v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
As of March 31, 2026 and December 31, 2025, the Company’s outstanding long-term debt consists of the following:

March 31, 2026December 31, 2025
Interest Rate (%) (1)
Maturity Date
Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3)
8,067 8,575 2.95 %December 30, 2027
Bulk Nordic Oshima (MI) Corp., Bulk Nordic Odin (MI) Corp., Bulk Nordic Olympic (MI) Corp., Bulk Nordic Oasis (MI) Corp. Secured Term Loan Facility (2) (3)
29,000 30,200 3.38 %June 1, 2027
$50 million Senior Secured Term Loan Facility - Dated August 14, 2024 (4)
41,076 42,254 6.35 %May 2029
Bulk Valor Corp. Loan and Security Agreement (2)
6,915 7,280 3.29 %June 2028
Bulk Promise Corp. (2)
6,571 6,917 5.45 %October 2027
Bulk Sachuest (2)
5,828 6,052 6.19 %October 2029
Bulk Prudence13,118 13,465 5.58 %July 2029
Pangaea Texas, LLC (2)
648 691 1.74 %November 2029
Pangaea Baltimore, LLC138 — February 2030
Total$111,360 $115,434 
Less: unamortized issuance costs(1,219)(1,366)
$110,141 $114,067 
Less: current portion(16,985)(16,910)
Secured long-term debt, net$93,156 $97,157 
(1)As of March 31, 2026.
(2)Interest rates on the loan facilities are fixed.
(3)The borrower under this facility is NBHC. The Company has two-third's ownership interest and an independent third party has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets.
(4)This facility is secured by the vessels m/v Bulk Endurance, m/v Bulk Brenton, and Bulk Patience, and is guaranteed by the Company.

$0.1 million Equipment Financing Arrangement

On February 6, 2026, Pangaea Baltimore LLC, a wholly-owned subsidiary of the Company, entered into a $0.1 million equipment financing arrangement with Wells Fargo Vendor Financial Services, LLC in connection with the purchase of a 2026 Bobcat T86 compact track loader. The total amount financed under the agreement was $144, inclusive of fees. The arrangement bears interest at a stated annual rate of —% and is payable in 48 equal monthly installments of approximately $3, with a final maturity date in 2030. The obligations are secured by the financed equipment and are subject to customary events of default and acceleration provisions.
Schedule of Maturities of Long-term Debt
The future minimum payments under the debt agreements are as follows:
Years ending December 31,
2026 (remainder of the year)$16,763 
202750,567 
202814,525 
202942,141 
20306 
124,002 
Less: Amount representing interest(12,642)
111,360 
Less: Unamortized Debt Issuance Costs(1,219)
110,141 
Less: current portion(16,985)
Secured long-term debt, net$93,156 
Schedule of Future Minimum Payments for Finance Lease, Liability Obligations
Year ending December 31,
2026 (remainder of the year)$29,721 
202749,965 
202845,874 
202958,472 
203025,087 
Thereafter100,393 
Total minimum payments309,512 
Less: Amount representing interest(66,922)
Present value of minimum payments242,590 
Less: Issuance costs(1,857)
Present value of minimum payments, net240,733 
Less: Current portion of financing obligations(31,764)
Non-current portion of financing obligations$208,969