Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-36798

PANGAEA LOGISTICS SOLUTIONS LTD.

(Exact name of Registrant as specified in its charter)


Bermuda						98-1205464
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

c/o Phoenix Bulk Carriers (US) LLC

109 Long Wharf

Newport, RI 02840

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (401) 846-7790

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	PANL	Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated Filer

☐

Accelerated Filer

☒

Non-accelerated Filer

☐

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Common Stock, par value $0.0001 per share, 46,902,091 shares outstanding as of August 7, 2024.

TABLE OF CONTENTS


		Page
PART I	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023	3

	Consolidated Statements of Operations (unaudited) for the three and six months ended J une 30 , 2024 and 202 3	4

	Consolidated Statements of Stockholders' Equity (unaudited) for the thre e and six months ended June 30 , 2024 and 202 3	5

	Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and 2023	6

	Notes to Consolidated Financial Statements (unaudited)	7

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures about Market Risks	34

Item 4.	Controls and Procedures	34

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	35
Item 6.	Exhibits	36
Signatures		37

Pangaea Logistics Solutions Ltd.

Consolidated Balance Sheets


	June 30, 2024		December 31, 2023
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	77,946,955	$	99,037,866

Accounts receivable (net of allowance of $6,494,900 and $5,657,837 at June 30, 2024 and December 31, 2023, respectively)	41,332,293		47,891,501
Inventories	28,889,890		16,556,266
Advance hire, prepaid expenses and other current assets	33,182,103		28,340,246

Total current assets	181,351,241		191,825,879


Fixed assets, net	464,347,780		474,265,171
Advances for vessel purchases	8,500,000		—
Finance lease right of use assets, net	29,630,660		30,393,823
Goodwill	3,104,800		3,104,800
Other non-current assets	5,986,121		5,590,295
Total assets	$	692,920,602	$	705,179,968

Liabilities and stockholders' equity
Current liabilities
Accounts payable, accrued expenses and other current liabilities	$	39,257,972	$	35,836,262

Deferred revenue	10,064,097		15,629,886
Current portion of secured long-term debt	12,049,931		30,751,726
Current portion of finance lease liabilities	21,480,421		21,970,124
Dividend payable	1,116,964		1,146,321
Total current liabilities	83,969,385		105,334,319

Secured long-term debt, net	78,474,348		68,446,309
Finance lease liabilities, net	137,035,935		143,266,867
Long-term liabilities - other - Note 10	16,631,692		17,936,540

Commitments and contingencies - Note 9

Stockholders' equity:
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding	—		—
Common stock, $0.0001 par value, 100,000,000 shares authorized; 46,902,091 shares issued and outstanding at June 30, 2024; 46,466,622 shares issued and outstanding at December 31, 2023	4,692		4,648
Additional paid-in capital	166,521,852		164,854,546
Retained earnings	165,003,909		159,026,799
Total Pangaea Logistics Solutions Ltd. equity	331,530,453		323,885,993
Non-controlling interests	45,278,789		46,309,940
Total stockholders' equity	376,809,242		370,195,933
Total liabilities and stockholders' equity	$	692,920,602	$	705,179,968

The accompanying notes are an integral part of these consolidated financial statements.

Pangaea Logistics Solutions Ltd.

Consolidated Statements of Operations

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Revenues:
Voyage revenue	$	124,095,728	$	110,465,557	$	211,386,291	$	218,415,680
Charter revenue	3,846,797		7,090,440		18,877,824		12,839,392
Terminal & Stevedore Revenue	3,555,327		519,657		5,982,290		519,657
Total revenue	131,497,852		118,075,654		236,246,405		231,774,729
Expenses:
Voyage expense	61,150,855		54,459,633		98,265,519		111,274,264
Charter hire expense	32,685,075		29,125,662		59,827,925		51,716,502
Vessel operating expense	14,735,927		13,210,851		27,405,184		26,817,666
Terminal & Stevedore Expenses	2,828,398		374,582		4,907,585		374,582
General and administrative	5,029,696		5,923,159		12,307,699		11,614,892
Depreciation and amortization	7,453,675		7,126,995		14,890,148		14,453,855

Loss on sale of vessel	—		—		—		1,172,196
Total expenses	123,883,626		110,220,882		217,604,060		217,423,957

Income from operations	7,614,226		7,854,772		18,642,345		14,350,772

Other income (expense):
Interest expense	(3,812,783)		(4,125,720)		(7,663,513)		(8,376,234)
Interest income	665,362		1,042,564		1,540,446		2,092,410
Loss (Income) attributable to Non-controlling interest recorded as long-term liability interest expense	119,950		(905,337)		(695,152)		(760,600)
Unrealized (loss) gain on derivative instruments, net	(927,503)		(1,348,284)		4,156,836		(1,771,853)
Other income	334,248		248,863		678,172		635,275
Total other expense, net	(3,620,726)		(5,087,914)		(1,983,211)		(8,181,002)

Net income	3,993,500		2,766,858		16,659,134		6,169,770
(Income) loss attributable to non-controlling interests	(310,725)		77,682		(1,302,183)		149,037
Net income attributable to Pangaea Logistics Solutions Ltd.	$	3,682,775	$	2,844,540	$	15,356,951	$	6,318,807

Earnings per common share:
Basic	$	0.08	$	0.06	$	0.34	$	0.14
Diluted	$	0.08	$	0.06	$	0.33	$	0.14

Weighted average shares used to compute earnings per common share:
Basic	45,276,791		44,775,438		45,245,655		44,744,039
Diluted	46,028,902		45,127,972		45,922,272		45,122,019

The accompanying notes are an integral part of these consolidated financial statements.

Pangaea Logistics Solutions Ltd.

Consolidated Statements of Stockholders' Equity

(unaudited)


	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, 2024		46,839,591	$	4,685	$	165,993,186	$	166,006,383	$	332,004,254	$	47,301,398		$	379,305,652
Share-based compensation		—	—		528,673		—		528,673		—			528,673
Issuance of restricted shares, net of forfeitures		62,500	7		(7)		—		—		—			—

Distribution to Non-Controlling Interests		—	—		—		—		—		(2,333,334)			(2,333,334)
Common Stock Dividend		—	—		—		(4,685,249)		(4,685,249)		—			(4,685,249)
Net Income		—	—		—		3,682,775		3,682,775		310,725			3,993,500
Balance at June 30, 2024		46,902,091	$	4,692	$	166,521,852	$	165,003,909	$	331,530,453	$	45,278,789		$	376,809,242

Balance at December 31, 2023		46,466,622	$	4,648	$	164,854,546	$	159,026,799	$	323,885,993	$	46,309,940		$	370,195,933
Share-based compensation		—	—		1,667,350		—		1,667,350		—			1,667,350
Distribution to Non-Controlling Interests		—	—		—		—		—		(2,333,334)			(2,333,334)
Issuance of restricted shares, net of forfeitures		435,469	44		(44)		—		—		—			—
Common Stock Dividend		—	—		—		(9,379,841)		(9,379,841)		—			(9,379,841)
Net Income		—	—		—		15,356,951		15,356,951		1,302,183			16,659,134
Balance at June 30, 2024		46,902,091	$	4,692	$	166,521,852	$	165,003,909	$	331,530,453	$	45,278,789		$	376,809,242

	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, 2023		46,466,622	4,648		163,623,173		150,140,417		313,768,238		49,424,113			363,192,351
Share-based compensation		—	—		267,073		—		267,073		—			267,073



Common Stock Dividend		—	—		—		(4,654,551)		(4,654,551)		—			(4,654,551)
Net Income		—	—		—		2,844,540		2,844,540		(77,682)			2,766,858
Balance at June 30, 2023		46,466,622	$	4,648	$	163,890,246	$	148,330,406	$	312,225,300	$	49,346,431		$	361,571,731

Balance at December 31, 2022		45,898,395	4,590		162,894,080		151,327,392		314,226,062		54,495,468			368,721,530
Share-based compensation		—	—		1,123,507		—		1,123,507		—			1,123,507
Distribution to Non-Controlling Interests		—	—		—		—		—		(5,000,000)			(5,000,000)
Issuance of restricted shares, net of forfeitures		568,227	58		(127,341)		—		(127,283)					(127,283)
Common Stock Dividend		—	—		—		(9,315,793)		(9,315,793)		—			(9,315,793)
Net Income		—	—		—		6,318,807		6,318,807		(149,037)			6,169,770
Balance at June 30, 2023		46,466,622	$	4,648	$	163,890,246	$	148,330,406	$	312,225,300	$	49,346,431		$	361,571,731

The accompanying notes are an integral part of these consolidated financial statements.

Pangaea Logistics Solutions, Ltd.

Consolidated Statements of Cash Flows

(unaudited)


	Six Months Ended June 30,
	2024		2023
Operating activities
Net income	$	16,659,134	$	6,169,770
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	14,890,148		14,453,855
Amortization of deferred financing costs	399,259		471,582
Amortization of prepaid rent	60,933		60,564
Unrealized (gain) loss on derivative instruments	(4,156,836)		1,771,853
Income from equity method investee	(678,172)		(635,275)
Earnings attributable to non-controlling interest recorded as other long term liability	695,152		760,600
Provision for doubtful accounts	837,063		1,129,270

Loss on sale of vessel	—		1,172,196
Drydocking costs	(3,154,809)		(3,361,280)
Share-based compensation	1,667,350		1,123,507
Change in operating assets and liabilities:
Accounts receivable	5,722,145		(7,196,493)
Inventories	(12,333,624)		1,652,227
Advance hire, prepaid expenses and other current assets	(2,426,074)		(3,503,097)
Accounts payable, accrued expenses and other current liabilities	5,339,639		5,894,024
Deferred revenue	(5,565,789)		(6,383,893)
Net cash provided by operating activities	17,955,519		13,579,410

Investing activities
Purchase of vessels and vessel improvements	(498,982)		(27,039,525)
Advances for vessel purchases	(8,500,000)		—
Purchase of fixed assets and equipment	(140,018)		—

Proceeds from sale of vessel	—		8,933,700
Acquisitions, net of cash acquired	—		(7,200,000)
Dividends received from equity method investments	—		1,627,500

Net cash used in investing activities	(9,139,000)		(23,678,325)

Financing activities
Proceeds from long-term debt	17,600,000		—
Payments of financing fees and debt issuance costs	(866,801)		—
Payments of long-term debt	(25,573,461)		(9,096,390)

Payments of finance lease obligations	(7,324,636)		(8,133,049)

Dividends paid to non-controlling interests	(2,333,334)		(5,000,000)
Cash dividends paid	(9,409,198)		(9,133,109)
Cash paid for incentive compensation shares relinquished	—		(127,283)

Payments to non-controlling interest recorded as long-term liability	(2,000,000)		(2,500,000)
Net cash used in financing activities	(29,907,430)		(33,989,831)

Net change in cash and cash equivalents	(21,090,911)		(44,088,746)
Cash and cash equivalents, beginning of year	99,037,866		128,384,606
Cash and cash equivalents, end of period	$	77,946,955	$	84,295,860

The accompanying notes are an integral part of these consolidated financial statements.

NOTE 1 - 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, 2024, the Company owns three Panamax, two Ultramax Ice Class 1C, two Ultramax and seven 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 has a 50% interest in the owner of a deck barge. Additionally, the Company owns the port and terminal operations located in Fort Lauderdale, Florida, and Baltimore, Maryland.

On July 24, 2024, the Company took delivery of the m/v Bulk Brenton, a 2016 Tsuneishi Heavy Industries (CEBU) Inc 57,679 dwt dry bulk vessel.

NOTE 2 - 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, 2023.

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. Significant estimates include the percentage completion of spot voyages, the establishment of the allowance for credit losses and the estimate of salvage value used in determining vessel depreciation expense. Actual results could differ from those estimates.

Concentration of credit risk

The Company’s accounts receivable balance includes outstanding receivables from two significant customers. These balances comprise 30% and 13% of accounts receivable, respectively, as of June 30, 2024.

Advance hire, prepaid expenses and other current assets

Advance hire, prepaid expenses and other current assets were comprised of the following:


	June 30, 2024		December 31, 2023
	(unaudited)
Advance hire	$	3,095,835	$	2,509,313
Prepaid expenses	6,084,609		7,072,634
Accrued receivables	11,444,395		5,777,596
Cash margin on deposit	2,015,301		3,751,257
Derivative assets	5,799,920		3,384,137
Other current assets	4,742,043		5,845,309
	$	33,182,103	$	28,340,246

Goodwill

We conducted our annual qualitative assessment of goodwill as of June 1, 2024, which indicated that it was more likely than not that the fair value of the Company’s goodwill exceeded its carrying amount, thus no impairment was indicated. As of June 30, 2024, no events or changes in circumstances occurred that would necessitate a further impairment review.

Other non-current Assets

Other non-current assets were comprised of the following:


	June 30, 2024		December 31, 2023
	(unaudited)
Intangible Assets, net of accumulated amortization of $901,060 and $474,038 as of June 30, 2024 and December 31, 2023, respectively	$	1,350,041	$	1,777,063
Investment in Seamar Management	718,217		706,655
Bay Stevedoring LLC	2,435,164		1,667,093
Investment in Narragansett Bulk Carriers (US) Corp	519,975		519,975
Other investments	962,724		919,509
	$	5,986,121	$	5,590,295

Accounts payable, accrued expenses and other current liabilities

Accounts payable, accrued expenses and other current liabilities were comprised of the following:


	June 30, 2024		December 31, 2023
	(unaudited)
Accounts payable	$	12,020,777	$	6,277,693
Accrued expenses	12,338,860		14,038,418
Bunkers suppliers	6,042,775		4,393,533
Charter hire payable	6,816,112		8,112,701

Other accrued liabilities	2,039,448		3,013,917
	$	39,257,972	$	35,836,262

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, 2024, 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, 2024, the Company had two vessel chartered to customers under time charters that contained a lease. These two leases varied in original length from 31 days to 116 days. The lease payments due under these arrangements totaled approximately $2,627,000 and each of the time charters were due to be completed in 106 days or less.

