QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated Filer | ☐ | ☒ | ||||||||||||
Non-accelerated Filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||
PART I | FINANCIAL INFORMATION | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Signatures |
June 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable (net of allowance of $ | |||||||||||
Bunker inventory | |||||||||||
Advance hire, prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Fixed assets, net | |||||||||||
Advances for vessel purchases | |||||||||||
Finance lease right of use assets, net | |||||||||||
Other non-current Assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and stockholders' equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable, accrued expenses and other current liabilities | $ | $ | |||||||||
Related party debt | |||||||||||
Deferred revenue | |||||||||||
Current portion of secured long-term debt | |||||||||||
Current portion of finance lease liabilities | |||||||||||
Dividend payable | |||||||||||
Total current liabilities | |||||||||||
Secured long-term debt, net | |||||||||||
Finance lease liabilities, net | |||||||||||
Long-term liabilities - other - Note 8 | |||||||||||
Commitments and contingencies - Note 7 | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Total Pangaea Logistics Solutions Ltd. equity | |||||||||||
Non-controlling interests | |||||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Voyage revenue | $ | $ | $ | $ | |||||||||||||||||||
Charter revenue | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Voyage expense | |||||||||||||||||||||||
Charter hire expense | |||||||||||||||||||||||
Vessel operating expense | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Loss on impairment of vessels | |||||||||||||||||||||||
Loss on sale of vessels | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income attributable to Non-controlling interest recorded as long-term liability interest expense | ( | ( | ( | ( | |||||||||||||||||||
Unrealized (loss) gain on derivative instruments, net | ( | ||||||||||||||||||||||
Other income (loss) | ( | ||||||||||||||||||||||
Total other (expense) income, net | ( | ( | |||||||||||||||||||||
Net income | |||||||||||||||||||||||
Income attributable to non-controlling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to Pangaea Logistics Solutions Ltd. | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares used to compute earnings per common share: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Common Stock | Additional Paid-in Capital | Retained Earnings | Total Pangaea Logistics Solutions Ltd. Equity | Non-Controlling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Common Stock Dividend | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Distribution to Non-Controlling Interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Issuance of restricted shares, net of forfeitures | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||
Common Stock Dividend | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Total Pangaea Logistics Solutions Ltd. Equity | Non-Controlling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuance of restricted shares, net of forfeitures | ( | — | — | ||||||||||||||||||||||||||||||||||||||
Distribution to Non-Controlling Interests | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
Common Stock Dividend | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuance of restricted shares, net of forfeitures | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||
Distribution to Non-Controlling Interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Common Stock Dividend | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operations: | |||||||||||
Depreciation and amortization expense | |||||||||||
Amortization of deferred financing costs | |||||||||||
Amortization of prepaid rent | |||||||||||
Unrealized gain on derivative instruments | ( | ( | |||||||||
Income from equity method investee | ( | ( | |||||||||
Earnings attributable to non-controlling interest recorded as other long term liability | |||||||||||
Provision for doubtful accounts | |||||||||||
Loss on impairment of vessels | |||||||||||
Loss on sale of vessel | |||||||||||
Drydocking costs | ( | ( | |||||||||
Share-based compensation | |||||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Bunker inventory | ( | ( | |||||||||
Advance hire, prepaid expenses and other current assets | ( | ||||||||||
Accounts payable, accrued expenses and other current liabilities | |||||||||||
Deferred revenue | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Purchase of vessels and vessel improvements | ( | ( | |||||||||
Purchase of fixed assets and equipment | ( | ( | |||||||||
Proceeds from sale of vessels | |||||||||||
Contributions to non-consolidated subsidiaries | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Proceeds from long-term debt | |||||||||||
Payments of financing fees and debt issuance costs | ( | ( | |||||||||
Payments of long-term debt | ( | ( | |||||||||
Proceeds from finance leases | |||||||||||
Payments of finance lease obligations | ( | ( | |||||||||
Dividends paid to non-controlling interests | ( | ( | |||||||||
Accrued common stock dividends paid | ( | ( | |||||||||
Cash paid for incentive compensation shares relinquished | ( | ( | |||||||||
