Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 07, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Pangaea Logistics Solutions Ltd. | |
Entity Central Index Key | 0001606909 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 44,451,940 | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 34,171,062 | $ 53,614,735 |
Accounts receivable (net of allowance of $1,823,293 at September 30, 2019 and $2,357,130 at December 31, 2018) | 29,221,444 | 28,481,787 |
Bunker inventory | 17,002,101 | 19,222,087 |
Advance hire, prepaid expenses and other current assets | 27,998,143 | 12,187,551 |
Total current assets | 108,392,750 | 113,506,160 |
Restricted cash | 2,500,000 | 2,500,000 |
Fixed assets, net | 311,728,339 | 281,355,366 |
Investment in newbuildings in-process | 7,691,522 | 0 |
Finance lease right of use assets, net | 54,239,752 | 56,113,096 |
Total assets | 484,552,363 | 453,474,622 |
Current liabilities | ||
Accounts payable, accrued expenses and other current liabilities | 35,975,324 | 31,897,507 |
Related party debt | 1,196,683 | 2,877,746 |
Deferred revenue | 14,297,237 | 14,717,072 |
Current portion of secured long-term debt | 23,740,674 | 20,127,742 |
Current portion of finance lease liabilities | 7,568,888 | 5,364,963 |
Dividend payable | 1,921,622 | 4,063,598 |
Total current liabilities | 84,700,428 | 79,048,628 |
Secured long-term debt, net | 88,561,552 | 95,374,270 |
Finance lease liabilities | 64,402,040 | 45,684,727 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding | 0 | 0 |
Common stock, $0.0001 par value, 100,000,000 shares authorized; 44,451,940 shares issued and outstanding at September 30, 2019; 43,998,560 shares issued and outstanding at December 31, 2018 | 4,445 | 4,400 |
Additional paid-in capital | 157,176,223 | 155,946,452 |
Retained earnings | 18,693,177 | 5,737,199 |
Total Pangaea Logistics Solutions Ltd. equity | 175,873,845 | 161,688,051 |
Non-controlling interests | 71,014,498 | 71,678,946 |
Total stockholders' equity | 246,888,343 | 233,366,997 |
Total liabilities and stockholders' equity | $ 484,552,363 | $ 453,474,622 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 1,823,293 | $ 2,357,130 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares Issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 44,451,940 | 43,998,560 |
Common stock, shares outstanding (in shares) | 44,451,940 | 43,998,560 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Revenue | $ 118,885,396 | $ 95,344,839 | $ 281,720,196 | $ 271,141,334 |
Expenses: | ||||
Voyage expense | 45,102,602 | 36,684,994 | 114,501,121 | 104,880,511 |
Charter hire expense | 41,980,065 | 28,532,774 | 85,244,779 | 81,912,601 |
Vessel operating expense | 11,331,770 | 9,863,944 | 32,160,692 | 29,759,818 |
General and administrative | 2,768,253 | 3,704,360 | 12,160,924 | 12,211,329 |
Depreciation and amortization | 4,652,563 | 4,410,977 | 13,521,078 | 13,140,234 |
Loss on sale and leaseback of vessels | 0 | 0 | 0 | 860,426 |
Total expenses | 105,835,253 | 83,197,049 | 257,588,594 | 242,764,919 |
Income from operations | 13,050,143 | 12,147,790 | 24,131,602 | 28,376,415 |
Other (expense)/income: | ||||
Interest expense, net | (2,499,617) | (2,231,589) | (6,807,837) | (6,384,314) |
Interest expense on related party debt | (10,902) | (43,961) | (48,938) | (161,334) |
Unrealized (loss)/gain on derivative instruments, net | (301,058) | 486,412 | 2,203,899 | 477,508 |
Other income | 180,194 | 38,481 | 580,106 | 496,813 |
Total other expense, net | (2,631,383) | (1,750,657) | (4,072,770) | (5,571,327) |
Net income | 10,418,760 | 10,397,133 | 20,058,832 | 22,805,088 |
Income attributable to non-controlling interests | (2,097,200) | (2,120,182) | (4,002,217) | (4,430,120) |
Net income attributable to Pangaea Logistics Solutions Ltd. | $ 8,321,560 | $ 8,276,951 | $ 16,056,615 | $ 18,374,968 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.19 | $ 0.20 | $ 0.38 | $ 0.44 |
Diluted (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.37 | $ 0.43 |
Weighted average shares used to compute earnings per common share: | ||||
Basic (in shares) | 42,817,933 | 42,348,175 | 42,729,775 | 42,208,038 |
Diluted (in shares) | 43,354,742 | 42,878,449 | 43,247,417 | 42,727,481 |
Voyage revenue | ||||
Revenues: | ||||
Revenue | $ 103,806,391 | $ 81,812,543 | $ 247,087,805 | $ 233,979,386 |
Charter revenue | ||||
Revenues: | ||||
Revenue | $ 15,079,005 | $ 13,532,296 | $ 34,632,391 | $ 37,161,948 |
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/(Accumulated Deficit) | Non-Controlling Interest |
Balance at Dec. 31, 2017 | $ 210,655,642 | $ 145,351,322 | $ 4,379 | $ 154,943,728 | $ (9,596,785) | $ 65,304,320 |
Balance (in shares) at Dec. 31, 2017 | 43,794,526 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Recognized cost for restricted stock issued as compensation | 1,064,520 | 1,064,520 | 1,064,520 | |||
Issuance of restricted shares, net of forfeitures (in shares) | 254,015 | |||||
Issuance of restricted shares, net of forfeitures | (101,080) | (101,080) | $ 26 | (101,106) | ||
Fees incurred for issuance of common shares | (50,812) | (50,812) | (50,812) | |||
Net income | 22,805,088 | 18,374,968 | 18,374,968 | 4,430,120 | ||
Balance at Sep. 30, 2018 | 231,950,322 | 162,215,882 | $ 4,405 | 155,856,330 | 6,355,147 | 69,734,440 |
Balance (in shares) at Sep. 30, 2018 | 44,048,541 | |||||
Balance at Jun. 30, 2018 | 221,328,066 | 153,713,808 | $ 4,406 | 155,631,206 | (1,921,804) | 67,614,258 |
Balance (in shares) at Jun. 30, 2018 | 44,063,986 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Recognized cost for restricted stock issued as compensation | 225,124 | 225,124 | 225,124 | |||
Issuance of restricted shares, net of forfeitures (in shares) | (15,445) | |||||
Issuance of restricted shares, net of forfeitures | (1) | (1) | $ (1) | |||
Net income | 10,397,133 | 8,276,951 | 8,276,951 | 2,120,182 | ||
Balance at Sep. 30, 2018 | 231,950,322 | 162,215,882 | $ 4,405 | 155,856,330 | 6,355,147 | 69,734,440 |
Balance (in shares) at Sep. 30, 2018 | 44,048,541 | |||||
Balance at Dec. 31, 2018 | 233,366,997 | 161,688,051 | $ 4,400 | 155,946,452 | 5,737,199 | 71,678,946 |
Balance (in shares) at Dec. 31, 2018 | 43,998,560 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Recognized cost for restricted stock issued as compensation | 1,365,969 | 1,365,969 | 1,365,969 | |||
Issuance of restricted shares, net of forfeitures (in shares) | 453,380 | |||||
Issuance of restricted shares, net of forfeitures | (136,153) | (136,153) | $ 45 | (136,198) | ||
Distribution to Non-Controlling Interests | (4,666,665) | (4,666,665) | ||||
Common Stock Dividend | (3,100,637) | (3,100,637) | (3,100,637) | 0 | ||
Net income | 20,058,832 | 16,056,615 | 16,056,615 | 4,002,217 | ||
Balance at Sep. 30, 2019 | 246,888,343 | 175,873,845 | $ 4,445 | 157,176,223 | 18,693,177 | 71,014,498 |
Balance (in shares) at Sep. 30, 2019 | 44,451,940 | |||||
Balance at Jun. 30, 2019 | 237,693,940 | 168,776,642 | $ 4,445 | 156,855,761 | 11,916,436 | 68,917,298 |
Balance (in shares) at Jun. 30, 2019 | 44,451,940 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Recognized cost for restricted stock issued as compensation | 320,462 | 320,462 | 320,462 | |||
Common Stock Dividend | (1,544,819) | (1,544,819) | (1,544,819) | |||
Net income | 10,418,760 | 8,321,560 | 8,321,560 | 2,097,200 | ||
Balance at Sep. 30, 2019 | $ 246,888,343 | $ 175,873,845 | $ 4,445 | $ 157,176,223 | $ 18,693,177 | $ 71,014,498 |
Balance (in shares) at Sep. 30, 2019 | 44,451,940 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||
Net income | $ 20,058,832 | $ 22,805,088 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization expense | 13,521,078 | 13,140,234 |
Amortization of deferred financing costs | 538,427 | 517,085 |
Amortization of prepaid rent | 88,948 | 91,453 |
Unrealized gain on derivative instruments | (2,203,899) | (477,508) |
Gain from equity method investee | (416,435) | (90,000) |
Provision for doubtful accounts | (47,351) | (104,288) |
Loss on sale of vessel | 0 | 860,426 |
Drydocking costs | (1,561,689) | (1,497,979) |
Recognized cost for restricted stock issued as compensation | 1,365,968 | 1,064,520 |
Change in operating assets and liabilities: | ||
Accounts receivable | (692,306) | (5,632,597) |
Bunker inventory | 2,219,986 | (5,506,843) |
Advance hire, prepaid expenses and other current assets | (15,220,967) | 713,646 |
Accounts payable, accrued expenses and other current liabilities | 6,171,148 | 873,337 |
Deferred revenue | (419,835) | 468,333 |
Net cash provided by operating activities | 23,401,905 | 27,224,907 |
Investing activities | ||
Purchase of vessels and vessel improvements | (40,201,356) | (14,695,391) |
Investment in newbuildings in-process | (7,691,522) | 0 |
Purchase of fixed assets and equipment | (293,385) | (341,439) |
Proceeds from sale of equipment | 0 | 31,594 |
Net cash used in investing activities | (48,186,263) | (15,005,236) |
Financing activities | ||
Proceeds from long-term debt | 14,000,000 | 0 |
Payments of related party debt | (1,681,063) | (3,308,265) |
Payments of financing fees and issuance costs | (646,538) | (702,666) |
Payments of long-term debt | (17,343,675) | (16,855,738) |
Proceeds from finance leases | 25,600,000 | 27,750,000 |
Dividends paid to non-controlling interests | (4,666,665) | (904,803) |
Payments of finance lease obligations | (4,678,761) | (2,177,959) |
Accrued common stock dividends paid | (5,242,613) | (1,135,000) |
Cash paid for incentive compensation shares relinquished | 0 | (101,075) |
Proceeds from private placement of common stock, net of issuance costs | 0 | (50,812) |
Net cash provided by financing activities | 5,340,685 | 2,513,682 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (19,443,673) | 14,733,353 |
Cash, cash equivalents and restricted cash at beginning of period | 56,114,735 | 38,531,812 |
Cash, cash equivalents and restricted cash at end of period | 36,671,062 | 53,265,165 |
Supplemental cash flow information | ||
Cash and cash equivalents | 34,171,062 | 50,765,165 |
Restricted cash | 2,500,000 | 2,500,000 |
Total cash, cash equivalents and restricted cash | $ 56,114,735 | $ 38,531,812 |
General Information
