Pangaea Logistics Solutions (PANL) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		46,466,622
Entity Central Index Key	0001606909
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 129,149,673	$ 128,384,606
Accounts receivable (net of allowance of $4,197,323 and $4,367,848 at March 31, 2023 and December 31, 2022, respectively)	33,439,701	36,755,149
Bunker inventory	26,734,280	29,104,436
Advance hire, prepaid expenses and other current assets	30,439,156	28,266,831
Total current assets	219,762,810	222,511,022
Fixed assets, net	461,744,846	476,524,752
Finance lease right of use assets, net	42,985,763	43,921,569
Other non-current assets	5,734,456	5,284,127
Total assets	730,227,875	748,241,470
Current liabilities
Accounts payable, accrued expenses and other current liabilities	40,224,765	38,554,131
Deferred revenue	16,419,178	20,883,958
Current portion of secured long-term debt	13,373,846	15,782,530
Current portion of finance lease liabilities	16,467,180	16,365,075
Dividend payable	639,632	626,178
Total current liabilities	87,124,601	92,211,872
Secured long-term debt, net	95,561,614	98,819,739
Long-term portion	164,519,655	168,513,939
Long-term liabilities - other - Note 10	19,829,654	19,974,390
Commitments and contingencies - Note 9
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; 46,466,622 shares issued and outstanding at March 31, 2023; 45,898,395 shares issued and outstanding at December 31, 2022	4,648	4,590
Additional paid-in capital	163,623,173	162,894,080
Retained earnings	150,140,417	151,327,392
Total Pangaea Logistics Solutions Ltd. equity	313,768,238	314,226,062
Non-controlling interests	49,424,113	54,495,468
Total stockholders' equity	363,192,351	368,721,530
Total liabilities and stockholders' equity	$ 730,227,875	$ 748,241,470

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 4,197,323	$ 4,367,848
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)	46,466,622	45,898,395
Common stock, shares outstanding (in shares)	46,466,622	45,898,395

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenue	$ 113,699,075	$ 191,762,403
Expenses:
Voyage expense	56,814,631	65,250,467
Charter hire expense	22,590,840	77,711,607
Vessel operating expense	13,606,815	13,187,833
General and administrative	5,691,733	5,281,388
Depreciation and amortization	7,326,860	7,301,419
Loss on impairment of vessel	0	3,007,809
Loss on sale of vessel	1,172,196	0
Total expenses	107,203,075	171,740,523
Income from operations	6,496,000	20,021,880
Other income (expense):
Interest and Other Income	1,049,846	539
Unrealized (loss) gain on derivative instruments, net	(423,569)	7,500,314
Other income	386,413	137,207
Total other (expense) income, net	(3,093,088)	2,426,015
Net income	3,402,912	22,447,895
Loss (income) attributable to non-controlling interests	71,355	(2,279,930)
Net income attributable to Pangaea Logistics Solutions Ltd.	$ 3,474,267	$ 20,167,965
Earnings per common share:
Basic (in dollars per share)	$ 0.08	$ 0.45
Diluted (in dollars per share)	$ 0.08	$ 0.45
Weighted average shares used to compute earnings per common share:
Basic (in shares)	44,712,290	44,388,960
Diluted (in shares)	45,116,719	45,192,983
Nonrelated Party
Other income (expense):
Interest Revenue (Expense), Net	$ (4,250,514)	$ (3,371,712)
Related Party
Other income (expense):
Interest Revenue (Expense), Net	144,736	(1,840,333)
Voyage revenue
Revenues:
Revenue	107,950,123	176,336,751
Charter revenue
Revenues:
Revenue	$ 5,748,952	$ 15,425,652

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, 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	827,806	827,806		827,806
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	(2,276,596)	(2,276,596)			(2,276,596)
Net Income	22,447,895	20,167,965			20,167,965	2,279,930
Ending Balance (in shares) at Mar. 31, 2022			45,991,977
Ending Balance at Mar. 31, 2022	316,392,869	265,633,762	$ 4,599	162,074,419	103,554,744	50,759,107
Beginning Balance (in shares) at Dec. 31, 2022			45,898,395
Beginning Balance at Dec. 31, 2022	368,721,530	314,226,062	$ 4,590	162,894,080	151,327,392	54,495,468
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	856,434	856,434		856,434
Issuance of restricted shares, net of forfeitures (in shares)			568,227
Issuance of restricted shares, net of forfeitures	(127,283)	(127,283)	$ 58	(127,341)
Distribution to Non-Controlling Interests	(5,000,000)					(5,000,000)
Common Stock Dividend		(4,661,242)			(4,661,242)
Net Income	3,402,912	3,474,267			3,474,267	(71,355)
Ending Balance (in shares) at Mar. 31, 2023			46,466,622
Ending Balance at Mar. 31, 2023	$ 363,192,351	$ 313,768,238	$ 4,648	$ 163,623,173	$ 150,140,417	$ 49,424,113

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net income	$ 3,402,912	$ 22,447,895
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	7,326,860	7,301,419
Amortization of deferred financing costs	239,207	256,830
Amortization of prepaid rent	30,484	30,484
Unrealized loss (gain) on derivative instruments	423,569	(7,500,314)
Income (Loss) from Equity Method Investments	(386,413)	(137,207)
(Loss) earnings attributable to non-controlling interest recorded as other long term liability	(144,736)	1,840,333
(Recovery) provision for doubtful accounts	(170,525)	696,869
Loss on impairment of vessel	0	3,007,809
Loss on sale of vessel	1,172,196	0
Drydocking costs	(1,347,899)	(1,638,364)
Share-based compensation	856,434	827,806
Change in operating assets and liabilities:
Accounts receivable	3,485,973	12,196,570
Bunker inventory	2,370,157	(12,061,014)
Advance hire, prepaid expenses and other current assets	(2,917,384)	6,255,996
Accounts payable, accrued expenses and other current liabilities	1,695,595	4,843,359
Deferred revenue	(4,464,780)	(6,306,463)
Net cash provided by operating activities	11,571,650	32,062,008
Investing activities
Purchase of vessels and vessel improvements	(75,291)	(18,261,685)
Purchase of fixed assets and equipment	0	(67,178)
Proceeds from sale of vessel	8,933,700	0
(Contributions to) payment from non-consolidated subsidiaries	(63,917)	81,495
Net cash provided by (used in) investing activities	8,794,492	(18,247,368)
Financing activities
Payments of financing fees and debt issuance costs	0	(331,317)
Payments of long-term debt	(5,765,505)	(3,353,207)
Proceeds from finance leases	0	15,000,000
Payments of finance lease obligations	(4,060,499)	(3,837,280)
Dividends paid to non-controlling interests	(5,000,000)	(5,000,000)
Accrued common stock dividends paid	(4,647,788)	(2,292,620)
Cash paid for incentive compensation shares relinquished	(127,283)	(287,630)
Net cash used in financing activities	(19,601,075)	(102,054)
Net increase in cash and cash equivalents	765,067	13,712,586
Cash and cash equivalents at beginning of period	128,384,606	56,208,902
Cash and cash equivalents at end of period	$ 129,149,673	$ 69,921,488

