Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 13, 2020 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Pangaea Logistics Solutions Ltd. | |
Entity Central Index Key | 0001606909 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 45,061,100 | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 39,972,746 | $ 50,555,091 |
Restricted cash | 1,000,000 | 1,000,000 |
Accounts receivable (net of allowance of $1,723,510 at March 31, 2020 and $1,908,841 at December 31, 2019) | 23,140,149 | 28,309,402 |
Bunker inventory | 19,156,816 | 21,001,010 |
Advance hire, prepaid expenses and other current assets | 17,831,006 | 18,770,825 |
Vessel held for sale | 0 | 8,319,152 |
Total current assets | 101,100,717 | 127,955,480 |
Restricted cash | 1,500,000 | 1,500,000 |
Fixed assets, net | 287,533,664 | 281,474,857 |
Investment in newbuildings in-process | 15,390,634 | 15,357,189 |
Finance lease right of use assets, net | 46,493,362 | 53,615,305 |
Total assets | 452,018,377 | 479,902,831 |
Current liabilities | ||
Accounts payable, accrued expenses and other current liabilities | 35,556,515 | 39,973,635 |
Related party debt | 242,852 | 332,987 |
Deferred revenue | 7,616,895 | 14,376,394 |
Current portion of secured long-term debt | 22,240,674 | 22,990,674 |
Current portion of finance lease liabilities | 6,902,370 | 12,549,208 |
Dividend payable | 132,659 | 631,961 |
Total current liabilities | 72,691,965 | 90,854,859 |
Secured long-term debt, net | 81,143,060 | 83,649,717 |
Finance lease liabilities | 55,768,735 | 57,498,217 |
Long-term liabilities - other - Note 8 | 5,052,984 | 4,828,364 |
Commitments and contingencies -Note 7 | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding | 0 | 0 |
Common stock, $0.0001 par value, 100,000,000 shares authorized; 45,112,062 shares issued and outstanding at March 31, 2020; 44,886,122 shares issued and outstanding at December 31, 2019 | 4,512 | 4,489 |
Additional paid-in capital | 158,564,477 | 157,504,895 |
Retained earnings | 5,941,205 | 12,736,580 |
Total Pangaea Logistics Solutions Ltd. equity | 164,510,194 | 170,245,964 |
Non-controlling interests | 72,851,439 | 72,825,710 |
Total stockholders' equity | 237,361,633 | 243,071,674 |
Total liabilities and stockholders' equity | $ 452,018,377 | $ 479,902,831 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 1,723,510 | $ 1,908,841 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares Issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 45,112,062 | 44,886,122 |
Common stock, shares outstanding (in shares) | 45,112,062 | 44,886,122 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Revenue | $ 95,879,937 | $ 79,544,185 |
Expenses: | ||
Voyage expense | 47,795,912 | 32,174,107 |
Charter hire expense | 32,325,447 | 24,947,369 |
Vessel operating expense | 9,933,862 | 9,754,375 |
General and administrative | 3,993,243 | 4,033,680 |
Depreciation and amortization | 4,242,251 | 4,377,188 |
Gain on sale of vessels | (77,990) | 0 |
Total expenses | 98,212,725 | 75,286,719 |
(Loss) income from operations | (2,332,788) | 4,257,466 |
Other (expense) income: | ||
Interest expense, net | (2,116,320) | (2,207,168) |
Interest expense on related party debt | 0 | (26,898) |
Unrealized (loss)/gain on derivative instruments, net | (2,917,094) | 2,289,786 |
Other income | 596,556 | 167,820 |
Total other (expense) income, net | (4,436,858) | 223,540 |
Net (loss) income | (6,769,646) | 4,481,006 |
Income attributable to non-controlling interests | (25,729) | (778,452) |
Net (loss) income attributable to Pangaea Logistics Solutions Ltd. | $ (6,795,375) | $ 3,702,554 |
Earnings per common share: | ||
Basic (in dollars per share) | $ (0.16) | $ 0.09 |
Diluted (in dollars per share) | $ (0.16) | $ 0.09 |
Weighted average shares used to compute earnings per common share: | ||
Basic (in shares) | 43,341,005 | 42,601,227 |
Diluted (in shares) | 43,341,005 | 43,071,632 |
Voyage revenue | ||
Revenues: | ||
Revenue | $ 86,523,891 | $ 65,851,347 |
Charter revenue | ||
Revenues: | ||
Revenue | $ 9,356,046 | $ 13,692,838 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Total Pangaea Logistics Solutions Ltd. Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Non-Controlling Interest |
Balance (in shares) at Dec. 31, 2018 | 43,998,560 | |||||
Balance at Dec. 31, 2018 | $ 233,366,997 | $ 161,688,051 | $ 4,400 | $ 155,946,452 | $ 5,737,199 | $ 71,678,946 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 674,599 | 674,599 | 674,599 | |||
Issuance of restricted shares, net of forfeitures (in shares) | 505,530 | |||||
Issuance of restricted shares, net of forfeitures | 0 | 0 | $ 50 | (50) | ||
Net income | 4,481,006 | 3,702,554 | 3,702,554 | 778,452 | ||
Balance (in shares) at Mar. 31, 2019 | 44,504,090 | |||||
Balance at Mar. 31, 2019 | 238,522,602 | 166,065,204 | $ 4,450 | 156,621,001 | 9,439,753 | 72,457,398 |
Balance (in shares) at Dec. 31, 2019 | 44,886,122 | |||||
Balance at Dec. 31, 2019 | 243,071,674 | 170,245,964 | $ 4,489 | 157,504,895 | 12,736,580 | 72,825,710 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 1,102,769 | 1,102,769 | 1,102,769 | |||
Issuance of restricted shares, net of forfeitures (in shares) | 225,940 | |||||
Issuance of restricted shares, net of forfeitures | (43,164) | $ 23 | (43,187) | |||
Net income | (6,769,646) | (6,795,375) | (6,795,375) | 25,729 | ||
Balance (in shares) at Mar. 31, 2020 | 45,112,062 | |||||
Balance at Mar. 31, 2020 | $ 237,361,633 | $ 164,510,194 | $ 4,512 | $ 158,564,477 | $ 5,941,205 | $ 72,851,439 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net (loss) income | $ (6,769,646) | $ 4,481,006 |
Adjustments to reconcile net income to net cash (used in) provided by operations: | ||
Depreciation and amortization expense | 4,242,251 | 4,377,188 |
Amortization of deferred financing costs | 176,526 | 182,802 |
Amortization of prepaid rent | 30,568 | 29,649 |
Unrealized loss (gain) on derivative instruments | 2,917,094 | (2,289,786) |
Gain from equity method investee | (429,360) | (128,250) |
Earnings attributable to non-controlling interest recorded as interest expense | (27,643) | 0 |
(Recovery) provision for doubtful accounts | (185,331) | 487,372 |
Gain on sale of vessel | (77,990) | 0 |
Drydocking costs | (2,903,277) | (381,059) |
Share-based compensation | 1,102,769 | 674,599 |
Change in operating assets and liabilities: | ||
Accounts receivable | 5,354,584 | 15,264,298 |
Bunker inventory | 1,844,194 | 3,806,864 |
Advance hire, prepaid expenses and other current assets | 1,369,179 | (872,860) |
Accounts payable, accrued expenses and other current liabilities | (6,729,172) | (5,363,850) |
Deferred revenue | (6,759,499) | (8,308,254) |
Net cash (used in) provided by operating activities | (6,844,753) | 11,959,719 |
Investing activities | ||
Purchase of vessels and vessel improvements | (283,446) | (11,426,174) |
Investment in newbuildings in-process | (33,445) | 0 |
Purchase of fixed assets and equipment | 0 | (159,619) |
Proceeds from sale of vessels | 8,397,142 | 0 |
Purchase of derivative instrument | (628,000) | 0 |
Net cash used in investing activities | 7,452,251 | (11,585,793) |
Financing activities | ||
Payments of related party debt | (90,135) | (838,102) |
