v3.26.1
Fixed Assets
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Fixed Assets Fixed Assets
As of June 30, 2026, the Company’s fleet consisted of thirty-eight dry bulk vessels and one barge. Certain vessels were financed through financing obligations recognized in failed sale-leaseback transactions, and one vessel was financed through a finance lease arrangement.
June 30, 2026December 31, 2025
m/v Nordic Odyssey (1)
$15,898 $16,768 
m/v Nordic Orion (1)
17,624 16,652 
m/v Nordic Oshima (1)
20,919 21,599 
m/v Nordic Olympic (1)
21,696 22,436 
m/v Nordic Odin (1)
21,852 22,593 
m/v Nordic Oasis (1)
23,215 23,851 
m/v Nordic Nuluujaak33,818 33,298 
m/v Nordic Qinngua33,682 33,305 
m/v Nordic Sanngijuq33,317 32,973 
m/v Nordic Siku32,746 33,349 
m/v Bulk Endurance18,901 19,417 
m/v Bulk Prudence24,628 25,478 
m/v Bulk Courageous14,849 15,347 
m/v Bulk Concord15,616 16,739 
m/v Bulk Pride11,167 10,698 
m/v Bulk Spirit9,853 10,682 
m/v Bulk Sachuest15,833 15,401 
m/v Bulk Independence10,758 11,756 
m/v Bulk Friendship10,657 11,087 
m/v Bulk Valor16,080 16,695 
m/v Bulk Promise16,634 17,234 
m/v Bulk Brenton26,404 27,079 
m/v Bulk Patience26,414 27,066 
m/v Strategic Fortitude17,904 17,406 
m/v Strategic Resolve14,447 14,929 
m/v Strategic Explorer14,236 14,646 
m/v Strategic Entity14,568 15,060 
m/v Strategic Synergy13,155 13,501 
m/v Strategic Alliance13,156 13,501 
m/v Strategic Unity13,157 13,502 
m/v Strategic Harmony13,155 13,501 
m/v Strategic Equity13,156 13,501 
m/v Strategic Venture13,158 13,502 
m/v Strategic Savannah10,866 10,984 
m/v Strategic Spirit11,084 11,401 
m/v Strategic Vision10,288 10,591 
m/v Strategic Tenacity9,966 10,247 
Miss Nora G Pearl (2)
1,597 1,597 
656,455 669,372 
Other fixed assets, net10,734 8,147 
Total fixed assets, net$667,189 $677,518 
Right of Use Assets
m/v Bulk Xaymaca (3)
$— $10,127 
m/v Bulk Destiny16,376 16,740 
$16,376 $26,866 
(1) Vessels are owned by NBHC, a consolidated entity in which the Company has a two-thirds ownership interest at June 30, 2026 and December 31, 2025, respectively.
(2) Barge is owned by a 50% owned consolidated subsidiary at June 30, 2026 and December 31, 2025, respectively.
(3) On May 18, 2026, the Company completed the sale of the M/V Bulk Xaymaca for $9.6 million and recognized a loss on write-down of vessel held for sale of approximately $0.4 million during the six months ended June 30, 2026.
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 six months ended June 30, 2026, the Company classified one vessel as held for sale. Upon classification, the vessel was written down to its estimated fair value less costs to sell, resulting in the recognition of a loss on sale. The vessel was subsequently sold in May 2026 for approximately $9.6 million.

For the remaining vessels, the Company concluded that no indicators of impairment were present during the six months ended June 30, 2026. Accordingly, no recoverability analysis was required for those vessels. The Company did not identify any triggering events during the six months ended June 30, 2025.