
Distribution to Non-Controlling Interests | (3,333,334) | (3,333,334) | ||||
Common Stock Dividend | (1,542,842) | (1,542,842) | (1,542,842) | |||
Net Income | 26,084,365 | 25,081,446 | 25,081,446 | 1,002,919 | ||
Ending Balance (in shares) at Jun. 30, 2021 | 45,641,441 | |||||
Ending Balance at Jun. 30, 2021 | 256,876,138 | 207,540,913 | $ 4,564 | 160,817,940 | 46,718,409 | 49,335,225 |
Beginning Balance (in shares) at Mar. 31, 2021 | 45,572,236 | |||||
Beginning Balance at Mar. 31, 2021 | 241,756,959 | 189,438,298 | $ 4,557 | 160,399,765 | 29,033,976 | 52,318,661 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 418,182 | 418,182 | 418,182 | |||
Issuance of restricted shares, net of forfeitures (in shares) | 69,205 | |||||
Issuance of restricted shares, net of forfeitures | 0 | 0 | $ 7 | (7) | ||
Distribution to Non-Controlling Interests | (3,333,334) | (3,333,334) | ||||
Common Stock Dividend | (1,542,842) | (1,542,842) | (1,542,842) | |||
Net Income | 19,577,173 | 19,227,275 | 19,227,275 | 349,898 | ||
Ending Balance (in shares) at Jun. 30, 2021 | 45,641,441 | |||||
Ending Balance at Jun. 30, 2021 | 256,876,138 | 207,540,913 | $ 4,564 | 160,817,940 | 46,718,409 | 49,335,225 |
Beginning Balance (in shares) at Dec. 31, 2021 | 45,617,840 | |||||
Beginning Balance at Dec. 31, 2021 | 300,681,394 | 247,202,217 | $ 4,562 | 161,534,280 | 85,663,375 | 53,479,177 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 1,138,785 | 1,138,785 | 1,138,785 | |||
Issuance of restricted shares, net of forfeitures (in shares) | 374,137 | |||||
Issuance of restricted shares, net of forfeitures | (287,630) | (287,630) | $ 37 | (287,667) | ||
Distribution to Non-Controlling Interests | (5,000,000) | (5,000,000) | ||||
Common Stock Dividend | (5,613,306) | (5,613,306) | ||||
Net Income | 49,934,635 | 45,200,398 | 45,200,398 | 4,734,237 | ||
Ending Balance (in shares) at Jun. 30, 2022 | 45,991,977 | |||||
Ending Balance at Jun. 30, 2022 | 340,853,878 | 287,640,464 | $ 4,599 | 162,385,398 | 125,250,467 | 53,213,414 |
Beginning Balance (in shares) at Mar. 31, 2022 | 45,991,977 | |||||
Beginning Balance at Mar. 31, 2022 | 316,392,869 | 265,633,762 | $ 4,599 | 162,074,419 | 103,554,744 | 50,759,107 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 310,979 | 310,979 | 310,979 | |||
Common Stock Dividend | (3,336,710) | (3,336,710) | ||||
Net Income | 27,486,740 | 25,032,433 | 25,032,433 | 2,454,307 | ||
Ending Balance (in shares) at Jun. 30, 2022 | 45,991,977 | |||||
Ending Balance at Jun. 30, 2022 | $ 340,853,878 | $ 287,640,464 | $ 4,599 | $ 162,385,398 | $ 125,250,467 | $ 53,213,414 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Operating activities | |||||
Net income | $ 27,486,740 | $ 19,577,173 | $ 49,934,635 | $ 26,084,365 | |
Adjustments to reconcile net income to net cash provided by operations: | |||||
Depreciation and amortization expense | 14,594,852 | 9,287,824 | |||
Amortization of deferred financing costs | 499,703 | 477,263 | |||
Amortization of prepaid rent | 60,969 | 57,628 | |||
Unrealized gain on derivative instruments | 3,501,649 | (6,303,776) | (3,998,665) | (8,326,148) | |
Income (Loss) from Equity Method Investments | (218,438) | (250,962) | |||
Earnings attributable to non-controlling interest recorded as other long term liability | 3,543,007 | 449,745 | $ 1,184,741 | ||
Provision for doubtful accounts | 518,796 | 285,466 | |||
Loss on impairment of vessels | 0 | 0 | 3,007,809 | 0 | |
Loss on sale of vessel | 318,032 | 0 | |||
Drydocking costs | (4,858,510) | (5,551,513) | |||
Share-based compensation | 1,138,785 | 1,365,734 | |||
Change in operating assets and liabilities: | |||||
Accounts receivable | 12,640,090 | (1,894,649) | |||
Bunker inventory | (25,675,924) | (7,217,311) | |||
Advance hire, prepaid expenses and other current assets | 12,286,477 | (10,482,310) | |||
Accounts payable, accrued expenses and other current liabilities | 13,292,238 | 12,222,358 | |||
Deferred revenue | (7,858,791) | 3,026,377 | |||
Net cash provided by operating activities | 69,225,065 | 19,533,867 | |||
Investing activities | |||||
Purchase of vessels and vessel improvements | (18,501,875) | (108,540,199) | |||
Purchase of fixed assets and equipment | (71,416) | (112,196) | |||
Proceeds from sale of vessels | 8,400,000 | 0 | |||
Contributions to non-consolidated subsidiaries | (18,505) | 0 | |||
Net cash used in investing activities | (10,191,796) | (108,652,395) | |||
Financing activities | |||||
Proceeds from long-term debt | 0 | 66,350,000 | |||
Payments of financing fees and debt issuance costs | (331,317) | (1,167,783) | |||
Payments of long-term debt | (9,010,117) | (55,620,110) | |||
Proceeds from finance leases | 15,000,000 | 77,084,500 | |||
Payments of finance lease obligations | (7,808,388) | (3,824,259) | |||
Dividends paid to non-controlling interests | (5,000,000) | (3,333,334) | |||
Accrued common stock dividends paid | (5,629,329) | (2,449,741) | |||
Cash paid for incentive compensation shares relinquished | (287,630) | (129,190) | |||