Payments of financing fees and debt issuance costs | (149,118) | (260,225) |
Payments of long-term debt | (3,284,067) | (4,203,014) |
Proceeds from finance leases | 0 | 13,000,000 |
Payments of finance lease obligations | (7,376,320) | (1,429,275) |
Accrued common stock dividends paid | (499,302) | (1,135,000) |
Cash paid for incentive compensation shares relinquished | (43,164) | 0 |
Contributions from non-controlling interest recorded as long-term liability | 322,750 | 0 |
Payments to non-controlling interest recorded as long-term liability | (70,487) | 0 |
Net cash (used in) provided by financing activities | (11,189,843) | 5,134,384 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (10,582,345) | 5,508,310 |
Cash, cash equivalents and restricted cash at beginning of period | 53,055,091 | 56,114,735 |
Cash, cash equivalents and restricted cash at end of period | 42,472,746 | 61,623,045 |
Supplemental cash flow information | ||
Cash and cash equivalents | 39,972,746 | 59,123,045 |
Restricted cash | 2,500,000 | 2,500,000 |
Total cash, cash equivalents and restricted cash | $ 42,472,746 | $ 61,623,045 |
General Information and Recent
General Information and Recent Events | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information and Recent Events | GENERAL INFORMATION AND RECENT EVENTS Organization and General The accompanying consolidated financial statements include the accounts of Pangaea Logistics Solutions Ltd. and its consolidated subsidiaries (collectively, the “Company”, “Pangaea” “we” or “our”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, chartering and operation of drybulk vessels. The Company is a holding company incorporated under the laws of Bermuda as an exempted company on April 29, 2014. At March 31, 2020, the Company owns two Panamax, two Ultramax Ice Class 1C, and eight Supramax 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. Recent Events In March 2020, the World Health Organization declared the outbreak of a novel coronavirus strain, or COVID-19, to be a pandemic. The COVID-19 pandemic (“COVID-19”) is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices. Management continues to evaluate the impact of COVID-19 on the industry and its business. At present, it is not possible to ascertain the overall impact of COVID-19 on the Company’s financial position and results of its operations. However, an increase in the severity or duration or a resurgence of COVID-19 could have a material adverse effect on the Company’s business, results of operations, cash flows and financial condition. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019 . Certain reclassifications have been made to prior periods to conform to current period presentation. The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are the estimated future cash flows used in its impairment analysis, the estimated salvage value used in determining depreciation expense and the allowances for doubtful accounts. Voyage revenues represent revenues earned by the Company, principally from providing transportation services under voyage charters. A voyage charter involves the carriage of a specific amount and type of cargo on a load port to discharge port basis, subject to various cargo handling terms. Under a voyage charter, the service revenues are earned and recognized ratably over the duration of the voyage. A contract is accounted for when it has approval and commitment from both parties, the rights and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Estimated losses under a voyage charter are provided for in full at the time such losses become probable. Demurrage, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading and discharging time exceed the stipulated time in the voyage charter. Demurrage is measured in accordance with the provisions of the respective charter agreements and the circumstances under which demurrage revenues arise. At the time demurrage revenue can be estimated, it is included in the calculation of voyage revenue and recognized ratably over the duration of the voyage to which it pertains. Voyage revenue recognized is presented net of address commissions. Charter revenues relate to a time charter arrangement under which the Company is paid to provide transportation services on a per day basis for a specified period of time. Revenues from time charters are earned and recognized on a straight-line basis over the term of the charter, as the vessel operates under the charter. Revenue is not earned when vessels are offhire. Cash and cash equivalents include short-term deposits with an original maturity of less than three months. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows: March 31, 2020 December 31, 2019 (unaudited) Money market accounts – cash equivalents $ 28,744,019 $ 32,150,342 Cash (1) 11,228,727 18,404,749 Total cash and cash equivalents $ 39,972,746 $ 50,555,091 Restricted cash 2,500,000 2,500,000 Total cash, cash equivalents and restricted cash $ 42,472,746 $ 53,055,091 (1) Consists of cash deposits at various major banks. Restricted cash at March 31, 2020 and December 31, 2019 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. $1,000,000 restricted cash was reclassified to current assets due to the balloon payments of Bulk Nordic Odyssey Ltd and Bulk Nordic Orion Ltd due in September of 2020. Advance hire, prepaid expenses and other current assets were comprised of the following: March 31, 2020 December 31, 2019 (unaudited) Advance hire $ 3,976,205 $ 3,985,826 Prepaid expenses 2,918,761 4,924,557 Accrued receivables 6,802,009 6,466,068 Margin deposit 2,383,275 269,379 Other current assets 1,750,756 3,124,995 $ 17,831,006 $ 18,770,825 Accounts payable, accrued expenses and other current liabilities were comprised of the following: March 31, 2020 December 31, 2019 (unaudited) Accounts payable $ 23,712,097 $ 24,173,291 Accrued expenses 8,590,256 14,883,555 Derivative liabilities 2,761,165 472,073 Other accrued liabilities 492,997 444,716 $ 35,556,515 $ 39,973,635 Time charter out contracts Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. The charterer has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter in contracts The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. As allowed by a practical expedient under ASC 842, the Company made an accounting policy election by class of underlying asset for leases with a term of 12 months or less, to forego recognizing a right-of-use asset and lease liability on its balance sheet. For the quarter ending March 31, 2020 , 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. Leases under ASC 842 At March 31, 2020 , the Company had four vessels chartered to customers under time charters that contain leases. These four leases varied in original length from 1 day to 30 days . At March 31, 2020 , lease payments due under these arrangements totaled approximately $312,000 and each of the time charters were due to be completed in thirty-one days or less. The Company does not have any sales-type or direct financing leases. The Company has two non-cancelable office leases and non-cancelable office equipment leases and the lease assets and liabilities are not material. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however the guidance will only be available until December 31, 2022. The Company is currently evaluating the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures. |
