Fixed Assets (Tables)

6 Months Ended

Jun. 30, 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:


	June 30,		December 31,
	2020		2019
Owned vessels	(unaudited)
m/v BULK PANGAEA	$	14,312,159	$	14,988,076
m/v BULK NEWPORT	12,470,458		12,975,767
m/v NORDIC ODYSSEY ⁽³⁾	22,232,766		22,897,029
m/v NORDIC ORION ⁽³⁾	23,100,663		23,688,812
m/v NORDIC OSHIMA ⁽³⁾	27,646,301		28,325,078
m/v NORDIC ODIN ⁽³⁾	28,060,270		28,094,764
m/v NORDIC OLYMPIC ⁽³⁾	27,983,056		27,931,771
m/v NORDIC OASIS ⁽³⁾	28,609,980		29,190,935
m/v BULK ENDURANCE	24,531,184		25,037,775
m/v BULK FREEDOM	9,806,141		8,269,777
m/v BULK PRIDE	13,028,499		12,996,311
m/v BULK SPIRIT	12,896,925		12,867,060
m/v BULK INDEPENDENCE	14,138,559		14,000,946
m/v BULK FRIENDSHIP	13,741,877		14,052,500

MISS NORA G PEARL ⁽⁴⁾	3,385,815		3,609,851
	275,944,653		278,926,452
Other fixed assets, net	2,438,406		2,548,405
Total fixed assets, net	$	278,383,059	$	281,474,857

Right of Use Assets
m/v BULK DESTINY	$	21,060,499	$	21,484,733
m/v BULK BEOTHUK ^{(1) (2)}	—		6,589,537
m/v BULK TRIDENT	11,802,319		12,095,727
m/v BULK PODS	$	13,397,164	13,445,308
	$	46,259,982	$	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.

⁽²⁾ On June 29, 2020, the Company entered into a memorandum of agreement to sell the Bulk Beothuk, a 2002-built Supramax vessel, to a third party for $4.6 million less a broker commission payable to a third party. The vessel assets were classified as held for sale in the Consolidated Balance Sheet as of June 30, 2020.

⁽³⁾ Vessels are owned by Nordic Bulk Holding Company Ltd. (“NBHC”), a consolidated joint venture which the Company has one-third of ownership.

⁽⁴⁾ Venture Barge is owned by a 50% owned consolidated subsidiary.