Contributions from non-controlling interest recorded as long-term liability | 0 | 4,621,398 | 9,182,425 | ||
Payments to non-controlling interest recorded as long-term liability | 0 | (195,597) | (195,599) | ||
Net cash (used in) provided by financing activities | (13,066,781) | 81,335,884 | |||
Net increase (decrease) in cash and cash equivalents | 45,966,488 | (7,782,644) | |||
Cash and cash equivalents at beginning of period | 56,208,902 | 48,397,216 | 48,397,216 | ||
Cash and cash equivalents at end of period | $ 102,175,390 | $ 40,614,572 | $ 102,175,390 | $ 40,614,572 | $ 56,208,902 |
General Information and Recent
General Information and Recent Events | 6 Months Ended |
Jun. 30, 2022 | |
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 | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021. 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. Reclassifications of Voyage revenue and Charter revenue have been made to prior periods to conform to current period presentation. Cash and cash equivalents 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 and cash equivalents reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows: June 30, 2022 December 31, 2021 (unaudited) Money market accounts – cash equivalents $ 42,754,278 $ 35,193,025 Cash (1) 59,421,112 21,015,877 Total cash and cash equivalents $ 102,175,390 $ 56,208,902 (1) Consists of cash deposits at various major banks. Advance hire, prepaid expenses and other current assets Advance hire, prepaid expenses and other current assets were comprised of the following: June 30, 2022 December 31, 2021 (unaudited) Advance hire $ 9,799,745 $ 12,014,451 Prepaid expenses 5,897,012 5,956,195 Accrued receivables 12,356,868 17,009,957 Margin deposit (25,652) 5,464,379 Derivative assets 7,884,772 3,886,107 Other current assets 2,151,130 2,016,598 $ 38,063,875 $ 46,347,687 Other non-current Assets Other non-current assets were comprised of the following: June 30, 2022 December 31, 2021 Name (unaudited) Investment in Seamar Management $ 756,230 $ 428,572 Investment in Pangaea Logistics Solutions (US) LLC 435,775 507,270 Investment in Bay Stevedoring LLC 3,006,761 3,025,981 $ 4,198,766 $ 3,961,823 Accounts payable, accrued expenses and other current liabilities Accounts payable, accrued expenses and other current liabilities were comprised of the following: June 30, 2022 December 31, 2021 (unaudited) Accounts payable $ 25,950,765 $ 21,090,717 Accrued expenses 21,541,388 16,254,253 Bunkers supplies 12,343,555 9,260,262 Note Payable - Note 8 5,156,245 2,549,207 Other accrued liabilities 312,677 — $ 65,304,630 $ 49,154,439 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 June 30, 2022, 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 June 30, 2022, the Company had one vessel chartered to a customer under a time charter that contained a lease. This one lease's duration was 28 days. At June 30, 2022, lease payments due under this arrangement totaled approximately $125,000 and the time charter was due to be completed in 4 days. At June 30, 2021, the Company had 15 vessels chartered to customers under time charters that contain leases. These 15 leases varied in original length from 24 days to 138 days. At June 30, 2021, lease payments due under these arrangements totaled approximately $8,648,000 and each of the time charters were due to be completed in 65 days or less. The Company does not have any sales-type or direct financing leases. Office leases The Company has two non-cancelable office and office equipment leases. The resulting 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 |
Fixed Assets
Fixed Assets | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | FIXED ASSETS At June 30, 2022, the Company owned twenty-four dry bulk vessels including eight financed under finance leases; and one barge. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: June 30, December 31, 2022 2021 (unaudited) m/v NORDIC ODYSSEY (1) $ 21,570,749 $ 22,456,407 m/v NORDIC ORION (1) 22,231,771 23,057,114 m/v NORDIC OSHIMA (1) 24,952,260 25,612,412 m/v NORDIC OLYMPIC (1) 25,305,330 25,982,802 m/v NORDIC ODIN (1) 25,399,937 26,073,841 m/v NORDIC OASIS (1) 26,941,537 27,650,350 m/v NORDIC NULUUJAAK (2) (5) 38,234,130 38,949,402 m/v NORDIC QINNGUA (2) (5) 38,133,232 38,838,142 m/v NORDIC SANNGIJUQ (2) (5) 37,688,843 38,377,457 m/v NORDIC SIKU (2) (5) 38,084,765 38,776,359 m/v BULK ENDURANCE 23,707,705 23,069,545 m/v BULK COURAGEOUS (5) 16,056,284 16,356,730 m/v BULK CONCORD (5) 19,845,938 — m/v BULK NEWPORT 10,970,171 11,566,639 m/v BULK FREEDOM 7,950,193 8,476,937 m/v BULK PRIDE 12,867,799 13,560,656 m/v BULK SPIRIT (5) 11,997,224 12,293,336 m/v BULK INDEPENDENCE 13,799,729 13,466,530 m/v BULK FRIENDSHIP (5) 14,101,133 14,526,423 m/v BULK VALOR 17,461,842 17,797,021 m/v BULK PROMISE 17,963,804 18,306,557 m/v BULK PANGAEA (3) — 11,802,463 MISS NORA G PEARL (4) 2,491,597 2,714,931 467,755,973 469,712,054 Other fixed assets, net 2,209,235 2,200,756 Total fixed assets, net $ 469,965,208 $ 