Fixed Assets
Fixed Assets | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | FIXED ASSETS At March 31, 2020 , the Company owned eighteen dry bulk vessels including three financed under finance leases; and one barge. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: March 31, December 31, 2020 2019 Owned vessels (unaudited) m/v BULK PANGAEA $ 14,650,117 $ 14,988,076 m/v NORDIC ODYSSEY 22,564,898 22,897,029 m/v NORDIC ORION 23,437,392 23,688,812 m/v BULK NEWPORT 12,722,983 12,975,767 m/v NORDIC OSHIMA 27,985,690 28,325,078 m/v NORDIC ODIN 28,381,196 28,094,764 m/v NORDIC OLYMPIC 28,275,734 27,931,771 m/v NORDIC OASIS 28,900,457 29,190,935 m/v BULK ENDURANCE 24,784,479 25,037,775 m/v BULK FREEDOM 9,918,266 8,269,777 m/v BULK PRIDE 12,858,352 12,996,311 m/v BULK SPIRIT 12,727,209 12,867,060 m/v BULK INDEPENDENCE 13,965,442 14,000,946 m/v BULK FRIENDSHIP 13,897,189 14,052,500 m/v BULK BEOTHUK (1) 6,476,788 — MISS NORA G PEARL 3,497,833 3,609,851 285,044,025 278,926,452 Other fixed assets, net 2,489,639 2,548,405 Total fixed assets, net $ 287,533,664 $ 281,474,857 Right of Use Assets m/v BULK DESTINY $ 21,272,616 $ 21,484,733 m/v BULK BEOTHUK (1) — 6,589,537 m/v BULK TRIDENT 11,949,023 12,095,727 m/v BULK PODS $ 13,271,723 13,445,308 $ 46,493,362 $ 53,615,305 (1) In January 2020 the Company completed an early buy-out of the lease for a purchase price of $5.5 million . On February 2020, the Company sold the m/v Nordic Barents and m/v Bulk Patriot. Both were recorded as vessels held for sale at December 31, 2019. Long-lived Assets Impairment Considerations The Company evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets, which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, we perform an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. Our assessment is made at the asset group level, which represents the lowest level for which identifiable cash flows are largely independent of other groups of assets. The asset groups established by the Company are defined by vessel size and major characteristic or trade. The Company performed its quarterly assessment by evaluating whether a triggering event had occurred as of March 31, 2020 considering current market conditions resulting from the global COVID-19 pandemic. The Company concluded that no triggering event had occurred at March 31, 2020 and will continue to monitor the market for any adverse conditions resulting from the COVID-19 pandemic. At March 31, 2019 , the Company did not identify any potential triggering events and therefore, in accordance with authoritative guidance, did not perform tests of recoverability. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Long-term debt consists of the following: March 31, 2020 December 31, 2019 Interest Rate (%) (1) Maturity Date (unaudited) Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Loan Agreement (2) 27,716,300 28,466,300 4.07 % 2022 Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. Loan Agreement (2) (3) 12,104,406 12,854,405 3.77 % 2020 Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) (4) 13,129,295 13,504,295 3.14 % 2021 Bulk Nordic Oasis Ltd. Loan Agreement 15,125,000 15,500,000 4.30 % 2022 The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (5) Bulk Nordic Six Ltd. - Tranche A 13,033,330 13,299,997 3.69 % 2024 Bulk Nordic Six Ltd. - Tranche B 2,785,000 2,850,000 3.65 % 2024 Bulk Pride - Tranche C 6,025,000 6,300,000 4.69 % 2024 Bulk Independence - Tranche E 13,250,000 13,500,000 3.48 % 2024 Bulk Freedom Loan Agreement 3,650,000 3,800,000 4.49 % 2022 109 Long Wharf Commercial Term Loan 675,866 703,266 3.69 % 2026 Total $ 107,494,197 $ 110,778,263 Less: unamortized bank fees (4,110,463 ) (4,137,872 ) $ 103,383,734 $ 106,640,391 Less: current portion (22,240,674 ) (22,990,674 ) Secured long-term debt, net $ 81,143,060 $ 83,649,717 (1) As of March 31, 2020 . (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) Interest on 50% of the advances to Bulk Nordic Odyssey and Bulk Nordic Orion was fixed at 4.24% in March 2017 and Interest on the remaining advances is floating at LIBOR plus 2.40% . The Company will refinance or pay off the balloon payments due in September of 2020. (4) Interest on 50% of the advance to Bulk Nordic Oshima was fixed at 4.16% in January 2017 and Interest on the remaining advance is floating at LIBOR plus 2.25% . (5) This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company. Financial Covenants Under the Company's respective debt agreements, the Company is required to comply with certain financial covenants, including to maintain minimum liquidity and a collateral maintenance ratio clause, which requires the aggregate fair market value of the vessels plus the net realizable value of any additional collateral provided, to remain above defined ratios and to maintain positive working capital. The Company was in compliance with all applicable financial covenants as of March 31, 2020 and December 31, 2019. |
Derivative Instruments and Fair
Derivative Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Instruments and Fair Value Measurements | DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS Forward freight agreements The Company assesses risk associated with fluctuating future freight rates and, when appropriate, hedges identified economic risk with appropriate derivative instruments, specifically forward freight agreements (FFAs). These economic hedges do not usually qualify for hedge accounting under ASC 815 and as such, the usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. The aggregate fair value of FFAs at March 31, 2020 and December 31, 2019 were liabilities of approximately $136,000 and $150,000 , respectively, which are included in other current liabilities on the consolidated balance sheets. The change in the aggregate fair value of the FFAs during the three months ended March 31, 2020 and 2019 are a gain of approximately $14,130 and a loss of approximately $440,000 , 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 March 31, 2020 and December 31, 2019 are liabilities of approximately $2,874,000 and $322,000 , 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 March 31, 2020 and 2019 are a loss of approximately $2,551,000 and a gain of approximately $2,729,000 , respectively, which are included in unrealized (loss) gain on derivative instruments in the accompanying consolidated statements of income. Interest rate cap The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract. In January 2020, the Company paid $628,000 for interest rate cap contracts to mitigate the risk associated with increases in interest rates on our sale and lease back financing arrangements of the four new-buildings. In the event that the three-month LIBOR rate rises above the applicable strike rate, the Company would receive quarterly payments related to the spread difference. The following table summarizes these derivative instruments as of March 31, 2020 . Fair Value Notional Amount Interest Rate Derivative Effective Date Maturity