At June 30, 2023, the Company had three vessels chartered to customers under time charters that included a lease. These three leases varied in original length from 31 days to 68 days. The lease payments due under this arrangement totaled approximately $1,497,000 and each time charter was due to be completed in 41 days or less.

The Company does not have any sales-type or direct financing leases.

Office leases

The Company has four non-cancelable office and office equipment leases. The resulting lease assets and liabilities are not material.

Ground Lease

The company entered into a 10-year ground lease agreement with the Tampa Port Authority, commencing on April 22, 2024. According to ASC 842, this lease will be accounted for as a right-of-use (ROU) asset and a lease liability on the balance sheet. The initial measurement of the ROU asset and lease liability will be based on the present value of the lease payments over the lease term.

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.

In a stevedore service contract, the Company is paid to provide cargo handling services on a per unit basis for a specified quantity of cargo. The consideration in such a contract is determined on the basis of a rate per unit of cargo handled. The contract

may contain minimum quantities. Revenues from stevedore service contracts are earned and recognized on a per unit basis as completed over the performance period.

Recently Issued Accounting Pronouncements Not Yet Adopted

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which clarified that certain optional expedients and exceptions in Topic 848 apply to derivatives that are affected by the discounting transition due to reference rate reform. In December 2022, the FASB issued ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848," which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief under Topic 848. The Company is currently evaluating the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures.

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends the existing segment reporting guidance (ASC Topic 280 — Segment Reporting (“ASC 280”)) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, companies with a single reporting segment will have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures.

The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of our pending adoption of this standard on its financial statement disclosures.

NOTE 3 - 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:


	June 30, 2024		December 31, 2023
	(unaudited)
Money market accounts – cash equivalents	$	47,660,684	$	38,556,005
Time deposit accounts - cash equivalents	—		10,206,500
Cash (1)	30,286,271		50,275,361
Total cash and cash equivalents	$	77,946,955	$	99,037,866

(1) It consists of cash deposits at various major banks.

As of June 30, 2024 and December 31, 2023, the Company held cash and cash equivalents in the following subsidiaries:


Cash and cash equivalents	June 30, 2024		December 31, 2023
	(unaudited)
Pangaea (1)	$	63,312,265	$	81,652,679
NBHC (2)	10,108,330		11,948,547
NBP and Deck Barge (3)	4,526,360		5,436,640
Total cash and cash equivalents	$	77,946,955	$	99,037,866

(1) Held by 100% owned Pangaea consolidated subsidiaries

(2) Held by a 67% owned Pangaea consolidated subsidiary

(3) Held by a 50% owned Pangaea consolidated subsidiary

NOTE 4 - FIXED ASSETS

At June 30, 2024, the Company owned twenty-four dry bulk vessels including ten financed under finance leases; and one barge. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows:


	June 30,		December 31,
	2024		2023
	(unaudited)
m/v NORDIC ODYSSEY (1)	$	18,061,441	$	18,949,524
m/v NORDIC ORION (1)	18,962,946		19,789,942
m/v NORDIC OSHIMA (1)	24,006,195		22,938,264
m/v NORDIC OLYMPIC (1)	22,630,964		23,306,330
m/v NORDIC ODIN (1)	22,738,376		23,411,836
m/v NORDIC OASIS (1)	24,143,178		24,853,935
m/v NORDIC NULUUJAAK (2) (4)	35,375,500		36,088,312
m/v NORDIC QINNGUA (2) (4)	35,334,461		36,018,502
m/v NORDIC SANNGIJUQ (2) (4)	34,954,762		35,623,004
m/v NORDIC SIKU(2) (4)	35,338,838		36,009,984
m/v BULK ENDURANCE	21,235,308		21,859,034
m/v BULK PRUDENCE	26,014,033		26,533,530
m/v BULK COURAGEOUS (4)	14,958,598		15,145,246
m/v BULK CONCORD (4)	19,374,401		18,965,726

m/v BULK FREEDOM	7,784,090		8,150,075
m/v BULK PRIDE	10,937,446		11,194,335
m/v BULK SPIRIT (4)	12,465,352		12,970,111
m/v BULK SACHUEST	16,082,520		16,487,253
m/v BULK INDEPENDENCE	13,187,391		13,752,517
m/v BULK FRIENDSHIP (4)	12,381,777		12,810,712
m/v BULK VALOR	16,078,207		16,434,083
m/v BULK PROMISE	16,626,050		16,970,026

MISS NORA G PEARL (3)	1,597,201		1,821,235
	460,269,035		470,083,516
Other fixed assets, net	4,078,745		4,181,655
Total fixed assets, net	$	464,347,780	$	474,265,171

Right of Use Assets
m/v BULK XAYMACA	$	11,025,365	$	11,623,719
m/v BULK DESTINY	18,247,547		18,770,104
Other Right of Use Assets, net (4)	357,748		—
	$	29,630,660	$	30,393,823

Advances for vessel purchases	$	8,500,000	$	—

(1) Vessels are owned by NBHC, a consolidated entity in which the Company has a two-third ownership interest at June 30, 2024 and December 31, 2023, respectively.

(2) Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at June 30, 2024 and December 31, 2023.

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

(4) Refer to Note 6, "Finance Leases" of our Financial Statements for additional information related to the Assets 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.

The Company concluded that no triggering event had occurred during the first half of 2024, which would require impairment testing.

The Company concluded that no triggering event had occurred during the second quarter of 2023, which would require impairment testing. However, during the first quarter of 2023, the Company determined that a triggering event had occurred related to the sale of a vessel, as its carrying value exceeded its fair value. On January 18, 2023, the Company signed a memorandum of agreement to sell the m/v Bulk Newport for $8.9 million in net consideration after brokerage commissions. As a result, we recorded a loss on sale of $1.2 million in the first quarter of 2023. The Company performed an impairment analysis on each asset group and concluded the estimated undiscounted future cash flows were higher than their carrying amounts and as such, no additional loss on impairment was recognized.

NOTE 5 - DEBT

Long-term debt consists of the following:


	June 30, 2024		December 31, 2023		Interest Rate (%) (1)		Maturity Date
	(unaudited)



Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3)	11,549,454		12,512,080		2.95	%	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)	37,400,000		39,800,000		3.38	%	June 2027
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017)
Bulk Nordic Six Ltd. - Tranche A	—		9,033,325		4.39	%	May 2024

Bulk Pride - Tranche C	—		1,900,000		5.39	%	May 2024
Bulk Independence - Tranche E	—		9,500,000		3.54	%	May 2024
$50 Million Senior Secured Term Loan Facility - Dated May 16, 2024 (4)	17,600,000		—		7.83	%	May 2029
Bulk Valor Corp. Loan and Security Agreement (2)	9,403,061		10,087,642		3.29	%	June 2028
Bulk Promise Corp. (2)	8,993,186		9,685,334		5.45	%	October 2027
Bulk Sachuest (2)	7,332,315		7,733,094		6.19	%	October 2029

Total	$	92,278,016	$	100,251,475
Less: unamortized issuance costs, net	(1,753,737)		(1,053,440)
	$	90,524,279	$	99,198,035
Less: current portion	(12,049,931)		(30,751,726)
Secured long-term debt, net	$	78,474,348	$	68,446,309

(1)As of June 30, 2024.

(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 collateralized by the vessels m/v Bulk Endurance and is guaranteed by the Company.

$50 Million Senior Secured Term Loan Facility

On May 16, 2024, the Company entered into a new $50 million Senior Secured Term Loan facility with a new lender. The agreement commits up to $50 million in funding for vessel acquisitions. The company’s first drawdown was on May 17, 2024 by Bulk Endurance (MI) Corp., as initial borrower against the MV Bulk Endurance. The initial drawdown of $17.6 million is payable in quarterly installments of $413,145 along with a balloon payment of $9,337,089 with its final installment in May 2029. Interest on this advance is floating at the Secured Overnight Financing Rate ("SOFR") plus 2.5%. On July 19, 2024 a second drawdown was made by Bulk Brenton (MI) Corp., as an additional borrower, to finance the MV Bulk Brenton which the vessel took delivery of on July 26, 2024. The commitment fee on the remaining undrawn amount is 1%.

The future minimum annual payments under the debt agreements are as follows:


	Years ending December 31,
	(unaudited)
2024 (remainder of the year)	$	6,004,556
2025	12,128,601
2026	12,290,606
2027	41,607,596
2028	6,975,036
Thereafter	13,271,621
	$	92,278,016

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, 2024 and December 31, 2023.

NOTE 6 - FINANCE LEASES

The Bulk Destiny, Bulk Xaymaca, Bulk Spirit, Bulk Friendship, Bulk Courageous, Nordic Nuluujaak, Nordic Qinngua, Nordic Sanngijuq, Nordic Siku and Bulk Concord 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, 2023, filed with the Securities and Exchange Commission on March 14, 2024 for additional information on these finance leases.

Finance lease consists of the following as of June 30, 2024:


	June 30, 2024		December 31, 2023		Interest Rate (%) (1)		Maturity Date
	(unaudited)
Bulk PODS Ltd.	$	3,841,145	$	4,763,020	7.28	%	December 2027

Bulk Spirit Ltd.	6,916,667		7,486,979		7.30	%	February 2027
Bulk Nordic Five Ltd. (2)	10,950,000		11,595,861		3.97	%	April 2028
Bulk Friendship Corp. (2)	7,933,705		8,471,002		5.29	%	September 2024
Bulk Nordic Seven LLC (3)	27,656,851		28,482,063		7.06	%	May 2036
Bulk Nordic Eight LLC(3)	27,648,404		28,473,392		7.06	%	June 2036
Bulk Nordic Nine LLC(3)	27,790,151		28,591,644		7.06	%	September 2036
Bulk Nordic Ten LLC(3)	27,913,963		28,712,632		7.06	%	November 2036
Bulk Courageous Corp. (2)	8,400,000		9,000,000		3.93	%	April 2028
Phoenix Bulk 25 Corp. (2)	11,298,484		12,097,410		4.67	%	February 2029
Other (4)	371,248		—		7.89	%	March 2034
Total	$	160,720,618	$	167,674,003
Less: unamortized issuance costs, net	(2,204,262)		(2,437,102)
	$	158,516,356	$	165,236,901
Less: current portion	(21,480,421)		(21,970,124)
Long-term finance lease liabilities, net	$	137,035,935	$	143,266,777

(1)As of June 30, 2024 including the effect of interest rate cap if any.

(2)Interest rates on the loan facilities are fixed.

(3)The Company entered into an interest rate cap effective from Q2 2026 through Q4 2026, which caps the SOFR at 3.51%.

(4)The company entered into a 10-year ground lease agreement with the Tampa Port Authority, commencing on April 22, 2024.

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, 2024.


Year ending December 31,	Amount
	(unaudited)
2024 (remainder of the year)	$	21,064,592
2025	25,475,246
2026	23,984,683
2027	24,820,942
2028	29,448,617
Thereafter	115,106,414
Total minimum lease payments	$	239,900,494
Less imputed interest	79,179,876
Present value of minimum lease payments	160,720,618
Less current portion	(21,480,421)
Less issuance costs	(2,204,262)
Long-term portion	$	137,035,935

NOTE 7 - 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, 2024 and December 31, 2023:


	Asset Derivative					Liability Derivative
Derivative instruments	Balance Sheet Location	06/30/2024		12/31/2023		Balance Sheet Location	6/30/2024		12/31/2023
		(unaudited)					(unaudited)
Margin accounts (1)	Other current assets	$	2,015,301	$	3,751,257	Other current liabilities	$	—	$	—
Forward freight agreements (2)	Other current assets	$	591,046	$	—	Other current liabilities			$	1,217,820
Fuel swap contracts (2)	Other current assets	$	1,587,999	$	—	Other current liabilities	$	—	$	523,233
Interest rate cap (2)	Other current assets	$	3,620,875	$	3,384,137	Other current liabilities	$	—	$	—

(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 six months ended June 30, 2024 and 2023:


	Unrealized gain (loss) on derivative instruments
	Three Months Ended				Six Months Ended
Derivative instruments	06/30/2024		6/30/2023		06/30/2024		6/30/2023
	(unaudited)				(unaudited)
Forward freight agreements	$	40,118	$	(1,841,065)	$	1,808,866	$	(1,678,501)
Fuel Swap Contracts	(828,287)		(726,590)		$	2,111,232	$	(489,509)
Interest rate cap	(139,334)		1,219,371		$	236,738	$	396,157
Total (loss) gain	$	(927,503)	$	(1,348,284)	$	4,156,836	$	(1,771,853)

NOTE 8 - RELATED PARTY TRANSACTIONS

Amounts and notes payable to related parties consist of the following:


	December 31, 2023		Activity	June 30, 2024
			(unaudited)



Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets:
Affiliated companies (trade payables) (i)	$	1,490,060	237,687	$	1,727,747
Commissions payable (trade payables) (ii)	$	—	119,827	$	119,827

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, 2024 and 2023, the Company incurred technical management fees of approximately $764,400 and $774,000, respectively, under this arrangement. During the six months ended June 30, 2024 and 2023, the Company incurred technical management fees of approximately $1,529,000 and $1,567,000, respectively, under this arrangement.

NOTE 9 - COMMITMENTS AND CONTINGENCIES

Long-term Contracts Accounted for as Operating Leases

The Company leases office space for its Copenhagen operations. The lease expires in December 2025, at which time the lease continues on a month to month basis with a non-cancelable period of six months.

The Company leases office space for its Singapore operations. In July 2023, the Company renewed its lease for a two year period. At June 30, 2024, the remaining lease term is fourteen months.

For the three months ended June 30, 2024 and 2023, the Company recognized approximately $49,000 and $52,000, respectively, as lease expense for office leases in General and Administrative Expenses.

For the six months ended June 30, 2024 and 2023, the Company recognized approximately $98,000 and $104,000, respectively, 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.

NOTE 10 - 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.