471,912,810 Right of Use Assets (5) m/v BULK XAYMACA $ 14,220,803 $ 12,661,804 m/v BULK DESTINY 20,335,023 20,074,619 m/v BULK TRIDENT 11,740,835 12,459,336 $ 46,296,661 $ 45,195,759 (1) Vessels are owned by NBHC, a consolidated joint venture in which the Company has a two-third ownership interest at June 30, 2022 and December 31, 2021, respectively. (2) Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at June 30, 2022 and December 31, 2021. (3) On April 20, 2022, the Company signed a memorandum of agreement to sell the m/v Bulk Pangaea for $8.6 million after brokerage commissions. The Company recorded an impairment charge of $3.0 million and a loss on sale of vessel of 0.3 million, and the vessel was delivered to the buyer on June 23, 2022. (4) Barge is owned by a 50% owned consolidated subsidiary. (5) Refer to Note 7, "Commitments and Contingencies," of our Financial Statements for additional information related to the vessels under finance lease. Long-lived Assets Impairment Considerations The Company evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets, which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, we perform an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. Our assessment is made at the asset 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. During the first quarter of 2022, the Company determined that a triggering event occurred related to the sale of a vessel, as the carrying value exceeded its fair value. On April 20, 2022, the Company signed a memorandum of agreement to sell the m/v Bulk Pangaea for a total net consideration of $8.6 million after brokerage commissions. As a result, we recorded an impairment charge of $3.0 million in the first quarter of 2022. The Company concluded that no triggering event had occurred during the during the second quarter of 2022 which would require impairment testing. The Company determined there were no triggering events present during the six months ended June 30, 2021 which would require impairment testing. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Long-term debt consists of the following: June 30, 2022 December 31, 2021 Interest Rate (%) (1) Maturity Date (unaudited) Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3) 15,316,518 16,224,189 2.95 % 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) 47,000,000 49,400,000 3.38 % June 2027 The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (4) Bulk Nordic Six Ltd. - Tranche A (2) 10,633,327 11,166,661 4.39 % May 2024 Bulk Nordic Six Ltd. - Tranche B 2,200,000 2,330,000 3.37 % May 2024 Bulk Pride - Tranche C (2) 3,550,000 4,100,000 5.39 % May 2024 Bulk Independence - Tranche E (2) 11,000,000 11,500,000 3.54 % May 2024 Bulk Freedom Loan Agreement — 2,600,000 4.55 % June 2022 Bulk Valor Corp. Loan and Security Agreement (2) 12,076,114 12,718,279 3.29 % June 2028 Bulk Promise Corp. (5) 11,761,778 12,453,926 3.34 % October 2027 109 Long Wharf Commercial Term Loan 429,266 484,066 3.62 % April 2026 Total $ 113,967,003 $ 122,977,121 Less: unamortized issuance costs, net (1,487,524) (1,697,209) $ 112,479,479 $ 121,279,912 Less: current portion (12,891,501) (15,443,115) Secured long-term debt, net $ 99,587,978 $ 105,836,797 (1) As of June 30, 2022. (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) 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. (5) This facility was fixed at 5.45% on July 15, 2022 through maturity. The future minimum annual payments under the debt agreements are as follows: Years ending December 31, (unaudited) 2022 (remainder of the year) $ 6,432,998 2023 12,940,758 2024 31,857,187 2025 9,718,626 2026 9,761,812 Thereafter 43,255,622 $ 113,967,003 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 June 30, 2022 and December 31, 2021. |
Derivative Instruments and Fair
Derivative Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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. 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 June 30, 2022 and December 31, 2021: Asset Derivative Derivative instruments Balance Sheet Location 06/30/2022 12/31/2021 Margin accounts (1) Other current assets $ (25,652) $ 5,464,379 Forward freight agreements (2) Other current assets $ 3,181,161 $ 2,119,581 Fuel swap contracts (2) Other current assets $ 1,937,037 $ 1,047,752 Interest rate cap (2) Other current assets $ 2,766,575 $ 718,774 (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 six months ended June 30, 2022 and 2021: Unrealized gain (loss) on derivative instruments For the three months ended For the six months ended Derivative instruments 06/30/2022 6/30/2021 06/30/2022 6/30/2021 Forward freight agreements $ (1,698,327) $ 5,651,000 $ 1,061,579 $ 6,140,885 Fuel Swap Contracts (2,133,497) 940,615 $ 889,285 $ 1,682,229 Interest rate cap 330,175 (287,839) $ 2,047,801 $ 503,034 Total Gain $ (3,501,649) $ 6,303,776 $ 3,998,665 $ 8,326,148 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Amounts and notes payable to related parties consist of the following: December 31, 2021 Activity June 30, 2022 (unaudited) Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (i) $ 2,847,910 77,384 $ 2,925,294 Commissions payable (trade payables) (ii) $ 38,896 109,144 $ 148,040 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. Seamar Management S.A. ("Seamar") ii. 