Date Interest Rate Strike March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Interest rate cap contract - 1 November 15, 2020 April 30, 2026 3.25% $53,970 $— $5,742,750 $— Interest rate cap contract - 2 December 15, 2020 May 31, 2026 3.25% $56,132 $— $5,742,750 $— Interest rate cap contract - 3 May 15, 2021 November 30, 2026 3.25% $68,994 $— $5,654,336 $— Interest rate cap contract - 4 May 15, 2021 November 30, 2026 3.25% $68,994 $— $5,654,336 $— Total $248,090 These interest rate cap agreements do not qualify for hedge accounting treatment and, accordingly, we record the fair value of the agreements as an asset or liability and the change as income or expense during the period in which the change occurs. The loss of $379,910 on changes in the fair value of the interest rate cap contracts was recorded in unrealized (loss)/gain on derivative instruments, net at March 31, 2020. The three levels of the fair value hierarchy established by ASC 820, Fair Value Measurements and Disclosures , in order of priority are as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 fair value measurements include cash, money-market accounts and restricted cash accounts. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019 : Balance at March 31, 2020 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 2,383,275 $ 2,383,275 $ — $ — Fuel swaps $ (2,873,625 ) $ — $ (2,873,625 ) $ — Freight forward agreements $ (135,630 ) $ — $ (135,630 ) $ — Interest Rate Derivative $ 248,090 $ 248,090 $ — Balance at December 31, 2019 Level 1 Level 2 Level 3 Margin accounts $ 269,379 $ 269,379 $ — $ — Fuel swaps $ (322,313 ) $ — $ (322,313 ) $ — Freight forward agreements $ (149,760 ) $ — $ (149,760 ) $ — The estimated fair values of the Company’s forward freight agreements and fuel swap contracts are based on market prices obtained from an independent third-party valuation specialist based on published indices. Such quotes represent the estimated amounts the Company would receive or pay to terminate the contracts. The interest rate caps contracts are valued using analysis obtained from independent third party valuation specialists based on market observable inputs, representing Level 2 assets. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Amounts and notes payable to related parties consist of the following: December 31, 2019 Activity March 31, 2020 (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) $ 457,629 $ — $ 457,629 Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (ii) 5,679,768 744,554 6,424,322 Included in current related party debt on the consolidated balance sheets: Interest payable - 2011 Founders Note 332,987 (90,135 ) 242,852 Total current related party debt $ 332,987 $ (90,135 ) $ 242,852 i. King George Slag LLC is a joint venture of which the Company owns 25% ii. Seamar Management S.A. ("Seamar") Under the terms of a technical management agreement between the Company and Seamar Management S.A. (“Seamar”), an equity method investee, Seamar is responsible for the day-to-day operations for certain of the Company’s owned vessels. During the three months ended March 31, 2020 and 2019 , the Company incurred technical management fees of approximately $707,400 and $716,400 , respectively, under this arrangement. The total amounts payable to Seamar at March 31, 2020 and December 31, 2019 were approximately $6,424,000 and $5,680,000 , respectively. Dividends payable to related parties consist of the following: 2013 common stock dividend Balance at December 31, 2019 $ 631,961 Paid in cash (478,359 ) Balance at March 31, 2020 $ 153,602 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company's leases are secured by the assignment of earnings and insurances and by guarantees of the Company. Vessel Acquisition Accounted for as a Finance Lease (in accordance with new accounting guidance - ASC 840) The selling price of the m/v Bulk Destiny to the new owner (lessor) was $21.0 million and the fair value of the vessel at the inception of the lease was $24.0 million . The difference between the selling price and the fair value of the vessel was recorded as prepaid rent and is being amortized over the 25 year estimated useful life of the vessel. Prepaid rent is included in finance lease right of use assets (previously "vessels under capital lease") on the consolidated balance sheet at March 31, 2020 . Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term , with a purchase obligation of $11.2 million due with the final lease payment in January 2024. Interest is floating at LIBOR plus 2.75% ( 4.65% 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 Beothuk was $7.0 million 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 $4.0 million is due with the final lease payment in June 2022. The implied interest rate at inception was 11.83% . In January 2020 the Company completed an early buy-out of the lease for a purchase price of $5.5 million . The selling price of the m/v Bulk Trident was $13.0 million 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% ( 3.15% 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 $14.8 million 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% ( 2.90% 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 $13.0 million , which is the estimated fair value and simultaneously entered into a failed sale and leaseback of the vessel. The Company determined that the transfer of the vessel to the lessor was not a sale in accordance with ASC 606, because control of the vessel was not transferred to the lessor. The lease is classified as finance lease in accordance with ASC 842, because the lease 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 $3.9 million 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 $14.1 million , which is the estimated fair value and simultaneously entered into a failed sale and leaseback of the vessel. The Company determined that the transfer of the vessel to the lessor was not a sale in accordance with ASC 606, because control of the vessel was not transferred to the lessor. The lease is classified as finance lease in accordance with ASC 842, because the lease includes a fixed price purchase option, which the Company expects to exercise at the end of the lease term. The minimum lease payments include imputed interest at 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 $7.8 million . This lease is secured by the assignment of earnings and insurances and by a guarantee of the Company. Vessel Newbuildings During second and third quarter of 2019, the Company entered into two vessel newbuilding contracts to build four new high ice class post-panamax 95,000 dwt dry bulk vessels. The new vessels, with a building cost of approximately between $37.7 million to $38.3 million each, are expected to be delivered in 2021. As of September 30, 2019, the Company has made deposits of $15.4 million for the four 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. 