Fixed Assets (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property Plant and Equipment Schedule of Significant Acquisitions

The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: 

	September 30,		December 31,
	2020		2019
Owned vessels	(unaudited)
m/v BULK PANGAEA	$	13,974,199	$	14,988,076
m/v BULK NEWPORT	12,218,098		12,975,767
m/v NORDIC ODYSSEY (1)	22,288,109		22,897,029
m/v NORDIC ORION (1)	23,038,349		23,688,812
m/v NORDIC OSHIMA (1)	27,305,645		28,325,078
m/v NORDIC ODIN (1)	27,742,774		28,094,764
m/v NORDIC OLYMPIC (1)	27,662,258		27,931,771
m/v NORDIC OASIS (1)	28,319,502		29,190,935
m/v BULK ENDURANCE	24,277,889		25,037,775
m/v BULK FREEDOM	9,627,193		8,269,777
m/v BULK PRIDE	13,123,416		12,996,311
m/v BULK SPIRIT	12,752,841		12,867,060
m/v BULK INDEPENDENCE	13,965,032		14,000,946
m/v BULK FRIENDSHIP	13,742,452		14,052,500
MISS NORA G PEARL (2)	3,273,797		3,609,851
	273,311,554		278,926,452
Other fixed assets, net	2,305,018		2,548,405
Total fixed assets, net	$	275,616,572	$	281,474,857
Right of Use Assets
m/v BULK DESTINY	$	20,848,382	$	21,484,733
m/v BULK BEOTHUK (3)	—		6,589,537
m/v BULK TRIDENT	11,655,615		12,095,727
m/v BULK PODS	$	13,228,950	13,445,308
	$	45,732,947	$	53,615,305

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

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

(3) In January 2020 the Company completed an early buy-out of the lease for a purchase price of $5.5 million, on August 4, 2020, the Company sold the m/v Bulk Beothuk to an unrelated third party for a net sale price of $4.6 million.