v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
As of September 30, 2026 and December 31, 2025, the Company’s outstanding long-term debt consists of the following:

September 30, 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)
$7,038 $8,575 2.95 %December 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)
26,600 30,200 3.38 %March 2027
$50 million Senior Secured Term Loan Facility - Dated August 14, 2024 (4)
38,720 42,254 6.14 %May 2029
Bulk Valor Corp. Loan and Security Agreement (2)
6,178 7,280 3.29 %June 2028
Bulk Promise Corp. (2)
5,879 6,917 5.45 %October 2027
Bulk Sachuest (2)
5,365 6,052 6.19 %October 2029
Bulk Prudence12,424 13,465 5.71 %July 2029
Pangaea Texas, LLC (2)
562 691 1.74 %November 2029
Pangaea Baltimore, LLC (2)
123 — — %February 2030
Pangaea Florida, LLC (2)
627 — 4.15 %May 2031
Total$103,517 $115,434 
Less: unamortized issuance costs(921)(1,366)
$102,596 $114,067 
Less: current portion(37,758)(16,910)
Secured long-term debt, net$64,838 $97,157 
(1)As of September 30, 2026.
(2)Interest rates on the loan facilities are fixed.
(3)The borrower under this facility is NBHC. The Company has two-thirds 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 m/v Bulk Patience and is guaranteed by the Company. Subsequent to September 30, 2026, the outstanding borrowings under this facility, which totaled $38.7 million at September 30, 2026, were repaid on October 21, 2026 using proceeds from a new credit facility with a new lender. See Note 14 — Subsequent Events.

$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 financing arrangement does not bear stated interest 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.
$0.7 million Equipment Financing Arrangement
On May 1, 2026, Pangaea Florida LLC, a wholly-owned subsidiary of the Company, entered into equipment financing arrangements totaling approximately $0.7 million for the purchase of two 2026 Caterpillar 938 wheel loaders. The arrangements bear interest at 4.15% and are payable in 60 equal monthly installments. The obligations are secured by the financed equipment. Each arrangement financed approximately $0.3 million, for a combined amount of approximately $0.7 million.
The future minimum payments under the debt agreements are as follows:
Years ending December 31,
2026 (remainder of the year)$5,369 
202750,654 
202814,619 
202942,281 
2030154 
Thereafter62 
113,139 
Less: Amount representing interest(9,622)
103,517 
Less: Unamortized Debt Issuance Costs(921)
102,596 
Less: current portion(37,758)
Secured long-term debt, net$64,838 

The annual payments above reflect the contractual terms of the debt agreements outstanding at September 30, 2026. The current and noncurrent portions of secured debt at that date reflect the classification of qualifying amounts as noncurrent based on the refinancing of the $50 million Senior Secured Term Loan Facility completed on October 23, 2026. See Note 14—Subsequent Events for the terms of the refinancing.
Financial Covenants

All the loan terms and key financial covenants for all outstanding debt as of December 31, 2025, remain unchanged as of September 30, 2026. Under the Company's respective debt agreements, the Company is required to comply with certain financial covenants, including to maintain minimum liquidity and a collateral maintenance ratio clause, which requires the aggregate fair market value of the vessels plus the net realizable value of any additional collateral provided, to remain above defined ratios and to maintain positive working capital. The Company was in compliance with all applicable financial covenants as of September 30, 2026 and December 31, 2025.

Financing Obligations Recognized in Failed Sale Leaseback Transactions
The following vessels were acquired through failed sale-leaseback transactions and are accounted for as financing obligations. These transactions do not qualify as leases under ASC 842 because the Company retains control of the vessels and is contractually obligated to repurchase them.