The roll-forward of Other Long-term Liabilities are as follows:


	06/30/2024		12/31/2023
	(unaudited)		(audited)
Beginning Balance	$	17,936,540	$	19,974,390
Payments to non-controlling interest recorded as long-term liability	(2,000,000)		(2,500,000)

Earnings attributable to non-controlling interest recorded as other long term liability	695,152		462,150


Ending balance	$	16,631,692	$	17,936,540

NOTE 11 - NET INCOME PER COMMON SHARE

The computation of basic net income per share is based on the weighted average number of common shares outstanding for the three months ended June 30, 2024 and 2023. Diluted net income per share gives effect to restricted stock awards.

The following table summarizes the calculation of basic and diluted income per share:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(unaudited)				(unaudited)
Net income	$	3,682,775	$	2,844,540	$	15,356,951	$	6,318,807
Weighted Average Shares - Basic	45,276,791		44,775,438		45,245,655		44,744,039
Dilutive effect of restricted stock awards	752,111		352,534		676,617		377,980
Weighted Average Shares - Diluted	46,028,902		45,127,972		45,922,272		45,122,019
Basic net income per share	$	0.08	$	0.06	$	0.34	$	0.14
Diluted net income per share	$	0.08	$	0.06	$	0.33	$	0.14

NOTE 12 - ACQUISITIONS

On March 24, 2023, the Company signed a Members Interest Purchase Agreement for the acquisition of marine port terminal operations for a purchase price of $7.2 million. On June 1, 2023, the Company completed the acquisition for a total purchase price of $9.3 million including acquired net working capital. Under the terms of the agreement, Pangaea acquired all onshore assets, licenses and business operations related to the sellers terminal operation.

The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed:


Net working capital, excluding cash	$	1,772,889
Property, plant and equipment	1,844,100
Goodwill	3,104,800
Other intangible assets	2,251,100
Fair value of net assets acquired, excluding cash and cash equivalents	8,972,889
Cash and cash equivalents	326,888
Fair value of net assets acquired	$	9,299,777

NOTE 13 - SUBSEQUENT EVENTS

On July 17, 2024, the Company entered into a $15.2 million Senior Secured Term Loan facility with Bulk Prudence Corp., as the borrower, secured against the MV Bulk Prudence. The loan is structured to be repaid in quarterly installments of $347,000, with a balloon payment of $8,607,000 due in July 2029. The interest rate on the loan is floating, based on the SOFR plus 1.9%.

On July 19, 2024, Bulk Brenton (MI) Corp., as an additional borrower, made a second drawdown to finance the MV Bulk Brenton, which was delivered on July 26, 2024.

On August 8, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, to be paid on September 16, 2024, to all shareholders of record as of September 2, 2024.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our consolidated financial statements and footnotes thereto contained in this report.

Forward Looking Statements

All statements other than statements of historical fact included in this Form 10-Q including, without limitation, statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward looking statements. When used in this Form 10-Q, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management, identify forward looking statements. Such forward looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those contemplated by the forward looking statements as a result of the risk factors and other factors detailed in our filings with the Securities and Exchange Commission. All subsequent written or oral forward looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph.

Important Financial and Operational Terms and Concepts

The Company uses a variety of financial and operational terms and concepts when analyzing its performance.

These include revenue recognition, deferred revenue, allowance for doubtful accounts, vessels and depreciation and long-lived assets impairment considerations, as defined above as well as the following:

Voyage Revenue. Voyage revenue is derived from voyage charters which involve the carriage of cargo from a load port to a discharge port, which is predetermined in each voyage contract. Gross revenue is calculated by multiplying the agreed rate per ton of cargo by the number of tons loaded. The Company directs how and for what purpose the vessel is used and therefore, these voyage contracts do not contain leases.

Charter Revenue. 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. These time-charter arrangements contain leases because the lessee has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The operating lease component and the vessel operating expense non-lease component of a time-charter contract are reported as a single component.

Terminal & Stevedore Revenue. Terminal & Stevedore revenue is derived from inbound and outbound cargo handling services at ports which the Company operates in. Gross revenue is earned typically based on a per-unit rate for volumes handled.

Voyage Expenses. The Company incurs expenses for voyage charters, including bunkers (fuel), port charges, canal tolls, brokerage commissions and cargo handling operations, which are expensed as incurred.

Charter Expenses. 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. The Company does not record a right-of-use asset or lease liability for any arrangement less than one year.

Vessel Operating Expenses. Vessel operating expenses represent the cost to operate the Company’s owned vessels. Vessel operating expenses include crew hire and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes, other miscellaneous expenses, and technical management fees. These expenses are recognized as incurred. Technical management services include day-to-day vessel operations, performing general vessel maintenance, ensuring regulatory and classification society compliance, arranging the hire of crew, and purchasing stores, supplies, and spare parts.

Terminal & Stevedore Expenses. Terminal & Stevedore expenses represent the cost to provide the Company's cargo handling services. Terminal & Stevedore expenses include direct labor and related costs, the cost of insurance, expenses relating to repairs and maintenance of shore based equipment, trucking, and other direct miscellaneous expenses.

Fleet Data. The Company believes that the measures for analyzing future trends in its results of operations consist of the following:

Shipping days. The Company defines shipping days as the aggregate number of days in a period during which its owned or chartered-in vessels are performing either a voyage charter (voyage days) or a time charter (time charter days).

Daily vessel operating expenses. The Company defines daily vessel operating expenses as vessel operating expenses divided by ownership days for the period. Vessel operating expenses include crew hire and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes, other miscellaneous expenses, and technical management fees.

Chartered in days. The Company defines chartered in days as the aggregate number of days in a period during which it chartered in vessels from third party vessel owners.

Time Charter Equivalent ‘‘TCE’’ rates. The Company defines TCE rates as total revenues less voyage expenses divided by the length of the voyage, which is consistent with industry standards. TCE rate is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because rates for vessels on voyage charters are generally not expressed in per-day amounts while rates for vessels on time charters generally are expressed in per-day amounts.

Selected Financial Information


(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,
	2024		2023		2024		2023
Selected Financial Data	(unaudited)				(unaudited)
Voyage revenue	$	124,096	$	110,466	$	211,386	$	218,416
Charter revenue	3,847		7,090		18,878		12,839
Terminal & Stevedore Revenue	3,555		520		5,982		520
Total revenue	131,498		118,076		236,246		231,775
Voyage expense	61,151		54,460		98,266		111,274
Charter hire expense	32,685		29,126		59,828		51,717
Vessel operating expenses	14,736		13,211		27,405		26,818
Terminal Expenses	2,828		375		4,908		375
Total cost of transportation and service revenue	111,400		97,171		190,406		190,183
Vessel and Terminal Equipment depreciation and amortization	7,426		7,100		14,835		14,399
Gross Profit	12,672		13,805		31,005		27,193
Other operating expenses	5,059		5,951		12,363		11,670

Loss on sale of vessel	—		—		—		1,172
Income from operations	7,614		7,855		18,642		14,351
Total other expense, net	(3,621)		(5,088)		(1,983)		(8,181)
Net income	3,994		2,767		16,659		6,170
(Income) loss attributable to non-controlling interests	(311)		78		(1,302)		149
Net income attributable to Pangaea Logistics Solutions Ltd.	$	3,683	$	2,845	$	15,357	$	6,319

Net income from continuing operations per common share information
Basic net income per share	$	0.08	$	0.06	$	0.34	$	0.14
Diluted net income per share	$	0.08	$	0.06	$	0.33	$	0.14
Weighted-average common shares Outstanding - basic	45,277		44,775		45,246		44,744
Weighted-average common shares Outstanding - diluted	46,029		45,128		45,922		45,122

Adjusted EBITDA (1)	$	15,931	$	15,923	$	35,878	$	32,161

Shipping Days (2)
Voyage days	3,910		3,577		6,740		6,969
Time charter days	207		479		1,062		1,045
Total shipping days	4,117		4,056		7,802		8,014

TCE Rates ($/day)	$	16,223	$	15,558	$	16,919	$	14,971


	June 30, 2024		December 31, 2023
Selected Data from the Consolidated Balance Sheets	(unaudited)		(audited)
Cash and cash equivalents	$	77,947	$	99,038
Total assets	$	692,921	$	705,180
Total secured debt, including finance leases liabilities	$	249,041	$	264,435
Total shareholders' equity	$	376,809	$	370,196

	For the six months ended June 30,
	2024		2023
	(unaudited)
Selected Data from the Consolidated Statements of Cash Flows
Net cash provided by operating activities	$	17,956	$	13,579
Net cash (used in) provided by investing activities	$	(9,139)	$	(23,678)
Net cash used in financing activities	$	(29,907)	$	(33,990)

(1)Adjusted EBITDA represents net income (or loss), determined in accordance with U.S. GAAP, excluding interest expense, interest income, income taxes, depreciation and amortization, loss on impairment, loss on sale and leaseback of vessels, share-based compensation, other non-operating income and/or expense, and other non-recurring items, if any. Adjusted EBITDA is included because it is used by management and certain investors to measure operating performance and is also reviewed periodically as a measure of financial performance by Pangaea's Board of Directors. Adjusted EBITDA is not an item recognized by the generally accepted accounting principles in the United States of America, or U.S. GAAP, and should not be considered as an alternative to net income, operating income, or any other indicator of a company's operating performance required by U.S. GAAP. Pangaea’s definition of Adjusted EBITDA used here may not be comparable to the definition of EBITDA used by other companies.

(2)Shipping days are defined as the aggregate number of days in a period during which its owned or chartered-in vessels are performing either a voyage charter (voyage days) or time charter (time charter days).

The reconciliation of gross profit to net transportation and service revenue and net income in accordance with U.S. GAAP to Adjusted EBITDA is as follows:


(in thousands, figures may not foot due to rounding)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net Transportation and Service Revenue (3)	(unaudited)				(unaudited)
Gross Profit (4)	$	12,671	$	13,805	$	31,005	$	27,193
Add:
Vessel and Terminal Equipment Depreciation and Amortization	7,426		7,100		14,835		14,399
Net transportation and service revenue	$	20,098	$	20,905	$	45,840	$	41,592

Adjusted EBITDA
Net Income	$	3,994	$	2,767	$	16,659	$	6,170
Interest expense, net	3,147		3,083		6,123		6,284
Earnings attributable to non-controlling interest recorded as other long term liability	(120)		905		695		761
Depreciation and amortization	7,454		7,127		14,890		14,454
EBITDA	$	14,475	$	13,882	$	38,368	$	27,668
Non-GAAP Adjustments

Loss on sale of vessels	$	—	$	—	$	—	$	1,172
Share-based compensation	529		267		1,667		1,124
Unrealized (gain) loss on derivative instruments, net	928		1,348		(4,157)		1,772
Other non-recurring items	—		426		—		426
Adjusted EBITDA	$	15,931	$	15,923	$	35,878	$	32,161

(3) Net transportation and service revenue represents total revenue less the total direct costs of transportation and services, which includes charter hire, voyage and vessel operating expenses and terminal & stevedore expenses. Net transportation and service revenue is included because it is used by management and certain investors to measure performance by comparison to other logistic service providers. Net transportation and service revenue is not an item recognized by the generally accepted accounting principles in the United States of America, or U.S. GAAP, and should not be considered as an alternative to net income, operating income, or any other indicator of a company's operating performance required by U.S. GAAP. Pangaea’s definition of net transportation and service revenue used here may not be comparable to an operating measure used by other companies.

(4) Gross profit represents total revenue less cost of transportation and service revenue less vessel and terminal equipment depreciation.

Business Overview

The dry bulk transportation and logistics industry is known for its cyclicality and volatility, which can be attributed to fluctuations in vessel supply and demand for the transportation of dry bulk commodities. The Baltic Dry Index (“BDI”), a measure of dry bulk market performance, averaged 1,853 for the second quarter of 2024, up approximately 53%, compared to an average of 1,215 for the same quarter of 2023. The average published market rates for Supramax and Panamax vessels, reflecting the composition of the company's fleet, also increased approximately 45%, from an average of $10,431 in the second quarter of 2023 to $15,104 in the same period of 2024. Quarter over quarter, the average published market rates for Supramax and Panamax vessels remained relatively stable at $15,104 for the second quarter of 2024, compared to $13,671 for the first quarter of 2024. However, there was volatility within the first quarter of 2024, with rates fluctuating between lows of approximately $11,000 and highs of approximately $18,000. As a result of the industry's volatility, we have experienced fluctuations in our quarterly and annual operating results in the past, and we expect to continue experiencing such fluctuations in the future due to various factors, including cargo demand, vessel supply, competition, and seasonality.

Effect of Inflation

Inflation in the United States and many global markets is affecting various aspects of our Company's vessel operation costs, including crew travel, equipment transportation, and drydocking. While we expect crew payroll expenses to stabilize in the near and medium term, other inflated costs may increase our vessels' daily operating expenses. Typically, any fuel cost increases during voyages are managed through bunker hedging or through fuel cost pass-through arrangements in long-term contracts.

Furthermore, since a significant portion of our Company's long-term debt and finance leases have fixed or capped interest rates, the impact of rising interest rates on our earnings is limited.

Quarterly TCE Performance

For the three months ended June 30, 2024, the Company's TCE rates were up 4% to $16,223 from $15,558 for the three months ended June 30, 2023. The Company's achieved TCE rates improved from the previous quarter as the overall dry bulk market rates improved for the three months ended June 30, 2024. The Company's achieved TCE rate for the three months ended June 30, 2024 outperformed the average of the Baltic panamax and supramax market indexes and exceeded the average market rates by approximately 7% due to its long-term contracts of affreightment, ("COAs"), its specialized fleet and its cargo-focused strategy.

2nd Quarter Highlights

•Net income attributable to Pangaea Logistics Solutions Ltd. was approximately $3.7 million for three months ended June 30, 2024 as compared to approximately $2.8 million for the same period of 2023.

•Diluted net income per share was $0.08 for three months ended June 30, 2024, as compared to $0.06 for the same period in 2023.

•Pangaea's TCE rates were $16,223 for the three months ended June 30, 2024 and $15,558 for the three months ended June 30, 2023.

