Fixed Assets

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Fixed Assets

FIXED ASSETS

At June 30, 2022, the Company owned twenty-four dry bulk vessels including eight financed under finance leases; and one barge. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: 

	June 30,		December 31,
	2022		2021
	(unaudited)
m/v NORDIC ODYSSEY (1)	$	21,570,749	$	22,456,407
m/v NORDIC ORION (1)	22,231,771		23,057,114
m/v NORDIC OSHIMA (1)	24,952,260		25,612,412
m/v NORDIC OLYMPIC (1)	25,305,330		25,982,802
m/v NORDIC ODIN (1)	25,399,937		26,073,841
m/v NORDIC OASIS (1)	26,941,537		27,650,350
m/v NORDIC NULUUJAAK (2) (5)	38,234,130		38,949,402
m/v NORDIC QINNGUA (2) (5)	38,133,232		38,838,142
m/v NORDIC SANNGIJUQ (2) (5)	37,688,843		38,377,457
m/v NORDIC SIKU(2) (5)	38,084,765		38,776,359
m/v BULK ENDURANCE	23,707,705		23,069,545
m/v BULK COURAGEOUS (5)	16,056,284		16,356,730
m/v BULK CONCORD (5)	19,845,938		—
m/v BULK NEWPORT	10,970,171		11,566,639
m/v BULK FREEDOM	7,950,193		8,476,937
m/v BULK PRIDE	12,867,799		13,560,656
m/v BULK SPIRIT (5)	11,997,224		12,293,336
m/v BULK INDEPENDENCE	13,799,729		13,466,530
m/v BULK FRIENDSHIP (5)	14,101,133		14,526,423
m/v BULK VALOR	17,461,842		17,797,021
m/v BULK PROMISE	17,963,804		18,306,557
m/v BULK PANGAEA (3)	—		11,802,463
MISS NORA G PEARL (4)	2,491,597		2,714,931
	467,755,973		469,712,054
Other fixed assets, net	2,209,235		2,200,756
Total fixed assets, net	$	469,965,208	$	471,912,810
Right of Use Assets (5)
m/v BULK XAYMACA	$	14,220,803	$	12,661,804
m/v BULK DESTINY	20,335,023		20,074,619
m/v BULK TRIDENT	11,740,835		12,459,336
	$	46,296,661	$	45,195,759

(1) Vessels are owned by NBHC, a consolidated joint venture in which the Company has a two-third ownership interest at June 30, 2022 and December 31, 2021, respectively.

(2) Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at June 30, 2022 and December 31, 2021.

(3) On April 20, 2022, the Company signed a memorandum of agreement to sell the m/v Bulk Pangaea for $8.6 million after brokerage commissions. The Company recorded an impairment charge of $3.0 million and a loss on sale of vessel of 0.3 million, and the vessel was delivered to the buyer on June 23, 2022.

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

(5) Refer to Note 7, "Commitments and Contingencies," of our Financial Statements for additional information related to the vessels under finance lease.

Long-lived Assets Impairment Considerations

The Company evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets, which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, we perform an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. Our assessment is made at the asset group level, which represents the lowest level for which identifiable cash flows are largely independent of other groups of assets. The asset groups established by the Company are defined by vessel size and major characteristic or trade.

During the first quarter of 2022, the Company determined that a triggering event occurred related to the sale of a vessel, as the carrying value exceeded its fair value. On April 20, 2022, the Company signed a memorandum of agreement to sell the m/v Bulk Pangaea for a total net consideration of $8.6 million after brokerage commissions. As a result, we recorded an impairment charge of $3.0 million in the first quarter of 2022. The Company concluded that no triggering event had occurred during the during the second quarter of 2022 which would require impairment testing.

The Company determined there were no triggering events present during the six months ended June 30, 2021 which would require impairment testing.