Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure

Advance hire, prepaid expenses and other current assets were comprised of the following:


	June 30, 2026		December 31, 2025
Advance hire	$	3,281	$	3,394
Prepaid expenses	7,116		1,630
Prepaid voyage expenses	7,396		6,286
Accrued receivables - Voyage related	14,887		9,593
Accrued receivables	2,088		1,591
Cash margin on deposit	6,805		572
Derivative assets	290		524


Other current assets	8,164		4,887
	$	50,027	$	28,478

Equity Method Investments

Other non-current assets were comprised of the following:


	June 30, 2026		December 31, 2025
Intangible Assets, net of accumulated amortization of $1,829 and $1,675 as of June 30, 2026 and December 31, 2025, respectively (1)	$	422	$	576

Investment in Associated Terminals Pangaea Logistics, LLC	1,508		2,032
Investment in Narragansett Bulk Carriers (US) Corp	520		520
Other investments	1,342		1,433
	$	3,792	$	4,561

(1) Intangible assets consist primarily of customer contracts and a non-compete agreement acquired in prior periods, which are being amortized over estimated useful lives ranging from

2 to 5 years. No new intangible assets were recognized during the three and six months ended June 30, 2026.

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable, accrued expenses and other current liabilities were comprised of the following:


	June 30, 2026		December 31, 2025
Accounts payable	$	19,224	$	14,328
Accrued expenses	7,862		319
Accrued Voyage Expenses	13,105		8,856
Accrued operating expenses	10,929		3,839
Bunkers suppliers	9,739		8,232
Charter hire payable	14,978		7,829
Accrued compensation	3,092		3,791
Other accrued liabilities	4,082		7,064
	$	83,012	$	54,257