SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

SEGMENT REPORTING

Schedule of information about reportable segments


		For the Three Months Ended March 31, 2026
		Major			Minor
		Bulk			Bulk			Total
Revenues from external customers:
Voyage revenues		$	56,559			57,870		$	114,429

Less:
Voyage expenses			17,269			19,007			36,276
Charter hire expenses			—			6,096			6,096
Other (income) expense			40			—			40
Net voyage revenue (1)			39,250			32,767			72,017

Less:
Vessel operating expenses			11,395			15,165			26,560

Segment profit		$	27,855		$	17,602		$	45,457

Reconciliation to net loss:
General and administrative expenses									8,109
Technical management expenses									760
Depreciation and amortization									21,038
Impairment of vessel assets									527
Net gain on sale of vessels									(2,075)
Other operating expense									3,826
Other (income) expense									(136)
Interest income									(665)
Interest expense									4,498

Net income								$	9,575


		For the Three Months Ended March 31, 2025
		Major			Minor
		Bulk			Bulk			Total
Revenues from external customers:
Voyage revenues		$	31,051			40,218		$	71,269

Less:
Voyage expenses			13,572			13,782			27,354
Charter hire expenses			—			2,285			2,285
Other (income) expense			—			(8)			(8)
Net voyage revenue (1)			17,479			24,159			41,638

Less:
Vessel operating expenses			10,270			14,646			24,916

Segment profit		$	7,209		$	9,513		$	16,722

Reconciliation to net income:
General and administrative expenses									7,494
Technical management expenses									1,325
Depreciation and amortization									17,665
Other (income) expense									21
Interest income									(370)
Interest expense									2,549

Net loss								$	(11,962)

(1) Net voyage revenue is used to calculate the Time Charter Equivalent ("TCE"), which is reviewed by the CODM and 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 charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts. This amount includes realized (losses) gains on fuel hedges that were recorded as part of Other income (expense) on the Condensed Consolidated Statements of Operations.