FIXED ASSETS

At December 31, fixed assets consisted of the following:



	2018			2017
Vessels and vessel upgrades	$	338,469,378		$	352,874,660
Capitalized dry docking	11,609,896			10,230,173
	350,079,274			363,104,833
Accumulated depreciation and amortization	(71,276,800		)	(59,893,556		)
Vessels, vessel upgrades and capitalized dry docking, net	278,802,474			303,211,277

Land and building	2,541,085			2,541,085
Internal use software	2,414,650			1,922,140
Other fixed assets	4,955,735			4,463,225
Accumulated depreciation	(1,866,524		)	(1,381,847		)
Other fixed assets, net	3,089,211			3,081,378

Total fixed assets, net	$	281,891,685		$	306,292,655

At December 31, vessels under capital leases consisted of the following:



	2018			2017
Vessels under capital lease	$	58,112,177		$	30,878,062
Accumulated depreciation and amortization	(2,535,400		)	(883,850		)

Vessels under capital lease, net	$	55,576,777		$	29,994,212

The net carrying value of the Company’s fleet consists of the following:



	December 31,
	2018		2017
Owned vessels
m/v BULK PANGAEA	$	15,231,305	$	16,398,650
m/v BULK PATRIOT	10,130,797		11,111,437
m/v BULK JULIANA	10,651,029		11,411,052
m/v NORDIC ODYSSEY	24,283,497		25,634,743
m/v NORDIC ORION	25,095,469		26,467,928
m/v BULK TRIDENT⁽¹⁾	—		14,195,098
m/v BULK NEWPORT	13,965,092		13,139,242
m/v NORDIC BARENTS	4,370,817		4,846,522
m/v NORDIC BOTHNIA	4,322,490		4,787,388
m/v NORDIC OSHIMA	28,897,931		30,122,172
m/v NORDIC OLYMPIC	29,151,529		30,548,435
m/v NORDIC ODIN	29,321,599		30,371,285
m/v NORDIC OASIS	30,416,651		31,608,785
m/v BULK ENDURANCE	26,020,505		27,030,918
m/v BULK FREEDOM	8,467,058		8,834,746
m/v BULK PRIDE	13,531,561		14,007,731
MISS NORA G. PEARL	2,995,144		2,695,145
m/v BULK SPIRIT⁽²⁾	1,950,000		—
	278,802,474		303,211,277
Other fixed assets, net	3,089,211		3,081,378
Total fixed assets, net	$	281,891,685	$	306,292,655

Vessels under capital lease
m/v BULK DESTINY⁽⁵⁾	$	22,307,701	$	23,153,850
m/v BULK BEOTHUK⁽⁴⁾	6,528,981		6,840,362
m/v BULK TRIDENT⁽¹⁾	12,664,906		—
m/v BULK PODS⁽³⁾	14,075,189		—
	$	55,576,777	$	29,994,212


⁽¹⁾	On June 7, 2018, the m/v Bulk Trident was sold and simultaneously chartered back under a bareboat charter accounted for as a capital lease, the terms of which are discussed in Note 10.


⁽²⁾	On October 26, 2018, the Company entered into an agreement to purchase a 2009 built Supramax (m/v Bulk Spirit) for $13 million., and placed a deposit of $2.0 million. The vessel was delivered in February 2019 (see Note 11).


⁽³⁾	The Company acquired the 2006 built Panamax (m/v Bulk PODS) on August 1, 2018. The m/v Bulk PODS was sold on August 21, 2018 and simultaneously chartered back under a bareboat charter accounted for as a capital lease, the terms of which are discussed in Note 10.


⁽⁴⁾	The m/v Bulk Beothuk was sold on June 15, 2017 and simultaneously chartered back under a bareboat charter accounted for as a capital lease, the terms of which are discussed in Note 10.


⁽⁵⁾	The Company took delivery of the m/v Bulk Destiny on January 7, 2017 and simultaneously entered into a sale and leaseback financing agreement, the terms of which are discussed in Note 10.

The Company capitalized dry-docking costs on two vessels in 2018. The Company capitalized dry-docking costs on three vessels in 2017. The 5 year amortization period of the capitalized dry docking costs is within the remaining useful life of these vessels.