•Adjusted EBITDA was $15.9 million for the three months ended June 30, 2024 and 2023.

•At the end of the quarter, Pangaea had $77.9 million in cash, and cash equivalents.

Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023

Revenues

Pangaea’s revenues are derived predominately from voyage, time charters, and terminal and stevedore revenue. Total revenue for the three months ended June 30, 2024 was $131.5 million, compared to $118.1 million for the same period in 2023, an 11% increase. The increase in revenues was primarily driven by an increase in voyage days, which rose by 9% to 3,910 for the three months ended June 30, 2024, compared to 3,577 for the same period in 2023. The Company additionally had an increase in terminal and stevedore revenue resulting from the Company's acquisition of port and terminal operations in June 2023. However, this was offset by a significant decrease in charter revenue as a result of a decrease in time charter days of 57%.

Components of revenue are as follows:

Voyage revenues increased by 12% for the three months ended June 30, 2024 to $124.1 million compared to $110.5 million for the same period in 2023. The increase in voyage revenues was primarily due to a 9% increase in voyage days from 3,577 in the three months ended June 30, 2023 to 3,910 for the three months ended June 30, 2024. The increase is also attributable to higher average TCE rates earned as discussed above.

Charter revenues decreased to $3.8 million from $7.1 million, or 46%, for the three months ended June 30, 2024 compared to the same period in 2023. The decrease in charter revenues was due to a decrease in time charter days which were down 57% to 207 in the second quarter of 2024 from 479 for the same quarter in 2023. This was partially offset by increased charter hire rates earned which increased by approximately 26% from $14,809 per day to $18,593 per day in the second quarter of 2024. Our flexible chartering strategy enables the Company to selectively release excess ship days, if any, into the market under time charter arrangements rather than voyage days.

Terminal & Stevedore revenues increased by 584% for the three months ended June 30, 2024 to $3.6 million compared to $0.5 million for the same period in 2023. The increase in revenues were a result of the Company's acquisition of port and terminal operations in June 2023.

Voyage Expenses

Voyage expenses were $61.2 million for the three months ended June 30, 2024, compared to $54.5 million for the same period in 2023, an increase of approximately 12%. The increase was driven by a 9% increase in voyage days, leading to corresponding increases in bunkers consumed and port expenses incurred. The total average market price of bunkers consumed increased by 15.8% for the three months ended June 30, 2024, compared to the same period in 2023. Port expenses increased approximately 5% compared to the prior year as a result of the increase in voyage day activity.

Charter Hire Expenses

Charter hire expenses for the three months ended June 30, 2024 were $32.7 million, compared to $29.1 million for the same period in 2023, a 12% increase. The increase in charter hire expenses was predominantly driven by higher market rates for charter-in vessels, as well as an increase in chartered-in days. Specifically, the average published market rates for Supramax and Panamax vessels increased approximately 45% climbing from an average of $10,431 in the second quarter of 2023 to $15,104 in the same period of 2024. Chartered-in days increased 3% from 1,915 days in the three months ended June 30, 2023 to 1,971 days for the three months ended June 30, 2024. Charter hire expenses on a per day basis were $16,583 for the three months ended June 30, 2024 and $15,209 for the same period in 2023. The Company's flexible charter-in strategy allows it to supplement its owned fleet with short term chartered-in tonnage at prevailing market prices, when needed, to meet cargo demand.

Vessel Operating Expenses

Vessel operating expenses for the three months ended June 30, 2024 were $14.7 million, compared to $13.2 million for the same period in 2023, an increase of approximately 12%. The ownership days for the three months ended June 30, 2024 and 2023 were 2,184 and 2,200, respectively, marking a decrease of 1%. The Company owned and operated one fewer ship in the 2024 period. Excluding technical management fees, vessel operating expenses on a per day basis were $6,246 for the three months ended June 30, 2024, compared to $5,517 for the three months ended June 30, 2023. Technical management fees amounted to approximately $1.1 million for the three months ended June 30, 2024 and 2023.

Terminal & Stevedore Expenses

Terminal & Stevedore expenses increased by 655% for the three months ended June 30, 2024 to $2.8 million compared to $0.4 million for the same period in 2023. The increase in expenses were a result of the Company's acquisition of port and terminal operations in June 2023.

General and Administrative Expenses

General and administrative expenses amounted to $5.0 million for the three-month period ending June 30, 2024, compared to $5.9 million for the corresponding period in 2023. The decrease in the second quarter of 2024 was primarily attributed to the absence of non-recurring acquisition costs related to the port and terminal incurred in June 2023; as well as a decrease in compensation expenses, including incentive compensation costs and non-cash compensation associated with equity awards.

Unrealized gain (loss) on derivative instruments

The Company assesses risk associated with fluctuating future freight rates and bunker prices, and when appropriate, actively hedges identified economic risk that may impact the operating income of long-term cargo contracts and forward bookings with forward freight agreements and bunkers swaps. The utilization of such derivatives can lead to fluctuations in the Company's reported results from operations on a period-to-period basis as the Company marks these positions to market at the balance sheet date while settlement of the position and execution of the physical transaction may occur at a future date. The Company recognized a mark to market loss on bunker swaps of approximately $0.8 million and a mark to market gain on forward freight agreements (FFAs) of approximately $40.1 thousand in the three months ended June 30, 2024. The fair value loss on interest rate derivative amounted to approximately $0.1 million for the three months ended June 30, 2024. The total loss resulted from changes in the fair value of the derivatives at the respective balance sheet dates.

Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023

Revenues

Pangaea’s revenues are derived predominately from voyage and time charters. Total revenue for the six months ended June 30, 2024 was $236.2 million, compared to $231.8 million for the same period in 2023, a 2% increase. The increase in revenues was primarily due to higher average TCE rates earned despite a 3% decrease in the total shipping days. The total shipping days decreased from 8,014 in the six months ended June 30, 2023 to 7,802 for the same period in 2024.

Components of revenue are as follows:

Voyage revenues decreased by 3% for the six months ended June 30, 2024 to $211.4 million compared to $218.4 million for the same period in 2023. This decrease was primarily due to a decreased in voyage days partially offset by higher average TCE rates. Voyage days totaled 6,740 for the six months ended June 30, 2024, compared to 6,969 for the same period in 2023.

Charter revenues increased to $18.9 million from $12.8 million, or 47%, for the six months ended June 30, 2024 compared to the same period in 2023. The increase in charter revenues was due to an increase in charter hire rates earned. The time charter revenue per day was $17,776 for the six months ended June 30, 2024 compared to $12,286 for the same period of 2023. Time charter days were up 2% to 1,062 in the six months ended June 30, 2024 from 1,045 in the six months ended June 30, 2023. The optionality of our chartering strategy allows the Company to selectively release excess ship days, if any, into the market under time charters arrangements.

Voyage Expenses

Voyage expenses were $98.3 million for the six months ended June 30, 2024, compared to $111.3 million for the same period in 2023, a decrease of 12%. The decrease was mainly attributable to a decrease in bunker costs, port expenses and canal fees. The number of voyage days decreased by 3% to 6,740 days in the six months ended June 30, 2024 compared to 6,969 days for the same period in 2023. Total costs of bunkers consumed decreased by 14% for the six months ended June 30, 2024 compared to the same period in 2023. Port expenses decreased 12% compared to the prior year primarily as a result of decreased canal fees incurred in the current year.

Charter Hire Expenses

Charter hire expenses for the six months ended June 30, 2024 were $59.8 million, compared to $51.7 million for the same period in 2023, a 16% increase. The increase in charter hire expenses was primarily due to an increase in market rates to charter-in vessels. The average published market rates for Supramax and Panamax vessels increased approximately 43% from an average of $10,067 in the six months ended June 30, 2023 to $14,388 in the same period of 2024. This was offset by a decrease in chartered-in days of 5% from 3,693 days in the six months ended June 30, 2023 to 3,506 days for the six months ended June 30, 2024. The Company's flexible charter-in strategy allowing it to supplement its owned fleet with short term chartered-in tonnage at prevailing market prices, when needed, to meet cargo demand.

Vessel Operating Expenses

Vessel operating expenses for the six months ended June 30, 2024 were $27.4 million, compared to $26.8 million for the same period in 2023, an increase of approximately 2%. Excluding technical management fees, vessel operating expenses on a per day basis were $5,773 for the six months ended June 30, 2024 and $5,575 for the same period in 2023. Technical management fees were approximately $2.2 million for the six months ended June 30, 2024 and 2023.

General and Administrative Expenses

General and administrative expenses were $12.3 million and $11.6 million for the six months ended June 30, 2024 and 2023, respectively. The increase was primarily due to an increase in non-cash compensation associated with equity awards.

Unrealized (loss) gain on derivative instruments

The Company assesses risk associated with fluctuating future freight rates and bunker prices, and when appropriate, actively hedges identified economic risk that may impact the operating income of long-term cargo contracts and forward bookings with forward freight agreements and bunkers swaps. The utilization of such derivatives can lead to fluctuations in the Company's reported results from operations on a period-to-period basis as the Company marks these positions to market at the balance sheet date while settlement of the position and execution of the physical transaction may occur at a future date. The Company recognized mark to market gains on bunker swaps of approximately $2.1 million and gains on forward freight agreements (FFAs) of approximately $1.8 million in the six months ended June 30, 2024. The fair value gain on interest rate derivatives was approximately $0.2 million for the six months ended June 30, 2024. These gains resulted from changes in the fair value of the derivatives at the respective balance sheet dates.

Significant accounting estimates

The discussion and analysis of the Company’s financial condition and results of operations is based upon the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP. 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, the estimated on the percentage completion of spot voyages and the allowances for doubtful accounts.

Long-lived Assets Impairment Considerations

The Company concluded that no triggering event had occurred during the first half of 2024, which would require impairment testing.

During the first quarter of 2023, the Company determined that a triggering event occurred related to the sale of a vessel, as the carrying value exceeded its fair value. On January 18, 2023, the Company signed a memorandum of agreement to sell the m/v Bulk Newport for $8.9 million in net consideration after brokerage commissions. As a result, we recorded a loss on sale of $1.2 million in the first quarter of 2023. The Company performed an impairment analysis on each asset group and concluded the estimated undiscounted future cash flows were higher than their carrying amounts and as such, no additional loss on impairment was recognized.

Liquidity and Capital Resources

The Company has historically financed its capital requirements with cash flow from operations, the issuance of common stock, proceeds from non-controlling interests, and proceeds from long-term debt and finance lease financing arrangements. The Company has used its capital primarily to fund operations, vessel acquisitions, and the repayment of debt and the associated interest expense. The Company may consider debt or additional equity financing alternatives from time to time. However, if market conditions deteriorate, the Company may be unable to raise additional debt or equity financing on acceptable terms or at all. As a result, the Company may be unable to pursue opportunities to expand its business.

As of June 30, 2024 and December 31, 2023, the Company had working capital of $97.4 million and $86.5 million, respectively. The increase in working capital was mainly attributed to enhanced operating income generated during the six months ended June 30, 2024.

Cash Flows:

The table below summarizes our primary sources and uses of cash for the three months ended June 30, 2024 and 2023. We have derived these summarized statements of cash flows from the consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Amounts in the table below have been calculated based on unrounded numbers. Accordingly, certain amounts may not appear to recalculate due to the effect of rounding.


	For the six months ended
(In millions)	June 30, 2024		June 30, 2023
Net cash provided by/(used in):
Operating activities:
Net income adjusted for non-cash items	$	27.2	$	23.1
Changes in operating assets and liabilities, net	(9.3)		(9.5)
Operating activities	18.0		13.6
Investing activities	(9.1)		(23.7)
Financing activities	(29.9)		(34.0)
Net change	$	(21.1)	$	(44.1)

Operating Activities

Net cash provided by operating activities during the six months ended June 30, 2024 was $18.0 million compared to net cash provided by operating activities of $13.6 million for the six months ended June 30, 2023. The increase in cash flows from operating activities compared to the previous year was primarily due to improved income from operations.

Investing Activities

Net cash used in investing activities during the six months ended June 30, 2024, was $9.1 million compared to $23.7 million for the same period in 2023. During the six months ended June 30, 2023, the Company (i) paid $27.0 million for the purchase of one vessel and other vessel improvements and (ii) paid $7.2 million for the net cash acquisition of a port and terminal operation. These uses of cash were partially offset by $8.9 million in net proceeds from the sale of one vessel. During the six months ended June 30, 2024, the Company paid $8.5 million for deposits on two vessels.

Financing Activities

Net cash used in financing activities during the six months ended June 30, 2024, and 2023 was $29.9 million and $34.0 million, respectively. During the six months ended June 30, 2024, the Company (i) received $17.6 million in long-term debt proceeds, (ii) repaid $25.6 million of long-term debt and $7.3 million of finance leases, (iii) paid $9.4 million in cash dividends to its shareholders and $2.3 million in cash dividends to non-controlling interest holders and (iv) paid $2.0 million as payment to non-controlling interest recorded as long-term liability. During the six months ended June 30, 2023, the Company (i) repaid $9.1 million of long term debt and $8.1 million of finance leases, (ii) paid $9.1 million in cash dividends to its shareholders and $5 million in cash dividends to non-controlling interest holders and (iii) paid $2.5 million as payment to non-controlling interest recorded as long-term liability.

The Company has demonstrated its unique ability to adapt to changing market conditions by maintaining a nimble chartered-in profile to meet its cargo commitments. We believe, given our current cash holdings, if drybulk shipping rates do not decline significantly from current levels, our capital resources, including cash anticipated to be generated within the year, are sufficient to fund our operations for at least the next twelve months.

Capital Expenditures

The Company’s capital expenditures relate to the purchase of vessels and interests in vessels, capital improvements to its vessels which are expected to enhance the revenue earning capabilities and safety of these vessels, as well as port & terminal operations. The Company’s owned or partially owned and controlled fleet at June 30, 2024 includes: nine Panamax drybulk carriers (six of which are Ice-Class 1A); seven Supramax drybulk carriers, two Ultramax Ice Class 1C, two Ultramax drybulk carriers, and four Post Panamax Ice Class 1A drybulk vessels.