General Information | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information | GENERAL INFORMATION The accompanying consolidated financial statements include the accounts of Pangaea Logistics Solutions Ltd. and its consolidated subsidiaries (collectively, the “Company”, “we” or “our”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, chartering and operation of drybulk vessels. The Company is a holding company incorporated under the laws of Bermuda as an exempted company on April 29, 2014. The Company owns three Panamax, two Ultramax Ice Class 1C, nine Supramax, and two Handymax Ice Class 1A drybulk vessels. The Company also owns one-third of Nordic Bulk Holding Company Ltd. (“NBHC”), a consolidated joint venture with a fleet of six Panamax Ice Class 1A drybulk vessels and has a 50% interest in the owner of a deck barge. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying 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, 2018 . The results for three and nine months ended September 30, 2019 and 2018 are not necessarily indicative of the results for the year ending December 31, 2019 or for any other interim period or future years. The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are the estimated future cash flows used in its impairment analysis, the estimated salvage value used in determining depreciation expense and the allowances for doubtful accounts. Voyage revenues represent revenues earned by the Company, principally from providing transportation services under voyage charters. A voyage charter involves the carriage of a specific amount and type of cargo on a load port to discharge port basis, subject to various cargo handling terms. Under a voyage charter, the service revenues are earned and recognized ratably over the duration of the voyage. A contract is accounted for when it has approval and commitment from both parties, the rights and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Estimated losses under a voyage charter are provided for in full at the time such losses become probable. Demurrage, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading and discharging time exceed the stipulated time in the voyage charter. Demurrage is measured in accordance with the provisions of the respective charter agreements and the circumstances under which demurrage revenues arise. At the time demurrage revenue can be estimated, it is included in the calculation of voyage revenue and recognized ratably over the duration of the voyage to which it pertains. Voyage revenue recognized is presented net of address commissions. Charter revenues relate to a time charter arrangement under which the Company is paid to provide transportation services on a per day basis for a specified period of time. Revenues from time charters are earned and recognized on a straight-line basis over the term of the charter, as the vessel operates under the charter. Revenue is not earned when vessels are offhire. Cash and cash equivalents include short-term deposits with an original maturity of less than three months. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows: September 30, 2019 December 31, 2018 (unaudited) Money market accounts – cash equivalents $ 11,183,241 $ 13,819,043 Cash (1) 22,987,821 39,795,692 Total cash and cash equivalents $ 34,171,062 $ 53,614,735 Restricted cash 2,500,000 2,500,000 Total cash, cash equivalents and restricted cash $ 36,671,062 $ 56,114,735 (1) Consists of cash deposits at various major banks. Restricted cash at September 30, 2019 and December 31, 2018 consists of $2.5 million held by the facility agent as required by the Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. – Dated September 28, 2015 - Amended and Restated Loan Agreement (See NOTE 4). Advance hire, prepaid expenses and other current assets were comprised of the following: September 30, 2019 December 31, 2018 (unaudited) Advance hire $ 6,254,555 $ 5,851,070 Prepaid expenses 4,443,081 1,276,901 Accrued receivables 12,356,249 2,479,800 Margin deposit 741,378 1,820,656 Other current assets 4,202,880 759,124 $ 27,998,143 $ 12,187,551 Accounts payable, accrued expenses and other current liabilities were comprised of the following: September 30, 2019 December 31, 2018 (unaudited) Accounts payable $ 22,881,529 $ 19,892,511 Accrued expenses 10,338,546 7,424,286 Accrued interest 460,758 540,886 Derivative liabilities 1,195,198 3,225,907 Other accrued liabilities 1,099,293 813,917 $ 35,975,324 $ 31,897,507 Recently Issued Accounting Pronouncements In February 2016, the FASB issued an ASU 2016-02, Accounting Standards Update for Leases. The update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. In determining the estimated value of right-of-use assets and lease liabilities, the Company considers the non-cancelable period of the lease as well as periods for which it is reasonably certain that renewal options will be exercised. The Company discounts any estimated lease liability using the portfolio approach, the composition of which is its secured long-term debt facilities. Time charter out contracts Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. The charterer has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter in contracts The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. As allowed by a practical expedient under ASC 842, the Company made an accounting policy election by class of underlying asset for leases with a term of 12 months or less, to forego recognizing a right-of-use asset and lease liability on its balance sheet. For the quarter ending September 30, 2019 , the Company did not have any time charter in contracts with terms greater than 12 months, as such charter hire expense presented on the consolidated statements of income are lease expenses for chartered in contracts less than 12 months. Adoption of ASC 842 The Company adopted ASC 842 on January 1, 2019. The Company elected the "package of practical expedients" in the new standard, under which we are not required to reassess our prior conclusions regarding lease identification, classification and initial direct costs. We did not elect the use-of-hindsight practical expedient; and the practical expedient pertaining to land easements does not apply to the Company. In July 2018, the Financial Accounting Standards Board issued ASU 2018-11 to amend ASU 2016-02 and provided an additional (and optional) transition method to adopt the new lease standard. This transition method allows entities to apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption instead of using the original modified retrospective transition method of adoption which required the restatement of all prior period financial statements. Under this new transition method, the comparative periods presented in the financial statements will continue to be in accordance with ASC Topic 840, Leases. The Company adopted the new lease standard effective January 1, 2019 using this new transition method. The amendments in this Update also provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: 1. The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same. 2. The lease component, if accounted for separately, would be classified as an operating lease. The Company elected to use this practical expedient when it adopted the lessor provisions of this Update. As a result, the operating lease component and the vessel operating expense non-lease component in a time charter are reported as a single component. At September 30, 2019 , the Company had nine vessels chartered to customers under time charters that contain leases. These nine leases varied in original length from 22 days to 99 days . At September 30, 2019 , lease payments due under these arrangements totaled approximately $4,257,000 and each of the time charters were due to be completed in ninety-nine days or less. The Company does not have any sales-type or direct financing leases. Adoption of the lessee provisions of this guidance did not have a material impact on the Company's consolidated financial statements because the Company does not have any vessels chartered in (operating leases) for longer than one year and the practical expedient relating to leases with terms of 12 months or less was elected. Furthermore, the Company's finance lease right of use assets and finance lease liabilities were referred to as "assets under capital lease" and "obligations under capital leases" in prior period financial statements, but no other changes resulted from adoption of the standard. In addition, the Company has two non-cancelable office leases and non-cancelable office equipment leases and the lease assets and liabilities are not material. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. For most financial assets, such as trade and other receivables, loans and other instruments, this standard changes the current incurred loss model to a forward-looking expected credit loss model, which generally will result in the earlier recognition of allowances for losses. The new standard is effective for the Company at the beginning of 2023. Entities are required to apply the provisions of the standard through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is evaluating the impact of the standard on its consolidated financial statements. |
Fixed Assets
Fixed Assets | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | FIXED ASSETS At September 30, 2019 , the Company owned twenty-two dry bulk vessels including six financed under finance leases; and one barge. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: September 30, December 31, 2019 2018 Owned vessels (unaudited) m/v BULK PANGAEA $ 15,217,154 $ 15,231,305 m/v BULK PATRIOT 9,424,690 10,130,797 m/v BULK JULIANA 10,189,206 10,651,029 m/v NORDIC ODYSSEY 23,243,646 24,283,497 m/v NORDIC ORION 24,040,476 25,095,469 m/v BULK NEWPORT 13,223,098 13,956,092 m/v NORDIC BARENTS 4,006,193 4,370,817 m/v NORDIC BOTHNIA 3,962,577 4,322,490 m/v NORDIC OSHIMA 28,633,822 28,897,931 m/v NORDIC ODIN 28,401,473 29,151,529 m/v NORDIC OLYMPIC 28,236,711 29,321,599 m/v NORDIC OASIS 29,497,364 30,416,651 m/v BULK ENDURANCE 25,283,457 26,020,505 m/v BULK FREEDOM 8,300,171 8,467,058 m/v BULK PRIDE 13,130,123 13,531,561 m/v BULK SPIRIT 12,977,466 1,950,000 m/v BULK INDEPENDENCE 14,073,766 — m/v BULK FRIENDSHIP (1) 14,332,515 — MISS NORA G PEARL 2,925,285 2,995,144 309,099,193 278,793,474 Other fixed assets, net 2,629,146 2,561,892 Total fixed assets, net $ 311,728,339 $ 281,355,366 Right of Use Assets m/v BULK DESTINY $ 21,690,475 $ 22,307,701 m/v BULK BEOTHUK 6,708,478 7,065,300 m/v BULK TRIDENT 12,238,021 12,664,906 m/v BULK PODS $ 13,602,778 14,075,189 $ 54,239,752 $ 56,113,096 (1) The Company acquired the 2011 built Supramax (m/v Bulk Friendship) on September 24, 2019. Long-lived Assets Impairment Considerations. The carrying values of the Company’s vessels may not represent their fair market value or the amount that could be obtained by selling the vessel at any point in time because the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the pricing of new vessels, which tend to be cyclical. The carrying value of each group of vessels classified as held and used are reviewed for potential impairment when events or changes in circumstances indicate that the carrying value of a particular group may not be fully recoverable. In such instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to result from the use of the group and its eventual disposition is less than its carrying value. This assessment is made at the group level, which represents the lowest level for which identifiable cash flows are largely independent of other groups of assets. The asset groups established by the Company are defined by vessel size and major characteristic or trade. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis include the Company’s estimate of future time charter equivalent "TCE" rates based on current rates under existing charters and contracts. When existing contracts expire, the Company uses an estimated TCE based on actual results and extends these rates out to the end of the vessel’s useful life. TCE rates can be highly volatile, may affect the fair value of the Company’s vessels and may have a significant impact on the Company’s ability to recover the carrying amount of its fleet. Accordingly, the volatility is contemplated in the undiscounted projected net operating cash flow by using a sensitivity analysis based on percent changes in the TCE rates. The Company prepares a series of scenarios in an attempt to capture the range of possible trends and outcomes. Projected net operating cash flows are net of brokerage and address commissions and assume no revenue on scheduled offhire days. The Company uses the current vessel operating expense budget, estimated costs of drydocking and historical general and administrative expenses as the basis for its expected outflows, and applies an inflation factor it considers appropriate. The net of these inflows and outflows, plus an estimated salvage value, constitutes the projected undiscounted future cash flows. If these projected cash flows do not exceed the carrying value of the asset group, an impairment charge would be recognized. The Company did not identify any potential triggering events for the three and nine month periods ended September 30, 2019 . The Company identified potential triggering events that resulted from sale and leaseback financing arrangements transacted during the nine months ended September 30, 2018 . As a result, the Company evaluated each asset group for impairment by estimating the total undiscounted cash flows expected to result from the use of the asset group and its eventual disposal. The estimated undiscounted future cash flows were higher than the carrying amount of the vessels in the Company's fleet and as such, no loss on impairment was recognized. The Company did not identify any potential triggering events for the three months ended September 30, 2018 . |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Long-term debt consists of the following: September 30, 2019 December 31, 2018 (unaudited) Bulk Phoenix Secured Note (1) $ — $ 2,702,374 Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) 56,700,000 62,325,000 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) — 4,489,100 Bulk Nordic Oasis Ltd. Loan Agreement 15,875,000 17,000,000 The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (3) 36,806,664 25,626,665 Bulk Freedom Loan Agreement 3,950,000 4,450,000 109 Long Wharf Commercial Term Loan 730,666 812,867 Total $ 114,062,330 $ 117,406,006 Less: unamortized bank fees (1,760,104 ) (1,903,994 ) $ 112,302,226 $ 115,502,012 Less: current portion (23,740,674 ) (20,127,742 ) Secured long-term debt, net $ 88,561,552 $ 95,374,270 (1) See Senior Secured Post-Delivery Term Loan Facility below. (2) The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (3) This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company. The Senior Secured Post-Delivery Term Loan Facility On April 14, 2017, the Company, through its wholly owned subsidiaries, Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Trident and Bulk Phoenix, entered into the Fourth Amendatory Agreement, (the "Fourth Amendment"), amending and supplementing the Loan Agreement dated April 15, 2013, as amended by a First Amendatory Agreement dated May 16, 2013, the Second Amendatory Agreement dated August 28, 2013 and the Third Amendatory Agreement dated July 14, 2016. The Fourth Amendment advanced the final repayment dates for Bulk Pangaea and Bulk Patriot, which have since been repaid. Final payment on the Bulk Juliana Secured Note was made on July 19, 2018. The Bulk Trident Secured Note was repaid on June 7, 2018 in conjunction with the sale and leaseback of the vessel (NOTE - 7). Bulk Phoenix Secured Note Initial amount of $10,000,000 , entered into in May 2013, for the acquisition of m/v Bulk Newport. The Fourth Amendment did not change this tranche, the balance of which was payable in two installments of $700,000 and seven installments of $442,858 . The final balloon payment of $1,816,659 was paid on July 19, 2019. The interest rate was fixed at 5.09% . Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. And Bulk Nordic Oshima Ltd. – Dated September 28, 2015 - Amended and Restated Loan Agreement The amended agreement advanced $21,750,000 in respect of each the m/v Nordic Odin and the m/v Nordic Olympic; $13,500,000 in respect of each the m/v Nordic Odyssey and the m/v Nordic Orion, and $21,000,000 in respect of the m/v Nordic Oshima. The agreement requires repayment of the advances as follows: In respect of the Odin and Olympic advances, repayment to be made in 28 equal quarterly installments of $375,000 per borrower (one of which was paid prior to the amendment by each borrower) and balloon payments of $11,233,150 due with each of the final installments in January 2022. In respect of the Odyssey and Orion advances, repayment to be made in 20 quarterly installments of $375,000 per borrower and balloon payments of $5,677,203 due with each of the final installments in September 2020. In respect of the Oshima advance, repayment to be made in 28 equal quarterly installments of $375,000 and a balloon payment of $11,254,295 due with the final installment in September 2021. Interest on 50% of the advances to Odyssey and Orion was fixed at 4.24% in March 2017. Interest on the remaining advances to Odyssey and Orion is floating at LIBOR plus 2.40% ( 4.73% at September 30, 2019 ). Interest on 50% of the advances to Odin and Olympic was fixed at 3.95% in January 2017. Interest on the remaining advances to Odin and Olympic was floating at LIBOR plus 2.0% and was fixed at 4.07% on April 27, 2017. Interest on 50% of the advance to Oshima was fixed at 4.16% in January 2017. Interest on the remaining advance to Oshima is floating at LIBOR plus 2.25% ( 4.40% at September 30, 2019 ). The amended loan is secured by first preferred mortgages on the m/v Nordic Odin, m/v Nordic Olympic, m/v Nordic Odyssey, m/v Nordic Orion and m/v Nordic Oshima, the assignment of earnings, insurances and requisite compensation of the five entities, and by guarantees of their shareholders. The amended agreement contains one financial covenant that requires the Company to maintain minimum liquidity and a collateral maintenance ratio clause, which requires the aggregate fair market value of the vessels plus the net realizable value of any additional collateral provided, to remain above defined ratios. At September 30, 2019 and December 31, 2018 , the Company was in compliance with this covenant. The Bulk Nordic Oasis Ltd. - Loan Agreement - Dated December 11, 2015 The agreement advanced $21,500,000 in respect of the m/v Nordic Oasis. The agreement requires repayment of the advance in 24 equal quarterly installments of $375,000 beginning on March 28, 2016 and a balloon payment of $12,500,000 due with the final installment in March 2022. Interest on this advance is fixed at 4.30% . The loan is secured by a first preferred mortgage on the m/v Nordic Oasis, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. As of September 30, 2019 and December 31, 2018 , the Company was in compliance with this covenant. Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) Barents and Bothnia entered into a secured Term Loan Facility of $13,000,000 in two tranches of $6,500,000 which were drawn in conjunction with the delivery of the m/v Bulk Bothnia on January 23, 2014 and the m/v Bulk Barents on March 7, 2014. The loan is secured by mortgages on the m/v Nordic Bulk Barents and m/v Nordic Bulk Bothnia and is guaranteed by the Company. The loan requires repayment in 22 equal quarterly installments of $163,045 (per borrower) beginning in June 2014, one installment of $163,010 (per borrower) and a balloon payment of $1,755,415 (per borrower) due in December 2019. The term loan was fully repaid on June 26, 2019. The interest rate was floating at LIBOR plus 2.5% since inception. The Amended Senior Facility - Dated May 13, 2019 (previously identified as The Amended Senior Facility - Dated December 21, 2017) On May 13, 2019, the Company, through its wholly owned subsidiaries, Bulk Endurance, Bulk Pride and Bulk Independence entered into the Second Amendatory Agreement, (the "Second Amendment"), amending and supplementing the First Amendatory Agreement dated December 17, 2017. The Second Amendment advanced $14,000,000 under Tranche E in respect to the m/v Bulk Independence, extended maturity dates on Tranche A, B, and C to May 2024, and reduced applicable interest rate margin on Tranche A, B, and C to 1.70% for the first eight quarters following the drawdown of Tranche E, and 2.40% thereafter. Bulk Endurance Tranche A and B The amended agreement advanced $19,500,000 in respect of the m/v Bulk Endurance on January 7, 2017, in two tranches. The agreement requires repayment of Tranche A, totaling $16,000,000 , in three equal quarterly installments of $100,000 beginning on April 7, 2017 and 27 equal quarterly installments of $266,667 . A balloon payment of $8,499,991 is due with the final installment in May 2024. Interest on this advance was fixed at 3.69% through March 2021, fixed at 4.16% through December 2021, and thereafter floating at Libor plus 2.40% . The agreement also advanced $3,500,000 under Tranche B, which is payable in 28 equal quarterly installments of $65,000 beginning on September 27, 2017, and a balloon payment of $1,680,000 due with the final installment in May 2024. Interest on this advance is floating at LIBOR plus 1.70% ( 4.01% at September 30, 2019 ) through March 2021, and thereafter at Libor plus 2.4% . Bulk Pride Tranche C and D The amended agreement advanced $10,000,000 in respect of the m/v Bulk Pride on December 21, 2017, in two tranches. The agreement requires repayment of Tranche C, totaling $8,500,000 , in 26 equal quarterly installments of $275,000 beginning in March 2018 and a balloon payment of $1,350,000 due with the final installment in May 2024. Interest on this advance is floating at LIBOR plus 1.70% ( 4.69% at September 30, 2019 ) through March 2021, and thereafter at Libor plus 2.4% . The agreement also advanced $1,500,000 under Tranche D, which is payable in 4 equal quarterly installments of $375,000 beginning in September 2018. Tranche D was fully repaid in June 2019. Bulk Independence Tranche E The amended agreement advanced $14,000,000 under Tranche E in respect of the m/v Bulk Independence on May 13, 2019, which requires repayment of 20 equal quarterly installments of $250,000 beginning in September 2019 and a balloon payment of $9,000,000 due with the final installment in May 2024. Interest on this advance is floating at LIBOR plus 1.70% ( 4.01% at September 30, 2019 ) during first eight quarters, and at LIBOR plus 2.40% thereafter. The loan is secured by first preferred mortgages on the m/v Bulk Endurance, the m/v Bulk Pride and the m/v Bulk Independence, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a minimum liquidity requirement, positive working capital of the borrower and a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. At September 30, 2019 and December 31, 2018 , the Company was in compliance with these covenants. The Bulk Freedom Corp. Loan Agreement -- Dated June 14, 2017 The agreement advanced $5,500,000 in respect of the m/v Bulk Freedom on June 14, 2017. The agreement requires repayment of the loan in 8 quarterly installments of $175,000 and 12 quarterly installments of $150,000 beginning on September 14, 2017. A balloon payment of $2,300,000 is due with the final installment. The facility bears interest at LIBOR plus a margin of 3.75% ( 5.78% at September 30, 2019 ). The loan is secured by a first preferred mortgage on the m/v Bulk Freedom, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. At September 30, 2019 and December 31, 2018 , the Company was in compliance with this covenant. 