General Information and Recent

General Information and Recent Events	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023
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, 2022. As of January 1, 2023, we adopted ASU No. 2016-13, "Financial Instruments—Credit Losses" ("ASU 2016-13"). ASU 2016-13 amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The adoption of the accounting standard did not have any material impact on our consolidated financial statements. 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. Significant estimates include the percentage completion of spot voyages, the establishment of the allowance for credit losses and the estimate of salvage value used in determining vessel depreciation expense. Actual results could differ from those estimates. Advance hire, prepaid expenses and other current assets Advance hire, prepaid expenses and other current assets were comprised of the following: March 31, 2023 December 31, 2022 (unaudited) Advance hire $ 4,764,318 $ 3,491,835 Prepaid expenses 5,577,989 4,777,648 Accrued receivables 6,243,358 7,721,500 Cash margin on deposit 5,352,763 3,239,947 Derivative assets (1) 4,147,085 4,892,144 Other current assets 4,353,643 4,143,757 $ 30,439,156 $ 28,266,831 (1) The Derivative assets were included in Other current assets at December 31, 2022. Other non-current Assets Other non-current assets were comprised of the following: March 31, 2023 December 31, 2022 Name (unaudited) Investment in Seamar Management $ 699,302 $ 598,725 Investment in Pangaea Logistics Solutions (US) LLC 4,018,523 3,954,605 Investment in Narragansett Bulk Carriers (US) Corp 519,975 234,141 Other investments 496,656 496,656 $ 5,734,456 $ 5,284,127 Accounts payable, accrued expenses and other current liabilities Accounts payable, accrued expenses and other current liabilities were comprised of the following: March 31, 2023 December 31, 2022 (unaudited) Accounts payable $ 9,812,970 $ 9,979,451 Accrued expenses 9,005,625 11,795,973 Bunkers suppliers 9,753,506 6,526,725 Charter hire payable 11,094,845 9,337,941 Other accrued liabilities 557,819 914,041 $ 40,224,765 $ 38,554,131 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 March 31, 2023, 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 March 31, 2023, the Company had six vessel chartered to customers under time charters that contained a lease. These six leases varied in original length from 37 days to 174 days. The lease payments due under these arrangements totaled approximately $2,833,000 and each of the time charters were due to be completed in 44 days or less. At March 31, 2022, the Company had four vessels chartered to customers under time charters that contain leases. These four leases varied in original length from 33 days to 138 days. At March 31, 2022, lease payments due under these arrangements totaled approximately $1,991,000 and each of the time charters were due to be completed in 21 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 No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which clarified that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition due to reference rate reform. In December 2022, the FASB issued ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848," which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief under Topic 848. The Company is currently evaluating the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures.

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents Disclosure	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: March 31, 2023 December 31, 2022 (unaudited) Money market accounts – cash equivalents $ 38,349,871 $ 33,689,361 Time deposit accounts - cash equivalents 60,085,551 46,000,000 Cash (1) 30,714,251 48,695,245 Total cash and cash equivalents $ 129,149,673 $ 128,384,606 (1) Consists of cash deposits at various major banks. As of March 31, 2023 and December 31, 2022, we held cash and cash equivalents in the following subsidiaries: Cash and cash equivalents March 31, 2023 December 31, 2022 (unaudited) Pangaea (1) $ 100,198,822 $ 85,398,332 NBHC (2) 20,176,912 34,718,529 NBP and Deck Barge (3) 8,773,939 8,267,745 Total cash and cash equivalents $ 129,149,673 $ 128,384,606 (1) Held by 100% owned Pangaea consolidated subsidiaries (2) Held by a 67% owned Pangaea consolidated subsidiary (3) Held by a 50% owned Pangaea consolidated subsidiary