Contributions from non-controlling interest recorded as long-term liability | |||||||||||
Payments to non-controlling interest recorded as long-term liability | ( | ||||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
Money market accounts – cash equivalents | $ | $ | |||||||||
Cash (1) | |||||||||||
Total cash and cash equivalents | $ | $ | |||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
(unaudited) | ||||||||||||||
Advance hire | $ | $ | ||||||||||||
Prepaid expenses | ||||||||||||||
Accrued receivables | ||||||||||||||
Margin deposit | ( | |||||||||||||
Derivative assets | ||||||||||||||
Other current assets | ||||||||||||||
$ | $ |
June 30, 2022 | December 31, 2021 | |||||||||||||
Name | (unaudited) | |||||||||||||
Investment in Seamar Management | $ | $ | ||||||||||||
Investment in Pangaea Logistics Solutions (US) LLC | ||||||||||||||
Investment in Bay Stevedoring LLC | ||||||||||||||
$ | $ |
June 30, 2022 | December 31, 2021 | |||||||||||||
(unaudited) | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued expenses | ||||||||||||||
Bunkers supplies | ||||||||||||||
Note Payable - Note 8 | ||||||||||||||
Other accrued liabilities | ||||||||||||||
$ | $ |
June 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(unaudited) | |||||||||||
m/v NORDIC ODYSSEY (1) | $ | $ | |||||||||
m/v NORDIC ORION (1) | |||||||||||
m/v NORDIC OSHIMA (1) | |||||||||||
m/v NORDIC OLYMPIC (1) | |||||||||||
m/v NORDIC ODIN (1) | |||||||||||
m/v NORDIC OASIS (1) | |||||||||||
m/v NORDIC NULUUJAAK (2) (5) | |||||||||||
m/v NORDIC QINNGUA (2) (5) | |||||||||||
m/v NORDIC SANNGIJUQ (2) (5) | |||||||||||
m/v NORDIC SIKU(2) (5) | |||||||||||
m/v BULK ENDURANCE | |||||||||||
m/v BULK COURAGEOUS (5) | |||||||||||
m/v BULK CONCORD (5) | — | ||||||||||
m/v BULK NEWPORT | |||||||||||
m/v BULK FREEDOM | |||||||||||
m/v BULK PRIDE | |||||||||||
m/v BULK SPIRIT (5) | |||||||||||
m/v BULK INDEPENDENCE | |||||||||||
m/v BULK FRIENDSHIP (5) | |||||||||||
m/v BULK VALOR | |||||||||||
m/v BULK PROMISE | |||||||||||
m/v BULK PANGAEA (3) | — | ||||||||||
MISS NORA G PEARL (4) | |||||||||||
Other fixed assets, net | |||||||||||
Total fixed assets, net | $ | $ | |||||||||
Right of Use Assets (5) | |||||||||||
m/v BULK XAYMACA | $ | $ | |||||||||
m/v BULK DESTINY | |||||||||||
m/v BULK TRIDENT | |||||||||||
$ | $ |
June 30, 2022 | December 31, 2021 | Interest Rate (%) (1) | Maturity Date | |||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3) | % | December 2027 | ||||||||||||||||||||||||
Bulk Nordic Oshima (MI) Corp., Bulk Nordic Odin (MI) Corp., Bulk Nordic Olympic (MI) Corp., Bulk Nordic Oasis (MI) Corp. Secured Term Loan Facility (2) (3) | % | June 2027 | ||||||||||||||||||||||||
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (4) | ||||||||||||||||||||||||||
Bulk Nordic Six Ltd. - Tranche A (2) | % | May 2024 | ||||||||||||||||||||||||
Bulk Nordic Six Ltd. - Tranche B | % | May 2024 | ||||||||||||||||||||||||
Bulk Pride - Tranche C (2) | % | May 2024 | ||||||||||||||||||||||||
Bulk Independence - Tranche E (2) | % | May 2024 | ||||||||||||||||||||||||
Bulk Freedom Loan Agreement | % | June 2022 | ||||||||||||||||||||||||
Bulk Valor Corp. Loan and Security Agreement (2) | % | June 2028 | ||||||||||||||||||||||||
Bulk Promise Corp. (5) | 11,761,778 | 12,453,926 | 3.34 | % | October 2027 | |||||||||||||||||||||
109 Long Wharf Commercial Term Loan | % | April 2026 | ||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||
Less: unamortized issuance costs, net | ( | ( | ||||||||||||||||||||||||
$ | $ | |||||||||||||||||||||||||
Less: current portion | ( | ( | ||||||||||||||||||||||||
Secured long-term debt, net | $ | $ |
Years ending December 31, | ||||||||
(unaudited) | ||||||||
2022 (remainder of the year) | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
$ | 113,967,003 |
Asset Derivative | ||||||||||||||||||||
Derivative instruments | Balance Sheet Location | 06/30/2022 | 12/31/2021 | |||||||||||||||||
Margin accounts (1) | Other current assets | $ | ( | $ | ||||||||||||||||
Forward freight agreements (2) | Other current assets | $ | $ | |||||||||||||||||
Fuel swap contracts (2) | Other current assets | $ | $ | |||||||||||||||||
Interest rate cap (2) | Other current assets | $ | $ |
Unrealized gain (loss) on derivative instruments | ||||||||||||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||||||||||||
Derivative instruments | 06/30/2022 | 6/30/2021 | 06/30/2022 | 6/30/2021 | ||||||||||||||||||||||
Forward freight agreements | $ | ( | $ | $ | $ | |||||||||||||||||||||
Fuel Swap Contracts | ( | $ | $ | |||||||||||||||||||||||
Interest rate cap | ( | $ | $ | |||||||||||||||||||||||
Total Gain | $ | ( | $ | $ | $ |
December 31, 2021 | Activity | June 30, 2022 | |||||||||||||||
(unaudited) | |||||||||||||||||
Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: | |||||||||||||||||
Affiliated companies (trade payables) (i) | $ | $ | |||||||||||||||
Commissions payable (trade payables) (ii) | $ | $ | |||||||||||||||
Included in current related party debt on the consolidated balance sheets: | |||||||||||||||||
Interest payable - 2011 Founders Note | ( | ||||||||||||||||
Total current related party debt | $ | $ | ( | $ |
Year ending December 31, | Amount | ||||
2022 (remainder of the year) | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total minimum lease payments | $ | ||||
