v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
The Company's shipping segment focuses on providing seaborne dry bulk logistics and transportation services. This segment's goal is to generate both current income and capital appreciation through voyage and time charter agreements. Vessels that are owned or chartered by the Company operate globally, resulting in voyage and charter revenues from various geographic regions.

The CEO, acting as the Chief Operating Decision Maker (CODM), assesses profitability and asset performance using Time Charter Equivalent ("TCE") revenues. The primary expense analyzed by the CODM is voyage expenses, which are reported separately in the Consolidated Statements of Income. TCE is a non-GAAP performance measure widely used in the shipping industry and is considered by management to be the key indicator of vessel operating performance.

In assessing performance and making resource allocation decisions, the CODM reviews both segment-level results and the Company’s consolidated financial results, which are prepared in accordance with U.S. GAAP.

The following tables present selected financial information with respect to our reportable segment:

Three Months Ended March 31,
20262025
Shipping segment
Voyage revenue$152,000 $109,660 
Charter revenue12,442 9,993 
Shipping segment total revenue$164,442 $119,653 
Reconciliation:
All other revenue (1)
6,139 3,149 
Total consolidated revenue$170,580 $122,802 
Shipping segment total revenue$164,442 $119,653 
Less:
Voyage expense73,739 60,307 
TCE revenue (2)
$90,703 $59,346 
Reconciliation to net income:
Port terminal & stevedore revenue(6,139)(3,149)
Charter hire expense39,177 17,641 
Vessel operating expenses20,562 22,178 
Terminal Expenses4,375 2,551 
General and administrative10,027 7,274 
Depreciation and amortization11,876 9,923 
Loss on vessel held for sale358 — 
Other income (expense), net(3,199)5,125 
Total consolidated net income (loss)$13,665 $(2,198)

(1) All other revenue includes revenue from our port and terminal operations, as well as other ancillary services.
(2) TCE revenue represents shipping segment total revenue less voyage expenses and is considered the segment measure of profit/loss.
Geographical Disclosure

Revenue from external customers is attributed to geographic areas as follows:

Three Months Ended March 31,
20262025
United States$50,228 $35,327 
Singapore18,811 15,656 
Germany16,145 13,579 
Other (1)
85,396 58,240 
Total consolidated revenue$170,580 $122,802 

(1) This includes revenue from various regions across Asia, Europe, South America, and other international markets.

Revenue is presented geographically based on the customer's country of domicile.