In addition to vessel acquisitions that the Company may undertake in future periods, its other major capital expenditures include funding its program of regularly scheduled drydockings necessary to make improvements to its vessels, as well as to comply with international shipping standards and environmental laws and regulations. Funding expenses associated with these requirements will be met with cash from operations. The Company anticipates that this process of recertification will require it to reposition these vessels from a discharge port to shipyard facilities, which will reduce the Company’s available days and operating days during that period. The Company capitalized drydocking costs totaling approximately $3.2 million in the six months ended June 30, 2024 and 2023. The Company expensed drydocking costs of approximately $141,000 and $90,000, respectively, in the six months ended June 30, 2024 and 2023.

Off-Balance Sheet Arrangements

The Company does not have off-balance sheet arrangements at June 30, 2024 or December 31, 2023.

ITEM 3. Quantitative and Qualitative Disclosures about Market Risks

No significant changes to our market risk have occurred since December 31, 2023. For a discussion of market risks affecting us, refer to Part II, Item 7A—"Quantitative and Qualitative Disclosures About Market Risk" included in the Company Annual Report on Form 10-K for the year ended December 31, 2023.

ITEM 4. Controls and Procedures

Management’s Evaluation of Disclosure Controls and Procedures.

As of the end of the period covered by this report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as such term is defined in Rule 13a-15(e). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective for the six months ended June 30, 2024.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II: OTHER INFORMATION

Item 1 - Legal Proceedings

From time to time, we are involved in various other disputes and litigation matters that arise in the ordinary course of our business, principally cargo claims. Those claims, even if lacking merit, could result in the expenditure by us of significant financial and managerial resources.

Item 1A – Risk Factors

In addition to the other information set forth in this report, the reader should carefully consider the factors discussed in “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Risk Factor described below, which could materially affect the Company’s business, financial condition or future results.

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3 - Defaults Upon Senior Securities

None.

Item 4 – Mine Safety Disclosures

None.

Item 5 - Other Information

None.

Item 6 – Exhibits


Exhibit No.			Description


31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

32.1			Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

32.2			Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

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)

______________

* Filed herewith

SIGNATURES

Pursuant to the requirements of the Section 13 or 15 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on August 8, 2024.


			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)

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark L. Filanowski, certify that:


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 8, 2024	/s/ Mark L. Filanowski
		Mark L. Filanowski
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Gianni Del Signore, certify that:


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 8, 2024	/s/ Gianni Del Signore
		Gianni Del Signore
		Chief Financial Officer
		(Principal Financial Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Pangaea Logistics Solutions Ltd. (the “Company”) on Form 10-Q for the quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark L. Filanowski, Interim Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:


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 8, 2024	/s/ Mark L. Filanowski
		Mark L. Filanowski
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Pangaea Logistics Solutions Ltd. (the “Company”) on Form 10-Q for the quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gianni DelSignore, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:


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 8, 2024	/s/ Gianni Del Signore
		Gianni Del Signore
		Chief Financial Officer
		(Principal Financial Officer)

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Aug. 07, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36798
Entity Registrant Name	PANGAEA LOGISTICS SOLUTIONS LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1205464
Entity Address, Address Line One	109 Long Wharf
Entity Address, City or Town	Newport
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02840
City Area Code	401
Local Phone Number	846-7790
Title of 12(b) Security	Common Stock
Trading Symbol	PANL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,902,091
Entity Central Index Key	0001606909
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 77,946,955	$ 99,037,866
Accounts receivable (net of allowance of $6,494,900 and $5,657,837 at June 30, 2024 and December 31, 2023, respectively)	41,332,293	47,891,501
Inventories	28,889,890	16,556,266
Advance hire, prepaid expenses and other current assets	33,182,103	28,340,246
Total current assets	181,351,241	191,825,879
Fixed assets, net	464,347,780	474,265,171
Investment In Vessels	8,500,000	0
Finance lease right of use assets, net	29,630,660	30,393,823
Goodwill	3,104,800	3,104,800
Other non-current assets	5,986,121	5,590,295
Total assets	692,920,602	705,179,968
Current liabilities
Accounts payable, accrued expenses and other current liabilities	39,257,972	35,836,262
Deferred revenue	10,064,097	15,629,886
Current portion of secured long-term debt	12,049,931	30,751,726
Current portion of finance lease liabilities	21,480,421	21,970,124
Dividend payable	1,116,964	1,146,321
Total current liabilities	83,969,385	105,334,319
Secured long-term debt, net	78,474,348	68,446,309
Long-term portion	137,035,935	143,266,867
Long-term liabilities - other - Note 10	16,631,692	17,936,540
Commitments and contingencies - Note 9
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; 46,902,091 shares issued and outstanding at June 30, 2024; 46,466,622 shares issued and outstanding at December 31, 2023	4,692	4,648
Additional paid-in capital	166,521,852	164,854,546
Retained earnings	165,003,909	159,026,799
Total Pangaea Logistics Solutions Ltd. equity	331,530,453	323,885,993
Non-controlling interests	45,278,789	46,309,940
Total stockholders' equity	376,809,242	370,195,933
Total liabilities and stockholders' equity	$ 692,920,602	$ 705,179,968

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 6,494,900	$ 5,657,837
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)	46,902,091	46,466,622
Common stock, shares outstanding (in shares)	46,902,091	46,466,622

Consolidated Statements of Income - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenue	$ 131,497,852	$ 118,075,654	$ 236,246,405	$ 231,774,729
Expenses:
Voyage expense	61,150,855	54,459,633	98,265,519	111,274,264
Charter hire expense	32,685,075	29,125,662	59,827,925	51,716,502
Vessel operating expense	14,735,927	13,210,851	27,405,184	26,817,666
Terminal & Stevedore Expenses	2,828,398	374,582	4,907,585	374,582
General and administrative	5,029,696	5,923,159	12,307,699	11,614,892
Depreciation and amortization	7,453,675	7,126,995	14,890,148	14,453,855
Loss on sale of vessel	0	0	0	1,172,196
Total expenses	123,883,626	110,220,882	217,604,060	217,423,957
Income from operations	7,614,226	7,854,772	18,642,345	14,350,772
Other income (expense):
Interest and Other Income	665,362	1,042,564	1,540,446	2,092,410
Unrealized (loss) gain on derivative instruments, net	(927,503)	(1,348,284)	4,156,836	(1,771,853)
Other income	334,248	248,863	678,172	635,275
Total other expense, net	(3,620,726)	(5,087,914)	(1,983,211)	(8,181,002)
Net income	3,993,500	2,766,858	16,659,134	6,169,770
(Income) loss attributable to non-controlling interests	(310,725)	77,682	(1,302,183)	149,037
Net income attributable to Pangaea Logistics Solutions Ltd.	$ 3,682,775	$ 2,844,540	$ 15,356,951	$ 6,318,807
Earnings per common share:
Basic (in dollars per share)	$ 0.08	$ 0.06	$ 0.34	$ 0.14
Diluted (in dollars per share)	$ 0.08	$ 0.06	$ 0.33	$ 0.14
Weighted average shares used to compute earnings per common share:
Basic (in shares)	45,276,791	44,775,438	45,245,655	44,744,039
Diluted (in shares)	46,028,902	45,127,972	45,922,272	45,122,019
Nonrelated Party
Other income (expense):
Interest Revenue (Expense), Net	$ (3,812,783)	$ (4,125,720)	$ (7,663,513)	$ (8,376,234)
Related Party
Other income (expense):
Interest Revenue (Expense), Net	119,950	(905,337)	(695,152)	(760,600)
Voyage revenue
Revenues:
Revenue	124,095,728	110,465,557	211,386,291	218,415,680
Charter revenue
Revenues:
Revenue	3,846,797	7,090,440	18,877,824	12,839,392
Revenue Not from Contract with Customer
Revenues:
Revenue	$ 3,555,327	$ 519,657	$ 5,982,290	$ 519,657

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Total Pangaea Logistics Solutions Ltd. Equity	Common Stock	Additional Paid-in Capital	Retained Earnings	Non-Controlling Interest
Beginning Balance (in shares) at Dec. 31, 2022			45,898,395
Beginning Balance at Dec. 31, 2022	$ 368,721,530	$ 314,226,062	$ 4,590	$ 162,894,080	$ 151,327,392	$ 54,495,468
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,123,507	1,123,507		1,123,507
Issuance of restricted shares, net of forfeitures (in shares)			(568,227)
Issuance of restricted shares, net of forfeitures	(127,283)	(127,283)	$ 58	(127,341)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(5,000,000)					(5,000,000)
Common Stock Dividend	(9,315,793)	(9,315,793)			(9,315,793)
Net Income	6,169,770	6,318,807			6,318,807	(149,037)
Ending Balance (in shares) at Jun. 30, 2023			46,466,622
Ending Balance at Jun. 30, 2023	361,571,731	312,225,300	$ 4,648	163,890,246	148,330,406	49,346,431
Beginning Balance (in shares) at Mar. 31, 2023			46,466,622
Beginning Balance at Mar. 31, 2023	363,192,351	313,768,238	$ 4,648	163,623,173	150,140,417	49,424,113
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	267,073	267,073		267,073
Common Stock Dividend	(4,654,551)	(4,654,551)			(4,654,551)
Net Income	2,766,858	2,844,540			2,844,540	(77,682)
Ending Balance (in shares) at Jun. 30, 2023			46,466,622
Ending Balance at Jun. 30, 2023	361,571,731	312,225,300	$ 4,648	163,890,246	148,330,406	49,346,431
Beginning Balance (in shares) at Dec. 31, 2023			46,466,622
Beginning Balance at Dec. 31, 2023	370,195,933	323,885,993	$ 4,648	164,854,546	159,026,799	46,309,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,667,350	1,667,350		1,667,350
Issuance of restricted shares, net of forfeitures (in shares)			(435,469)
Issuance of restricted shares, net of forfeitures	0	0	$ 44	(44)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(2,333,334)					(2,333,334)
Common Stock Dividend		(9,379,841)			(9,379,841)
Net Income	16,659,134	15,356,951			15,356,951	1,302,183
Ending Balance (in shares) at Jun. 30, 2024			46,902,091
Ending Balance at Jun. 30, 2024	376,809,242	331,530,453	$ 4,692	166,521,852	165,003,909	45,278,789
Beginning Balance (in shares) at Mar. 31, 2024			46,839,591
Beginning Balance at Mar. 31, 2024	379,305,652	332,004,254	$ 4,685	165,993,186	166,006,383	47,301,398
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	528,673	528,673		528,673
Issuance of restricted shares, net of forfeitures (in shares)			62,500
Issuance of restricted shares, net of forfeitures			$ 7	(7)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(2,333,334)					(2,333,334)
Common Stock Dividend		(4,685,249)			(4,685,249)
Net Income	3,993,500	3,682,775			3,682,775	310,725
Ending Balance (in shares) at Jun. 30, 2024			46,902,091
Ending Balance at Jun. 30, 2024	$ 376,809,242	$ 331,530,453	$ 4,692	$ 166,521,852	$ 165,003,909	$ 45,278,789

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 16,659,134	$ 6,169,770
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	14,890,148	14,453,855
Amortization of deferred financing costs	399,259	471,582
Amortization of prepaid rent	60,933	60,564
Unrealized (gain) loss on derivative instruments	(4,156,836)	1,771,853
Income (Loss) from Equity Method Investments	(678,172)	(635,275)
Earnings attributable to non-controlling interest recorded as other long term liability	695,152	760,600
Accounts Receivable, Credit Loss Expense (Reversal)	837,063	1,129,270
Loss on sale of vessel	0	1,172,196
Drydocking costs	(3,154,809)	(3,361,280)
Share-based compensation	1,667,350	1,123,507
Change in operating assets and liabilities:
Accounts receivable	5,722,145	(7,196,493)
Inventories	(12,333,624)	1,652,227
Advance hire, prepaid expenses and other current assets	(2,426,074)	(3,503,097)
Accounts payable, accrued expenses and other current liabilities	5,339,639	5,894,024
Deferred revenue	(5,565,789)	(6,383,893)
Net cash provided by operating activities	17,955,519	13,579,410
Investing activities
Purchase of vessels and vessel improvements	(498,982)	(27,039,525)
Advances for vessel purchases	(8,500,000)	0
Purchase of fixed assets and equipment	(140,018)	0
Proceeds from sale of vessel	0	8,933,700
Payments to Acquire Businesses, Net of Cash Acquired	0	7,200,000
Contributions to non-consolidated subsidiaries	0	1,627,500
Net cash used in investing activities	(9,139,000)	(23,678,325)
Financing activities
Proceeds from long-term debt	17,600,000	0
Payments of financing fees and debt issuance costs	(866,801)	0
Payments of long-term debt	(25,573,461)	(9,096,390)
Payments of finance lease obligations	(7,324,636)	(8,133,049)
Dividends paid to non-controlling interests	(2,333,334)	(5,000,000)
Cash dividends paid	(9,409,198)	(9,133,109)
Cash paid for incentive compensation shares relinquished	0	(127,283)
Payments to non-controlling interest recorded as long-term liability	(2,000,000)	(2,500,000)
Net cash used in financing activities	(29,907,430)	(33,989,831)
Net change in cash and cash equivalents	(21,090,911)	(44,088,746)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	99,037,866	128,384,606
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	77,946,955	84,295,860
Operating Expenses	$ 217,604,060	$ 217,423,957

General Information and Recent Events	6 Months Ended
General Information and Recent Events	Jun. 30, 2024
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, 2024, the Company owns three Panamax, two Ultramax Ice Class 1C, two Ultramax and seven 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 has a 50% interest in the owner of a deck barge. Additionally, the Company owns the port and terminal operations located in Fort Lauderdale, Florida, and Baltimore, Maryland. On July 24, 2024, the Company took delivery of the m/v Bulk Brenton, a 2016 Tsuneishi Heavy Industries (CEBU) Inc 57,679 dwt dry bulk vessel.

Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Significant Accounting Policies

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Concentration of credit risk

Advance hire, prepaid expenses and other current assets

Advance hire, prepaid expenses and other current assets were comprised of the following:


	June 30, 2024		December 31, 2023
	(unaudited)
Advance hire	$	3,095,835	$	2,509,313
Prepaid expenses	6,084,609		7,072,634
Accrued receivables	11,444,395		5,777,596
Cash margin on deposit	2,015,301		3,751,257
Derivative assets	5,799,920		3,384,137
Other current assets	4,742,043		5,845,309
	$	33,182,103	$	28,340,246

Goodwill

Other non-current Assets

Other non-current assets were comprised of the following:


	June 30, 2024		December 31, 2023
	(unaudited)
Intangible Assets, net of accumulated amortization of $901,060 and $474,038 as of June 30, 2024 and December 31, 2023, respectively	$	1,350,041	$	1,777,063
Investment in Seamar Management	718,217		706,655
Bay Stevedoring LLC	2,435,164		1,667,093
Investment in Narragansett Bulk Carriers (US) Corp	519,975		519,975
Other investments	962,724		919,509
	$	5,986,121	$	5,590,295

Accounts payable, accrued expenses and other current liabilities

Accounts payable, accrued expenses and other current liabilities were comprised of the following:


	June 30, 2024		December 31, 2023
	(unaudited)
Accounts payable	$	12,020,777	$	6,277,693
Accrued expenses	12,338,860		14,038,418
Bunkers suppliers	6,042,775		4,393,533
Charter hire payable	6,816,112		8,112,701

Other accrued liabilities	2,039,448		3,013,917
	$	39,257,972	$	35,836,262

Leases

Time charter in contracts

Time charter out contracts

The Company does not have any sales-type or direct financing leases.

Office leases

The Company has four non-cancelable office and office equipment leases. The resulting lease assets and liabilities are not material.

Ground Lease

Revenue Recognition

may contain minimum quantities. Revenues from stevedore service contracts are earned and recognized on a per unit basis as completed over the performance period.

Recently Issued Accounting Pronouncements Not Yet Adopted

Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents Disclosure

CASH AND CASH EQUIVALENTS


	June 30, 2024		December 31, 2023
	(unaudited)
Money market accounts – cash equivalents	$	47,660,684	$	38,556,005
Time deposit accounts - cash equivalents	—		10,206,500
Cash (1)	30,286,271		50,275,361
Total cash and cash equivalents	$	77,946,955	$	99,037,866

(1) It consists of cash deposits at various major banks.

As of June 30, 2024 and December 31, 2023, the Company held cash and cash equivalents in the following subsidiaries:


Cash and cash equivalents	June 30, 2024		December 31, 2023
	(unaudited)
Pangaea (1)	$	63,312,265	$	81,652,679
NBHC (2)	10,108,330		11,948,547
NBP and Deck Barge (3)	4,526,360		5,436,640
Total cash and cash equivalents	$	77,946,955	$	99,037,866

(1) Held by 100% owned Pangaea consolidated subsidiaries

(2) Held by a 67% owned Pangaea consolidated subsidiary

(3) Held by a 50% owned Pangaea consolidated subsidiary

Fixed Assets

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Fixed Assets

FIXED ASSETS


	June 30,		December 31,
	2024		2023
	(unaudited)
m/v NORDIC ODYSSEY (1)	$	18,061,441	$	18,949,524
m/v NORDIC ORION (1)	18,962,946		19,789,942
m/v NORDIC OSHIMA (1)	24,006,195		22,938,264
m/v NORDIC OLYMPIC (1)	22,630,964		23,306,330
m/v NORDIC ODIN (1)	22,738,376		23,411,836
m/v NORDIC OASIS (1)	24,143,178		24,853,935
m/v NORDIC NULUUJAAK (2) (4)	35,375,500		36,088,312
m/v NORDIC QINNGUA (2) (4)	35,334,461		36,018,502
m/v NORDIC SANNGIJUQ (2) (4)	34,954,762		35,623,004
m/v NORDIC SIKU(2) (4)	35,338,838		36,009,984
m/v BULK ENDURANCE	21,235,308		21,859,034
m/v BULK PRUDENCE	26,014,033		26,533,530
m/v BULK COURAGEOUS (4)	14,958,598		15,145,246
m/v BULK CONCORD (4)	19,374,401		18,965,726

m/v BULK FREEDOM	7,784,090		8,150,075
m/v BULK PRIDE	10,937,446		11,194,335
m/v BULK SPIRIT (4)	12,465,352		12,970,111
m/v BULK SACHUEST	16,082,520		16,487,253
m/v BULK INDEPENDENCE	13,187,391		13,752,517
m/v BULK FRIENDSHIP (4)	12,381,777		12,810,712
m/v BULK VALOR	16,078,207		16,434,083
m/v BULK PROMISE	16,626,050		16,970,026

MISS NORA G PEARL (3)	1,597,201		1,821,235
	460,269,035		470,083,516
Other fixed assets, net	4,078,745		4,181,655
Total fixed assets, net	$	464,347,780	$	474,265,171

Right of Use Assets
m/v BULK XAYMACA	$	11,025,365	$	11,623,719
m/v BULK DESTINY	18,247,547		18,770,104
Other Right of Use Assets, net (4)	357,748		—
	$	29,630,660	$	30,393,823

Advances for vessel purchases	$	8,500,000	$	—

(1) Vessels are owned by NBHC, a consolidated entity in which the Company has a two-third ownership interest at June 30, 2024 and December 31, 2023, respectively.

(2) Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at June 30, 2024 and December 31, 2023.

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

(4) Refer to Note 6, "Finance Leases" of our Financial Statements for additional information related to the Assets under finance lease.

Long-lived Assets Impairment Considerations

The Company concluded that no triggering event had occurred during the first half of 2024, which would require impairment testing.

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

DEBT

Long-term debt consists of the following:


	June 30, 2024		December 31, 2023		Interest Rate (%) (1)		Maturity Date
	(unaudited)



Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3)	11,549,454		12,512,080		2.95	%	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)	37,400,000		39,800,000		3.38	%	June 2027
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017)
Bulk Nordic Six Ltd. - Tranche A	—		9,033,325		4.39	%	May 2024

Bulk Pride - Tranche C	—		1,900,000		5.39	%	May 2024
Bulk Independence - Tranche E	—		9,500,000		3.54	%	May 2024
$50 Million Senior Secured Term Loan Facility - Dated May 16, 2024 (4)	17,600,000		—		7.83	%	May 2029
Bulk Valor Corp. Loan and Security Agreement (2)	9,403,061		10,087,642		3.29	%	June 2028
Bulk Promise Corp. (2)	8,993,186		9,685,334		5.45	%	October 2027
Bulk Sachuest (2)	7,332,315		7,733,094		6.19	%	October 2029

Total	$	92,278,016	$	100,251,475
Less: unamortized issuance costs, net	(1,753,737)		(1,053,440)
	$	90,524,279	$	99,198,035
Less: current portion	(12,049,931)		(30,751,726)
Secured long-term debt, net	$	78,474,348	$	68,446,309

(1)As of June 30, 2024.

(2)Interest rates on the loan facilities are fixed.

(4)This facility is collateralized by the vessels m/v Bulk Endurance and is guaranteed by the Company.

$50 Million Senior Secured Term Loan Facility

The future minimum annual payments under the debt agreements are as follows:


	Years ending December 31,
	(unaudited)
2024 (remainder of the year)	$	6,004,556
2025	12,128,601
2026	12,290,606
2027	41,607,596
2028	6,975,036
Thereafter	13,271,621
	$	92,278,016

Financial Covenants

Finance Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Finance Leases

FINANCE LEASES

Finance lease consists of the following as of June 30, 2024:


	June 30, 2024		December 31, 2023		Interest Rate (%) (1)		Maturity Date
	(unaudited)
Bulk PODS Ltd.	$	3,841,145	$	4,763,020	7.28	%	December 2027

Bulk Spirit Ltd.	6,916,667		7,486,979		7.30	%	February 2027
Bulk Nordic Five Ltd. (2)	10,950,000		11,595,861		3.97	%	April 2028
Bulk Friendship Corp. (2)	7,933,705		8,471,002		5.29	%	September 2024
Bulk Nordic Seven LLC (3)	27,656,851		28,482,063		7.06	%	May 2036
Bulk Nordic Eight LLC(3)	27,648,404		28,473,392		7.06	%	June 2036
Bulk Nordic Nine LLC(3)	27,790,151		28,591,644		7.06	%	September 2036
Bulk Nordic Ten LLC(3)	27,913,963		28,712,632		7.06	%	November 2036
Bulk Courageous Corp. (2)	8,400,000		9,000,000		3.93	%	April 2028
Phoenix Bulk 25 Corp. (2)	11,298,484		12,097,410		4.67	%	February 2029
Other (4)	371,248		—		7.89	%	March 2034
Total	$	160,720,618	$	167,674,003
Less: unamortized issuance costs, net	(2,204,262)		(2,437,102)
	$	158,516,356	$	165,236,901
Less: current portion	(21,480,421)		(21,970,124)
Long-term finance lease liabilities, net	$	137,035,935	$	143,266,777

(1)As of June 30, 2024 including the effect of interest rate cap if any.

(2)Interest rates on the loan facilities are fixed.

(3)The Company entered into an interest rate cap effective from Q2 2026 through Q4 2026, which caps the SOFR at 3.51%.

(4)The company entered into a 10-year ground lease agreement with the Tampa Port Authority, commencing on April 22, 2024.

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, 2024.


Year ending December 31,	Amount
	(unaudited)
2024 (remainder of the year)	$	21,064,592
2025	25,475,246
2026	23,984,683
2027	24,820,942
2028	29,448,617
Thereafter	115,106,414
Total minimum lease payments	$	239,900,494
Less imputed interest	79,179,876
Present value of minimum lease payments	160,720,618
Less current portion	(21,480,421)
Less issuance costs	(2,204,262)
Long-term portion	$	137,035,935

Derivative Instruments and Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Instruments and Fair Value Measurements

DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Forward freight agreements

Fuel swap contracts

Interest rate cap

The following table summarizes assets and liabilities measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023:


	Asset Derivative					Liability Derivative
Derivative instruments	Balance Sheet Location	06/30/2024		12/31/2023		Balance Sheet Location	6/30/2024		12/31/2023
		(unaudited)					(unaudited)
Margin accounts (1)	Other current assets	$	2,015,301	$	3,751,257	Other current liabilities	$	—	$	—
Forward freight agreements (2)	Other current assets	$	591,046	$	—	Other current liabilities			$	1,217,820
Fuel swap contracts (2)	Other current assets	$	1,587,999	$	—	Other current liabilities	$	—	$	523,233
Interest rate cap (2)	Other current assets	$	3,620,875	$	3,384,137	Other current liabilities	$	—	$	—

(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 six months ended June 30, 2024 and 2023:


	Unrealized gain (loss) on derivative instruments
	Three Months Ended				Six Months Ended
Derivative instruments	06/30/2024		6/30/2023		06/30/2024		6/30/2023
	(unaudited)				(unaudited)
Forward freight agreements	$	40,118	$	(1,841,065)	$	1,808,866	$	(1,678,501)
Fuel Swap Contracts	(828,287)		(726,590)		$	2,111,232	$	(489,509)
Interest rate cap	(139,334)		1,219,371		$	236,738	$	396,157
Total (loss) gain	$	(927,503)	$	(1,348,284)	$	4,156,836	$	(1,771,853)

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

RELATED PARTY TRANSACTIONS

Amounts and notes payable to related parties consist of the following:


	December 31, 2023		Activity	June 30, 2024
			(unaudited)



Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets:
Affiliated companies (trade payables) (i)	$	1,490,060	237,687	$	1,727,747
Commissions payable (trade payables) (ii)	$	—	119,827	$	119,827

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

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9 - COMMITMENTS AND CONTINGENCIES Long-term Contracts Accounted for as Operating Leases The Company leases office space for its Copenhagen operations. The lease expires in December 2025, at which time the lease continues on a month to month basis with a non-cancelable period of six months. The Company leases office space for its Singapore operations. In July 2023, the Company renewed its lease for a two year period. At June 30, 2024, the remaining lease term is fourteen months. For the three months ended June 30, 2024 and 2023, the Company recognized approximately $49,000 and $52,000, respectively, as lease expense for office leases in General and Administrative Expenses. For the six months ended June 30, 2024 and 2023, the Company recognized approximately $98,000 and $104,000, respectively, 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.

Other Long-Term Liabilities

6 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

OTHER LONG-TERM LIABILITIES

The roll-forward of Other Long-term Liabilities are as follows:


	06/30/2024		12/31/2023
	(unaudited)		(audited)
Beginning Balance	$	17,936,540	$	19,974,390
Payments to non-controlling interest recorded as long-term liability	(2,000,000)		(2,500,000)

Earnings attributable to non-controlling interest recorded as other long term liability	695,152		462,150


Ending balance	$	16,631,692	$	17,936,540

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

NET INCOME PER COMMON SHARE

The following table summarizes the calculation of basic and diluted income per share:


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(unaudited)				(unaudited)
Net income	$	3,682,775	$	2,844,540	$	15,356,951	$	6,318,807
Weighted Average Shares - Basic	45,276,791		44,775,438		45,245,655		44,744,039
Dilutive effect of restricted stock awards	752,111		352,534		676,617		377,980
Weighted Average Shares - Diluted	46,028,902		45,127,972		45,922,272		45,122,019
Basic net income per share	$	0.08	$	0.06	$	0.34	$	0.14
Diluted net income per share	$	0.08	$	0.06	$	0.33	$	0.14

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On July 17, 2024, the Company entered into a $15.2 million Senior Secured Term Loan facility with Bulk Prudence Corp., as the borrower, secured against the MV Bulk Prudence. The loan is structured to be repaid in quarterly installments of $347,000, with a balloon payment of $8,607,000 due in July 2029. The interest rate on the loan is floating, based on the SOFR plus 1.9%. On July 19, 2024, Bulk Brenton (MI) Corp., as an additional borrower, made a second drawdown to finance the MV Bulk Brenton, which was delivered on July 26, 2024. On August 8, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, to be paid on September 16, 2024, to all shareholders of record as of September 2, 2024.