Fixed Assets

Fixed Assets	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Fixed Assets	FIXED ASSETS At March 31, 2023, 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: March 31, December 31, 2023 2022 (unaudited) m/v NORDIC ODYSSEY (1) $ 20,251,200 $ 20,685,092 m/v NORDIC ORION (1) 21,002,307 21,406,429 m/v NORDIC OSHIMA (1) 23,953,647 24,292,108 m/v NORDIC OLYMPIC (1) 24,297,475 24,627,857 m/v NORDIC ODIN (1) 24,397,484 24,726,033 m/v NORDIC OASIS (1) 25,888,026 26,232,723 m/v NORDIC NULUUJAAK (2) (4) 37,161,221 37,518,857 m/v NORDIC QINNGUA (2) (4) 37,075,867 37,428,322 m/v NORDIC SANNGIJUQ (2) (4) 36,655,924 37,000,230 m/v NORDIC SIKU (2) (4) 37,047,374 37,393,171 m/v BULK ENDURANCE 22,794,587 23,106,438 m/v BULK COURAGEOUS (4) 15,627,805 15,755,839 m/v BULK CONCORD (4) 19,136,437 19,394,966 m/v BULK NEWPORT — 10,211,578 m/v BULK FREEDOM 8,513,607 7,464,118 m/v BULK PRIDE 11,929,790 12,174,942 m/v BULK SPIRIT (4) 11,732,489 11,703,170 m/v BULK SACHUEST 17,055,812 17,188,278 m/v BULK INDEPENDENCE 14,597,890 14,879,681 m/v BULK FRIENDSHIP (4) 13,463,111 13,680,578 m/v BULK VALOR 16,938,354 17,106,444 m/v BULK PROMISE 17,457,107 17,619,467 MISS NORA G PEARL (3) 2,156,372 2,268,086 459,133,886 473,864,407 Other fixed assets, net 2,610,960 2,660,345 Total fixed assets, net $ 461,744,846 $ 476,524,752 Right of Use Assets m/v BULK XAYMACA $ 12,717,876 $ 13,082,596 m/v BULK DESTINY 19,553,509 19,814,777 m/v BULK TRIDENT 10,714,378 11,024,196 $ 42,985,763 $ 43,921,569 (1) Vessels are owned by NBHC, a consolidated joint venture in which the Company has a two-third ownership interest at March 31, 2023 and December 31, 2022, respectively. (2) Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at March 31, 2023 and December 31, 2022. (3) Barge is owned by a 50% owned consolidated subsidiary. (4) Refer to Note 6, "Finance Leases" 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 2023, the Company determined that a triggering event occurred related to the sale of a vessel, as the carrying value exceeded its fair value. On January 18, 2023, the Company signed a memorandum of agreement to sell the m/v Bulk Newport for $8.9 million in net consideration after brokerage commissions. As a result, we recorded a loss on sale of $1.2 million in the first quarter of 2023. The Company performed an impairment analysis on each asset group and concluded the estimated undiscounted future cash flows were higher than their carrying amounts and as such, no additional loss on impairment was recognized. 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 $8.6 million in net consideration after brokerage commissions. As a result, we recorded an impairment charge of $3.0 million in the first quarter of 2022. The Company performed an impairment analysis on each asset group and concluded the estimated undiscounted future cash flows were higher than their carrying amounts and as such, no additional loss on impairment was recognized.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	DEBT Long-term debt consists of the following: March 31, 2023 December 31, 2022 Interest Rate (%) (1) Maturity Date (unaudited) Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3) 13,929,754 14,395,409 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) 43,400,000 44,600,000 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) 9,833,326 10,099,993 4.39 % May 2024 Bulk Nordic Six Ltd. - Tranche B — 2,070,000 Paid in full in January 10, 2023 Bulk Pride - Tranche C (2) 2,725,000 3,000,000 5.39 % May 2024 Bulk Independence - Tranche E (2) 10,250,000 10,500,000 3.54 % May 2024 Bulk Valor Corp. Loan and Security Agreement (2) 11,093,113 11,424,507 3.29 % June 2028 Bulk Promise Corp. (2) 10,723,556 11,069,630 5.45 % October 2027 Bulk Sachuest (2) 8,313,751 8,500,000 6.19 % October 2029 109 Long Wharf Commercial Term Loan — 374,466 Paid in full in January 24, 2023 Total $ 110,268,500 $ 116,034,005 Less: unamortized issuance costs, net (1,333,040) (1,697,209) $ 108,935,460 $ 114,336,796 Less: current portion (13,373,846) (15,443,115) Secured long-term debt, net $ 95,561,614 $ 98,893,681 (1) As of March 31, 2023. (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. The future minimum annual payments under the debt agreements are as follows: Years ending December 31, (unaudited) 2023 (remainder of the year) $ 10,017,024 2024 30,751,725 2025 10,476,019 2026 10,638,024 2027 39,955,014 Thereafter 8,430,694 $ 110,268,500 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 March 31, 2023 and December 31, 2022.

Finance Leases

Finance Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Finance Leases	FINANCE LEASES The Bulk Destiny, Bulk Trident, Bulk Xaymaca, Bulk Spirit, Bulk Friendship, Bulk Courageous, Nordic Nuluujaak, Nordic Qinngua, Nordic Sanngiguq, Nordic Siku and Bulk Concord 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, 2022, filed with the Securities and Exchange Commission on March 15, 2023 for additional information on these finance leases. Finance lease consists of the following as of March 31, 2023: March 31, 2023 December 31, 2022 Interest Rate (%) (1) Maturity Date (unaudited) Bulk PODS Ltd. $ 6,145,833 $ 6,606,770 5.08 % December 2027 Bulk Trident Ltd. 5,145,586 5,551,836 4.97 % June 2027 Bulk Spirit Ltd. 8,342,448 8,627,604 5.10 % February 2027 Bulk Nordic Five Ltd. (2) 12,761,526 13,142,885 3.92 % April 2028 Bulk Friendship Corp. (2) 9,258,955 9,507,875 5.29 % September 2024 Bulk Nordic Seven LLC (3) 29,694,533 30,100,318 6.80 % May 2036 Bulk Nordic Eight LLC (3) 29,679,918 30,088,514 6.80 % June 2036 Bulk Nordic Nine LLC (3) 29,769,339 30,163,750 6.80 % September 2036 Bulk Nordic Ten LLC (3) 29,880,562 30,276,595 6.80 % November 2036 Bulk Courageous Corp. (2) 9,900,000 10,200,000 3.93 % April 2028 Phoenix Bulk 25 Corp. (2) 13,272,937 13,645,990 4.67 % February 2029 Total $ 183,851,637 $ 187,912,137 Less: unamortized issuance costs, net (2,864,802) (3,033,123) $ 180,986,835 $ 184,879,014 Less: current portion (16,467,180) (16,365,075) Secured long-term debt, net $ 164,519,655 $ 168,513,939 (1) As of March 31, 2023 including the effect of interest rate cap if any. (2) Interest rates on the loan facilities are fixed. (3) The Company entered into an interest rate cap through Q2 of 2026 and Q4 2026 which caps the LIBOR rate at 3.25%. 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 March 31, 2023. Year ending December 31, Amount (unaudited) 2023 (remainder of the year) $ 23,008,493 2024 35,973,099 2025 26,642,442 2026 24,048,813 2027 24,249,449 Thereafter 140,990,896 Total minimum lease payments $ 274,913,192 Less imputed interest 91,061,555 Present value of minimum lease payments 183,851,637 Less current portion (16,467,180) Less issuance costs (2,864,802) Long-term portion $ 164,519,655