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 June 30, 2022 and 2021, the Company incurred technical management fees of approximately $815,400 and 682,800, respectively, under this arrangement. During the six months ended June 30, 2022 and 2021, the Company incurred technical management fees of approximately $1,597,000 and 1,276,800, respectively, under this arrangement. The Company paid cash dividends of $5.0 million to a non-controlling interest holder of NBHC during the six months ended June 30, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Bulk Destiny, Bulk Trident, Bulk Xaymaca, Bulk Spirit, Bulk Friendship, Bulk Courageous, Nordic Nuluujaak, Nordic Qinngua, Nordic Sanngiguq and Nordic Siku are classified as finance leases and the leases are secured by the assignment of earnings and insurances and by guarantees of the Company. Minimum lease payments under finance leases are recognized on a straight‑line basis over the term of the lease and 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, 2021, filed with the Securities and Exchange Commission on March 16, 2022 for additional information on these finance leases. Bulk Concord Bareboat Charter Agreement dated January 27, 2022 In February 2022, the Company acquired the m/v Bulk Concord for $19.9 million, 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 includes a fixed price purchase option, which the Company expects to exercise at the end of the lease term. The minimum lease payments include imputed interest at 4.67%. 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. In the event the Company has not exercised any of the purchase options during the term of the charter then the Company shall have a final purchase option to purchase the vessel at the end of the seventh year at a fixed price of $3.0 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 June 30, 2022. Year ending December 31, Amount 2022 (remainder of the year) $ 13,753,442 2023 27,174,431 2024 33,598,344 2025 24,161,223 2026 21,824,643 Thereafter 153,349,290 Total minimum lease payments $ 273,861,373 Less imputed interest 77,935,802 Present value of minimum lease payments 195,925,571 Less current portion (16,153,750) Less issuance costs (3,333,840) Long-term portion $ 176,437,981 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 June 30, 2022, the remaining lease term is fourteen months. For the three months ended June 30, 2022 and 2021, the Company recognized approximately $52,000 as lease expense for office leases in General and Administrative Expenses. For the six months ended June 30, 2022 and 2021, the Company recognized approximately $104,000 as lease expense for office leases in General and Administrative Expenses. Legal Proceedings and Claims |
Other Long-Term Liabilities
Other Long-Term Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
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. The third party contributed additional funding which increased their ownership of NBP to 50% at the time of delivery of the new-build ice class post panamax vessels. The agreement contains both put and call option provisions. Accordingly, the Company may be obligated, pursuant to the put option, or entitled to, pursuant to the call option, to purchase the third party's interest in NBP beginning anytime 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 as a Long term liabilities - Other. The Company took delivery of Nordic Nuluujaak, Nordic Qinngua, Nordic Sanngijuq and Nordic Siku in 2021. Earnings attributable to the third party’s interest in NBP are recorded in Income attributable to Non-controlling interest recorded as long-term liability. 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 expects to pay off the note payable in September of 2022. The deferred consideration is recorded in "Other current liabilities" for $5.0 million plus accrued interest on the Company's Consolidated Balance Sheet as of June 30, 2022. 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 | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On July 7, 2022, the Bulk Promise Corp term loan interest rate was fixed at 5.45% effective July 15, 2022 through maturity. On August 5, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.075 per common share, to be paid on September 15, 2022, to all shareholders of record as of September 1, 2022. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, 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 June 30, 2022, the Company had one vessel chartered to a customer under a time charter that contained a lease. This one lease's duration was 28 days. At June 30, 2022, lease payments due under this arrangement totaled approximately $125,000 and the time charter was due to be completed in 4 days. At June 30, 2021, the Company had 15 vessels chartered to customers under time charters that contain leases. These 15 leases varied in original length from 24 days to 138 days. At June 30, 2021, lease payments due under these arrangements totaled approximately $8,648,000 and each of the time charters were due to be completed in 65 days or less. The Company does not have any sales-type or direct financing leases. Office leases The Company has two non-cancelable office and office equipment leases. The resulting 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) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows: June 30, 2022 December 31, 2021 (unaudited) Money market accounts – cash equivalents $ 42,754,278 $ 35,193,025 Cash (1) 59,421,112 21,015,877 Total cash and cash equivalents $ 102,175,390 $ 56,208,902 (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: June 30, 2022 December 31, 2021 (unaudited) Advance hire $ 9,799,745 $ 12,014,451 Prepaid expenses 5,897,012 5,956,195 Accrued receivables 12,356,868 17,009,957 Margin deposit (25,652) 5,464,379 Derivative assets 7,884,772 3,886,107 Other current assets 2,151,130 2,016,598 $ 38,063,875 $ 46,347,687 |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable, accrued expenses and other current liabilities were comprised of the following: June 30, 2022 December 31, 2021 (unaudited) Accounts payable $ 25,950,765 $ 21,090,717 Accrued expenses 21,541,388 16,254,253 Bunkers supplies 12,343,555 9,260,262 Note Payable - Note 8 5,156,245 2,549,207 Other accrued liabilities 312,677 — $ 65,304,630 $ 49,154,439 |
Equity Method Investments | Other non-current assets were comprised of the following: June 30, 2022 December 31, 2021 Name (unaudited) Investment in Seamar Management $ 756,230 $ 428,572 Investment in Pangaea Logistics Solutions (US) LLC 435,775 507,270 Investment in Bay Stevedoring LLC 3,006,761 3,025,981 $ 4,198,766 $ 3,961,823 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property Plant and Equipment Schedule of Significant Acquisitions | The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: June 30, December 31, 2022 2021 (unaudited) m/v NORDIC ODYSSEY (1) $ 21,570,749 $ 22,456,407 m/v NORDIC ORION (1) 22,231,771 23,057,114 m/v NORDIC OSHIMA (1) 24,952,260 25,612,412 m/v NORDIC OLYMPIC (1) 25,305,330 25,982,802 m/v NORDIC ODIN (1) 25,399,937 26,073,841 m/v NORDIC OASIS (1) 26,941,537 27,650,350 m/v NORDIC NULUUJAAK (2) (5) 38,234,130 38,949,402 m/v NORDIC QINNGUA (2) (5) 38,133,232 38,838,142 m/v NORDIC SANNGIJUQ (2) (5) 37,688,843 38,377,457 m/v NORDIC SIKU (2) (5) 38,084,765 38,776,359 m/v BULK ENDURANCE 23,707,705 23,069,545 m/v BULK COURAGEOUS (5) 16,056,284 16,356,730 m/v BULK CONCORD (5) 19,845,938 — m/v BULK NEWPORT 10,970,171 11,566,639 m/v BULK FREEDOM 7,950,193 8,476,937 m/v BULK PRIDE 12,867,799 13,560,656 m/v BULK SPIRIT (5) 11,997,224 12,293,336 m/v BULK INDEPENDENCE 13,799,729 13,466,530 m/v BULK FRIENDSHIP (5) 14,101,133 14,526,423 m/v BULK VALOR 17,461,842 17,797,021 m/v BULK PROMISE 17,963,804 18,306,557 m/v BULK PANGAEA (3) — 11,802,463 MISS NORA G PEARL (4) 2,491,597 2,714,931 467,755,973 469,712,054 Other fixed assets, net 2,209,235 2,200,756 Total fixed assets, net $ 469,965,208 $ 471,912,810 Right of Use Assets (5) m/v BULK XAYMACA $ 14,220,803 $ 12,661,804 m/v BULK DESTINY 20,335,023 20,074,619 m/v BULK TRIDENT 11,740,835 12,459,336 $ 46,296,661 $ 45,195,759 (1) Vessels are owned by NBHC, a consolidated joint venture in which the Company has a two-third ownership interest at June 30, 2022 and December 31, 2021, respectively. (2) Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at June 30, 2022 and December 31, 2021. (3) On April 20, 2022, the Company signed a memorandum of agreement to sell the m/v Bulk Pangaea for $8.6 million after brokerage commissions. The Company recorded an impairment charge of $3.0 million and a loss on sale of vessel of 0.3 million, and the vessel was delivered to the buyer on June 23, 2022. (4) Barge is owned by a 50% owned consolidated subsidiary. (5) Refer to Note 7, "Commitments and Contingencies," of our Financial Statements for additional information related to the vessels under finance lease. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: June 30, 2022 December 31, 2021 Interest Rate (%) (1) Maturity Date (unaudited) Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3) 15,316,518 16,224,189 2.95 % 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) 47,000,000 49,400,000 3.38 % June 2027 The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (4) Bulk Nordic Six Ltd. - Tranche A (2) 10,633,327 11,166,661 4.39 % May 2024 Bulk Nordic Six Ltd. - Tranche B 2,200,000 2,330,000 3.37 % May 2024 Bulk Pride - Tranche C (2) 3,550,000 4,100,000 5.39 % May 2024 Bulk Independence - Tranche E (2) 11,000,000 11,500,000 3.54 % May 2024 Bulk Freedom Loan Agreement — 2,600,000 4.55 % June 2022 Bulk Valor Corp. Loan and Security Agreement (2) 12,076,114 12,718,279 3.29 % June 2028 Bulk Promise Corp. (5) 11,761,778 12,453,926 3.34 % October 2027 109 Long Wharf Commercial Term Loan 429,266 484,066 3.62 % April 2026 Total $ 113,967,003 $ 122,977,121 Less: unamortized issuance costs, net (1,487,524) (1,697,209) $ 112,479,479 $ 121,279,912 Less: current portion (12,891,501) (15,443,115) Secured long-term debt, net $ 99,587,978 $ 105,836,797 (1) As of June 30, 2022. (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) 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. (5) This facility was fixed at 5.45% on July 15, 2022 through maturity. |