Less imputed interest | |||||
Present value of minimum lease payments | |||||
Less current portion | ( | ||||
Less issuance costs | ( | ||||
Long-term portion | $ |
(Dollars in thousands, figures may not foot due to rounding) | 06/30/2022 | 12/31/2021 | ||||||||||||
Beginning Balance | $ | $ | ||||||||||||
Payments to non-controlling interest recorded as long-term liability | — | ( | ||||||||||||
Contributions from non-controlling interests | — | |||||||||||||
Earnings attributable to non-controlling interest recorded as other long term liability | ||||||||||||||
Reclassification of deferred consideration related to acquisition of non-controlling interest to other current liabilities | ( | — | ||||||||||||
Payments on other long-term liability | — | ( | ||||||||||||
Ending balance | $ | $ |
(in thousands, except for shipping days data and per share data) (figures may not foot due to rounding) | For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Selected Financial Data | Unaudited | Unaudited | ||||||||||||||||||||||||
Voyage revenue | $ | 173,189 | $ | 117,395 | $ | 349,526 | $ | 225,626 | ||||||||||||||||||
Charter revenue | 22,355 | 28,149 | 37,781 | 44,891 | ||||||||||||||||||||||
Total revenue | 195,544 | 145,544 | 387,306 | 270,517 | ||||||||||||||||||||||
Voyage expense | 67,908 | 46,113 | 133,158 | 93,952 | ||||||||||||||||||||||
Charter hire expense | 65,713 | 62,604 | 143,425 | 116,239 | ||||||||||||||||||||||
Vessel operating expenses | 12,930 | 9,773 | 26,118 | 18,268 | ||||||||||||||||||||||
Total cost of transportation and service revenue | 146,551 | 118,490 | 302,700 | 228,459 | ||||||||||||||||||||||
Vessel depreciation and amortization | 7,293 | 4,850 | 14,595 | 9,200 | ||||||||||||||||||||||
Gross Profit | 41,700 | 22,204 | 70,011 | 32,857 | ||||||||||||||||||||||
Other operating expenses | 5,156 | 6,048 | 10,419 | 10,322 | ||||||||||||||||||||||
Loss on impairment of vessels | — | — | 3,008 | — | ||||||||||||||||||||||
Loss on sale of vessels | 318 | — | 318 | — | ||||||||||||||||||||||
Income from operations | 36,245 | 16,156 | 56,266 | 22,535 | ||||||||||||||||||||||
Total other (expense) income, net | (8,758) | 3,421 | (6,332) | 3,549 | ||||||||||||||||||||||
Net income | 27,487 | 19,577 | 49,935 | 26,084 | ||||||||||||||||||||||
Income attributable to non-controlling interests | (2,454) | (350) | (4,734) | (1,003) | ||||||||||||||||||||||
Net income attributable to Pangaea Logistics Solutions Ltd. | $ | 25,032 | $ | 19,227 | $ | 45,200 | $ | 25,081 | ||||||||||||||||||
Net income from continuing operations per common share information | ||||||||||||||||||||||||||
Basic net income per share | $ | 0.56 | $ | 0.44 | $ | 1.02 | $ | 0.57 | ||||||||||||||||||
Diluted net income per share | $ | 0.56 | $ | 0.43 | $ | 1.00 | $ | 0.56 | ||||||||||||||||||
Weighted-average common shares Outstanding - basic | 44,430 | 43,998 | 44,411 | 43,990 | ||||||||||||||||||||||
Weighted-average common shares Outstanding - diluted | 45,071 | 44,689 | 45,129 | 44,731 | ||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 44,248 | $ | 21,360 | $ | 75,544 | $ | 33,440 | ||||||||||||||||||
Shipping Days (2) | ||||||||||||||||||||||||||
Voyage days | 3,963 | 3,431 | 8,139 | 7,059 | ||||||||||||||||||||||
Time charter days | 740 | 1,292 | 1,343 | 2,332 | ||||||||||||||||||||||
Total shipping days | 4,703 | 4,723 | 9,482 | 9,391 | ||||||||||||||||||||||
TCE Rates ($/day) | $ | 27,139 | $ | 21,053 | 26,803 | $ | 18,802 |
June 30, 2022 | December 31, 2021 | |||||||||||||
Selected Data from the Consolidated Balance Sheets | ||||||||||||||
Cash and cash equivalents | $ | 102,175 | $ | 56,209 | ||||||||||
Total assets | $ | 754,624 | $ | 707,024 | ||||||||||
Total secured debt, including finance leases liabilities | $ | 305,071 | $ | 306,719 | ||||||||||
Total shareholders' equity | $ | 340,854 | $ | 300,681 | ||||||||||
For the six months ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Selected Data from the Consolidated Statements of Cash Flows | ||||||||||||||
Net cash provided by operating activities | $ | 69,225 | $ | 19,534 | ||||||||||
Net cash used in investing activities | $ | (10,192) | $ | (108,652) | ||||||||||
Net cash (used in) provided by financing activities | $ | (13,067) | $ | 81,336 |
(in thousands, figures may not foot due to rounding) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net Transportation and Service Revenue (3) | ||||||||||||||||||||||||||
Gross Profit (4) | $ | 41,700 | $ | 22,204 | $ | 70,011 | $ | 32,857 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Vessel Depreciation and Amortization | 7,293 | 4,850 | 14,595 | 9,200 | ||||||||||||||||||||||
Net transportation and service revenue | $ | 48,993 | $ | 27,055 | $ | 84,606 | $ | 42,057 | ||||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||||||||||
Net Income | $ | 27,487 | $ | 19,577 | $ | 49,935 | $ | 26,084 | ||||||||||||||||||
Interest expense, net | 5,337 | 2,800 | 10,549 | 5,028 | ||||||||||||||||||||||
Depreciation and amortization | 7,293 | 4,869 | 14,595 | 9,288 | ||||||||||||||||||||||
EBITDA | $ | 40,118 | $ | 27,246 | $ | 75,078 | $ | 40,400 | ||||||||||||||||||
Non-GAAP Adjustments | ||||||||||||||||||||||||||
Loss on impairment of vessels | — | — | 3,008 | — | ||||||||||||||||||||||
