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Finance Leases
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Finance Leases 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 and operating leases consists of the following as of September 30, 2024: 

September 30, 2024December 31, 2023
Interest Rate (%) (1)
Maturity Date
(unaudited)
Finance Leases:
Bulk PODS Ltd.$3,380,207 $4,763,020 6.71 %December 2027
Bulk Spirit Ltd.6,631,510 7,486,979 6.98 %February 2027
Bulk Nordic Five Ltd. (2)
10,700,000 11,595,861 3.97 %April 2028
Bulk Friendship Corp. (2)
7,950,000 8,471,002 6.75 %September 2029
Bulk Nordic Seven LLC (3)
27,241,202 28,482,063 7.06 %May 2036
Bulk Nordic Eight LLC(3)
27,232,892 28,473,392 7.06 %June 2036
Bulk Nordic Nine LLC(3)
27,386,548 28,591,644 7.06 %September 2036
Bulk Nordic Ten LLC(3)
27,511,829 28,712,632 7.06 %November 2036
Bulk Courageous Corp. (2)
8,100,000 9,000,000 3.93 %April 2028
Phoenix Bulk 25 Corp. (2)
10,886,035 12,097,410 4.67 %February 2029
Operating Leases:
Other (4)
378,364 — 7.89 %March 2034
Total$157,398,587 $167,674,003 
Less: unamortized issuance costs, net(2,092,825)(2,437,102)
$155,305,762 $165,236,901 
Less: current portion(14,238,935)(21,970,124)
Long-term lease liabilities, net$141,066,827 $143,266,777 

(1)As of September 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.

Bulk Friendship Corp. Bareboat Charter Party

In September 2024, Bulk Friendship Corp. entered into a sale and leaseback arrangement for $8.0 million. Under ASC 606, the transaction did not qualify as a sale, as control of the vessel was not transferred to the lessor. Consequently, the lease is classified as a finance lease in accordance with ASC 842, due to the inclusion of a fixed-price purchase option, which the Company expects to exercise. The minimum lease payments consist of a fixed component of $50,000 per month and a floating component based on one-month SOFR plus a margin of 1.9%. The Company has the option to purchase the vessel after the 18th month or at any point upon lessor default. If not exercised earlier, a final purchase option allows the Company to acquire the vessel at the end of the five-year term for $5 million.
The following table provides details of the Company's future minimum lease payments under finance and operating lease liabilities recorded on the Company's consolidated balance sheets as of September 30, 2024.

Year ending December 31,Amount
(unaudited)
2024 (remainder of the year)$6,580,334 
202525,819,766 
202624,349,214 
202725,225,485 
202829,867,261 
Thereafter118,335,906 
Total minimum lease payments$230,177,966 
Less imputed interest72,779,379 
Present value of minimum lease payments157,398,587 
Less current portion(14,238,935)
Less issuance costs(2,092,825)
Long-term portion$141,066,827