Schedule of Maturities of Long-term Debt | Years ending December 31, (unaudited) 2022 (remainder of the year) $ 6,432,998 2023 12,940,758 2024 31,857,187 2025 9,718,626 2026 9,761,812 Thereafter 43,255,622 $ 113,967,003 |
Derivative Instruments and Fa_2
Derivative Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 six months ended June 30, 2022 and 2021: Unrealized gain (loss) on derivative instruments For the three months ended For the six months ended Derivative instruments 06/30/2022 6/30/2021 06/30/2022 6/30/2021 Forward freight agreements $ (1,698,327) $ 5,651,000 $ 1,061,579 $ 6,140,885 Fuel Swap Contracts (2,133,497) 940,615 $ 889,285 $ 1,682,229 Interest rate cap 330,175 (287,839) $ 2,047,801 $ 503,034 Total Gain $ (3,501,649) $ 6,303,776 $ 3,998,665 $ 8,326,148 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Amounts and notes payable to related parties consist of the following: December 31, 2021 Activity June 30, 2022 (unaudited) Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (i) $ 2,847,910 77,384 $ 2,925,294 Commissions payable (trade payables) (ii) $ 38,896 109,144 $ 148,040 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. Seamar Management S.A. ("Seamar") ii. 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) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022. Year ending December 31, Amount 2022 (remainder of the year) $ 13,753,442 2023 27,174,431 2024 33,598,344 2025 24,161,223 2026 21,824,643 Thereafter 153,349,290 Total minimum lease payments $ 273,861,373 Less imputed interest 77,935,802 Present value of minimum lease payments 195,925,571 Less current portion (16,153,750) Less issuance costs (3,333,840) Long-term portion $ 176,437,981 |
General Information and Recen_2
General Information and Recent Events (Details) | Jun. 30, 2022 numberOfVessel |
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% |
NBHC | Nordic Bulk Partners LLC | |
Property, Plant and Equipment [Line Items] | |
Ownership percentage | 50% |
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 ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Money market accounts – cash equivalents | $ 42,754,278 | $ 35,193,025 |
Cash | 59,421,112 | 21,015,877 |
Total cash and cash equivalents | $ 102,175,390 | $ 56,208,902 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) numberOfVessel lease | |
Property, Plant and Equipment [Line Items] | |
Number of vessels chartered to customers | numberOfVessel | 1 |
Lease payments | $ | $ 125 |
Time charter, term to completion | 4 days |
Number of noncancelable office leases | lease | 2 |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Vessel lease term | 28 days |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Advance Hire, Prepaid Expenses and Other Current Assets (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advance hire | $ 9,799,745 | $ 12,014,451 |
Prepaid expenses | 5,897,012 | 5,956,195 |
Accrued receivables | 12,356,868 | 17,009,957 |
Margin deposit | (25,652) | 5,464,379 |
Derivative assets | 7,884,772 | 3,886,107 |
Other current assets | 2,151,130 | 2,016,598 |
Advance hire, prepaid expenses and other current assets | $ 38,063,875 | $ 46,347,687 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts payable | $ 25,950,765 | $ 21,090,717 |
Accrued expenses | 21,541,388 | 16,254,253 |
Bunkers supplies | 12,343,555 | 9,260,262 |
Note Payable - Note 8 | 5,156,245 | 2,549,207 |
Accounts payable accrued expenses and other current liabilities | $ 65,304,630 | $ 49,154,439 |
Basis of Presentation and Sig_8
Basis of Presentation and Significant Accounting - Other Non-current Assets (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Investments and Other Noncurrent Assets | $ 4,198,766 | $ 3,961,823 |
Seamar Managements S.A. | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments and Other Noncurrent Assets | 756,230 | 428,572 |
Pangaea Logistics Solutions (US) LCC | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments and Other Noncurrent Assets | 435,775 | 507,270 |
Bay Stevedoring LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments and Other Noncurrent Assets | $ 3,006,761 | $ 3,025,981 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | $ 467,755,973 | $ 469,712,054 | |
Other fixed assets, net | 2,209,235 | 2,200,756 | |
Total fixed assets, net | 469,965,208 | 471,912,810 | |
Right of Use Assets (5) | 46,296,661 | 45,195,759 | |
Proceeds from sale of vessels | 8,400,000 | $ 0 | |