109 Long Wharf Commercial Term Loan Initial amount of $1,096,000 entered into on May 27, 2016. The Long Wharf Construction to Term Loan was repaid from the proceeds of this new facility. The loan is payable in 120 equal monthly installments of $9,133 . Interest is floating at the 30 day LIBOR plus 2.0% ( 4.14% at September 30, 2019 ). The loan is collateralized by all real estate located at 109 Long Wharf, Newport, RI, and a corporate guarantee of the Company. The loan contains a maximum loan to value covenant and a debt service coverage ratio. At September 30, 2019 and December 31, 2018 , the Company was in compliance with these covenants. The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows: Year ending December 31, (unaudited) Remainder of 2019 $ 3,284,067 2020 22,990,674 2021 20,640,563 2022 41,102,568 2023 3,536,268 Thereafter 22,508,190 $ 114,062,330 |
Derivative Instruments and Fair
Derivative Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Instruments and fair Value Measurements | DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS Forward freight agreements The Company assesses risk associated with fluctuating future freight rates and, when appropriate, hedges identified economic risk with appropriate derivative instruments, specifically forward freight agreements (FFAs). These economic hedges do not usually qualify for hedge accounting under ASC 815 and as such, the usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. The aggregate fair value of FFAs at September 30, 2019 and December 31, 2018 were assets and liabilities of approximately $173,000 and $60,000 , respectively, which are included in other current assets and other current liabilities on the consolidated balance sheets. The change in the aggregate fair value of the FFAs during the three months ended September 30, 2019 and 2018 are a gain of approximately $116,000 and a loss of approximately $9,000 , respectively, which are included in unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of income. The change in the aggregate fair value of the FFAs during the nine months ended September 30, 2019 and 2018 are a gain of approximately $233,000 and a loss of approximately $263,000 , respectively, which are included in unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of income. Fuel Swap Contracts The Company continuously monitors the market volatility associated with bunker prices and seeks to reduce the risk of such volatility through a bunker hedging program. The Company enters into fuel swap contracts that are not designated for hedge accounting under ASC 815 and as such, the usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. The aggregate fair value of these fuel swaps at September 30, 2019 and December 31, 2018 are liabilities of approximately $1,195,000 and $3,166,000 , respectively, which are included in other current liabilities on the consolidated balance sheets. The change in the aggregate fair value of the fuel swaps during the three months ended September 30, 2019 and 2018 are a loss of approximately $417,000 and a gain of approximately $495,000 , respectively, which are included in unrealized (loss) gain on derivative instruments in the accompanying consolidated statements of income. The change in the aggregate fair value of the fuel swaps during the nine months ended September 30, 2019 and 2018 are gains of approximately $1,971,000 and $740,000 , respectively, which are included in unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of income. The three levels of the fair value hierarchy established by ASC 820, Fair Value Measurements and Disclosures , in order of priority are as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 fair value measurements include cash, money-market accounts and restricted cash accounts. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018 : Balance at September 30, 2019 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 741,378 $ 741,378 $ — $ — Fuel swaps $ (1,195,198 ) $ — $ (1,195,198 ) $ — Freight forward agreements $ 173,190 $ — $ 173,190 $ — Balance at December 31, 2018 Level 1 Level 2 Level 3 Margin accounts $ 1,820,657 $ 1,820,657 $ — $ — Fuel swaps $ (3,165,967 ) $ — $ (3,165,967 ) $ — Freight forward agreements $ (59,940 ) $ — $ (59,940 ) $ — The estimated fair values of the Company’s forward freight agreements and fuel swap contracts are based on market prices obtained from an independent third-party valuation specialist based on published indices. Such quotes represent the estimated amounts the Company would receive or pay to terminate the contracts. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Amounts and notes payable to related parties consist of the following: December 31, 2018 Activity September 30, 2019 (unaudited) Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively: Trade receivables due from King George Slag (i) $ 627,629 $ (119,999 ) $ 507,630 Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (ii) 1,971,935 951,003 2,922,938 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note $ 2,595,000 (1,730,000 ) $ 865,000 Interest payable - 2011 Founders Note 282,746 48,937 331,683 Total current related party debt $ 2,877,746 $ (1,681,063 ) $ 1,196,683 i. King George Slag LLC is a joint venture of which the Company owns 25% ii. Seamar Management S.A. ("Seamar") On October 1, 2011, the Company entered into a $10,000,000 loan agreement with the Founders, which was payable on demand at the request of the lenders (the 2011 Founders Note). The note bears interest at a rate of 5% . The balance of the 2011 Founders Note were $865,000 and $2,595,000 at September 30, 2019 and December 31, 2018 , respectively. Under the terms of a technical management agreement between the Company and Seamar Management S.A. (“Seamar”), an equity method investee, Seamar is responsible for the day-to-day operations for certain of the Company’s owned vessels. During the three months ended September 30, 2019 and 2018 , the Company incurred technical management fees of approximately $832,200 and $777,600 , respectively, under this arrangement. The total amounts payable to Seamar at September 30, 2019 and December 31, 2018 were approximately $2,923,000 and $1,972,000 , respectively. Dividends payable to related parties consist of the following: 2013 common stock dividend Balance at December 31, 2018 $ 4,063,598 Payments (2,256,357 ) Balance at September 30, 2019 $ 1,807,241 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Vessel Sales and Leasebacks Accounted for as Capital Leases (in accordance with prior accounting guidance - ASC 840) The Company's fleet includes six vessels financed under sale and leaseback financing arrangements accounted for as capital leases. These leases are secured by the assignment of earnings and insurances and by guarantees of the Company. The selling price of the m/v Bulk Destiny to the new owner (lessor) was $21.0 million and the fair value of the vessel at the inception of the lease was $24.0 million . The difference between the selling price and the fair value of the vessel was recorded as prepaid rent and is being amortized over the 25 year estimated useful life of the vessel. Prepaid rent is included in finance lease right of use assets (previously "vessels under capital lease") on the consolidated balance sheet at September 30, 2019 . Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term , with a purchase obligation of $11,200,000 due with the final lease payment in January 2024. Interest is floating at LIBOR plus 2.75% ( 5.05% including the margin, at inception of the lease). The Company will own this vessel at the end of the lease term. The lease contains a minimum liquidity requirement, positive working capital of the leasee and a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. At September 30, 2019 and December 31, 2018 , the Company was in compliance with these covenants. The selling price of the m/v Bulk Beothuk was $7,000,000 and the fair value was estimated to be the same. The lease is payable at $3,500 per day every fifteen days over the five year lease term , and a balloon payment of $4,000,000 is due with the final lease payment in June 2022. The implied interest rate at inception was 11.83% . The Company will own this vessel at the end of the lease term. The selling price of the m/v Bulk Trident was $13,000,000 and the fair value was estimated to be the same. The Company simultaneously leased the vessel back from the buyer. The minimum lease payments fluctuate based on three-month LIBOR and are payable monthly over the eight -year lease term. The Company has the option to purchase the vessel at the end of the third year of the lease or thereafter, or in the case of default by the lessor, at any time during the lease term. Interest is floating at LIBOR plus 1.7% ( 3.79% including the margin, at inception of the lease). The Company will own this vessel at the end of the lease term. The selling price of the m/v Bulk PODS was $14,750,000 and the fair value was estimated to be the same. The Company simultaneously leased the vessel back from the buyer. The minimum lease payments fluctuate based on three-month LIBOR and are payable monthly over the eight -year lease term. The Company has the option to purchase the vessel at the end of the third year of the lease or thereafter, or in the case of default by the lessor, at any time during the lease term. Interest is floating at LIBOR plus 1.7% ( 3.63% including the margin, at inception of the lease). The Company will own this vessel at the end of the lease term. Vessel Acquisition Accounted for as a Finance Lease (in accordance with new accounting guidance - ASC 842) In February 2019, the Company acquired the m/v Bulk Spirit for $13,000,000 , which is the estimated fair value and simultaneously entered into a failed sale and leaseback of the vessel. The Company determined that the transfer of the vessel to the lessor was not a sale in accordance with ASC 606, because control of the vessel was not transferred to the lessor. The lease is classified as finance lease in accordance with ASC 842, because the lease transfers ownership of the vessel to the Company by the end of the lease term. The minimum lease payments include interest at 5.10% for the first five years. Interest fluctuates based on the three-month LIBOR for the remaining three years of the eight -year lease term. The Company has the option to purchase the vessel at the end of the second year of the lease or thereafter, or in the case of default by the lessor, at any time during the lease term. The Company is obligated to repurchase the vessel at the end of the lease term. A balloon payment of $3,875,000 is due with the final lease payment in March 2027. This lease is secured by the assignment of earnings and insurances and by a guarantee of the Company. In September 2019, the Company acquired the m/v Bulk Friendship for $14,100,000 , which is the estimated fair value and simultaneously entered into a failed sale and leaseback of the vessel. The Company determined that the transfer of the vessel to the lessor was not a sale in accordance with ASC 606, because control of the vessel was not transferred to the lessor. The lease is classified as finance lease in accordance with ASC 842, because the lease 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 5.29% . 