As of September 30, 2026 and December 31, 2025, the Company’s financing obligation consists of the following:
September 30, 2026December 31, 2025
Interest Rate (%) (1)
Maturity Date
Bulk Spirit Ltd.$4,350 $5,206 6.13 %February 2027
Bulk Friendship Corp. - Bareboat Charter Party dated September 30, 20246,750 7,2006.22 %August 2029
Bulk Nordic Seven LLC (3)
23,749 25,0927.06 %May 2036
Bulk Nordic Eight LLC (3)
23,742 25,0857.06 %June 2036
Bulk Nordic Nine LLC (3)
23,995 25,300 7.06 %September 2036
Bulk Nordic Ten LLC (3)
24,133 25,4337.06 %November 2036
Bulk Courageous Corp. (2)
5,700 6,6003.93 %April 2028
Phoenix Bulk 25 Corp. (2)
7,445 8,7694.67 %February 2029
Bulk Independence5,875 7,0006.19 %December 2028
Bulk Pride5,875 7,0006.19 %December 2028
Tripartite Agreement (m/v Strategic Alliance, m/v Strategic Synergy, Strategic Unity) (2)
25,935 27,9525.52 %June 2029
SBC Equity Pte. Ltd.8,785 9,4955.77 %August 2031
SBC Explorer LLC7,167 8,2085.68 %March 2030
RHI Fortitude Pte. Ltd.8,500 9,4005.90 %January 2031
SBC Harmony Pte. Ltd.8,440 9,5206.00 %August 2031
RHI Savannah Pte. Ltd.7,500 8,3105.67 %September 2029
RHI Tenacity Pte. Ltd. (2)
7,697 8,4422.31 %April 2027
SBC Venture Pte. Ltd.7,095 8,007 6.00 %July 2031
SBC Spirit Pte. Ltd.7,670 8,525 5.72 %July 2032
SBC Vision Pte. Ltd.7,920 8,730 5.60 %June 2030
Operating Leases:
Other (4)
$344 $369 
Total$228,666 $249,642 
Less: unamortized issuance costs, net(1,655)(1,972)
227,011247,670
Less: current portion(35,775)(27,896)
Financing Obligations, net$191,237 $219,774 
(1)As of September 30, 2026 including the effect of interest rate cap if any.
(2)Interest rates on the loan facilities are fixed.
(3)As of September 30, 2026, a portion of these financing obligations was subject to an interest rate cap that limited SOFR to 3.51%, with a contractual expiration in the fourth quarter of 2026. On October 23, 2026, the Company repaid the financing obligations of Bulk Nordic Seven LLC, Bulk Nordic Eight LLC, Bulk Nordic Nine LLC and Bulk Nordic Ten LLC using proceeds from a new credit facility. These obligations had an aggregate outstanding principal balance of $95.6 million at September 30, 2026. See Note 14 — Subsequent Events.
(4)The Company entered into a 10-year ground lease agreement with the Tampa Port Authority, commencing on April 22, 2024.

All the obligation terms and financial covenants for all outstanding financing obligations as of December 31, 2025, remain unchanged as of September 30, 2026. The Company was in compliance with all financial covenants as of September 30, 2026 and December 31, 2025. All outstanding financing obligations are secured by the respective underlying assets.

Year ending December 31,
2026 (remainder of the year)$10,642 
202750,891 
202845,979 
202958,525 
203028,378 
Thereafter94,865 
Total minimum payments289,280 
Less: Amount representing interest(60,614)
Present value of minimum payments228,666 
Less: Issuance costs(1,655)
Present value of minimum payments, net227,011 
Less: Current portion of financing obligations(35,775)
Non-current portion of financing obligations$191,237 

The annual payments above reflect the contractual terms of the financing arrangements outstanding at September 30, 2026. The current and noncurrent portions of financing obligations at that date reflect the classification of qualifying amounts as noncurrent based on the refinancing of the obligations of Bulk Nordic Seven LLC, Bulk Nordic Eight LLC, Bulk Nordic Nine LLC and Bulk Nordic Ten LLC completed on October 23, 2026. See Note 14—Subsequent Events for the terms of the refinancing.