Derivative Instruments and Fair

Derivative Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: Asset Derivative Liability Derivative Derivative instruments Balance Sheet Location 03/31/2023 12/31/2022 Balance Sheet Location 3/31/2023 12/31/2022 (unaudited) (unaudited) Margin accounts (1) Other current assets $ 5,352,763 $ 3,239,947 Other current liabilities $ — $ — Forward freight agreements (2) Other current assets $ — $ — Other current liabilities $ 2,223 $ 164,787 Fuel swap contracts (2) Other current assets $ 78,155 $ — Other current liabilities $ 158,926 Interest rate cap (2) Other current assets $ 4,068,930 $ 4,892,144 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 three months ended March 31, 2023 and 2022: Unrealized (loss) gain on derivative instruments For the three months ended Derivative instruments 03/31/2023 3/31/2022 (unaudited) Forward freight agreements $ 162,564 $ 2,759,907 Fuel Swap Contracts 237,081 3,022,781 Interest rate cap (823,214) 1,717,626 Total (loss) gain $ (423,569) $ 7,500,314

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Amounts and notes payable to related parties consist of the following: December 31, 2022 Activity March 31, 2023 (unaudited) Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (i) $ 1,643,806 (277,088) $ 1,366,718 Commissions payable (trade payables) (ii) $ — 57,896 $ 57,896 i. Seamar Management S.A. ("Seamar") ii. Phoenix 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 March 31, 2023 and 2022, the Company incurred technical management fees of approximately $793,200 and $781,800, respectively, under this arrangement. The Company paid cash dividends of $5.0 million to a non-controlling interest holder of NBHC during the three months ended March 31, 2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9 - COMMITMENTS AND CONTINGENCIES Acquisition of Port and Terminal Operation On March 24, 2023, the Company signed a Members Interest Purchase Agreement for the acquisition of marine port terminal operations. Under the terms of the agreement, Pangaea will acquire all onshore assets, licenses and business operations related to the sellers terminal operation for a total purchase price of $7.2 million. 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 March 31, 2023, the remaining lease term is five months. For the three months ended March 31, 2023 and 2022, the Company recognized approximately $52,000 as lease expense for office leases in General and Administrative Expenses. Legal Proceedings and Claims

Other Long-Term Liabilities

Other Long-Term Liabilities	3 Months Ended
	Mar. 31, 2023
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. The Company paid off the $7.5 million note payable in relation to the acquisition of an additional one-third equity interest in NBHC in September of 2022. NBHC continues 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. The roll-forward of Other Long-term Liabilities are as follows: 03/31/2023 12/31/2022 (unaudited) Beginning Balance $ 19,974,390 $ 17,806,976 Payments to non-controlling interest recorded as long-term liability — (2,050,000) (Loss) earnings attributable to non-controlling interest recorded as other long term liability (144,736) 6,717,414 Reclassification of deferred consideration related to acquisition of non-controlling interest to other current liabilities — 2,500,000 Payments on other long-term liability — (5,000,000) Ending balance $ 19,829,654 $ 19,974,390

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	NET INCOME PER COMMON SHARE The computation of basic net income per share is based on the weighted average number of common shares outstanding for the three months ended March 31, 2023 and 2022. Diluted net income per share gives effect to restricted stock awards. The following table summarizes the calculation of basic and diluted income per share: Three Months Ended March 31, 2023 March 31, 2022 (unaudited) Net income $ 3,474,267 $ 20,167,965 Weighted Average Shares - Basic 44,712,290 44,388,960 Dilutive effect of restricted stock awards 404,429 804,023 Weighted Average Shares - Diluted 45,116,719 45,192,983 Basic net income per share $ 0.08 $ 0.45 Diluted net income per share $ 0.08 $ 0.45

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company signed a memorandum of agreement on April 21, 2023, for the purchase of a 61,000 dwt, 2014 built Ultramax dry bulk vessel, for a total cost of $26.6 million. The Company is expected to take delivery of the vessel in June 2023. On May 9, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, to be paid on June 15, 2023, to all shareholders of record as of June 1, 2023.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, 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 March 31, 2023, the Company had six vessel chartered to customers under time charters that contained a lease. These six leases varied in original length from 37 days to 174 days. The lease payments due under these arrangements totaled approximately $2,833,000 and each of the time charters were due to be completed in 44 days or less. At March 31, 2022, the Company had four vessels chartered to customers under time charters that contain leases. These four leases varied in original length from 33 days to 138 days. At March 31, 2022, lease payments due under these arrangements totaled approximately $1,991,000 and each of the time charters were due to be completed in 21 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 No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which clarified that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition due to reference rate reform. In December 2022, the FASB issued ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848," which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief under Topic 848. The Company is currently evaluating the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	Advance hire, prepaid expenses and other current assets were comprised of the following: March 31, 2023 December 31, 2022 (unaudited) Advance hire $ 4,764,318 $ 3,491,835 Prepaid expenses 5,577,989 4,777,648 Accrued receivables 6,243,358 7,721,500 Cash margin on deposit 5,352,763 3,239,947 Derivative assets (1) 4,147,085 4,892,144 Other current assets 4,353,643 4,143,757 $ 30,439,156 $ 28,266,831 (1) The Derivative assets were included in Other current assets at December 31, 2022.
Equity Method Investments	Other non-current assets were comprised of the following: March 31, 2023 December 31, 2022 Name (unaudited) Investment in Seamar Management $ 699,302 $ 598,725 Investment in Pangaea Logistics Solutions (US) LLC 4,018,523 3,954,605 Investment in Narragansett Bulk Carriers (US) Corp 519,975 234,141 Other investments 496,656 496,656 $ 5,734,456 $ 5,284,127
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable, accrued expenses and other current liabilities were comprised of the following: March 31, 2023 December 31, 2022 (unaudited) Accounts payable $ 9,812,970 $ 9,979,451 Accrued expenses 9,005,625 11,795,973 Bunkers suppliers 9,753,506 6,526,725 Charter hire payable 11,094,845 9,337,941 Other accrued liabilities 557,819 914,041 $ 40,224,765 $ 38,554,131