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 has also entered into a LLC agreement with the non-controlling interest holder of NBP which includes certain obligations as described in Note 8. Long-term Contracts Accounted for as Operating Leases The Company leases office space for its Copenhagen operations. Since December 31, 2018, this lease continues on a month to month basis. The non-cancelable period is six months . The Company leases office space for its Singapore operations. At March 31, 2020 , the remaining lease term is nine months . For the three months ended March 31, 2020 and 2019, the Company recognized approximately $52,000 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 March 31, 2020 were: Year ending December 31, 2020 $ 7,472,176 2021 9,774,982 2022 9,608,224 2023 9,440,933 2024 26,166,010 Thereafter 13,051,955 Total minimum lease payments $ 75,514,280 Less imputed interest 12,843,175 Present value of minimum lease payments 62,671,105 Less current portion 6,902,370 Long-term portion $ 55,768,735 Legal Proceedings and Claims 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. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | OTHER LONG-TERM LIABILITIES In September 2019, the Company entered into an LLC agreement for the formation of NBP, that, at inception is owned 75% by the Company and 25% by an independent third party. NBP was established for the purpose of constructing and owning four new-build ice class post panamax vessels. During the construction phase of the vessel, the third party has committed to contribute additional funding and ultimately own 50% of NBP at the time of delivery of the new-build ice class post panamax vessels. The agreement contains both put and call option provisions. Accordingly, the Company may be obligated, pursuant to the put option, or entitled pursuant to the call option, to purchase the third party's interest in NBP beginning any time after September 2026. The put option and call option are at fixed prices which are not significantly different from each other, starting at $4.0 million per vessel on the fourth anniversary from completion and delivery of each vessel and declining to $3.7 million per vessel on or after the seventh anniversary from completion and delivery of each vessel. If neither put nor call option is exercised, the Company is obligated to purchase the vessels from NBP at a fixed price. Pursuant to ASC 480, Distinguishing Liabilities from Equity , the Company has recorded the third party's interest in NBP of $5.1 million in Long term liabilities - Other at March 31, 2020 . Earnings attributable to the third party’s interest in NBP are recorded in Interest expense, net, which resulted in a reduction in interest expenses of $27,643 for the period ended March 31, 2020 . |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Pronouncements | Time charter out contracts Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. The charterer has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter in contracts The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. As allowed by a practical expedient under ASC 842, the Company made an accounting policy election by class of underlying asset for leases with a term of 12 months or less, to forego recognizing a right-of-use asset and lease liability on its balance sheet. For the quarter ending March 31, 2020 , 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. Leases under ASC 842 At March 31, 2020 , the Company had four vessels chartered to customers under time charters that contain leases. These four leases varied in original length from 1 day to 30 days . At March 31, 2020 , lease payments due under these arrangements totaled approximately $312,000 and each of the time charters were due to be completed in thirty-one days or less. The Company does not have any sales-type or direct financing leases. The Company has two non-cancelable office leases and non-cancelable office equipment leases and the lease assets and liabilities are not material. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however the guidance will only be available until December 31, 2022. The Company is currently evaluating the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows: March 31, 2020 December 31, 2019 (unaudited) Money market accounts – cash equivalents $ 28,744,019 $ 32,150,342 Cash (1) 11,228,727 18,404,749 Total cash and cash equivalents $ 39,972,746 $ 50,555,091 Restricted cash 2,500,000 2,500,000 Total cash, cash equivalents and restricted cash $ 42,472,746 $ 53,055,091 (1) Consists of cash deposits at various major banks. |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | Advance hire, prepaid expenses and other current assets were comprised of the following: March 31, 2020 December 31, 2019 (unaudited) Advance hire $ 3,976,205 $ 3,985,826 Prepaid expenses 2,918,761 4,924,557 Accrued receivables 6,802,009 6,466,068 Margin deposit 2,383,275 269,379 Other current assets 1,750,756 3,124,995 $ 17,831,006 $ 18,770,825 |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable, accrued expenses and other current liabilities were comprised of the following: March 31, 2020 December 31, 2019 (unaudited) Accounts payable $ 23,712,097 $ 24,173,291 Accrued expenses 8,590,256 14,883,555 Derivative liabilities 2,761,165 472,073 Other accrued liabilities 492,997 444,716 $ 35,556,515 $ 39,973,635 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property Plant and Equipment Schedule of Significant Acquisitions | The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: March 31, December 31, 2020 2019 Owned vessels (unaudited) m/v BULK PANGAEA $ 14,650,117 $ 14,988,076 m/v NORDIC ODYSSEY 22,564,898 22,897,029 m/v NORDIC ORION 23,437,392 23,688,812 m/v BULK NEWPORT 12,722,983 12,975,767 m/v NORDIC OSHIMA 27,985,690 28,325,078 m/v NORDIC ODIN 28,381,196 28,094,764 m/v NORDIC OLYMPIC 28,275,734 27,931,771 m/v NORDIC OASIS 28,900,457 29,190,935 m/v BULK ENDURANCE 24,784,479 25,037,775 m/v BULK FREEDOM 9,918,266 8,269,777 m/v BULK PRIDE 12,858,352 12,996,311 m/v BULK SPIRIT 12,727,209 12,867,060 m/v BULK INDEPENDENCE 13,965,442 14,000,946 m/v BULK FRIENDSHIP 13,897,189 14,052,500 m/v BULK BEOTHUK (1) 6,476,788 — MISS NORA G PEARL 3,497,833 3,609,851 285,044,025 278,926,452 Other fixed assets, net 2,489,639 2,548,405 Total fixed assets, net $ 287,533,664 $ 281,474,857 Right of Use Assets m/v BULK DESTINY $ 21,272,616 $ 21,484,733 m/v BULK BEOTHUK (1) — 6,589,537 m/v BULK TRIDENT 11,949,023 12,095,727 m/v BULK PODS $ 13,271,723 13,445,308 $ 46,493,362 $ 53,615,305 (1) In January 2020 the Company completed an early buy-out of the lease for a purchase price of $5.5 million . |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: March 31, 2020 December 31, 2019 Interest Rate (%) (1) Maturity Date (unaudited) Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Loan Agreement (2) 27,716,300 28,466,300 4.07 % 2022 Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. Loan Agreement (2) (3) 12,104,406 12,854,405 3.77 % 2020 Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) (4) 13,129,295 13,504,295 3.14 % 2021 Bulk Nordic Oasis Ltd. Loan Agreement 15,125,000 15,500,000 4.30 % 2022 The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (5) Bulk Nordic Six Ltd. - Tranche A 13,033,330 13,299,997 3.69 % 2024 Bulk Nordic Six Ltd. - Tranche B 2,785,000 2,850,000 3.65 % 2024 Bulk Pride - Tranche C 6,025,000 6,300,000 4.69 % 2024 Bulk Independence - Tranche E 13,250,000 13,500,000 3.48 % 2024 Bulk Freedom Loan Agreement 3,650,000 3,800,000 4.49 % 2022 109 Long Wharf Commercial Term Loan 675,866 703,266 3.69 % 2026 Total $ 107,494,197 $ 110,778,263 Less: unamortized bank fees (4,110,463 ) (4,137,872 ) $ 103,383,734 $ 106,640,391 Less: current portion (22,240,674 ) (22,990,674 ) Secured long-term debt, net $ 81,143,060 $ 83,649,717 (1) As of March 31, 2020 . (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) Interest on 50% of the advances to Bulk Nordic Odyssey and Bulk Nordic Orion was fixed at 4.24% in March 2017 and Interest on the remaining advances is floating at LIBOR plus 2.40% . The Company will refinance or pay off the balloon payments due in September of 2020. (4) Interest on 50% of the advance to Bulk Nordic Oshima was fixed at 4.16% in January 2017 and Interest on the remaining advance is floating at LIBOR plus 2.25% . (5) This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company. |
