v3.26.1
Fixed Assets
 3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
Fixed Assets
As of March 31, 2026, the Company’s fleet consisted of thirty-nine dry bulk vessels and one barge, including one vessel classified as held for sale. Certain vessels were financed through financing obligations recognized in failed sale-leaseback transactions, and one vessel was financed through a finance lease arrangement.
 March 31, 2026December 31, 2025
m/v Nordic Odyssey (1)
$16,470 $16,768 
m/v Nordic Orion (1)
16,598 16,652 
m/v Nordic Oshima (1)
21,298 21,599 
m/v Nordic Olympic (1)
22,179 22,436 
m/v Nordic Odin (1)
22,242 22,593 
m/v Nordic Oasis (1)
23,621 23,851 
m/v Nordic Nuluujaak34,024 33,298 
m/v Nordic Qinngua34,012 33,305 
m/v Nordic Sanngijuq33,613 32,973 
m/v Nordic Siku33,042 33,349 
m/v Bulk Endurance19,238 19,417 
m/v Bulk Prudence25,056 25,478 
m/v Bulk Courageous15,115 15,347 
m/v Bulk Concord16,181 16,739 
m/v Bulk Pride11,410 10,698 
m/v Bulk Spirit10,267 10,682 
m/v Bulk Sachuest16,250 15,401 
m/v Bulk Independence11,260 11,756 
m/v Bulk Friendship10,893 11,087 
m/v Bulk Valor16,389 16,695 
m/v Bulk Promise16,926 17,234 
m/v Bulk Brenton26,758 27,079 
m/v Bulk Patience26,775 27,066 
m/v Strategic Fortitude18,076 17,406 
m/v Strategic Resolve14,690 14,929 
m/v Strategic Explorer14,430 14,646 
m/v Strategic Entity14,815 15,060 
m/v Strategic Synergy13,329 13,501 
m/v Strategic Alliance13,330 13,501 
m/v Strategic Unity13,330 13,502 
m/v Strategic Harmony13,329 13,501 
m/v Strategic Equity13,330 13,501 
m/v Strategic Venture13,331 13,502 
m/v Strategic Savannah11,006 10,984 
m/v Strategic Spirit11,280 11,401 
m/v Strategic Vision10,440 10,591 
m/v Strategic Tenacity10,103 10,247 
Miss Nora G Pearl (2)
1,597 1,597 
666,033 669,372 
Other fixed assets, net8,925 8,147 
Total fixed assets, net$674,958 $677,518 
Right of Use Assets
m/v Bulk Xaymaca (3)
$— $10,127 
m/v Bulk Destiny16,580 16,740 
$16,580 $26,866 
(1) Vessels are owned by NBHC, a consolidated entity in which the Company has a two-third ownership interest at March 31, 2026 and December 31, 2025, respectively.
(2) Barge is owned by a 50% owned consolidated subsidiary at March 31, 2026 and December 31, 2025, respectively.
(3) As of March 31, 2026, the Company classified the M/V Bulk Xaymaca, as held for sale in accordance with ASC 360. Management had committed to a plan to sell the vessel, and the criteria for held-for-sale classification were met. The vessel is presented separately on the balance sheet under “Vessel held for sale.” On February 27, 2026, the Company entered into a memorandum of agreement to sell the M/V Bulk Xaymaca for $9.6 million. The estimated loss on sale is approximately $0.4 million, and delivery to the buyer is expected during the second quarter of 2026. See Note 14 – Subsequent Events for additional details.
Long-lived Assets Impairment Considerations

The Company evaluates the recoverability of its fixed assets and other long-lived 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, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets.

The Company performs this assessment at the individual vessel level, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets.

During the three months ended March 31, 2026, the Company identified one vessel that met the criteria to be classified as held for sale. Upon classification, the vessel was written down to its estimated fair value less costs to sell, as the expected sale price was below its carrying value, resulting in the recognition of an impairment charge.

For the remaining vessels, the Company concluded that no indicators of impairment were present during the three months ended March 31, 2026. Accordingly, no recoverability analysis was required for those vessels. The Company did not identify any triggering events during the three months ended March 31, 2025.