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of 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: March 31, 2023 December 31, 2022 (unaudited) Money market accounts – cash equivalents $ 38,349,871 $ 33,689,361 Time deposit accounts - cash equivalents 60,085,551 46,000,000 Cash (1) 30,714,251 48,695,245 Total cash and cash equivalents $ 129,149,673 $ 128,384,606 (1) Consists of cash deposits at various major banks. As of March 31, 2023 and December 31, 2022, we held cash and cash equivalents in the following subsidiaries: Cash and cash equivalents March 31, 2023 December 31, 2022 (unaudited) Pangaea (1) $ 100,198,822 $ 85,398,332 NBHC (2) 20,176,912 34,718,529 NBP and Deck Barge (3) 8,773,939 8,267,745 Total cash and cash equivalents $ 129,149,673 $ 128,384,606 (1) Held by 100% owned Pangaea consolidated subsidiaries (2) Held by a 67% owned Pangaea consolidated subsidiary (3) Held by a 50% owned Pangaea consolidated subsidiary

Fixed Assets (Tables)

Fixed Assets (Tables)	3 Months Ended
	Mar. 31, 2023
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: March 31, December 31, 2023 2022 (unaudited) m/v NORDIC ODYSSEY (1) $ 20,251,200 $ 20,685,092 m/v NORDIC ORION (1) 21,002,307 21,406,429 m/v NORDIC OSHIMA (1) 23,953,647 24,292,108 m/v NORDIC OLYMPIC (1) 24,297,475 24,627,857 m/v NORDIC ODIN (1) 24,397,484 24,726,033 m/v NORDIC OASIS (1) 25,888,026 26,232,723 m/v NORDIC NULUUJAAK (2) (4) 37,161,221 37,518,857 m/v NORDIC QINNGUA (2) (4) 37,075,867 37,428,322 m/v NORDIC SANNGIJUQ (2) (4) 36,655,924 37,000,230 m/v NORDIC SIKU (2) (4) 37,047,374 37,393,171 m/v BULK ENDURANCE 22,794,587 23,106,438 m/v BULK COURAGEOUS (4) 15,627,805 15,755,839 m/v BULK CONCORD (4) 19,136,437 19,394,966 m/v BULK NEWPORT — 10,211,578 m/v BULK FREEDOM 8,513,607 7,464,118 m/v BULK PRIDE 11,929,790 12,174,942 m/v BULK SPIRIT (4) 11,732,489 11,703,170 m/v BULK SACHUEST 17,055,812 17,188,278 m/v BULK INDEPENDENCE 14,597,890 14,879,681 m/v BULK FRIENDSHIP (4) 13,463,111 13,680,578 m/v BULK VALOR 16,938,354 17,106,444 m/v BULK PROMISE 17,457,107 17,619,467 MISS NORA G PEARL (3) 2,156,372 2,268,086 459,133,886 473,864,407 Other fixed assets, net 2,610,960 2,660,345 Total fixed assets, net $ 461,744,846 $ 476,524,752 Right of Use Assets m/v BULK XAYMACA $ 12,717,876 $ 13,082,596 m/v BULK DESTINY 19,553,509 19,814,777 m/v BULK TRIDENT 10,714,378 11,024,196 $ 42,985,763 $ 43,921,569 (1) Vessels are owned by NBHC, a consolidated joint venture in which the Company has a two-third ownership interest at March 31, 2023 and December 31, 2022, respectively. (2) Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at March 31, 2023 and December 31, 2022. (3) Barge is owned by a 50% owned consolidated subsidiary. (4) Refer to Note 6, "Finance Leases" of our Financial Statements for additional information related to the vessels under finance lease.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consists of the following: March 31, 2023 December 31, 2022 Interest Rate (%) (1) Maturity Date (unaudited) Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3) 13,929,754 14,395,409 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) 43,400,000 44,600,000 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) 9,833,326 10,099,993 4.39 % May 2024 Bulk Nordic Six Ltd. - Tranche B — 2,070,000 Paid in full in January 10, 2023 Bulk Pride - Tranche C (2) 2,725,000 3,000,000 5.39 % May 2024 Bulk Independence - Tranche E (2) 10,250,000 10,500,000 3.54 % May 2024 Bulk Valor Corp. Loan and Security Agreement (2) 11,093,113 11,424,507 3.29 % June 2028 Bulk Promise Corp. (2) 10,723,556 11,069,630 5.45 % October 2027 Bulk Sachuest (2) 8,313,751 8,500,000 6.19 % October 2029 109 Long Wharf Commercial Term Loan — 374,466 Paid in full in January 24, 2023 Total $ 110,268,500 $ 116,034,005 Less: unamortized issuance costs, net (1,333,040) (1,697,209) $ 108,935,460 $ 114,336,796 Less: current portion (13,373,846) (15,443,115) Secured long-term debt, net $ 95,561,614 $ 98,893,681 (1) As of March 31, 2023. (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.
Schedule of Maturities of Long-term Debt	Years ending December 31, (unaudited) 2023 (remainder of the year) $ 10,017,024 2024 30,751,725 2025 10,476,019 2026 10,638,024 2027 39,955,014 Thereafter 8,430,694 $ 110,268,500

Finance Leases (Tables)