mv NORDIC ODYSSEY | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 21,570,749 | 22,456,407 | |
m/v NORDIC ORION | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 22,231,771 | 23,057,114 | |
m/v NORDIC OSHIMA | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 24,952,260 | 25,612,412 | |
m/v NORDIC OLYMPIC | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 25,305,330 | 25,982,802 | |
m/v NORDIC ODIN | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 25,399,937 | 26,073,841 | |
mv Nordic Bulk Oasis | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 26,941,537 | 27,650,350 | |
Nordic Nuluujaak | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 38,234,130 | 38,949,402 | |
Nordic Qinngua | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 38,133,232 | 38,838,142 | |
NORDIC SANNGIJUQ | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 37,688,843 | 38,377,457 | |
Nordic Nukilik | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 38,084,765 | 38,776,359 | |
mv BULK ENDURANCE | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 23,707,705 | 23,069,545 | |
mv BULK COURADEOUS | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 16,056,284 | 16,356,730 | |
mv BULK Concord | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 19,845,938 | ||
mv BULK NEWPORT | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 10,970,171 | 11,566,639 | |
m/v BULK FREEDOM | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 7,950,193 | 8,476,937 | |
m/v BULK PRIDE | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 12,867,799 | 13,560,656 | |
BULK Spirit | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 11,997,224 | 12,293,336 | |
Mv BULK Independence | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 13,799,729 | 13,466,530 | |
Bulk Friendship | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 14,101,133 | 14,526,423 | |
Bulk Valor | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 17,461,842 | 17,797,021 | |
mv BULK PROMISE | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 17,963,804 | 18,306,557 | |
mv BULK PANGAEA | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 11,802,463 | ||
MISS NORA G PEARL | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and vessel improvements, gross | 2,491,597 | 2,714,931 | |
m/v BULK XAYMACA | |||
Property, Plant and Equipment [Line Items] | |||
Right of Use Assets (5) | 14,220,803 | 12,661,804 | |
m/v BULK DESTINY | |||
Property, Plant and Equipment [Line Items] | |||
Right of Use Assets (5) | 20,335,023 | 20,074,619 | |
m/v BULK TRIDENT | |||
Property, Plant and Equipment [Line Items] | |||
Right of Use Assets (5) | $ 11,740,835 | $ 12,459,336 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 113,967,003 | $ 122,977,121 | |
Less: unamortized debt issuance and bank fees | (1,487,524) | (1,697,209) | |
Long-term Debt | 112,479,479 | 121,279,912 | |
Less: current portion | (12,891,501) | (15,443,115) | |
Secured long-term debt | 99,587,978 | 105,836,797 | |
Proceeds from long-term debt | $ 0 | $ 66,350,000 | |
NBHC | |||
Debt Instrument [Line Items] | |||
Ownership percentage | 66.67% | ||
NBHC | STST | |||
Debt Instrument [Line Items] | |||
Noncontrolling interest, ownership percentage | 33.33% | ||
Bulk Nordic Oasis Ltd. Loan Agreement | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 15,316,518 | 16,224,189 | |
Bulk Nordic Six Ltd. - Tranche A (2) | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 10,633,327 | 11,166,661 | |
Bulk Nordic Six Ltd. - Tranche B | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 2,200,000 | 2,330,000 | |
Bulk Pride - Tranche C (2) | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 3,550,000 | 4,100,000 | |
Bulk Independence - Tranche E (2) | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 11,000,000 | 11,500,000 | |
Bulk Freedom Loan Agreement | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 0 | 2,600,000 | |
Interest rate, stated percentage | 4.55% | ||
109 Long Wharf Commercial Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 429,266 | 484,066 | |
Interest rate, stated percentage | 3.62% | ||
Bulk Nordic Oshima, Bulk Nordic Odin, Nordic Olympic, Nordic Oasis | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 47,000,000 | 49,400,000 | |
Bulk Valor Corp Loan Agreement | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 12,076,114 | $ 12,718,279 | |
Bulk Valor Loan Agreement | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.29% | ||
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 | 3.38% | ||
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 | 3.37% | ||
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 ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 (remainder of the year) | $ 6,432,998 | |
Long-Term Debt, Maturity, Year One | 12,940,758 | |
Long-Term Debt, Maturity, Year Two | 31,857,187 | |
Long-Term Debt, Maturity, Year Three | 9,718,626 | |
Long-Term Debt, Maturity, Year Four | 9,761,812 | |
Thereafter | 43,255,622 | |
Long-term Debt | $ 113,967,003 | $ 122,977,121 |
Derivative Instruments and Fa_3