Derivative Instruments and Fa_2
Derivative Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes these derivative instruments as of March 31, 2020 . Fair Value Notional Amount Interest Rate Derivative Effective Date Maturity Date Interest Rate Strike March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Interest rate cap contract - 1 November 15, 2020 April 30, 2026 3.25% $53,970 $— $5,742,750 $— Interest rate cap contract - 2 December 15, 2020 May 31, 2026 3.25% $56,132 $— $5,742,750 $— Interest rate cap contract - 3 May 15, 2021 November 30, 2026 3.25% $68,994 $— $5,654,336 $— Interest rate cap contract - 4 May 15, 2021 November 30, 2026 3.25% $68,994 $— $5,654,336 $— Total $248,090 The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019 : Balance at March 31, 2020 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 2,383,275 $ 2,383,275 $ — $ — Fuel swaps $ (2,873,625 ) $ — $ (2,873,625 ) $ — Freight forward agreements $ (135,630 ) $ — $ (135,630 ) $ — Interest Rate Derivative $ 248,090 $ 248,090 $ — Balance at December 31, 2019 Level 1 Level 2 Level 3 Margin accounts $ 269,379 $ 269,379 $ — $ — Fuel swaps $ (322,313 ) $ — $ (322,313 ) $ — Freight forward agreements $ (149,760 ) $ — $ (149,760 ) $ — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Amounts and notes payable to related parties consist of the following: December 31, 2019 Activity March 31, 2020 (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) $ 457,629 $ — $ 457,629 Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (ii) 5,679,768 744,554 6,424,322 Included in current related party debt on the consolidated balance sheets: Interest payable - 2011 Founders Note 332,987 (90,135 ) 242,852 Total current related party debt $ 332,987 $ (90,135 ) $ 242,852 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, 2019 $ 631,961 Paid in cash (478,359 ) Balance at March 31, 2020 $ 153,602 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Leases | Future minimum lease payments under finance leases with initial or remaining terms in excess of one year at March 31, 2020 were: Year ending December 31, 2020 $ 7,472,176 2021 9,774,982 2022 9,608,224 2023 9,440,933 2024 26,166,010 Thereafter 13,051,955 Total minimum lease payments $ 75,514,280 Less imputed interest 12,843,175 Present value of minimum lease payments 62,671,105 Less current portion 6,902,370 Long-term portion $ 55,768,735 |
General Information and Recen_2
General Information and Recent Events (Details) | Mar. 31, 2020vessel |
NBHC | |
Property, Plant and Equipment [Line Items] | |
Ownership percentage | 33.33333% |
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 | 2 |
Ultramax Ice Class 1C | |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 2 |
Supramax | |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 8 |
Panamax Ice Class 1A | |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 6 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Money market accounts – cash equivalents | $ 28,744,019 | $ 32,150,342 | ||
Cash | 11,228,727 | 18,404,749 | ||
Total cash and cash equivalents | 39,972,746 | 50,555,091 | $ 59,123,045 | |
Restricted cash | 2,500,000 | 2,500,000 | 2,500,000 | |
Total cash, cash equivalents and restricted cash | $ 42,472,746 | $ 53,055,091 | $ 61,623,045 | $ 56,114,735 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020USD ($)leasevessel | Sep. 30, 2019 | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Restricted cash | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | |
Restricted cash | $ 1,000,000 | 1,000,000 | ||
Number of vessels chartered to customers | vessel | 4 | |||
Lease payments | $ 312,000 | |||
Time charter, term to completion | 31 days | 15 years | ||
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 | ||
Restricted cash | $ 1,000,000 | |||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessel lease term | 1 day | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessel lease term | 30 days |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Advance Hire, Prepaid Expenses and Other Current Assets (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advance hire | $ 3,976,205 | $ 3,985,826 |
Prepaid expenses | 2,918,761 | 4,924,557 |
Accrued receivables | 6,802,009 | 6,466,068 |
Margin deposit | 2,383,275 | 269,379 |
Other current assets | 1,750,756 | 3,124,995 |
Advance hire, prepaid expenses and other current assets | $ 17,831,006 | $ 18,770,825 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts payable | $ 23,712,097 | $ 24,173,291 |
Accrued voyage expenses | 8,590,256 | 14,883,555 |
Derivative liabilities | 2,761,165 | 472,073 |
Other accrued liabilities | 492,997 | 444,716 |
Accounts payable accrued expenses and other current liabilities | $ 35,556,515 | $ 39,973,635 |
Fixed Assets (Details)
Fixed Assets (Details) | 1 Months Ended | |||
Jan. 31, 2020USD ($) | Mar. 31, 2020USD ($)vesselbarge | Dec. 31, 2019USD ($) | Sep. 30, 2019vessel | |
Property, Plant and Equipment [Line Items] | ||||
Number of dry bulk vessels owned | vessel | 18 | |||
Number of dry bulk vessels financed under finance leases | vessel | 3 | 4 | ||
Number of barges owned | barge | 1 | |||
Vessels, net | $ 285,044,025 | $ 278,926,452 | ||
Other fixed assets, net | 2,489,639 | 2,548,405 | ||
Total fixed assets, net | 287,533,664 | 281,474,857 | ||
Right of Use Assets | 46,493,362 | 53,615,305 | ||
m/v BULK PANGAEA | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 14,650,117 | 14,988,076 | ||
m/v NORDIC ODYSSEY | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 22,564,898 | 22,897,029 | ||
m/v NORDIC ORION | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 23,437,392 | 23,688,812 | ||
m/v BULK NEWPORT | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 12,722,983 | 12,975,767 | ||
m/v NORDIC OSHIMA | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 27,985,690 | 28,325,078 | ||
m/v NORDIC ODIN | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 28,381,196 | 28,094,764 | ||
m/v NORDIC ODIN | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 28,275,734 | 27,931,771 | ||
m/v NORDIC OASIS | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 28,900,457 | 29,190,935 | ||
m/v BULK ENDURANCE | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 24,784,479 | 25,037,775 | ||