Finance Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule Of Finance Leases	Finance lease consists of the following as of March 31, 2023: March 31, 2023 December 31, 2022 Interest Rate (%) (1) Maturity Date (unaudited) Bulk PODS Ltd. $ 6,145,833 $ 6,606,770 5.08 % December 2027 Bulk Trident Ltd. 5,145,586 5,551,836 4.97 % June 2027 Bulk Spirit Ltd. 8,342,448 8,627,604 5.10 % February 2027 Bulk Nordic Five Ltd. (2) 12,761,526 13,142,885 3.92 % April 2028 Bulk Friendship Corp. (2) 9,258,955 9,507,875 5.29 % September 2024 Bulk Nordic Seven LLC (3) 29,694,533 30,100,318 6.80 % May 2036 Bulk Nordic Eight LLC (3) 29,679,918 30,088,514 6.80 % June 2036 Bulk Nordic Nine LLC (3) 29,769,339 30,163,750 6.80 % September 2036 Bulk Nordic Ten LLC (3) 29,880,562 30,276,595 6.80 % November 2036 Bulk Courageous Corp. (2) 9,900,000 10,200,000 3.93 % April 2028 Phoenix Bulk 25 Corp. (2) 13,272,937 13,645,990 4.67 % February 2029 Total $ 183,851,637 $ 187,912,137 Less: unamortized issuance costs, net (2,864,802) (3,033,123) $ 180,986,835 $ 184,879,014 Less: current portion (16,467,180) (16,365,075) Secured long-term debt, net $ 164,519,655 $ 168,513,939 (1) As of March 31, 2023 including the effect of interest rate cap if any. (2) Interest rates on the loan facilities are fixed. (3) The Company entered into an interest rate cap through Q2 of 2026 and Q4 2026 which caps the LIBOR rate at 3.25%.
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 March 31, 2023. Year ending December 31, Amount (unaudited) 2023 (remainder of the year) $ 23,008,493 2024 35,973,099 2025 26,642,442 2026 24,048,813 2027 24,249,449 Thereafter 140,990,896 Total minimum lease payments $ 274,913,192 Less imputed interest 91,061,555 Present value of minimum lease payments 183,851,637 Less current portion (16,467,180) Less issuance costs (2,864,802) Long-term portion $ 164,519,655

Derivative Instruments and Fa_2

Derivative Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2023 and December 31, 2022: Asset Derivative Liability Derivative Derivative instruments Balance Sheet Location 03/31/2023 12/31/2022 Balance Sheet Location 3/31/2023 12/31/2022 (unaudited) (unaudited) Margin accounts (1) Other current assets $ 5,352,763 $ 3,239,947 Other current liabilities $ — $ — Forward freight agreements (2) Other current assets $ — $ — Other current liabilities $ 2,223 $ 164,787 Fuel swap contracts (2) Other current assets $ 78,155 $ — Other current liabilities $ 158,926 Interest rate cap (2) Other current assets $ 4,068,930 $ 4,892,144 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.
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 three months ended March 31, 2023 and 2022: Unrealized (loss) gain on derivative instruments For the three months ended Derivative instruments 03/31/2023 3/31/2022 (unaudited) Forward freight agreements $ 162,564 $ 2,759,907 Fuel Swap Contracts 237,081 3,022,781 Interest rate cap (823,214) 1,717,626 Total (loss) gain $ (423,569) $ 7,500,314

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Amounts and notes payable to related parties consist of the following: December 31, 2022 Activity March 31, 2023 (unaudited) Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (i) $ 1,643,806 (277,088) $ 1,366,718 Commissions payable (trade payables) (ii) $ — 57,896 $ 57,896 i. Seamar Management S.A. ("Seamar") ii. Phoenix 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)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023. Year ending December 31, Amount (unaudited) 2023 (remainder of the year) $ 23,008,493 2024 35,973,099 2025 26,642,442 2026 24,048,813 2027 24,249,449 Thereafter 140,990,896 Total minimum lease payments $ 274,913,192 Less imputed interest 91,061,555 Present value of minimum lease payments 183,851,637 Less current portion (16,467,180) Less issuance costs (2,864,802) Long-term portion $ 164,519,655

General Information and Recen_2

General Information and Recent Events (Details)	Mar. 31, 2023 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 - Advance Hire, Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advance hire	$ 4,764,318	$ 3,491,835
Prepaid expenses	5,577,989	4,777,648
Accrued receivables	6,243,358	7,721,500
Cash margin on deposit	5,352,763	3,239,947
Derivative assets (1)	4,147,085	4,892,144
Other current assets	4,353,643	4,143,757
Advance hire, prepaid expenses and other current assets	$ 30,439,156	$ 28,266,831

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 9,812,970	$ 9,979,451
Accrued expenses	9,005,625	11,795,973
Bunkers suppliers	9,753,506	6,526,725
Accounts Payable, Other	11,094,845	9,337,941
Other accrued liabilities	557,819	914,041
Accounts payable accrued expenses and other current liabilities	$ 40,224,765	$ 38,554,131

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting - Other Non-current Assets (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments and Other Noncurrent Assets	$ 5,734,456	$ 5,284,127
Other investments
Schedule of Equity Method Investments [Line Items]
Investments and Other Noncurrent Assets	496,656	496,656
Seamar Managements S.A.
Schedule of Equity Method Investments [Line Items]
Investments and Other Noncurrent Assets	699,302	598,725
Pangaea Logistics Solutions (US) LCC
Schedule of Equity Method Investments [Line Items]
Investments and Other Noncurrent Assets	4,018,523	3,954,605
Bay Stevedoring LLC
Schedule of Equity Method Investments [Line Items]
Investments and Other Noncurrent Assets	$ 519,975	$ 234,141

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) numberOfVessel lease	Mar. 31, 2022 USD ($) numberOfVessel
Property, Plant and Equipment [Line Items]
Number of vessels chartered to customers | numberOfVessel	6	4
Lease payments | $	$ 2,833	$ 1,991
Time charter, term to completion	44 days	21 days
Number of noncancelable office leases | lease	2
Minimum
Property, Plant and Equipment [Line Items]
Vessel lease term	37 days	33 days
Maximum
Property, Plant and Equipment [Line Items]
Vessel lease term	174 days	138 days

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Money Market Funds, at Carrying Value	$ 38,349,871	$ 33,689,361
Time Deposits, at Carrying Value	60,085,551	46,000,000
Cash	30,714,251	48,695,245
Cash and cash equivalents	129,149,673	128,384,606
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 129,149,673	128,384,606	$ 69,921,488	$ 56,208,902
Pangaea
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents		85,398,332	100,198,822
NBHC
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents		34,718,529	20,176,912
NBP
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents		$ 8,267,745	$ 8,773,939