Derivative Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Unrealized gain on derivative instruments | $ 3,501,649 | $ (6,303,776) | $ (3,998,665) | $ (8,326,148) |
Interest rate cap | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Unrealized gain on derivative instruments | $ (330,175) | $ 287,839 | $ (2,047,801) | $ (503,034) |
Derivative Instruments and Fa_4
Derivative Instruments and Fair Value Measurements - Schedule of Derivative Instruments (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Margin accounts | Fair Value, Inputs, Level 1 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | $ (25,652) | $ 5,464,379 |
Forward freight agreements | Fair Value, Inputs, Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | 3,181,161 | 2,119,581 |
Fuel swap contracts | Fair Value, Inputs, Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | 1,937,037 | 1,047,752 |
Interest rate cap | Fair Value, Inputs, Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | $ 2,766,575 | $ 718,774 |
Derivative Instruments and Fa_5
Derivative Instruments and Fair Value Measurements - Unrealized Gain (Loss) on Derivative Instruments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized (loss) gain on derivative instruments, net | $ (3,501,649) | $ 6,303,776 | $ 3,998,665 | $ 8,326,148 |
Forward Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative gain (loss) | (2,133,497) | 940,615 | 889,285 | |
Forward freight agreements | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized (loss) gain on derivative instruments, net | (1,698,327) | 5,651,000 | 1,061,579 | 6,140,885 |
Fuel swap contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized (loss) gain on derivative instruments, net | 1,682,229 | |||
Interest rate cap | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized (loss) gain on derivative instruments, net | $ 330,175 | $ (287,839) | $ 2,047,801 | $ 503,034 |
Related Party Transactions - Am
Related Party Transactions - Amounts and Notes Payable to Related Parties (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Schedule of Related Party Payables | |
December 31, 2019 | $ 242,852 |
September 30, 2020 | 0 |
Included in current related party debt on the consolidated balance sheets | |
Schedule of Related Party Payables | |
December 31, 2019 | 242,852 |
Activity | (242,852) |
September 30, 2020 | 0 |
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 | 2,847,910 |
Activity | 77,384 |
September 30, 2020 | 2,925,294 |
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 | 38,896 |
Activity | 109,144 |
September 30, 2020 | 148,040 |
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 | (242,852) |
September 30, 2020 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Technical management fees | $ 815,400 | |
Due to related parties, current | 0 | $ 242,852 |
Accounts payable and accrued liabilities | Affiliated Companies | ||
Related Party Transaction [Line Items] | ||
Due to related parties, current | $ 2,925,294 | $ 2,847,910 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | |
Commitments and Contingencies [Line Items] | |||
Time charter, term to completion | 4 days | ||
Noncancelable period | 6 months | ||
Lease expense | $ 52 | $ 52 | |
Singapore | |||
Commitments and Contingencies [Line Items] | |||
Lease payable | 14 months | 14 months |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments Under Finance Leases (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
2022 (remainder of the year) | $ 13,753,442 | |
2021 | 27,174,431 | |
2022 | 33,598,344 | |
2023 | 24,161,223 | |
2024 | 21,824,643 | |
Thereafter | 153,349,290 | |
Finance Lease, Liability, Payment, Due, Total | 273,861,373 | |
Finance Lease, Liability, Undiscounted Excess Amount | 77,935,802 | |
Finance Lease, Liability, Total | 195,925,571 | |
Less current portion | (16,153,750) | $ (14,479,803) |
Less issuance costs | (3,333,840) | |
Less current portion | $ 176,437,981 | $ 170,959,553 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Sep. 28, 2020 USD ($) numberOfInstallment | Sep. 30, 2019 | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Variable Interest Entity [Line Items] | ||||||
Other liabilities, noncurrent | $ 18,849,983 | $ 17,806,976 | $ 10,135,409 | |||
Earnings attributable to non-controlling interest recorded as other long term liability | 3,543,007 | $ 449,745 | 1,184,741 | |||
Business Combination, Deferred Consideration Transferred, Non-Controlling Interest | (2,500,000) | |||||
Contributions from non-controlling interest recorded as long-term liability | 0 | 4,621,398 | 9,182,425 | |||
Other Accrued Liabilities, Current | 312,677 | 0 | ||||
Payments to non-controlling interest recorded as long-term liability | $ 0 | $ (195,597) | (195,599) | |||
Repayments of Other Long-term Debt | $ (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] | ||||||
Ownership percentage | 75% | |||||
Nordic Bulk Partners LLC. | Third-Party | ||||||
Variable Interest Entity [Line Items] | ||||||
Ownership percentage | 25% |