Loss on sale of vessels | 318 | — | 318 | — | ||||||||||||||||||||||
Share-based compensation | 311 | 418 | 1,139 | 1,366 | ||||||||||||||||||||||
Unrealized loss (gain) on derivative instruments, net | 3,502 | (6,304) | (3,999) | (8,326) | ||||||||||||||||||||||
Adjusted EBITDA | $ | 44,248 | $ | 21,360 | $ | 75,544 | $ | 33,440 | ||||||||||||||||||
Exhibit No. | Description | ||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
EX-101.INS | XBRL Instance Document | ||||
EX-101.SCH | XBRL Taxonomy Extension Schema | ||||
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase | ||||
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | ||||
EX-101.LAB | XBRL Taxonomy Extension Label Linkbase | ||||
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase | ||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
PANGAEA LOGISTICS SOLUTIONS LTD. | ||||||||
By: | /s/ Mark L. Filanowski | |||||||
Mark L. Filanowski | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
By: | /s/ Gianni Del Signore | |||||||
Gianni Del Signore | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
1 | I have reviewed this quarterly report on Form 10-Q of Pangaea Logistics Solutions Ltd.; |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5 | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 9, 2022 | /s/ Mark L. Filanowski | ||||||
Mark L. Filanowski | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
1 | I have reviewed this quarterly report on Form 10-Q of Pangaea Logistics Solutions Ltd.; |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5 | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | 8/9/2022 | /s/ Gianni Del Signore | ||||||
Gianni Del Signore | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | 8/9/2022 | /s/ Mark L. Filanowski | ||||||
Mark L. Filanowski | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | August 9, 2022 | /s/ Gianni Del Signore | ||||||
Gianni Del Signore | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Consolidated Balance Sheets (Parenthetical) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
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Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 2,509,255 | $ 1,990,459 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares Issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 46,006,182 | 45,617,840 |
Common stock, shares outstanding (in shares) | 46,006,182 | 45,617,840 |
Consolidated Statements of Income - USD ($) |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Revenues: | ||||
Revenue | $ 195,543,956 | $ 145,544,365 | $ 387,306,359 | $ 270,516,892 |
Expenses: | ||||
Voyage expense | 67,907,824 | 46,112,779 | 133,158,291 | 93,951,636 |
Charter hire expense | 65,713,016 | 62,604,014 | 143,424,623 | 116,239,356 |
Vessel operating expense | 12,929,700 | 9,772,966 | 26,117,533 | 18,268,469 |
General and administrative | 5,137,387 | 6,029,793 | 10,418,775 | 10,234,691 |
Depreciation and amortization | 7,293,433 | 4,868,730 | 14,594,852 | 9,287,824 |
Loss on impairment of vessels | 0 | 0 | 3,007,809 | 0 |
Loss on sale of vessels | 318,032 | 0 | 318,032 | 0 |
Total expenses | 159,299,392 | 129,388,282 | 331,039,915 | 247,981,976 |
Income from operations | 36,244,564 | 16,156,083 | 56,266,444 | 22,534,916 |
Other income (expense): | ||||
Interest expense, net | (3,634,732) | (2,621,110) | (7,005,905) | (4,577,916) |
Income attributable to Non-controlling interest recorded as long-term liability interest expense | (1,702,674) | (179,080) | (3,543,007) | (449,745) |
Unrealized (loss) gain on derivative instruments, net | (3,501,649) | 6,303,776 | 3,998,665 | 8,326,148 |
Other income (loss) | 81,231 | (82,496) | 218,438 | 250,962 |
Total other (expense) income, net | (8,757,824) | 3,421,090 | (6,331,809) | 3,549,449 |
Net income | 27,486,740 | 19,577,173 | 49,934,635 | 26,084,365 |
Income attributable to non-controlling interests | (2,454,307) | (349,898) | (4,734,237) | (1,002,919) |
Net income attributable to Pangaea Logistics Solutions Ltd. | $ 25,032,433 | $ 19,227,275 | $ 45,200,398 | $ 25,081,446 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.56 | $ 0.44 | $ 1.02 | $ 0.57 |
Diluted (in dollars per share) | $ 0.56 | $ 0.43 | $ 1.00 | $ 0.56 |
Weighted average shares used to compute earnings per common share: | ||||
Basic (in shares) | 44,430,487 | 43,998,424 | 44,411,025 | 43,989,515 |
Diluted (in shares) | 45,070,533 | 44,688,602 | 45,129,077 | 44,731,058 |
Voyage revenue | ||||
Revenues: | ||||
Revenue | $ 173,189,073 | $ 117,395,377 | $ 349,525,824 | $ 225,625,680 |
Charter revenue | ||||
Revenues: | ||||
Revenue | $ 22,354,883 | $ 28,148,988 | $ 37,780,535 | $ 44,891,212 |
General Information and Recent Events |
6 Months Ended |
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Jun. 30, 2022 | |
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 June 30, 2022, the Company owns three Panamax, two Ultramax Ice Class 1C, one Ultramax and eight Supramax drybulk vessels. The Company owns two-thirds of Nordic Bulk Holding Company Ltd. ("NBHC") which owns a fleet of six Panamax Ice Class 1A drybulk vessels. The Company owns 50% of Nordic Bulk Partners LLC. ("NBP") which owns a fleet of four Post Panamax Ice Class 1A drybulk vessels. The Company also has a 50% interest in the owner of a deck barge.