Fixed Assets (Details)

Fixed Assets (Details) - USD ($)			3 Months Ended
	Jan. 18, 2023	Apr. 20, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			$ 459,133,886		$ 473,864,407
Other fixed assets, net			2,610,960		2,660,345
Total fixed assets, net			461,744,846		476,524,752
Right of Use Assets			42,985,763		43,921,569
Proceeds from sale of vessel	$ 8,900,000	$ 8,600,000	8,933,700	$ 0
Loss on Sale of Vessel			1,200,000
Loss on impairment of vessels				$ 3,000,000
mv NORDIC ODYSSEY
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			20,251,200		20,685,092
m/v NORDIC ORION
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			21,002,307		21,406,429
m/v NORDIC OSHIMA
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			23,953,647		24,292,108
m/v NORDIC OLYMPIC
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			24,297,475		24,627,857
m/v NORDIC ODIN
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			24,397,484		24,726,033
mv Nordic Bulk Oasis
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			25,888,026		26,232,723
Nordic Nuluujaak
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			37,161,221		37,518,857
Nordic Qinngua
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			37,075,867		37,428,322
NORDIC SANNGIJUQ
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			36,655,924		37,000,230
Nordic Nukilik
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			37,047,374		37,393,171
mv BULK ENDURANCE
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			22,794,587		23,106,438
mv BULK COURADEOUS
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			15,627,805		15,755,839
mv BULK Concord
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			19,136,437		19,394,966
mv BULK NEWPORT
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			0		10,211,578
m/v BULK FREEDOM
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			8,513,607		7,464,118
m/v BULK PRIDE
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			11,929,790		12,174,942
BULK Spirit
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			11,732,489		11,703,170
mv BULK SACHUEST
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			17,055,812		17,188,278
Mv BULK Independence
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			14,597,890		14,879,681
Bulk Friendship
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			13,463,111		13,680,578
Bulk Valor
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			16,938,354		17,106,444
mv BULK PROMISE
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			17,457,107		17,619,467
MISS NORA G PEARL
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross			2,156,372		2,268,086
m/v BULK XAYMACA
Property, Plant and Equipment [Line Items]
Right of Use Assets			12,717,876		13,082,596
m/v BULK DESTINY
Property, Plant and Equipment [Line Items]
Right of Use Assets			19,553,509		19,814,777
m/v BULK TRIDENT
Property, Plant and Equipment [Line Items]
Right of Use Assets			$ 10,714,378		$ 11,024,196

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 110,268,500	$ 116,034,005
Less: unamortized debt issuance and bank fees	(1,333,040)	(1,697,209)
Long-term Debt	108,935,460	114,336,796
Less: current portion	(13,373,846)	(15,443,115)
Secured long-term debt	$ 95,561,614	98,893,681
NBHC
Debt Instrument [Line Items]
Ownership percentage	66.67%
NBHC | STST
Debt Instrument [Line Items]
Noncontrolling interest, ownership percentage	33.33%
Bulk Nordic Six Ltd. - Tranche A (2)
Debt Instrument [Line Items]
Long-term debt, gross	$ 9,833,326	10,099,993
Bulk Nordic Six Ltd. - Tranche B
Debt Instrument [Line Items]
Long-term debt, gross	0	2,070,000
Bulk Pride - Tranche C (2)
Debt Instrument [Line Items]
Long-term debt, gross	2,725,000	3,000,000
Bulk Independence - Tranche E (2)
Debt Instrument [Line Items]
Long-term debt, gross	10,250,000	10,500,000
Bulk Valor Corp Loan Agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 11,093,113	11,424,507
Interest rate, stated percentage	3.29%
Bulk Promise Corp Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 10,723,556	11,069,630
Interest rate, stated percentage	5.45%
Bulk Sachuest Loan and Security Agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 8,313,751	8,500,000
Interest rate, stated percentage	6.19%
109 Long Wharf Commercial Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	374,466
Interest rate, stated percentage
Period one | Tranche A | Bulk Nordic Six Ltd. - Tranche A (2)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.39%
Period one | Tranche B | Bulk Nordic Six Ltd. - Tranche B
Debt Instrument [Line Items]
Interest rate, stated percentage
Period one | Tranche C | Bulk Pride - Tranche C (2)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.39%
Period one | Tranche E | Bulk Independence - Tranche E (2)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.54%
Secured Debt | Bulk Nordic Oasis Ltd. Loan Agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 13,929,754	14,395,409
Interest rate, stated percentage	2.95%
Secured Debt | Bulk Nordic Oshima, Bulk Nordic Odin, Nordic Olympic, Nordic Oasis
Debt Instrument [Line Items]
Long-term debt, gross	$ 43,400,000	$ 44,600,000
Interest rate, stated percentage	3.38%

Debt - Future Minimum Annual Pa

Debt - Future Minimum Annual Payments (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
2023 (remainder of the year)	$ 10,017,024
Long-Term Debt, Maturity, Year One	30,751,725
Long-Term Debt, Maturity, Year Two	10,476,019
Long-Term Debt, Maturity, Year Three	10,638,024
Long-Term Debt, Maturity, Year Four	39,955,014
Thereafter	8,430,694
Long-term Debt	$ 110,268,500	$ 116,034,005

