v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Information and Geographic Data
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 condensed consolidated statements of operations. 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 June 30,Six Months Ended June 30,
2026202520262025
Shipping segment
Voyage revenue$171,697 $146,269 323,697 $255,929 
Charter revenue11,469 6,850 23,911 16,843 
Shipping segment total revenue$183,166 $153,119 $347,608 $272,772 
Reconciliation:
All other revenue (1)
3,953 3,571 10,091 6,720 
Total consolidated revenue$187,119 $156,689 $357,699 $279,491 
Shipping segment total revenue$183,166 $153,119 $347,608 $272,772 
Less:
Voyage expense79,058 77,782 152,796 138,089 
TCE revenue (2)
$104,109 $75,337 $194,812 $134,683 
Reconciliation to net income:
Port terminal & stevedore revenue(3,953)(3,571)(10,091)(6,720)
Charter hire expense39,104 31,423 78,282 49,064 
Vessel operating expenses23,263 23,375 43,825 45,553 
Terminal Expenses2,954 2,686 7,329 5,238 
General and administrative8,962 7,172 18,989 14,446 
Depreciation and amortization12,433 10,597 24,309 20,521 
Loss on write-down of vessel held for sale— — 358 — 
Other income (expense), net10,863 6,554 7,664 11,679 
Total consolidated net income (loss)$10,481 $(2,900)$24,146 $(5,099)

(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 June 30,
Six Months Ended June 30,
2026202520262025
United States$56,571 $46,142 $106,800 $81,469 
Singapore16,933 15,342 35,744 30,998 
Germany23,899 16,413 38,905 29,992 
Other (1)
89,716 78,793 176,250 137,032 
Total consolidated revenue$187,119 $156,689 $357,699 $279,491 

(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.