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Basis of Presentation and Significant Accounting Policies |
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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, 2021. 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. The significant estimates and assumptions of the Company are residual value of vessels, the useful lives of vessels, the percentage completion of spot voyages and estimated losses on our trade receivables. Actual results could differ from those estimates. Reclassifications of Voyage revenue and Charter revenue have been made to prior periods to conform to current period presentation. Cash and cash equivalents Cash and cash equivalents include short-term deposits with an original maturity of less than three months. The following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows:
(1) Consists of cash deposits at various major banks. Advance hire, prepaid expenses and other current assets Advance hire, prepaid expenses and other current assets were comprised of the following:
Other non-current Assets Other non-current assets were comprised of the following:
Accounts payable, accrued expenses and other current liabilities Accounts payable, accrued expenses and other current liabilities were comprised of the following:
Leases Time charter in contracts The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. As allowed by a practical expedient under ASC 842, Leases ("ASC 842"), the Company made an accounting policy election by class of underlying asset for leases with a term of 12 months or less, to forego recognizing a right-of-use asset and lease liability on its balance sheet. For the quarter ending June 30, 2022, the Company did not have any time charter in contracts with terms greater than 12 months, as such charter hire expense presented on the consolidated statements of income are lease expenses for chartered in contracts less than 12 months. Time charter out contracts Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. The charterer has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. At June 30, 2022, the Company had one vessel chartered to a customer under a time charter that contained a lease. This one lease's duration was 28 days. At June 30, 2022, lease payments due under this arrangement totaled approximately $125,000 and the time charter was due to be completed in 4 days. At June 30, 2021, the Company had 15 vessels chartered to customers under time charters that contain leases. These 15 leases varied in original length from 24 days to 138 days. At June 30, 2021, lease payments due under these arrangements totaled approximately $8,648,000 and each of the time charters were due to be completed in 65 days or less. The Company does not have any sales-type or direct financing leases. Office leases The Company has two non-cancelable office and office equipment leases. The resulting lease assets and liabilities are not material. Revenue Recognition In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any delays that exceed the agreed to laytime at the ports visited, with the amounts recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime which is known as despatch and results in a reduction of revenue. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Company determined that its voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight-line basis over the voyage days from the commencement of the loading of cargo to completion of discharge. The voyage contracts are considered service contracts which fall under the provisions of ASC 606, Revenue from Contracts with Customers because the Company, as the shipowner, retains control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. During time charter agreements, the Company is paid to provide transportation services on a per day basis for a specified period of time. Revenues from time charters are earned and recognized on a straight-line basis over the term of the charter, the charterers have substantive decision-making rights to direct how and for what purpose the vessel is used. As such, the Company has identified that time charter agreements contain a lease in accordance with ASC 842. Revenue is not earned when vessels are offhire. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 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. 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 currently assessing the new guidance and its impact on its consolidated financial statements, and it intends to adopt the guidance when it becomes effective in the first quarter of 2023.
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Fixed Assets |
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Fixed Assets | FIXED ASSETS At June 30, 2022, the Company owned twenty-four dry bulk vessels including eight financed under finance leases; and one barge. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows:
(1) Vessels are owned by NBHC, a consolidated joint venture in which the Company has a two-third ownership interest at June 30, 2022 and December 31, 2021, respectively. (2) Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at June 30, 2022 and December 31, 2021. (3) On April 20, 2022, the Company signed a memorandum of agreement to sell the m/v Bulk Pangaea for $8.6 million after brokerage commissions. The Company recorded an impairment charge of $3.0 million and a loss on sale of vessel of 0.3 million, and the vessel was delivered to the buyer on June 23, 2022. (4) Barge is owned by a 50% owned consolidated subsidiary. (5) Refer to Note 7, "Commitments and Contingencies," of our Financial Statements for additional information related to the vessels under finance lease. Long-lived Assets Impairment Considerations The Company evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets, which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, we perform an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. Our assessment is made at the asset group level, which represents the lowest level for which identifiable cash flows are largely independent of other groups of assets. The asset groups established by the Company are defined by vessel size and major characteristic or trade. During the first quarter of 2022, the Company determined that a triggering event occurred related to the sale of a vessel, as the carrying value exceeded its fair value. On April 20, 2022, the Company signed a memorandum of agreement to sell the m/v Bulk Pangaea for a total net consideration of $8.6 million after brokerage commissions. As a result, we recorded an impairment charge of $3.0 million in the first quarter of 2022. The Company concluded that no triggering event had occurred during the during the second quarter of 2022 which would require impairment testing. The Company determined there were no triggering events present during the six months ended June 30, 2021 which would require impairment testing.