Finance Leases - Schedule Of Fi

Finance Leases - Schedule Of Finance Leases (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Total	$ 183,851,637		$ 187,912,137
Less: unamortized issuance costs, net	(2,864,802)		(3,033,123)
Total less unamortized issuance costs	180,986,835		184,879,014
Less: current portion	(16,467,180)	$ (16,365,075)	(16,365,075)
Secured long-term debt, net	$ 164,519,655	$ 168,513,939	168,513,939
Interest rate cap
Lessee, Lease, Description [Line Items]
Interest rate cap	3.25%
Bulk PODS Ltd., December 2027
Lessee, Lease, Description [Line Items]
Total	$ 6,145,833		6,606,770
Interest Rate	5.08%
Bulk Trident Ltd., June 2027
Lessee, Lease, Description [Line Items]
Total	$ 5,145,586		5,551,836
Interest Rate	4.97%
Bulk Spirit Ltd., February 2027
Lessee, Lease, Description [Line Items]
Total	$ 8,342,448		8,627,604
Interest Rate	5.10%
Bulk Nordic Five Ltd., April 2028
Lessee, Lease, Description [Line Items]
Total	$ 12,761,526		13,142,885
Interest Rate	3.92%
Bulk Friendship Corp., September 2024
Lessee, Lease, Description [Line Items]
Total	$ 9,258,955		9,507,875
Interest Rate	5.29%
Bulk Nordic Seven LLC, May 2036
Lessee, Lease, Description [Line Items]
Total	$ 29,694,533		30,100,318
Interest Rate	6.80%
Bulk Nordic Eight LLC, June 2036
Lessee, Lease, Description [Line Items]
Total	$ 29,679,918		30,088,514
Interest Rate	6.80%
Bulk Nordic Nine LLC, September 2036
Lessee, Lease, Description [Line Items]
Total	$ 29,769,339		30,163,750
Interest Rate	6.80%
Bulk Nordic Ten LLC, November 2036
Lessee, Lease, Description [Line Items]
Total	$ 29,880,562		30,276,595
Interest Rate	6.80%
Bulk Courageous Corp., April 2028
Lessee, Lease, Description [Line Items]
Total	$ 9,900,000		10,200,000
Interest Rate	3.93%
Bulk Courageous Corp., February 2029
Lessee, Lease, Description [Line Items]
Total	$ 13,272,937		$ 13,645,990
Interest Rate	4.67%

Finance Leases - Schedule of Fu

Finance Leases - Schedule of Future Minimum Lease Payments for Leases (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Leases [Abstract]
2023 (remainder of the year)	$ 23,008,493
2024	35,973,099
2025	26,642,442
2026	24,048,813
2027	24,249,449
Thereafter	140,990,896
Total minimum lease payments	274,913,192
Less: unamortized issuance costs, net	(91,061,555)
Total	183,851,637		$ 187,912,137
Less: current portion	(16,467,180)	$ (16,365,075)	(16,365,075)
Less issuance costs	2,864,802		3,033,123
Long-term portion	$ 164,519,655	$ 168,513,939	$ 168,513,939

Derivative Instruments and Fa_3

Derivative Instruments and Fair Value Measurements - Schedule of Derivative Instruments (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Liability Derivative	$ 9,753,506	$ 6,526,725
Margin accounts | Fair Value, Inputs, Level 1
Derivatives, Fair Value [Line Items]
Asset Derivative	5,352,763	3,239,947
Liability Derivative	0	0
Forward freight agreements | Fair Value, Inputs, Level 2
Derivatives, Fair Value [Line Items]
Asset Derivative	0	0
Liability Derivative	2,223	164,787
Fuel swap contracts | Fair Value, Inputs, Level 2
Derivatives, Fair Value [Line Items]
Asset Derivative	78,155	0
Liability Derivative		158,926
Interest rate cap | Fair Value, Inputs, Level 2
Derivatives, Fair Value [Line Items]
Asset Derivative	4,068,930	4,892,144
Liability Derivative	$ 0	$ 0

Derivative Instruments and Fa_4

Derivative Instruments and Fair Value Measurements - Unrealized Gain (Loss) on Derivative Instruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized (loss) gain on derivative instruments, net	$ (423,569)	$ 7,500,314
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative gain (loss)	237,081	3,022,781
Forward freight agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized (loss) gain on derivative instruments, net	162,564	2,759,907
Interest rate cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized (loss) gain on derivative instruments, net	$ (823,214)	$ 1,717,626

Related Party Transactions - Am

Related Party Transactions - Amounts and Notes Payable to Related Parties (Details) - Related Party	3 Months Ended
	Mar. 31, 2023 USD ($)
Affiliated companies (trade payables) | Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets
Schedule of Related Party Payables
Beginning of period	$ 1,643,806
Activity	(277,088)
End of period	1,366,718
Loan Payable To Founders | Included in current related party debt on the consolidated balance sheets | Loans payable
Schedule of Related Party Payables
Beginning of period	0
Activity	57,896
End of period	$ 57,896

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Technical management fees	$ 793,200	$ 781,800
Dividends	$ 5,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)		3 Months Ended
	Mar. 24, 2023	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies [Line Items]
Noncancelable period		6 months
Lease expense		$ 52,000	$ 52,000
Marine Port Terminal
Commitments and Contingencies [Line Items]
Business combination, consideration transferred	$ 7,200,000
Singapore
Commitments and Contingencies [Line Items]
Lease payable		5 months

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($)	1 Months Ended	3 Months Ended			12 Months Ended
	Sep. 30, 2019	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Other liabilities, noncurrent		$ 19,829,654			$ 19,974,390	$ 17,806,976
Payments to non-controlling interest recorded as long-term liability		0			(2,050,000)
(Loss) earnings attributable to non-controlling interest recorded as other long term liability		(144,736)		$ 1,840,333	6,717,414
Business Combination, Deferred Consideration Transferred, Non-Controlling Interest		0			2,500,000
Repayments of Other Long-term Debt		0			(5,000,000)
Other Liabilities, Noncurrent		$ 19,829,654			$ 19,974,390
Nordic Bulk Holding Company Ltd.
Variable Interest Entity [Line Items]
Deferred consideration			$ 7,500,000
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%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 3,474,267	$ 20,167,965
Basic (in shares)	44,712,290	44,388,960
Weighted Average Number of Shares Outstanding, Diluted, Adjustment	404,429	804,023
Diluted (in shares)	45,116,719	45,192,983
Basic (in dollars per share)	$ 0.08	$ 0.45
Diluted (in dollars per share)	$ 0.08	$ 0.45

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($)	May 09, 2023	Apr. 21, 2023
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.10
Bulk Ultramax
Subsequent Event [Line Items]
Purchase obligation		$ 26,600,000