m/v BULK FREEDOM | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 9,918,266 | 8,269,777 | ||
m/v BULK PRIDE | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 12,858,352 | 12,996,311 | ||
m/v BULK SPIRIT | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 12,727,209 | 12,867,060 | ||
m/v BULK INDEPENDENCE | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 13,965,442 | 14,000,946 | ||
m/v BULK FRIENDSHIP | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 13,897,189 | 14,052,500 | ||
m/v BULK BEOTHUK | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 6,476,788 | |||
Right of Use Assets | 6,589,537 | |||
Repayments lease obligation | $ 5,500,000 | |||
MISS NORA G PEARL | ||||
Property, Plant and Equipment [Line Items] | ||||
Owned vessels | 3,497,833 | 3,609,851 | ||
m/v BULK DESTINY | ||||
Property, Plant and Equipment [Line Items] | ||||
Right of Use Assets | 21,272,616 | 21,484,733 | ||
m/v BULK TRIDENT | ||||
Property, Plant and Equipment [Line Items] | ||||
Right of Use Assets | 11,949,023 | 12,095,727 | ||
m/v BULK PODS | ||||
Property, Plant and Equipment [Line Items] | ||||
Right of Use Assets | $ 13,271,723 | $ 13,445,308 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2017 | Jan. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 107,494,197 | $ 110,778,263 | ||
Less: unamortized debt issuance and bank fees | (4,110,463) | (4,137,872) | ||
Long-term Debt | 103,383,734 | 106,640,391 | ||
Less: current portion | (22,240,674) | (22,990,674) | ||
Secured long-term debt | 81,143,060 | 83,649,717 | ||
Bulk Nordic Odin Ltd, Bulk Nordic Olympic Ltd Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 27,716,300 | 28,466,300 | ||
Interest rate, stated percentage | 4.07% | |||
Bulk Nordic Odyssey Ltd, Bulk Nordic Orion Ltd, Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 12,104,406 | 12,854,405 | ||
Interest rate, stated percentage | 3.77% | |||
Bulk Nordic Oshima Ltd, Amended and Restated Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 13,129,295 | 13,504,295 | ||
Bulk Nordic Oasis Ltd. Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 15,125,000 | 15,500,000 | ||
Bulk Nordic Six Ltd. - Tranche A | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 13,033,330 | 13,299,997 | ||
Bulk Nordic Six Ltd. - Tranche B | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 2,785,000 | 2,850,000 | ||
Bulk Pride - Tranche C | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 6,025,000 | 6,300,000 | ||
Bulk Independence - Tranche E | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 13,250,000 | 13,500,000 | ||
Bulk Freedom Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 3,650,000 | 3,800,000 | ||
Interest rate, stated percentage | 4.49% | |||
109 Long Wharf Commercial Term Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 675,866 | $ 703,266 | ||
Interest rate, stated percentage | 3.69% | |||
Secured Debt | Bulk Nordic Oshima Ltd, Amended and Restated Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 3.13938% | |||
Secured Debt | Bulk Nordic Oasis Ltd. Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 4.30% | |||
Period one | Tranche A | Secured Debt | Bulk Nordic Six Ltd. - Tranche A | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 3.69% | |||
Period one | Tranche B | Secured Debt | Bulk Nordic Six Ltd. - Tranche A | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 3.65% | |||
Period one | Tranche C | Secured Debt | Bulk Pride - Tranche C | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 4.69% | |||
Period one | Tranche E | Secured Debt | Bulk Independence - Tranche E | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 3.48% | |||
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] | ||||
Interest rate, stated percentage | 4.24% | |||
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] | ||||
Interest rate, stated percentage | 4.16% | |||
Interest rate, portion fixed | 50.00% | |||
London Interbank Offered Rate (LIBOR) | Bulk Nordic Odyssey Ltd, Bulk Nordic Orion Ltd, Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.40% | |||
London Interbank Offered Rate (LIBOR) | Bulk Nordic Oshima Ltd, Amended and Restated Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.30% |
Derivative Instruments and Fa_3
Derivative Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Unrealized loss (gain) on derivative instruments | $ 2,917,094 | $ (2,289,786) | ||
Purchase of derivative instrument | 628,000 | 0 | ||
Freight forward agreements | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative gain (loss) | 14,000 | 440,000 | ||
Fuel swaps | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative gain (loss) | (2,551,000) | $ 2,729,000 | ||
Recurring | Freight forward agreements | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Fair value, net assets (liabilities) | (135,630) | $ (149,760) | ||
Recurring | Fuel swaps | Fuel | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Fair value, net assets (liabilities) | (2,873,625) | (322,313) | ||
Level 2 | Recurring | Freight forward agreements | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Fair value, net assets (liabilities) | (135,630) | (149,760) | ||
Level 2 | Recurring | Fuel swaps | Fuel | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Fair value, net assets (liabilities) | (2,873,625) | $ (322,313) | ||
Interest Rate Cap | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Unrealized loss (gain) on derivative instruments | $ 379,910 | |||
Purchase of derivative instrument | $ 628,000 |
Derivative Instruments and Fa_4
Derivative Instruments and Fair Value Measurements - Schedule of Derivative Instruments (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Interest rate cap contract - 1 | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Strike | 3.25% | |
Fair Value | $ 53,970 | $ 0 |
Notional Amount | $ 5,742,750 | 0 |
Interest rate cap contract - 2 | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Strike | 3.25% | |
Fair Value | $ 56,132 | 0 |
Notional Amount | $ 5,742,750 | 0 |
Interest rate cap contract - 3 | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Strike | 3.25% | |
Fair Value | $ 68,994 | 0 |
Notional Amount | $ 5,654,336 | 0 |
Interest rate cap contract - 4 | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Strike | 3.25% | |
Fair Value | $ 68,994 | 0 |
Notional Amount | $ 5,654,336 | $ 0 |
Derivative Instruments and Fa_5
Derivative Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - Recurring - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Margin accounts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | $ 2,383,275 | $ 269,379 |
Fuel swaps | Fuel | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | (2,873,625) | (322,313) |
Freight forward agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | (135,630) | (149,760) |
Interest Rate Cap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 248,090 | |
Level 1 | Margin accounts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | 2,383,275 | 269,379 |
Level 1 | Fuel swaps | Fuel | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | 0 | 0 |
Level 1 | Freight forward agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | 0 | 0 |