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT Long-term debt consists of the following:
(1)As of June 30, 2022. (2)Interest rates on the loan facilities are fixed. (3)The borrower under this facility is NBHC. The Company has two-third's ownership interest and an independent third party has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (4)This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company. (5)This facility was fixed at 5.45% on July 15, 2022 through maturity. The future minimum annual payments under the debt agreements are as follows:
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 June 30, 2022 and December 31, 2021.
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Derivative Instruments and Fair Value Measurements |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Instruments and Fair Value Measurements | DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS Forward freight agreements The Company assesses risk associated with fluctuating future freight rates and, when appropriate, hedges identified economic risk with appropriate derivative instruments, specifically forward freight agreements (FFAs). These economic hedges do not usually qualify for hedge accounting under ASC 815 and as such, the usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. Fuel swap contracts The Company continuously monitors the market volatility associated with bunker prices and seeks to reduce the risk of such volatility through a bunker hedging program. The Company enters into fuel swap contracts that are not designated for hedge accounting under ASC 815 and as such, the usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. Interest rate cap The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract. The estimated fair values of the Company’s forward freight agreements and fuel swap contracts are based on market prices obtained from an independent third-party valuation specialist based on published indices. Such quotes represent the estimated amounts the Company would receive or pay to terminate the contracts. The interest rate caps contracts are valued using analysis obtained from independent third party valuation specialists based on market observable inputs, representing Level 2 assets. The following table summarizes assets and liabilities measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021:
(1) The fair value measurements were all categorized within Level 1 of the fair value hierarchy. (2) These fair value measurements were all categorized within Level 2 of the fair value hierarchy. The three levels of the fair value hierarchy established by ASC 820, Fair Value Measurements and Disclosures, in order of priority are as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 fair value measurements include cash, money-market accounts and restricted cash accounts. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). The following table presents the effect of our derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2022 and 2021:
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Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | RELATED PARTY TRANSACTIONS Amounts and notes payable to related parties consist of the following:
i.Seamar Management S.A. ("Seamar") ii.Phoenix Bulk Carriers (Brasil) Intermediacoes Maritimas Ltda. - a wholly-owned Company of a member of the Board of Directors Under the terms of a technical management agreement between the Company and Seamar Management S.A. (“Seamar”), an equity method investee, Seamar is responsible for the day-to-day operations for certain of the Company’s owned vessels. During the three months ended June 30, 2022 and 2021, the Company incurred technical management fees of approximately $815,400 and 682,800, respectively, under this arrangement. During the six months ended June 30, 2022 and 2021, the Company incurred technical management fees of approximately $1,597,000 and 1,276,800, respectively, under this arrangement. The Company paid cash dividends of $5.0 million to a non-controlling interest holder of NBHC during the six months ended June 30, 2022.
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Commitments and Contingencies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Bulk Destiny, Bulk Trident, Bulk Xaymaca, Bulk Spirit, Bulk Friendship, Bulk Courageous, Nordic Nuluujaak, Nordic Qinngua, Nordic Sanngiguq and Nordic Siku are classified as finance leases and the leases are secured by the assignment of earnings and insurances and by guarantees of the Company. Minimum lease payments under finance leases are recognized on a straight‑line basis over the term of the lease and the Company will own these vessels at the end of lease term. Refer to the Company's annual report Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 16, 2022 for additional information on these finance leases. Bulk Concord Bareboat Charter Agreement dated January 27, 2022 In February 2022, the Company acquired the m/v Bulk Concord for $19.9 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 4.67%. 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 seventh year at a fixed price of $3.0 million. This lease is secured by the assignment of earnings and insurances and by a guarantee of the Company. The following table provides details of the Company's future minimum lease payments under finance lease liabilities recorded on the Company's consolidated balance sheets as of June 30, 2022.
Other Long-Term Liabilities 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. In August 2021, the Company renewed its lease for a two year period. At June 30, 2022, the remaining lease term is fourteen months. For the three months ended June 30, 2022 and 2021, the Company recognized approximately $52,000 as lease expense for office leases in General and Administrative Expenses. For the six months ended June 30, 2022 and 2021, the Company recognized approximately $104,000 as lease expense for office leases in General and Administrative Expenses. 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.