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 fifth year at a fixed price of $7,780,000 . This lease is secured by the assignment of earnings and insurances and by a guarantee of the Company. Long-term Contracts Accounted for as Operating Leases The Company leases office space for its Copenhagen operations. Since December 31, 2018, this lease continues on a month to month basis. The non-cancelable period is six months . The Company leases office space for its Singapore operations. At September 30, 2019 , the remaining obligation under this lease is approximately $115,000 . For the three and nine months ended September 30, 2019 , the Company recognized approximately $52,000 and $155,000 , respectively, as lease expense for office leases in General and Administrative Expenses. Future minimum lease payments under finance leases with initial or remaining terms in excess of one year at September 30, 2019 were: Year ending December 31, Remainder of 2019 $ 3,053,273 2020 11,592,392 2021 11,304,976 2022 14,303,933 2023 21,362,721 Thereafter 27,711,516 Total minimum lease payments $ 89,328,811 Less imputed interest 17,357,883 Present value of minimum lease payments 71,970,928 Less current portion 7,568,888 Long-term portion $ 64,402,040 Other On April 30, 2019, the Company entered into a vessel newbuilding contract to build two new high ice class post-panamax 95,000 dwt dry bulk vessels. At that time, the Company held options to build two more similar vessels. The new vessels, with a building cost of approximately $38.3 million each, are expected to be delivered in the first half of 2021. As of September 30, 2019, the Company has made deposits of $7.7 million for the two new vessels. The second installments of 20% are due and payable upon launching of the vessels and the final payments are due upon delivery of the vessels. On September 29, 2019, the Company declared its options to build the additional optional two new post-panamax 95,000 dwt dry bulk vessels. The new vessels, with a building cost of approximately $37.7 million each, are expected to be delivered in November 2021. The first installments of 10% are expected to be made in November 2019, the second installments of 20% are due and payable upon launching of the vessels and the final payments are due upon delivery of the vessels. Coincident with the declaration of the options, the Company entered into a series of transactions to finance its four new post-panamax dry bulk vessels, to be delivered in 2021, under sale and leaseback transactions. The agreements obligate the Company to sell the vessels upon completion of construction at the lesser of approximately $32 million or 85% of fair market value at closing. Following the sale, the Company is obligated to charter the vessels from the buyer under a bareboat charter for a period of 15 years with a purchase obligation of $2.5 million at the end of year 15 . The Company has options to purchase the vessels at designated prices starting the sixth year after delivery of each vessel. The Company expects to account for these transactions as failed sale and leaseback transactions and classify the leases as finance leases. The Company is subject to certain asserted claims arising in the ordinary course of business. The Company intends to vigorously assert its rights and defend itself in any litigation that may arise from such claims. While the ultimate outcome of these matters could affect the results of operations of any one year, and while there can be no assurance with respect thereto, management believes that after final disposition, any financial impact to the Company would not be material to its consolidated financial position, results of operations, or cash flows. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS In October 2019, the Company, through its wholly-owned subsidiary, entered into a Memorandum of Agreement to sell to an unaffiliated third party, the 2001-built vessel Bulk Juliana for a sale price of $6.5 million before commissions. The loss on sale of the vessel upon completion of the transaction will be approximately $3.7 million . The Company expects to deliver the vessel to the new owner in late November 2019. In October 2019, the Company, through its wholly-owned subsidiary, entered into a Memorandum of Agreement to sell to an unaffiliated third party, the 1996-built vessel Bulk Patriot for a sale price of $4.5 million before commissions. The loss on sale of the vessel upon completion of the transaction will be approximately $4.9 million . The Company expects to deliver the vessel to the new owner in December 2019. On November 7, 2019, the Company declared a quarterly cash dividend of $0.035 per common share. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued an ASU 2016-02, Accounting Standards Update for Leases. The update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. In determining the estimated value of right-of-use assets and lease liabilities, the Company considers the non-cancelable period of the lease as well as periods for which it is reasonably certain that renewal options will be exercised. The Company discounts any estimated lease liability using the portfolio approach, the composition of which is its secured long-term debt facilities. Time charter out contracts Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. The charterer has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter in contracts The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. As allowed by a practical expedient under ASC 842, the Company made an accounting policy election by class of underlying asset for leases with a term of 12 months or less, to forego recognizing a right-of-use asset and lease liability on its balance sheet. For the quarter ending September 30, 2019 , the Company did not have any time charter in contracts with terms greater than 12 months, as such charter hire expense presented on the consolidated statements of income are lease expenses for chartered in contracts less than 12 months. Adoption of ASC 842 The Company adopted ASC 842 on January 1, 2019. The Company elected the "package of practical expedients" in the new standard, under which we are not required to reassess our prior conclusions regarding lease identification, classification and initial direct costs. We did not elect the use-of-hindsight practical expedient; and the practical expedient pertaining to land easements does not apply to the Company. In July 2018, the Financial Accounting Standards Board issued ASU 2018-11 to amend ASU 2016-02 and provided an additional (and optional) transition method to adopt the new lease standard. This transition method allows entities to apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption instead of using the original modified retrospective transition method of adoption which required the restatement of all prior period financial statements. Under this new transition method, the comparative periods presented in the financial statements will continue to be in accordance with ASC Topic 840, Leases. The Company adopted the new lease standard effective January 1, 2019 using this new transition method. The amendments in this Update also provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: 1. The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same. 2. The lease component, if accounted for separately, would be classified as an operating lease. The Company elected to use this practical expedient when it adopted the lessor provisions of this Update. As a result, the operating lease component and the vessel operating expense non-lease component in a time charter are reported as a single component. At September 30, 2019 , the Company had nine vessels chartered to customers under time charters that contain leases. These nine leases varied in original length from 22 days to 99 days . At September 30, 2019 , lease payments due under these arrangements totaled approximately $4,257,000 and each of the time charters were due to be completed in ninety-nine days or less. The Company does not have any sales-type or direct financing leases. Adoption of the lessee provisions of this guidance did not have a material impact on the Company's consolidated financial statements because the Company does not have any vessels chartered in (operating leases) for longer than one year and the practical expedient relating to leases with terms of 12 months or less was elected. Furthermore, the Company's finance lease right of use assets and finance lease liabilities were referred to as "assets under capital lease" and "obligations under capital leases" in prior period financial statements, but no other changes resulted from adoption of the standard. In addition, the Company has two non-cancelable office leases and non-cancelable office equipment leases and the lease assets and liabilities are not material. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. For most financial assets, such as trade and other receivables, loans and other instruments, this standard changes the current incurred loss model to a forward-looking expected credit loss model, which generally will result in the earlier recognition of allowances for losses. The new standard is effective for the Company at the beginning of 2023. Entities are required to apply the provisions of the standard through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is evaluating the impact of the standard on its consolidated financial statements |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows: September 30, 2019 December 31, 2018 (unaudited) Money market accounts – cash equivalents $ 11,183,241 $ 13,819,043 Cash (1) 22,987,821 39,795,692 Total cash and cash equivalents $ 34,171,062 $ 53,614,735 Restricted cash 2,500,000 2,500,000 Total cash, cash equivalents and restricted cash $ 36,671,062 $ 56,114,735 (1) Consists of cash deposits at various major banks. |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | Advance hire, prepaid expenses and other current assets were comprised of the following: September 30, 2019 December 31, 2018 (unaudited) Advance hire $ 6,254,555 $ 5,851,070 Prepaid expenses 4,443,081 1,276,901 Accrued receivables 12,356,249 2,479,800 Margin deposit 741,378 1,820,656 Other current assets 4,202,880 759,124 $ 27,998,143 $ 12,187,551 |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable, accrued expenses and other current liabilities were comprised of the following: September 30, 2019 December 31, 2018 (unaudited) Accounts payable $ 22,881,529 $ 19,892,511 Accrued expenses 10,338,546 7,424,286 Accrued interest 460,758 540,886 Derivative liabilities 1,195,198 3,225,907 Other accrued liabilities 1,099,293 813,917 $ 35,975,324 $ 31,897,507 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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: September 30, December 31, 2019 2018 Owned vessels (unaudited) m/v BULK PANGAEA $ 15,217,154 $ 15,231,305 m/v BULK PATRIOT 9,424,690 10,130,797 m/v BULK JULIANA 10,189,206 10,651,029 m/v NORDIC ODYSSEY 23,243,646 24,283,497 m/v NORDIC ORION 24,040,476 25,095,469 m/v BULK NEWPORT 13,223,098 13,956,092 m/v NORDIC BARENTS 4,006,193 4,370,817 m/v NORDIC BOTHNIA 3,962,577 4,322,490 m/v NORDIC OSHIMA 28,633,822 28,897,931 m/v NORDIC ODIN 28,401,473 29,151,529 m/v NORDIC OLYMPIC 28,236,711 29,321,599 m/v NORDIC OASIS 29,497,364 30,416,651 m/v BULK ENDURANCE 25,283,457 26,020,505 m/v BULK FREEDOM 8,300,171 8,467,058 m/v BULK PRIDE 13,130,123 13,531,561 m/v BULK SPIRIT 12,977,466 1,950,000 m/v BULK INDEPENDENCE 14,073,766 — m/v BULK FRIENDSHIP (1) 14,332,515 — MISS NORA G PEARL 2,925,285 2,995,144 309,099,193 278,793,474 Other fixed assets, net 2,629,146 2,561,892 Total fixed assets, net $ 311,728,339 $ 281,355,366 Right of Use Assets m/v BULK DESTINY $ 21,690,475 $ 22,307,701 m/v BULK BEOTHUK 6,708,478 7,065,300 m/v BULK TRIDENT 12,238,021 12,664,906 m/v BULK PODS $ 13,602,778 14,075,189 $ 54,239,752 $ 56,113,096 (1) The Company acquired the 2011 built Supramax (m/v Bulk Friendship) on September 24, 2019. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: September 30, 2019 December 31, 2018 (unaudited) Bulk Phoenix Secured Note (1) $ — $ 2,702,374 Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) 56,700,000 62,325,000 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) — 4,489,100 Bulk Nordic Oasis Ltd. Loan Agreement 15,875,000 17,000,000 The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (3) 36,806,664 25,626,665 Bulk Freedom Loan Agreement 3,950,000 4,450,000 109 Long Wharf Commercial Term Loan 730,666 812,867 Total $ 114,062,330 $ 117,406,006 Less: unamortized bank fees (1,760,104 ) (1,903,994 ) $ 112,302,226 $ 115,502,012 Less: current portion (23,740,674 ) (20,127,742 ) Secured long-term debt, net $ 88,561,552 $ 95,374,270 (1) See Senior Secured Post-Delivery Term Loan Facility below. (2) The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (3) This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company. |
Schedule of Maturities of Long-term Debt | The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows: Year ending December 31, (unaudited) Remainder of 2019 $ 3,284,067 2020 22,990,674 2021 20,640,563 2022 41,102,568 2023 3,536,268 Thereafter 22,508,190 $ 114,062,330 |
Derivative Instruments and Fa_2
Derivative Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018 : Balance at September 30, 2019 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 741,378 $ 741,378 $ — $ — Fuel swaps $ (1,195,198 ) $ — $ (1,195,198 ) $ — Freight forward agreements $ 173,190 $ — $ 173,190 $ — Balance at December 31, 2018 Level 1 Level 2 Level 3 Margin accounts $ 1,820,657 $ 1,820,657 $ — $ — Fuel swaps $ (3,165,967 ) $ — $ (3,165,967 ) $ — Freight forward agreements $ (59,940 ) $ — $ (59,940 ) $ — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Amounts and notes payable to related parties consist of the following: December 31, 2018 Activity September 30, 2019 (unaudited) Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively: Trade receivables due from King George Slag (i) $ 627,629 $ (119,999 ) $ 507,630 Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (ii) 1,971,935 951,003 2,922,938 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note $ 2,595,000 (1,730,000 ) $ 865,000 Interest payable - 2011 Founders Note 282,746 48,937 331,683 Total current related party debt $ 2,877,746 $ (1,681,063 ) $ 1,196,683 i. King George Slag LLC is a joint venture of which the Company owns 25% ii. Seamar Management S.A. ("Seamar") |
Schedule of Dividends Payable | Dividends payable to related parties consist of the following: 2013 common stock dividend Balance at December 31, 2018 $ 4,063,598 Payments (2,256,357 ) Balance at September 30, 2019 $ 1,807,241 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Leases | Future minimum lease payments under finance leases with initial or remaining terms in excess of one year at September 30, 2019 were: Year ending December 31, Remainder of 2019 $ 3,053,273 2020 11,592,392 2021 11,304,976 2022 14,303,933 2023 21,362,721 Thereafter 27,711,516 Total minimum lease payments $ 89,328,811 Less imputed interest 17,357,883 Present value of minimum lease payments 71,970,928 Less current portion 7,568,888 Long-term portion $ 64,402,040 |
General Information (Details)
General Information (Details) | Sep. 30, 2019vessel |
NBHC | |
Property, Plant and Equipment [Line Items] | |
Ownership percentage | 33.33% |
NBHC | Owner of a deck barge | |
Property, Plant and Equipment [Line Items] | |
Ownership percentage | 50.00% |
Panamax | |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 3 |
Ultramax Ice Class 1C | |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 2 |
Supramax | |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 9 |
Handymax Ice Class 1A | |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 2 |
Panamax Ice Class 1A | |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 6 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Money market accounts – cash equivalents | $ 11,183,241 | $ 13,819,043 | ||
Cash | 22,987,821 | 39,795,692 | ||
Total cash and cash equivalents | 34,171,062 | 53,614,735 | $ 50,765,165 | |
Restricted cash | 2,500,000 | 2,500,000 | 2,500,000 | |
Total cash, cash equivalents and restricted cash | $ 36,671,062 | $ 56,114,735 | $ 53,265,165 | $ 38,531,812 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) | Sep. 27, 2019 | Sep. 30, 2019USD ($)leasevessel | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) |
Property, Plant and Equipment [Line Items] | ||||
Restricted cash | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | |
Number of vessels chartered to customers | vessel | 9 | |||
Lease payments | $ 4,257,000 | |||
Time charter, term to completion | 15 years | 99 days | ||
Number of noncancelable office leases | lease | 2 | |||
Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement | ||||
Property, Plant and Equipment [Line Items] | ||||
Restricted cash | $ 2,500,000 | $ 2,500,000 | ||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessel lease term | 22 days | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessel lease term | 99 days |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Advance Hire, Prepaid Expenses and Other Current Assets (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advance hire | $ 6,254,555 | $ 5,851,070 |
Prepaid expenses | 4,443,081 | 1,276,901 |
Accrued receivables | 12,356,249 | 2,479,800 |
Margin deposit | 741,378 | 1,820,656 |
Other current assets | 4,202,880 | 759,124 |
Advance hire, prepaid expenses and other current assets | $ 27,998,143 | $ 12,187,551 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts payable | $ 22,881,529 | $ 19,892,511 |
Accrued voyage expenses | 10,338,546 | 7,424,286 |
Accrued interest | 460,758 | 540,886 |
Derivative liabilities | 1,195,198 | 3,225,907 |
Other accrued liabilities | 1,099,293 | 813,917 |
Accounts payable accrued expenses and other current liabilities | $ 35,975,324 | $ 31,897,507 |
Fixed Assets (Details)
Fixed Assets (Details) | Sep. 30, 2019USD ($)vesselbarge | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Line Items] | ||
Number of dry bulk vessels owned | vessel | 22 | |
Number of dry bulk vessels financed under finance leases | vessel | 6 | |
Number of barges owned | barge | 1 | |
Vessels, net | $ 309,099,193 | $ 278,793,474 |
Other fixed assets, net | 2,629,146 | 2,561,892 |
Total fixed assets, net | 311,728,339 | 281,355,366 |
Right of Use Assets | 54,239,752 | 56,113,096 |
m/v BULK PANGAEA | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 15,217,154 | 15,231,305 |
m/v BULK PATRIOT | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 9,424,690 | 10,130,797 |
m/v BULK JULIANA | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 10,189,206 | 10,651,029 |
m/v NORDIC ODYSSEY | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 23,243,646 | 24,283,497 |
m/v NORDIC ORION | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 24,040,476 | 25,095,469 |
m/v BULK NEWPORT | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 13,223,098 | 13,956,092 |
m/v NORDIC BARENTS | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 4,006,193 | 4,370,817 |
m/v NORDIC BOTHNIA | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 3,962,577 | 4,322,490 |
m/v NORDIC OSHIMA | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 28,633,822 | 28,897,931 |
m/v NORDIC ODIN | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 28,401,473 | 29,151,529 |
m/v NORDIC ODIN | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 28,236,711 | 29,321,599 |
m/v NORDIC OASIS | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 29,497,364 | 30,416,651 |
m/v BULK ENDURANCE | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 25,283,457 | 26,020,505 |
m/v BULK FREEDOM | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 8,300,171 | 8,467,058 |
m/v BULK PRIDE | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 13,130,123 | 13,531,561 |
m/v BULK SPIRIT | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 12,977,466 | 1,950,000 |
m/v BULK INDEPENDENCE | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 14,073,766 | 0 |
m/v BULK FRIENDSHIP | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 14,332,515 | 0 |
MISS NORA G PEARL | ||
Property, Plant and Equipment [Line Items] | ||
Owned vessels | 2,925,285 | 2,995,144 |
m/v BULK DESTINY | ||
Property, Plant and Equipment [Line Items] | ||
Right of Use Assets | 21,690,475 | 22,307,701 |
m/v BULK BEOTHUK | ||
Property, Plant and Equipment [Line Items] | ||