Business Combinations and Asset Acquisitions

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Mergers, Acquisitions and Dispositions Disclosures

ACQUISITIONS

The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed:


Net working capital, excluding cash	$	1,772,889
Property, plant and equipment	1,844,100
Goodwill	3,104,800
Other intangible assets	2,251,100
Fair value of net assets acquired, excluding cash and cash equivalents	8,972,889
Cash and cash equivalents	326,888
Fair value of net assets acquired	$	9,299,777

Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure

Advance hire, prepaid expenses and other current assets were comprised of the following:


	June 30, 2024		December 31, 2023
	(unaudited)
Advance hire	$	3,095,835	$	2,509,313
Prepaid expenses	6,084,609		7,072,634
Accrued receivables	11,444,395		5,777,596
Cash margin on deposit	2,015,301		3,751,257
Derivative assets	5,799,920		3,384,137
Other current assets	4,742,043		5,845,309
	$	33,182,103	$	28,340,246

Equity Method Investments

Other non-current assets were comprised of the following:


	June 30, 2024		December 31, 2023
	(unaudited)
Intangible Assets, net of accumulated amortization of $901,060 and $474,038 as of June 30, 2024 and December 31, 2023, respectively	$	1,350,041	$	1,777,063
Investment in Seamar Management	718,217		706,655
Bay Stevedoring LLC	2,435,164		1,667,093
Investment in Narragansett Bulk Carriers (US) Corp	519,975		519,975
Other investments	962,724		919,509
	$	5,986,121	$	5,590,295

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable, accrued expenses and other current liabilities were comprised of the following:


	June 30, 2024		December 31, 2023
	(unaudited)
Accounts payable	$	12,020,777	$	6,277,693
Accrued expenses	12,338,860		14,038,418
Bunkers suppliers	6,042,775		4,393,533
Charter hire payable	6,816,112		8,112,701

Other accrued liabilities	2,039,448		3,013,917
	$	39,257,972	$	35,836,262

Cash and Cash Equivalents (Tables)

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of 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:


	June 30, 2024		December 31, 2023
	(unaudited)
Money market accounts – cash equivalents	$	47,660,684	$	38,556,005
Time deposit accounts - cash equivalents	—		10,206,500
Cash (1)	30,286,271		50,275,361
Total cash and cash equivalents	$	77,946,955	$	99,037,866

(1) It consists of cash deposits at various major banks.

As of June 30, 2024 and December 31, 2023, the Company held cash and cash equivalents in the following subsidiaries:


Cash and cash equivalents	June 30, 2024		December 31, 2023
	(unaudited)
Pangaea (1)	$	63,312,265	$	81,652,679
NBHC (2)	10,108,330		11,948,547
NBP and Deck Barge (3)	4,526,360		5,436,640
Total cash and cash equivalents	$	77,946,955	$	99,037,866

(1) Held by 100% owned Pangaea consolidated subsidiaries

(2) Held by a 67% owned Pangaea consolidated subsidiary

(3) Held by a 50% owned Pangaea consolidated subsidiary

Fixed Assets (Tables)

6 Months Ended

Jun. 30, 2024

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,
	2024		2023
	(unaudited)
m/v NORDIC ODYSSEY (1)	$	18,061,441	$	18,949,524
m/v NORDIC ORION (1)	18,962,946		19,789,942
m/v NORDIC OSHIMA (1)	24,006,195		22,938,264
m/v NORDIC OLYMPIC (1)	22,630,964		23,306,330
m/v NORDIC ODIN (1)	22,738,376		23,411,836
m/v NORDIC OASIS (1)	24,143,178		24,853,935
m/v NORDIC NULUUJAAK (2) (4)	35,375,500		36,088,312
m/v NORDIC QINNGUA (2) (4)	35,334,461		36,018,502
m/v NORDIC SANNGIJUQ (2) (4)	34,954,762		35,623,004
m/v NORDIC SIKU(2) (4)	35,338,838		36,009,984
m/v BULK ENDURANCE	21,235,308		21,859,034
m/v BULK PRUDENCE	26,014,033		26,533,530
m/v BULK COURAGEOUS (4)	14,958,598		15,145,246
m/v BULK CONCORD (4)	19,374,401		18,965,726

m/v BULK FREEDOM	7,784,090		8,150,075
m/v BULK PRIDE	10,937,446		11,194,335
m/v BULK SPIRIT (4)	12,465,352		12,970,111
m/v BULK SACHUEST	16,082,520		16,487,253
m/v BULK INDEPENDENCE	13,187,391		13,752,517
m/v BULK FRIENDSHIP (4)	12,381,777		12,810,712
m/v BULK VALOR	16,078,207		16,434,083
m/v BULK PROMISE	16,626,050		16,970,026

MISS NORA G PEARL (3)	1,597,201		1,821,235
	460,269,035		470,083,516
Other fixed assets, net	4,078,745		4,181,655
Total fixed assets, net	$	464,347,780	$	474,265,171

Right of Use Assets
m/v BULK XAYMACA	$	11,025,365	$	11,623,719
m/v BULK DESTINY	18,247,547		18,770,104
Other Right of Use Assets, net (4)	357,748		—
	$	29,630,660	$	30,393,823

Advances for vessel purchases	$	8,500,000	$	—

(1) Vessels are owned by NBHC, a consolidated entity in which the Company has a two-third ownership interest at June 30, 2024 and December 31, 2023, respectively.

(2) Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at June 30, 2024 and December 31, 2023.

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

(4) Refer to Note 6, "Finance Leases" of our Financial Statements for additional information related to the Assets under finance lease.

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consists of the following:


	June 30, 2024		December 31, 2023		Interest Rate (%) (1)		Maturity Date
	(unaudited)



Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3)	11,549,454		12,512,080		2.95	%	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)	37,400,000		39,800,000		3.38	%	June 2027
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017)
Bulk Nordic Six Ltd. - Tranche A	—		9,033,325		4.39	%	May 2024

Bulk Pride - Tranche C	—		1,900,000		5.39	%	May 2024
Bulk Independence - Tranche E	—		9,500,000		3.54	%	May 2024
$50 Million Senior Secured Term Loan Facility - Dated May 16, 2024 (4)	17,600,000		—		7.83	%	May 2029
Bulk Valor Corp. Loan and Security Agreement (2)	9,403,061		10,087,642		3.29	%	June 2028
Bulk Promise Corp. (2)	8,993,186		9,685,334		5.45	%	October 2027
Bulk Sachuest (2)	7,332,315		7,733,094		6.19	%	October 2029

Total	$	92,278,016	$	100,251,475
Less: unamortized issuance costs, net	(1,753,737)		(1,053,440)
	$	90,524,279	$	99,198,035
Less: current portion	(12,049,931)		(30,751,726)
Secured long-term debt, net	$	78,474,348	$	68,446,309

(1)As of June 30, 2024.

(2)Interest rates on the loan facilities are fixed.

(4)This facility is collateralized by the vessels m/v Bulk Endurance and is guaranteed by the Company.

Schedule of Maturities of Long-term Debt


	Years ending December 31,
	(unaudited)
2024 (remainder of the year)	$	6,004,556
2025	12,128,601
2026	12,290,606
2027	41,607,596
2028	6,975,036
Thereafter	13,271,621
	$	92,278,016

Finance Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule Of Finance Leases

Finance lease consists of the following as of June 30, 2024:


	June 30, 2024		December 31, 2023		Interest Rate (%) (1)		Maturity Date
	(unaudited)
Bulk PODS Ltd.	$	3,841,145	$	4,763,020	7.28	%	December 2027

Bulk Spirit Ltd.	6,916,667		7,486,979		7.30	%	February 2027
Bulk Nordic Five Ltd. (2)	10,950,000		11,595,861		3.97	%	April 2028
Bulk Friendship Corp. (2)	7,933,705		8,471,002		5.29	%	September 2024
Bulk Nordic Seven LLC (3)	27,656,851		28,482,063		7.06	%	May 2036
Bulk Nordic Eight LLC(3)	27,648,404		28,473,392		7.06	%	June 2036
Bulk Nordic Nine LLC(3)	27,790,151		28,591,644		7.06	%	September 2036
Bulk Nordic Ten LLC(3)	27,913,963		28,712,632		7.06	%	November 2036
Bulk Courageous Corp. (2)	8,400,000		9,000,000		3.93	%	April 2028
Phoenix Bulk 25 Corp. (2)	11,298,484		12,097,410		4.67	%	February 2029
Other (4)	371,248		—		7.89	%	March 2034
Total	$	160,720,618	$	167,674,003
Less: unamortized issuance costs, net	(2,204,262)		(2,437,102)
	$	158,516,356	$	165,236,901
Less: current portion	(21,480,421)		(21,970,124)
Long-term finance lease liabilities, net	$	137,035,935	$	143,266,777

(1)As of June 30, 2024 including the effect of interest rate cap if any.

(2)Interest rates on the loan facilities are fixed.

(3)The Company entered into an interest rate cap effective from Q2 2026 through Q4 2026, which caps the SOFR at 3.51%.

(4)The company entered into a 10-year ground lease agreement with the Tampa Port Authority, commencing on April 22, 2024.

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, 2024.


Year ending December 31,	Amount
	(unaudited)
2024 (remainder of the year)	$	21,064,592
2025	25,475,246
2026	23,984,683
2027	24,820,942
2028	29,448,617
Thereafter	115,106,414
Total minimum lease payments	$	239,900,494
Less imputed interest	79,179,876
Present value of minimum lease payments	160,720,618
Less current portion	(21,480,421)
Less issuance costs	(2,204,262)
Long-term portion	$	137,035,935

Derivative Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes assets and liabilities measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023:


	Asset Derivative					Liability Derivative
Derivative instruments	Balance Sheet Location	06/30/2024		12/31/2023		Balance Sheet Location	6/30/2024		12/31/2023
		(unaudited)					(unaudited)
Margin accounts (1)	Other current assets	$	2,015,301	$	3,751,257	Other current liabilities	$	—	$	—
Forward freight agreements (2)	Other current assets	$	591,046	$	—	Other current liabilities			$	1,217,820
Fuel swap contracts (2)	Other current assets	$	1,587,999	$	—	Other current liabilities	$	—	$	523,233
Interest rate cap (2)	Other current assets	$	3,620,875	$	3,384,137	Other current liabilities	$	—	$	—

(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.

Derivative Instruments, Gain (Loss)

The following table presents the effect of our derivative financial instruments on the consolidated statements of operations for the six months ended June 30, 2024 and 2023:


	Unrealized gain (loss) on derivative instruments
	Three Months Ended				Six Months Ended
Derivative instruments	06/30/2024		6/30/2023		06/30/2024		6/30/2023
	(unaudited)				(unaudited)
Forward freight agreements	$	40,118	$	(1,841,065)	$	1,808,866	$	(1,678,501)
Fuel Swap Contracts	(828,287)		(726,590)		$	2,111,232	$	(489,509)
Interest rate cap	(139,334)		1,219,371		$	236,738	$	396,157
Total (loss) gain	$	(927,503)	$	(1,348,284)	$	4,156,836	$	(1,771,853)

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Related Party Transactions

Amounts and notes payable to related parties consist of the following:


	December 31, 2023		Activity	June 30, 2024
			(unaudited)



Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets:
Affiliated companies (trade payables) (i)	$	1,490,060	237,687	$	1,727,747
Commissions payable (trade payables) (ii)	$	—	119,827	$	119,827

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

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024.


Year ending December 31,	Amount
	(unaudited)
2024 (remainder of the year)	$	21,064,592
2025	25,475,246
2026	23,984,683
2027	24,820,942
2028	29,448,617
Thereafter	115,106,414
Total minimum lease payments	$	239,900,494
Less imputed interest	79,179,876
Present value of minimum lease payments	160,720,618
Less current portion	(21,480,421)
Less issuance costs	(2,204,262)
Long-term portion	$	137,035,935

General Information and Recent Events (Details)	Jun. 30, 2024 numberOfVessel
NBHC
Property, Plant and Equipment [Line Items]
Ownership percentage	66.67%
NBHC \| Owner of a deck barge
Property, Plant and Equipment [Line Items]
Ownership percentage	50.00%
NBHC \| Nordic Bulk Partners LLC
Property, Plant and Equipment [Line Items]
Ownership percentage	50.00%
Panamax
Property, Plant and Equipment [Line Items]
Number of vessels	3
Ultramax Ice Class 1C
Property, Plant and Equipment [Line Items]
Number of vessels	2
Supramax
Property, Plant and Equipment [Line Items]
Number of vessels	7
Panamax Ice Class 1A
Property, Plant and Equipment [Line Items]
Number of vessels	6

Basis of Presentation and Significant Accounting Policies - Advance Hire, Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advance hire	$ 3,095,835	$ 2,509,313
Prepaid expenses	6,084,609	7,072,634
Accrued receivables	11,444,395	5,777,596
Cash margin on deposit	2,015,301	3,751,257
Derivative assets	5,799,920	3,384,137
Other current assets	4,742,043	5,845,309
Advance hire, prepaid expenses and other current assets	$ 33,182,103	$ 28,340,246

Basis of Presentation and Significant Accounting Policies - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 12,020,777	$ 6,277,693
Accrued expenses	12,338,860	14,038,418
Bunkers suppliers	6,042,775	4,393,533
Accounts Payable, Other	6,816,112	8,112,701
Other accrued liabilities	2,039,448	3,013,917
Accounts payable accrued expenses and other current liabilities	$ 39,257,972	$ 35,836,262

