v3.26.3
Fixed Assets
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Fixed Assets
Note 4 - Fixed Assets

As of September 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.
September 30, 2026December 31, 2025
m/v Nordic Odyssey (1)
$15,291 $16,768 
m/v Nordic Orion (1)
17,264 16,652 
m/v Nordic Oshima (1)
20,558 21,599 
m/v Nordic Olympic (1)
21,326 22,436 
m/v Nordic Odin (1)
21,475 22,593 
m/v Nordic Oasis (1)
22,837 23,851 
m/v Nordic Nuluujaak33,377 33,298 
m/v Nordic Qinngua33,304 33,305 
m/v Nordic Sanngijuq32,956 32,973 
m/v Nordic Siku32,425 33,349 
m/v Bulk Endurance18,576 19,417 
m/v Bulk Prudence24,196 25,478 
m/v Bulk Courageous14,581 15,347 
m/v Bulk Concord15,272 16,739 
m/v Bulk Pride10,689 10,698 
m/v Bulk Spirit10,909 10,682 
m/v Bulk Sachuest15,310 15,401 
m/v Bulk Independence10,605 11,756 
m/v Bulk Friendship11,944 11,087 
m/v Bulk Valor15,768 16,695 
m/v Bulk Promise16,329 17,234 
m/v Bulk Brenton27,589 27,079 
m/v Bulk Patience26,234 27,066 
m/v Strategic Fortitude17,631 17,406 
m/v Strategic Resolve14,249 14,929 
m/v Strategic Explorer14,029 14,646 
m/v Strategic Entity14,372 15,060 
m/v Strategic Synergy12,979 13,501 
m/v Strategic Alliance12,980 13,501 
m/v Strategic Unity12,981 13,502 
m/v Strategic Harmony12,979 13,501 
m/v Strategic Equity12,981 13,501 
m/v Strategic Venture12,983 13,502 
m/v Strategic Savannah10,726 10,984 
m/v Strategic Spirit10,886 11,401 
m/v Strategic Vision10,134 10,591 
m/v Strategic Tenacity9,827 10,247 
Miss Nora G Pearl (2)
1,597 1,597 
650,152 669,372 
Other fixed assets, net11,534 8,147 
Total fixed assets, net$661,687 $677,518 
Right of Use Assets
m/v Bulk Xaymaca (3)
$— $10,127 
m/v Bulk Destiny16,138 16,740 
$16,138 $26,866 
(1) Vessels are owned by NBHC, a consolidated entity in which the Company has a two-thirds ownership interest at September 30, 2026 and December 31, 2025, respectively.
(2) Barge is owned by a 50% owned consolidated subsidiary at September 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 nine months ended September 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 nine months ended September 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 nine months ended September 30, 2026. Accordingly, no recoverability analysis was required for those vessels. The Company did not identify any triggering events during the nine months ended September 30, 2025.