Right of Use Assets | 6,708,478 | 7,065,300 |
m/v BULK TRIDENT | ||
Property, Plant and Equipment [Line Items] | ||
Right of Use Assets | 12,238,021 | 12,664,906 |
m/v BULK PODS | ||
Property, Plant and Equipment [Line Items] | ||
Right of Use Assets | $ 13,602,778 | $ 14,075,189 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | 9 Months Ended | |||||
Sep. 30, 2019 | Dec. 31, 2018 | Jun. 14, 2017 | Dec. 11, 2015 | Mar. 07, 2014 | May 31, 2013 | |
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 114,062,330 | $ 117,406,006 | ||||
Less: unamortized debt issuance and bank fees | (1,760,104) | (1,903,994) | ||||
Long-term Debt | 112,302,226 | 115,502,012 | ||||
Less: current portion | (23,740,674) | (20,127,742) | ||||
Secured long-term debt | 88,561,552 | 95,374,270 | ||||
Bulk Phoenix Secured Note | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 0 | 2,702,374 | ||||
Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 56,700,000 | 62,325,000 | ||||
Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 0 | 4,489,100 | ||||
Bulk Nordic Oasis Ltd. Loan Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 15,875,000 | 17,000,000 | ||||
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (3) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 36,806,664 | 25,626,665 | ||||
Bulk Freedom Loan Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 3,950,000 | 4,450,000 | ||||
109 Long Wharf Commercial Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 730,666 | $ 812,867 | ||||
Secured Debt | Bulk Phoenix Secured Note | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 10,000,000 | |||||
Secured Debt | Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 13,000,000 | $ 13,000,000 | ||||
Secured Debt | Bulk Nordic Oasis Ltd. Loan Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 21,500,000 | |||||
Secured Debt | Bulk Freedom Loan Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 5,500,000 | |||||
Primary Beneficiary | Third parties | ||||||
Debt Instrument [Line Items] | ||||||
Ownership percentage | 33.33% | |||||
ST Shipping and Transport Ltd. (STST) | Not Primary Beneficiary | Third parties | ||||||
Debt Instrument [Line Items] | ||||||
Ownership percentage | 33.33% | |||||
ASO 2020 Maritime S.A. (ASO2020) | Not Primary Beneficiary | Third parties | ||||||
Debt Instrument [Line Items] | ||||||
Ownership percentage | 33.33% |
Debt - Additional Information (
Debt - Additional Information (Details) | May 13, 2019USD ($)quarterinstallment | Dec. 21, 2017USD ($)installment | Jun. 14, 2017USD ($)installment | Apr. 27, 2017 | Mar. 31, 2017 | Jan. 07, 2017USD ($)trancheinstallment | May 27, 2016USD ($)installment | Dec. 11, 2015USD ($)installment | Sep. 28, 2015USD ($)installment | Mar. 07, 2014USD ($)trancheinstallment | May 31, 2013USD ($)installment | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 31, 2017 |
Debt Instrument [Line Items] | ||||||||||||||
Interest Payable, Current | $ 460,758 | $ 540,886 | ||||||||||||
Secured Debt | Bulk Phoenix Secured Note | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 10,000,000 | |||||||||||||
Periodic payment terms, balloon payment to be paid | $ 1,816,659 | |||||||||||||
Interest rate, stated percentage | 5.09% | |||||||||||||
Secured Debt | Bulk Phoenix Secured Note | Seven equal quarterly installments | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of periodic payments | installment | 7 | |||||||||||||
Periodic payment, principal amount | $ 442,858 | |||||||||||||
Secured Debt | Bulk Phoenix Secured Note | Two quarterly installment | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of periodic payments | installment | 2 | |||||||||||||
Periodic payment, principal amount | $ 700,000 | |||||||||||||
Secured Debt | Bulk Nordic Oasis Ltd. Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 21,500,000 | |||||||||||||
Periodic payment, principal amount | 375,000 | |||||||||||||
Periodic payment terms, balloon payment to be paid | $ 12,500,000 | |||||||||||||
Interest rate, stated percentage | 4.30% | |||||||||||||
Secured Debt | Bulk Nordic Oasis | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of periodic payments | installment | 24 | |||||||||||||
Secured Debt | Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 13,000,000 | $ 13,000,000 | ||||||||||||
Periodic payment terms, balloon payment to be paid | $ 1,755,415 | |||||||||||||
Number of tranches | tranche | 2 | |||||||||||||
Secured Debt | Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) | Twenty-two equal quarterly installments | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of periodic payments | installment | 22 | |||||||||||||
Periodic payment, principal amount | $ 163,045 | |||||||||||||
Secured Debt | Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) | One Installment Per Borrower | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Periodic payment, principal amount | 163,010 | |||||||||||||
Secured Debt | Nordic Bulk Bothina Ltd. | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term line of credit | $ 6,500,000 | |||||||||||||
Secured Debt | Bulk Freedom Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 5,500,000 | |||||||||||||
Periodic payment terms, balloon payment to be paid | $ 2,300,000 | |||||||||||||
Basis spread on variable rate | 3.75% | 5.78% | ||||||||||||
Secured Debt | Bulk Freedom Loan Agreement | Twelve equal quarterly installments | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of periodic payments | installment | 12 | |||||||||||||
Periodic payment, principal amount | $ 150,000 | |||||||||||||
Secured Debt | Bulk Freedom Loan Agreement | Eight equal quarterly installments | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of periodic payments | installment | 8 | |||||||||||||
Periodic payment, principal amount | $ 175,000 | |||||||||||||
Secured Debt | Bulk Endurance Senior Tranche Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 16,000,000 | |||||||||||||
Secured Debt | 109 Long Wharf Commercial Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 1,096,000 | |||||||||||||
Number of periodic payments | installment | 120 | |||||||||||||
Periodic payment, principal amount | $ 9,133 | |||||||||||||
Basis spread on variable rate | 2.00% | |||||||||||||
Interest rate, effective percentage | 4.14% | |||||||||||||
m/v Nordic Odin | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 21,750,000 | |||||||||||||
m/v Nordic Odin | Secured Debt | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of periodic payments | installment | 28 | |||||||||||||
Periodic payment, principal amount | $ 375,000 | |||||||||||||
Periodic payment terms, balloon payment to be paid | 11,233,150 | |||||||||||||
Interest rate, stated percentage | 4.07% | 3.95% | ||||||||||||
Interest rate, portion fixed | 50.00% | |||||||||||||
m/v Nordic Odin | Secured Debt | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.00% | |||||||||||||
Odyssey And Orion | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 13,500,000 | |||||||||||||
Odyssey And Orion | Secured Debt | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of periodic payments | installment | 20 | |||||||||||||
Periodic payment, principal amount | $ 5,677,203 | |||||||||||||
Periodic payment terms, balloon payment to be paid | 375,000 | |||||||||||||
Interest rate, stated percentage | 4.24% | |||||||||||||
Interest rate, portion fixed | 50.00% | |||||||||||||
Odyssey And Orion | Secured Debt | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.40% | |||||||||||||
Interest rate, effective percentage | 4.73% | |||||||||||||
m/v Nordic Oshima | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 21,000,000 | |||||||||||||
m/v Nordic Oshima | Secured Debt | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate, stated percentage | 4.16% | |||||||||||||
Interest rate, portion fixed | 50.00% | |||||||||||||
Oshima | Secured Debt | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of periodic payments | installment | 28 | |||||||||||||
Oshima | Secured Debt | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Periodic payment, principal amount | $ 375,000 | |||||||||||||
Periodic payment terms, balloon payment to be paid | $ 11,254,295 | |||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||||
Interest rate, effective percentage | 4.40% | |||||||||||||
Tranche A | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | 19,500,000 | |||||||||||||
Periodic payment terms, balloon payment to be paid | $ 8,499,991 | |||||||||||||
Number of tranches | tranche | 2 | |||||||||||||
Tranche A | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | Three equal quarterly installments | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of periodic payments | installment | 3 | |||||||||||||
Periodic payment, principal amount | $ 100,000 | |||||||||||||
Tranche A | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | Seventeen equal quarterly installments | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of periodic payments | installment | 27 | |||||||||||||
Periodic payment, principal amount | $ 266,667 | |||||||||||||
Tranche A | Secured Debt | The Amended Senior Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 10,000,000 | |||||||||||||
Tranche B | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 3,500,000 | |||||||||||||
Number of periodic payments | installment | 28 | |||||||||||||
Periodic payment, principal amount | $ 65,000 | |||||||||||||
Periodic payment terms, balloon payment to be paid | $ 1,680,000 | |||||||||||||
Tranche C | Secured Debt | The Amended Senior Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 8,500,000 | |||||||||||||
Number of periodic payments | installment | 26 | |||||||||||||
Periodic payment, principal amount | $ 275,000 | |||||||||||||
Periodic payment terms, balloon payment to be paid | 1,350,000 | |||||||||||||
Basis spread on variable rate | 4.69% | |||||||||||||
Tranche D | Secured Debt | The Amended Senior Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 1,500,000 | |||||||||||||
Number of periodic payments | installment | 4 | |||||||||||||
Periodic payment, principal amount | $ 375,000 | |||||||||||||
Tranche E | Secured Debt | Bulk Independence | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 14,000,000 | |||||||||||||
Number of periodic payments | installment | 20 | |||||||||||||
Periodic payment, principal amount | $ 250,000 | |||||||||||||
Periodic payment terms, balloon payment to be paid | $ 9,000,000 | |||||||||||||
Number of quarters | quarter | 8 | |||||||||||||
London Interbank Offered Rate (LIBOR) | Secured Debt | Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||||
Period one | Tranche A | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate, stated percentage | 3.69% | |||||||||||||
Period one | Tranche B | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate, effective percentage | 4.01% | |||||||||||||
Period one | Tranche C | Secured Debt | The Amended Senior Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.70% | |||||||||||||