Basis of Presentation and Significant Accounting - Other Non-current Assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments and Other Noncurrent Assets	$ 5,986,121	$ 5,590,295
Other Intangible Assets, Net	1,350,041	1,777,063
Other investments
Schedule of Equity Method Investments [Line Items]
Investments and Other Noncurrent Assets	962,724	919,509
Seamar Managements S.A.
Schedule of Equity Method Investments [Line Items]
Investments and Other Noncurrent Assets	718,217	706,655
Pangaea Logistics Solutions (US) LCC
Schedule of Equity Method Investments [Line Items]
Investments and Other Noncurrent Assets	2,435,164	1,667,093
Bay Stevedoring LLC
Schedule of Equity Method Investments [Line Items]
Investments and Other Noncurrent Assets	$ 519,975	$ 519,975

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) numberOfVessel lease	Jun. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Number of vessels chartered to customers \| numberOfVessel	2
Lease payments \| $	$ 2,627	$ 1,497
Time charter, term to completion	106 days	41 days
Number of noncancelable office leases \| lease	4
Minimum
Property, Plant and Equipment [Line Items]
Vessel lease term	31 days
Maximum
Property, Plant and Equipment [Line Items]
Vessel lease term	116 days

Cash and Cash Equivalents (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Money Market Funds, at Carrying Value	$ 47,660,684	$ 38,556,005
Time Deposits, at Carrying Value	0	10,206,500
Cash	30,286,271	50,275,361
Cash and cash equivalents	77,946,955	99,037,866
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 77,946,955	99,037,866	$ 84,295,860	$ 128,384,606
Pangaea
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents		81,652,679	63,312,265
NBHC
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents		11,948,547	10,108,330
NBP
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents		$ 5,436,640	$ 4,526,360

Fixed Assets (Details) - USD ($)	6 Months Ended
Fixed Assets (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	$ 460,269,035		$ 470,083,516
Other fixed assets, net	4,078,745		4,181,655
Total fixed assets, net	464,347,780		474,265,171
Right of Use Assets	29,630,660		30,393,823
Proceeds from sale of vessel	0	$ 8,933,700
Advances for vessel purchases	(8,500,000)	0
Advances for vessel purchases	8,500,000		0
Proceeds from long-term debt	17,600,000	$ 0
mv NORDIC ODYSSEY
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	18,061,441		18,949,524
m/v NORDIC ORION
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	18,962,946		19,789,942
m/v NORDIC OSHIMA
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	24,006,195		22,938,264
m/v NORDIC OLYMPIC
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	22,630,964		23,306,330
m/v NORDIC ODIN
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	22,738,376		23,411,836
mv Nordic Bulk Oasis
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	24,143,178		24,853,935
Nordic Nuluujaak
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	35,375,500		36,088,312
Nordic Qinngua
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	35,334,461		36,018,502
NORDIC SANNGIJUQ
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	34,954,762		35,623,004
Nordic Nukilik
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	35,338,838		36,009,984
mv BULK ENDURANCE
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	21,235,308		21,859,034
mv BULK COURADEOUS
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	14,958,598		15,145,246
mv BULK Concord
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	19,374,401		18,965,726
m/v BULK FREEDOM
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	7,784,090		8,150,075
m/v BULK PRIDE
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	10,937,446		11,194,335
BULK Spirit
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	12,465,352		12,970,111
mv BULK SACHUEST
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	16,082,520		16,487,253
Mv BULK Independence
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	13,187,391		13,752,517
Bulk Friendship
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	12,381,777		12,810,712
Bulk Valor
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	16,078,207		16,434,083
mv BULK PROMISE
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	16,626,050		16,970,026
MISS NORA G PEARL
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	1,597,201		1,821,235
m/v BULK XAYMACA
Property, Plant and Equipment [Line Items]
Right of Use Assets	11,025,365		11,623,719
m/v BULK DESTINY
Property, Plant and Equipment [Line Items]
Right of Use Assets	18,247,547		18,770,104
mv BULK TRIDENT
Property, Plant and Equipment [Line Items]
Right of Use Assets	357,748		0
m/v Bulk Prudence
Property, Plant and Equipment [Line Items]
Vessels and vessel improvements, gross	$ 26,014,033		$ 26,533,530

Debt - Schedule of Debt (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 92,278,016	$ 100,251,475
Less: unamortized debt issuance and bank fees	(1,753,737)	(1,053,440)
Long-term Debt	90,524,279	99,198,035
Less: current portion	(12,049,931)	(30,751,726)
Secured long-term debt	$ 78,474,348	68,446,309
NBHC
Debt Instrument [Line Items]
Ownership percentage	66.67%
NBHC \| STST
Debt Instrument [Line Items]
Noncontrolling interest, ownership percentage	33.33%
Bulk Nordic Six Ltd. - Tranche A
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	9,033,325
Bulk Pride - Tranche C
Debt Instrument [Line Items]
Long-term debt, gross	0	1,900,000
Bulk Independence - Tranche E
Debt Instrument [Line Items]
Long-term debt, gross	0	9,500,000
Bulk Valor Corp Loan Agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 9,403,061	10,087,642
Interest rate, stated percentage	3.29%
Bulk Promise Corp Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 8,993,186	9,685,334
Interest rate, stated percentage	5.45%
Bulk Sachuest Loan and Security Agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 7,332,315	7,733,094
Interest rate, stated percentage	6.19%
$50 Million Senior Secured Term Loan Facility - Dated May 16, 2024 (4)
Debt Instrument [Line Items]
Long-term debt, gross	$ 17,600,000	0
Period one \| Tranche A \| Bulk Nordic Six Ltd. - Tranche A
Debt Instrument [Line Items]
Interest rate, stated percentage	4.39%
Period one \| Tranche A \| m/v BULK FREEDOM
Debt Instrument [Line Items]
Interest rate, stated percentage	7.83%
Period one \| Tranche C \| Bulk Pride - Tranche C
Debt Instrument [Line Items]
Interest rate, stated percentage	5.39%
Period one \| Tranche E \| Bulk Independence - Tranche E
Debt Instrument [Line Items]
Interest rate, stated percentage	3.54%
Secured Debt \| Bulk Nordic Oasis Ltd. Loan Agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 11,549,454	12,512,080
Interest rate, stated percentage	2.95%
Secured Debt \| Bulk Nordic Oshima, Bulk Nordic Odin, Nordic Olympic, Nordic Oasis
Debt Instrument [Line Items]
Long-term debt, gross	$ 37,400,000	$ 39,800,000
Interest rate, stated percentage	3.38%

Debt - Future Minimum Annual Payments (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
2024 (remainder of the year)	$ 6,004,556
Long-Term Debt, Maturity, Year One	12,128,601
Long-Term Debt, Maturity, Year Two	12,290,606
Long-Term Debt, Maturity, Year Three	41,607,596
Long-Term Debt, Maturity, Year Four	6,975,036
Thereafter	13,271,621
Long-term Debt	$ 92,278,016	$ 100,251,475

Finance Leases - Schedule Of Finance Leases (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Total	$ 160,720,618		$ 167,674,003
Less: unamortized issuance costs, net	(2,204,262)		(2,437,102)
Total less unamortized issuance costs	158,516,356		165,236,901
Less: current portion	(21,480,421)	$ (21,970,124)	(21,970,124)
Long-term finance lease liabilities, net	$ 137,035,935	143,266,867	143,266,777
Interest rate cap
Lessee, Lease, Description [Line Items]
Interest rate cap	3.51%
Bulk PODS Ltd., December 2027
Lessee, Lease, Description [Line Items]
Total	$ 3,841,145		4,763,020
Interest Rate	7.28%
Bulk Trident Ltd., June 2027
Lessee, Lease, Description [Line Items]
Interest Rate	7.89%
Bulk Spirit Ltd., February 2027
Lessee, Lease, Description [Line Items]
Total	$ 6,916,667		7,486,979
Interest Rate	7.30%
Bulk Nordic Five Ltd., April 2028
Lessee, Lease, Description [Line Items]
Total	$ 10,950,000		11,595,861
Interest Rate	3.97%
Bulk Friendship Corp., September 2024
Lessee, Lease, Description [Line Items]
Total	$ 7,933,705		8,471,002
Interest Rate	5.29%
Bulk Nordic Seven LLC, May 2036
Lessee, Lease, Description [Line Items]
Total	$ 27,656,851		28,482,063
Interest Rate	7.06%
Bulk Nordic Eight LLC, June 2036
Lessee, Lease, Description [Line Items]
Total	$ 27,648,404		28,473,392
Interest Rate	7.06%
Bulk Nordic Nine LLC, September 2036
Lessee, Lease, Description [Line Items]
Total	$ 27,790,151		28,591,644
Interest Rate	7.06%
Bulk Nordic Ten LLC, November 2036
Lessee, Lease, Description [Line Items]
Total	$ 27,913,963		28,712,632
Interest Rate	7.06%
Bulk Courageous Corp., April 2028
Lessee, Lease, Description [Line Items]
Total	$ 8,400,000		9,000,000
Interest Rate	3.93%
Bulk Courageous Corp., February 2029
Lessee, Lease, Description [Line Items]
Total	$ 11,298,484		$ 12,097,410
Interest Rate	4.67%
Ground Lease., April 2034
Lessee, Lease, Description [Line Items]
Total	$ 371,248	$ 0

Finance Leases - Schedule of Future Minimum Lease Payments for Leases (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Leases [Abstract]
2024 (remainder of the year)	$ 21,064,592
2025	25,475,246
2026	23,984,683
2027	24,820,942
2028	29,448,617
Thereafter	115,106,414
Total minimum lease payments	239,900,494
Less: unamortized issuance costs, net	(79,179,876)
Total	160,720,618		$ 167,674,003
Less: current portion	(21,480,421)	$ (21,970,124)	(21,970,124)
Less issuance costs	2,204,262		2,437,102
Long-term portion	$ 137,035,935	$ 143,266,867	$ 143,266,777

Derivative Instruments and Fair Value Measurements - Schedule of Derivative Instruments (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Liability Derivative	$ 6,042,775	$ 4,393,533
Margin accounts \| Fair Value, Inputs, Level 1
Derivatives, Fair Value [Line Items]
Asset Derivative	2,015,301	3,751,257
Liability Derivative	0	0
Forward freight agreements \| Fair Value, Inputs, Level 2
Derivatives, Fair Value [Line Items]
Asset Derivative	591,046
Liability Derivative		1,217,820
Fuel swap contracts \| Fair Value, Inputs, Level 2
Derivatives, Fair Value [Line Items]
Asset Derivative	1,587,999
Interest rate cap \| Fair Value, Inputs, Level 2
Derivatives, Fair Value [Line Items]
Asset Derivative	3,620,875	3,384,137
Liability Derivative	$ 0	0
Fuel \| Fair Value, Inputs, Level 2
Derivatives, Fair Value [Line Items]
Liability Derivative		$ 523,233

Derivative Instruments and Fair Value Measurements - Unrealized Gain (Loss) on Derivative Instruments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized (loss) gain on derivative instruments, net	$ (927,503)	$ (1,348,284)	$ 4,156,836	$ (1,771,853)
Forward freight agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized (loss) gain on derivative instruments, net	40,118	(1,841,065)	1,808,866	(1,678,501)
Fuel Swap Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized (loss) gain on derivative instruments, net	(828,287)	(726,590)	2,111,232
Derivative gain (loss)				(489,509)
Interest rate cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized (loss) gain on derivative instruments, net	$ (139,334)	$ 1,219,371	$ 236,738	$ 396,157

Related Party Transactions - Amounts and Notes Payable to Related Parties (Details) - Related Party	6 Months Ended
	Jun. 30, 2024 USD ($)
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 of period	$ 1,490,060
Activity	237,687
End of period	1,727,747
Loan Payable To Founders \| Included in current related party debt on the consolidated balance sheets \| Loans payable
Schedule of Related Party Payables
Beginning of period	0
Activity	119,827
End of period	$ 119,827

Related Party Transactions - Additional Information (Details)	3 Months Ended
	Jun. 30, 2024 USD ($)
Related Party Transaction [Line Items]
Technical management fees	$ 764,400

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Commitments and Contingencies [Line Items]
Business combination, consideration transferred			$ 9,299,777
Noncancelable period			6 months
Lease expense	$ 52,000	$ 52,000
Singapore
Commitments and Contingencies [Line Items]
Lease payable	14 months		14 months

Other Long-Term Liabilities (Details) - USD ($)	1 Months Ended	6 Months Ended		9 Months Ended
Other Long-Term Liabilities (Details) - USD ($)	Sep. 30, 2019	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Other liabilities, noncurrent		$ 16,631,692			$ 17,936,540	$ 19,974,390
Payments to non-controlling interest recorded as long-term liability		(2,000,000)	$ (2,500,000)	$ (2,500,000)
Earnings attributable to non-controlling interest recorded as other long term liability		695,152	$ 760,600	$ 462,150
Other Liabilities, Noncurrent		$ 16,631,692
Nordic Bulk Partners LLC.
Variable Interest Entity [Line Items]
Ownership percentage	75.00%
Nordic Bulk Partners LLC. \| Third-Party
Variable Interest Entity [Line Items]
Ownership percentage	25.00%

Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
Earnings Per Share (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 3,682,775	$ 2,844,540	$ 15,356,951	$ 6,318,807
Basic (in shares)	45,276,791	44,775,438	45,245,655	44,744,039
Weighted Average Number of Shares Outstanding, Diluted, Adjustment	752,111	352,534	676,617	377,980
Diluted (in shares)	46,028,902	45,127,972	45,922,272	45,122,019
Basic (in dollars per share)	$ 0.08	$ 0.06	$ 0.34	$ 0.14
Diluted (in dollars per share)	$ 0.08	$ 0.06	$ 0.33	$ 0.14

Subsequent Events (Details)	Aug. 07, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.10

Business Combinations and Asset Acquisitions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	$ 1,844,100
Goodwill	3,104,800	$ 3,104,800
Other Intangible Assets, Net			$ 2,251,100
Fair Value of Assets Acquired	8,972,889
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	326,888
Business combination, consideration transferred	9,299,777
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	1,772,889
Finite-Lived Intangible Assets, Accumulated Amortization	$ 901,060