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Other Long-Term Liabilities |
6 Months Ended |
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Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | OTHER LONG-TERM LIABILITIES In September 2019, the Company entered into an LLC agreement for the formation of NBP, that, at inception is owned 75% by the Company and 25% by an independent third party. NBP was established for the purpose of constructing and owning four new-build ice class post panamax vessels. The third party contributed additional funding which increased their ownership of NBP to 50% at the time of delivery of the new-build ice class post panamax vessels. The agreement contains both put and call option provisions. Accordingly, the Company may be obligated, pursuant to the put option, or entitled to, pursuant to the call option, to purchase the third party's interest in NBP beginning anytime after September 2026. The put option and call option are at fixed prices which are not significantly different from each other, starting at $4.0 million per vessel on the fourth anniversary from completion and delivery of each vessel and declining to $3.7 million per vessel on or after the seventh anniversary from completion and delivery of each vessel. If neither put nor call option is exercised, the Company is obligated to purchase the vessels from NBP at a fixed price. Pursuant to ASC 480, Distinguishing Liabilities from Equity, the Company has recorded the third party's interest in NBP as a Long term liabilities - Other. The Company took delivery of Nordic Nuluujaak, Nordic Qinngua, Nordic Sanngijuq and Nordic Siku in 2021. Earnings attributable to the third party’s interest in NBP are recorded in Income attributable to Non-controlling interest recorded as long-term liability. On September 28, 2020, the Company acquired an additional one-third equity interest in its partially-owned consolidated subsidiary NBHC from its shareholders for $22.5 million, including a $15.0 million cash payment upon closing and $7.5 million of deferred consideration, at three-month LIBOR plus 3.5%, in three equal installments of $2.5 million due on the first, second, and third anniversaries of September 28, 2020. The Company expects to pay off the note payable in September of 2022. The deferred consideration is recorded in "Other current liabilities" for $5.0 million plus accrued interest on the Company's Consolidated Balance Sheet as of June 30, 2022. NBHC will continue to be a consolidated entity in the Company’s consolidated financial statements pursuant to ASC 810-10. The portion of NBHC not owned by the Company will continue to be recognized as non-controlling interest in the Company’s consolidated financial statements.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On July 7, 2022, the Bulk Promise Corp term loan interest rate was fixed at 5.45% effective July 15, 2022 through maturity. On August 5, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.075 per common share, to be paid on September 15, 2022, to all shareholders of record as of September 1, 2022.
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Basis of Presentation and Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Pronouncements | Time charter in contracts The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. As allowed by a practical expedient under ASC 842, Leases ("ASC 842"), the Company made an accounting policy election by class of underlying asset for leases with a term of 12 months or less, to forego recognizing a right-of-use asset and lease liability on its balance sheet. For the quarter ending June 30, 2022, the Company did not have any time charter in contracts with terms greater than 12 months, as such charter hire expense presented on the consolidated statements of income are lease expenses for chartered in contracts less than 12 months. Time charter out contracts Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. The charterer has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. At June 30, 2022, the Company had one vessel chartered to a customer under a time charter that contained a lease. This one lease's duration was 28 days. At June 30, 2022, lease payments due under this arrangement totaled approximately $125,000 and the time charter was due to be completed in 4 days. At June 30, 2021, the Company had 15 vessels chartered to customers under time charters that contain leases. These 15 leases varied in original length from 24 days to 138 days. At June 30, 2021, lease payments due under these arrangements totaled approximately $8,648,000 and each of the time charters were due to be completed in 65 days or less. The Company does not have any sales-type or direct financing leases. Office leases The Company has two non-cancelable office and office equipment leases. The resulting lease assets and liabilities are not material. Revenue Recognition In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any delays that exceed the agreed to laytime at the ports visited, with the amounts recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime which is known as despatch and results in a reduction of revenue. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Company determined that its voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight-line basis over the voyage days from the commencement of the loading of cargo to completion of discharge. The voyage contracts are considered service contracts which fall under the provisions of ASC 606, Revenue from Contracts with Customers because the Company, as the shipowner, retains control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. During time charter agreements, the Company is paid to provide transportation services on a per day basis for a specified period of time. Revenues from time charters are earned and recognized on a straight-line basis over the term of the charter, the charterers have substantive decision-making rights to direct how and for what purpose the vessel is used. As such, the Company has identified that time charter agreements contain a lease in accordance with ASC 842. Revenue is not earned when vessels are offhire. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 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. 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 currently assessing the new guidance and its impact on its consolidated financial statements, and it intends to adopt the guidance when it becomes effective in the first quarter of 2023.
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Basis of Presentation and Significant Accounting Policies (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows:
(1) Consists of cash deposits at various major banks.
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | Advance hire, prepaid expenses and other current assets were comprised of the following:
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Schedule of Accounts Payable and Accrued Liabilities | Accounts payable, accrued expenses and other current liabilities were comprised of the following:
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Equity Method Investments | Other non-current assets were comprised of the following:
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Fixed Assets (Tables) |
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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:
(1) Vessels are owned by NBHC, a consolidated joint venture in which the Company has a two-third ownership interest at June 30, 2022 and December 31, 2021, respectively. (2) Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at June 30, 2022 and December 31, 2021. (3) On April 20, 2022, the Company signed a memorandum of agreement to sell the m/v Bulk Pangaea for $8.6 million after brokerage commissions. The Company recorded an impairment charge of $3.0 million and a loss on sale of vessel of 0.3 million, and the vessel was delivered to the buyer on June 23, 2022. (4) Barge is owned by a 50% owned consolidated subsidiary. (5) Refer to Note 7, "Commitments and Contingencies," of our Financial Statements for additional information related to the vessels under finance lease.
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Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt consists of the following:
(1)As of June 30, 2022. (2)Interest rates on the loan facilities are fixed. (3)The borrower under this facility is NBHC. The Company has two-third's ownership interest and an independent third party has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (4)This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company. (5)This facility was fixed at 5.45% on July 15, 2022 through maturity.