Period one | Tranche E | Secured Debt | Bulk Independence | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate, effective percentage | 4.01% | |||||||||||||
Period one | London Interbank Offered Rate (LIBOR) | Tranche A | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.40% | |||||||||||||
Period one | London Interbank Offered Rate (LIBOR) | Tranche B | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.70% | |||||||||||||
Period one | London Interbank Offered Rate (LIBOR) | Tranche E | Secured Debt | Bulk Independence | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.70% | |||||||||||||
Period two | Tranche B | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate, stated percentage | 4.16% | |||||||||||||
Period two | Tranche C | Secured Debt | The Amended Senior Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.40% | |||||||||||||
Period two | London Interbank Offered Rate (LIBOR) | Tranche B | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.40% | |||||||||||||
Period two | London Interbank Offered Rate (LIBOR) | Tranche E | Secured Debt | Bulk Independence | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.40% |
Debt - Future Minimum Annual Pa
Debt - Future Minimum Annual Payments (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2020 | $ 3,284,067 | |
2021 | 22,990,674 | |
2022 | 20,640,563 | |
2023 | 41,102,568 | |
2024 | 3,536,268 | |
Thereafter | 22,508,190 | |
Long-term Debt | $ 114,062,330 | $ 117,406,006 |
Derivative Instruments and Fa_3
Derivative Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Freight forward agreements | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative gain (loss) | $ 116,000 | $ (9,000) | $ 233,000 | $ (263,000) | |
Fuel swaps | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative gain (loss) | (417,000) | $ 495,000 | 1,971,000 | $ 740,000 | |
Recurring | Freight forward agreements | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Fair value, net assets (liabilities) | 173,190 | 173,190 | $ (59,940) | ||
Recurring | Fuel swaps | Fuel | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Fair value, net assets (liabilities) | (1,195,198) | (1,195,198) | (3,165,967) | ||
Level 2 | Recurring | Freight forward agreements | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Fair value, net assets (liabilities) | 173,190 | 173,190 | (59,940) | ||
Level 2 | Recurring | Fuel swaps | Fuel | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Fair value, net assets (liabilities) | $ (1,195,198) | $ (1,195,198) | $ (3,165,967) |
Derivative Instruments and Fa_4
Derivative Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - Recurring - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Margin accounts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | $ 741,378 | $ 1,820,657 |
Fuel swaps | Fuel | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | (1,195,198) | (3,165,967) |
Freight forward agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | 173,190 | (59,940) |
Level 1 | Margin accounts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | 741,378 | 1,820,657 |
Level 2 | Fuel swaps | Fuel | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | (1,195,198) | (3,165,967) |
Level 2 | Freight forward agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | $ 173,190 | $ (59,940) |
Related Party Transactions - Am
Related Party Transactions - Amounts and Notes Payable to Related Parties (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Schedule of Related Party Payables | |
Beginning balance | $ 2,877,746 |
Ending balance | 1,196,683 |
Included in current related party debt on the consolidated balance sheets | |
Schedule of Related Party Payables | |
Beginning balance | 2,877,746 |
Activity | (1,681,063) |
Ending balance | 1,196,683 |
Trade receivables due from King George Slag | Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively | |
Schedule of Related Party Payables | |
Beginning balance | 627,629 |
Activity | (119,999) |
Ending balance | $ 507,630 |
Ownership percentage | 25.00% |
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 balance | $ 1,971,935 |
Activity | 951,003 |
Ending balance | 2,922,938 |
Loan payable – 2011 Founders Note | Included in current related party debt on the consolidated balance sheets | Loans payable | |
Schedule of Related Party Payables | |
Beginning balance | 2,595,000 |
Activity | (1,730,000) |
Ending balance | 865,000 |
Interest payable - 2011 Founders Note | Included in current related party debt on the consolidated balance sheets | Loans payable | |
Schedule of Related Party Payables | |
Beginning balance | 282,746 |
Activity | 48,937 |
Ending balance | $ 331,683 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Oct. 01, 2011 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||||
Due to related parties, current | $ 1,196,683 | $ 2,877,746 | ||
Technical management fees | 832,200 | $ 777,600 | ||
Founder | ||||
Related Party Transaction [Line Items] | ||||
Loan agreement | $ 10,000,000 | |||
Interest rate | 5.00% | |||
Related party debt current | ||||
Related Party Transaction [Line Items] | ||||
Due to related parties, current | 1,196,683 | 2,877,746 | ||
Accounts payable and accrued liabilities | Affiliated Companies | ||||
Related Party Transaction [Line Items] | ||||
Due to related parties, current | $ 2,922,938 | $ 1,971,935 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Dividends (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Dividends Payable [Roll Forward] | |
Beginning balance | $ 4,063,598 |
Payments | (2,256,357) |
Ending balance | $ 1,807,241 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Sep. 29, 2019USD ($)vessel | Sep. 27, 2019USD ($) | Apr. 30, 2019USD ($)vessel | Sep. 30, 2019USD ($)vessel | Feb. 28, 2019USD ($) | Sep. 30, 2019USD ($)vessel | Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Commitments and Contingencies [Line Items] | |||||||||
Payment for purchase of vessels | $ 40,201,356 | $ 14,695,391 | |||||||
Sale of vessel, selling price | $ 32,000,000 | ||||||||
Sale price at fair market value at closing, percentage | 0.85 | ||||||||
Number of dry bulk vessels financed under finance leases | vessel | 6 | 6 | 6 | ||||||
Investment in newbuildings in-process | $ 7,691,522 | $ 7,691,522 | $ 7,691,522 | $ 0 | |||||
Remainder of lease term after introductory period | 3 years | ||||||||
Noncancelable period | 6 months | ||||||||
Operating lease, expense | 52,000 | $ 155,000 | |||||||
Purchase obligation | $ 2,500,000 | ||||||||
Vessel charter period obligation | 15 years | ||||||||
Time charter, term to completion | 15 years | 99 days | |||||||
m/v Bulk Destiny | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Sale leaseback transaction, proceeds | $ 21,000,000 | ||||||||
Capital leased assets, gross | 24,000,000 | 24,000,000 | $ 24,000,000 | ||||||
Useful life | 25 years | ||||||||
Lease terms | Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term | ||||||||
Periodic payment terms, balloon payment to be paid | $ 11,200,000 | $ 11,200,000 | $ 11,200,000 | ||||||
Basis spread on variable rate | 2.75% | ||||||||
Interest rate, effective percentage | 5.05% | 5.05% | 5.05% | ||||||
Term of contract | 7 years | 7 years | 7 years | ||||||
m/v Bulk Beothuk | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Capital leased assets, gross | $ 7,000,000 | $ 7,000,000 | $ 7,000,000 | ||||||
Lease terms | The lease is payable at $3,500 per day every fifteen days over the five year lease term | ||||||||
Periodic payment terms, balloon payment to be paid | 4,000,000 | 4,000,000 | $ 4,000,000 | ||||||
Lease payable | $ 3,500 | $ 3,500 | $ 3,500 | ||||||
Interest rate, stated percentage | 11.83% | 11.83% | 11.83% | ||||||
Term of contract | 5 years | 5 years | 5 years | ||||||
m/v Bulk Trident | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Sale leaseback transaction, proceeds | $ 13,000,000 | ||||||||
Basis spread on variable rate | 1.70% | ||||||||
Interest rate, effective percentage | 3.79% | 3.79% | 3.79% | ||||||
Term of contract | 8 years | 8 years | 8 years | ||||||
m/v Bulk PODS | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Sale leaseback transaction, proceeds | $ 14,750,000 | ||||||||
Interest rate, effective percentage | 3.63% | 3.63% | 3.63% | ||||||
Term of contract | 8 years | 8 years | 8 years | ||||||
m/v Bulk Spirit | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Periodic payment terms, balloon payment to be paid | $ 3,875,000 | ||||||||
Term of contract | 8 years | ||||||||
Payment for purchase of vessels | $ 13,000,000 | ||||||||
Interest for first five years | 5.10% | ||||||||
Introductory period | 5 years | ||||||||
Owned vessels | $ 12,977,466 | $ 12,977,466 | $ 12,977,466 | 1,950,000 | |||||
m/v BULK FRIENDSHIP | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Payment for purchase of vessels | $ 14,100,000 | ||||||||
Interest for first five years | 5.29% | 5.29% | 5.29% | ||||||
Purchase options, vessel | $ 7,780,000 | $ 7,780,000 | $ 7,780,000 | ||||||
Owned vessels | $ 14,332,515 | $ 14,332,515 | $ 14,332,515 | $ 0 | |||||
dwt Dry Bulk | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Payment for purchase of vessels | $ 37,700,000 | $ 38,300,000 | |||||||
Percentage of payment, first installment due | 0.10 | ||||||||
Percentage of payment, second installment due | 0.20 | 0.20 | 0.20 | ||||||
Number of vessels | vessel | 2 | 2 | 2 | 2 | |||||
Additional vessels to be built | vessel | 2 | ||||||||
Singapore | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Operating leases remaining obligations | $ 115,000 | $ 115,000 | $ 115,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments Under Finance Leases (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
2020 | $ 3,053,273 | |
2021 | 11,592,392 | |
2022 | 11,304,976 | |
2023 | 14,303,933 | |
2024 | 21,362,721 | |
Thereafter | 27,711,516 | |
Total minimum lease payments | 89,328,811 | |
Less imputed interest | 17,357,883 | |
Present value of minimum lease payments | 71,970,928 | |
Less current portion | 7,568,888 | $ 5,364,963 |
Long-term portion | $ 64,402,040 | $ 45,684,727 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Nov. 07, 2019 | Oct. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Subsequent Event [Line Items] | ||||
Proceeds from sale of equipment | $ 0 | $ 31,594 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars par share) | $ 0.035 | |||
Subsequent Event | m/v BULK JULIANA | ||||
Subsequent Event [Line Items] | ||||
Proceeds from sale of equipment | $ 6,500,000 | |||
Gain (loss) on sale of vessel | 3,700,000 | |||
Subsequent Event | m/v BULK PATRIOT | ||||
Subsequent Event [Line Items] | ||||
Proceeds from sale of equipment | 4,500,000 | |||
Gain (loss) on sale of vessel | $ 4,900,000 |
Uncategorized Items - panl-2019
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,423,036) |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,423,036) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,423,036) |