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Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt consists of the following: 
September 30, 2020December 31, 2019
Interest Rate (%) (1)
Maturity Date
(unaudited)
Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Loan Agreement (2)
26,216,300 28,466,300 4.06 %January 2022
Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. Loan Agreement (2) (3)
10,604,406 12,854,405 2.63 %December 2020
Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) (4)
12,379,295 13,504,295 2.48 %September 2021
Bulk Nordic Oasis Ltd. Loan Agreement14,375,000 15,500,000 4.30 %December 2021
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (5)
Bulk Nordic Six Ltd. - Tranche A12,499,996 13,299,997 3.69 %May 2024
Bulk Nordic Six Ltd. - Tranche B2,655,000 2,850,000 2.01 %May 2024
Bulk Pride - Tranche C5,475,000 6,300,000 4.69 %May 2024
Bulk Independence - Tranche E12,750,000 13,500,000 2.84 %May 2024
Bulk Freedom Loan Agreement3,350,000 3,800,000 4.06 %June 2022
109 Long Wharf Commercial Term Loan621,066 703,266 3.69 %April 2026
Total$100,926,063 $110,778,263 
Less: unamortized bank fees(3,792,765)(4,137,872)
$97,133,298 $106,640,391 
Less: current portion(31,619,969)(22,990,674)
Secured long-term debt, net$65,513,329 $83,649,717 

(1)As of September 30, 2020.
(2)The borrower under this facility is NBHC. The Company has two-third's ownership interest and STST has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets.
(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%. In September 2020, the lender agreed to an extension of maturity date to December 31, 2020. The Company made its regularly scheduled quarterly principal of $750,000 and accrued interest payment on September 25, 2020. The remaining $10.6 million balloon payment is due on December 31, 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.
Schedule of Maturities of Long-term Debt
The future minimum annual payments under the debt agreements are as follows:
Years ending December 31,
(unaudited)
2020 (remainder of the year)$13,138,473 
202133,140,563 
202228,602,568 
20233,536,268 
202422,352,925 
Thereafter155,266 
$100,926,063