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Schedule of Maturities of Long-term Debt |
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Derivative Instruments and Fair Value Measurements (Tables) |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) | The following table presents the effect of our derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2022 and 2021:
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Related Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | Amounts and notes payable to related parties consist of the following:
i.Seamar Management S.A. ("Seamar") ii.Phoenix Bulk Carriers (Brasil) Intermediacoes Maritimas Ltda. - a wholly-owned Company of a member of the Board of Directors
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Leases | The following table provides details of the Company's future minimum lease payments under finance lease liabilities recorded on the Company's consolidated balance sheets as of June 30, 2022.
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Basis of Presentation and Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported (Details) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Money market accounts – cash equivalents | $ 42,754,278 | $ 35,193,025 |
Cash | 59,421,112 | 21,015,877 |
Total cash and cash equivalents | $ 102,175,390 | $ 56,208,902 |
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
numberOfVessel
lease
| |
Property, Plant and Equipment [Line Items] | |
Number of vessels chartered to customers | numberOfVessel | 1 |
Lease payments | $ | $ 125 |
Time charter, term to completion | 4 days |
Number of noncancelable office leases | lease | 2 |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Vessel lease term | 28 days |
Basis of Presentation and Significant Accounting Policies - Advance Hire, Prepaid Expenses and Other Current Assets (Details) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advance hire | $ 9,799,745 | $ 12,014,451 |
Prepaid expenses | 5,897,012 | 5,956,195 |
Accrued receivables | 12,356,868 | 17,009,957 |
Margin deposit | (25,652) | 5,464,379 |
Derivative assets | 7,884,772 | 3,886,107 |
Other current assets | 2,151,130 | 2,016,598 |
Advance hire, prepaid expenses and other current assets | $ 38,063,875 | $ 46,347,687 |
Basis of Presentation and Significant Accounting Policies - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts payable | $ 25,950,765 | $ 21,090,717 |
Accrued expenses | 21,541,388 | 16,254,253 |
Bunkers supplies | 12,343,555 | 9,260,262 |
Note Payable - Note 8 | 5,156,245 | 2,549,207 |
Accounts payable accrued expenses and other current liabilities | $ 65,304,630 | $ 49,154,439 |
Basis of Presentation and Significant Accounting - Other Non-current Assets (Details) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Investments and Other Noncurrent Assets | $ 4,198,766 | $ 3,961,823 |
Seamar Managements S.A. | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments and Other Noncurrent Assets | 756,230 | 428,572 |
Pangaea Logistics Solutions (US) LCC | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments and Other Noncurrent Assets | 435,775 | 507,270 |
Bay Stevedoring LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments and Other Noncurrent Assets | $ 3,006,761 | $ 3,025,981 |
Debt - Future Minimum Annual Payments (Details) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 (remainder of the year) | $ 6,432,998 | |
Long-Term Debt, Maturity, Year One | 12,940,758 | |
Long-Term Debt, Maturity, Year Two | 31,857,187 | |
Long-Term Debt, Maturity, Year Three | 9,718,626 | |
Long-Term Debt, Maturity, Year Four | 9,761,812 | |
Thereafter | 43,255,622 | |
Long-term Debt | $ 113,967,003 | $ 122,977,121 |
Derivative Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Unrealized gain on derivative instruments | $ 3,501,649 | $ (6,303,776) | $ (3,998,665) | $ (8,326,148) |
Interest rate cap | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Unrealized gain on derivative instruments | $ (330,175) | $ 287,839 | $ (2,047,801) | $ (503,034) |
Derivative Instruments and Fair Value Measurements - Schedule of Derivative Instruments (Details) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Margin accounts | Fair Value, Inputs, Level 1 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | $ (25,652) | $ 5,464,379 |
Forward freight agreements | Fair Value, Inputs, Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | 3,181,161 | 2,119,581 |
Fuel swap contracts | Fair Value, Inputs, Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | 1,937,037 | 1,047,752 |
Interest rate cap | Fair Value, Inputs, Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | $ 2,766,575 | $ 718,774 |
Related Party Transactions - Additional Information (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Related Party Transaction [Line Items] | ||
Technical management fees | $ 815,400 | |
Due to related parties, current | 0 | $ 242,852 |
Accounts payable and accrued liabilities | Affiliated Companies | ||
Related Party Transaction [Line Items] | ||
Due to related parties, current | $ 2,925,294 | $ 2,847,910 |
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
|
Commitments and Contingencies [Line Items] | |||
Time charter, term to completion | 4 days | ||
Noncancelable period | 6 months | ||
Lease expense | $ 52 | $ 52 | |
Singapore | |||
Commitments and Contingencies [Line Items] | |||
Lease payable | 14 months | 14 months |
Commitments and Contingencies - Future Minimum Lease Payments Under Finance Leases (Details) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
2022 (remainder of the year) | $ 13,753,442 | |
2021 | 27,174,431 | |
2022 | 33,598,344 | |
2023 | 24,161,223 | |
2024 | 21,824,643 | |
Thereafter | 153,349,290 | |
Finance Lease, Liability, Payment, Due, Total | 273,861,373 | |
Finance Lease, Liability, Undiscounted Excess Amount | 77,935,802 | |
Finance Lease, Liability, Total | 195,925,571 | |
Less current portion | (16,153,750) | $ (14,479,803) |
Less issuance costs | (3,333,840) | |
Less current portion | $ 176,437,981 | $ 170,959,553 |
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