Level 2 | Margin accounts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | 0 | 0 |
Level 2 | Fuel swaps | Fuel | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | (2,873,625) | (322,313) |
Level 2 | Freight forward agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | (135,630) | (149,760) |
Level 2 | Interest Rate Cap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 248,090 | |
Level 3 | Margin accounts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | 0 | 0 |
Level 3 | Fuel swaps | Fuel | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | 0 | 0 |
Level 3 | Freight forward agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | 0 | $ 0 |
Level 3 | Interest Rate Cap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 0 |
Related Party Transactions - Am
Related Party Transactions - Amounts and Notes Payable to Related Parties (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Schedule of Related Party Payables | |
Beginning balance | $ 332,987 |
Ending balance | 242,852 |
Included in current related party debt on the consolidated balance sheets | |
Schedule of Related Party Payables | |
Beginning balance | 332,987 |
Activity | (90,135) |
Ending balance | $ 242,852 |
Trade receivables due from King George Slag | Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively | |
Related Party Transaction [Line Items] | |
Ownership percentage | 25.00% |
Schedule of Related Party Payables | |
Beginning balance | $ 457,629 |
Activity | 0 |
Ending balance | 457,629 |
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 | 5,679,768 |
Activity | 744,554 |
Ending balance | 6,424,322 |
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 | 332,987 |
Activity | (90,135) |
Ending balance | $ 242,852 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Due to related parties, current | $ 242,852 | $ 332,987 | |
Technical management fees | 707,400 | $ 716,400 | |
Related party debt current | |||
Related Party Transaction [Line Items] | |||
Due to related parties, current | 242,852 | 332,987 | |
Accounts payable and accrued liabilities | Affiliated Companies | |||
Related Party Transaction [Line Items] | |||
Due to related parties, current | $ 6,424,322 | $ 5,679,768 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Dividends (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Dividends Payable [Roll Forward] | |
Beginning balance | $ 631,961 |
Payments | (478,359) |
Ending balance | $ 153,602 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jan. 31, 2020USD ($) | Sep. 30, 2019USD ($)contractvessel | Feb. 28, 2019USD ($) | Mar. 31, 2020USD ($)vessel | Mar. 31, 2019USD ($) | Sep. 30, 2019USD ($)contractvessel | Dec. 31, 2018 | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | |
Commitments and Contingencies [Line Items] | |||||||||
Number of dry bulk vessels financed under finance leases | vessel | 4 | 3 | 4 | ||||||
Payment for purchase of vessels | $ 283,446 | $ 11,426,174 | |||||||
Investment in newbuildings in-process | $ 15,390,634 | $ 15,357,189 | |||||||
Remainder of lease term after introductory period | 3 years | ||||||||
Noncancelable period | 6 months | ||||||||
Sale of vessel, selling price | $ 32,000,000 | ||||||||
Sale price at fair market value at closing, percentage | 0.85 | ||||||||
Vessel charter period obligation | 15 years | ||||||||
Purchase obligation | $ 2,500,000 | ||||||||
Time charter, term to completion | 31 days | 15 years | |||||||
Lease expense | $ 52,000 | $ 52,000 | |||||||
m/v Bulk Destiny | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Sale leaseback transaction, proceeds | 21,000,000 | ||||||||
Capital leased assets, gross | $ 24,000,000 | ||||||||
Useful life | 25 years | ||||||||
Lease terms | Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term | ||||||||
Periodic payment terms, balloon payment to be paid | $ 11,200,000 | ||||||||
Basis spread on variable rate | 2.75% | ||||||||
Interest rate, effective percentage | 4.65% | ||||||||
Term of contract | 7 years | ||||||||
m/v Bulk Beothuk | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Capital leased assets, gross | $ 7,000,000 | ||||||||
Lease terms | The lease is payable at $3,500 per day every fifteen days over the five year lease term | ||||||||
Periodic payment terms, balloon payment to be paid | $ 4,000,000 | ||||||||
Lease payable | $ 3,500 | ||||||||
Interest rate, stated percentage | 11.83% | ||||||||
Repayments lease obligation | $ 5,500,000 | ||||||||
Term of contract | 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 | 3.15% | ||||||||
Term of contract | 8 years | ||||||||
m/v Bulk PODS | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Sale leaseback transaction, proceeds | $ 14,750,000 | ||||||||
Interest rate, effective percentage | 2.90% | ||||||||
Term of contract | 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 | ||||||||
m/v BULK FRIENDSHIP | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Payment for purchase of vessels | $ 14,100,000 | ||||||||
Interest for first five years | 5.29% | ||||||||
Purchase options, vessel | $ 7,780,000 | ||||||||
dwt Dry Bulk | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Number of vessel newbuilding contracts | contract | 2 | 2 | |||||||
Number of vessels | vessel | 4 | 4 | |||||||
Percentage of payment, second installment due | 0.20 | 0.20 | |||||||
Singapore | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Operating lease, weighted average remaining lease term | 9 months | ||||||||
Minimum | dwt Dry Bulk | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Payment for purchase of vessels | $ 37,700,000 | ||||||||
Maximum | dwt Dry Bulk | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Payment for purchase of vessels | $ 38,300,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments Under Finance Leases (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
2020 | $ 7,472,176 | |
2021 | 9,774,982 | |
2022 | 9,608,224 | |
2023 | 9,440,933 | |
2024 | 26,166,010 | |
Thereafter | 13,051,955 | |
Total minimum lease payments | 75,514,280 | |
Less imputed interest | 12,843,175 | |
Present value of minimum lease payments | 62,671,105 | |
Less current portion | 6,902,370 | $ 12,549,208 |
Long-term portion | $ 55,768,735 | $ 57,498,217 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2021 | Dec. 31, 2019USD ($) | Sep. 30, 2019vessel | |
Variable Interest Entity [Line Items] | |||||
Number of newbuild ice class post panamax vessels | vessel | 4 | ||||
Other liabilities, noncurrent | $ 5,052,984 | $ 4,828,364 | |||
Earnings attributable to non-controlling interest recorded as interest expense | (27,643) | $ 0 | |||
Nordic Bulk Partners LLC. | |||||
Variable Interest Entity [Line Items] | |||||
Ownership percentage | 75.00% | ||||
Third-Party | Nordic Bulk Partners LLC. | |||||
Variable Interest Entity [Line Items] | |||||
Ownership percentage | 25.00% | ||||
Forecast | Third-Party | Nordic Bulk Partners LLC. | |||||
Variable Interest Entity [Line Items] | |||||
Ownership percentage | 50.00% | ||||
Maximum | |||||
Variable Interest Entity [Line Items] | |||||
Put/call option | 4,000,000 | ||||
Minimum | |||||
Variable Interest Entity [Line Items] | |||||
Put/call option | $ 3,700,000 |