v3.26.3
Segment Reporting
 9 Months Ended
Sep. 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 September 30,Nine months ended September 30,
2026202520262025
Shipping segment
Voyage revenue$193,141 $155,050 516,838 $410,492 
Charter revenue18,814 9,298 42,725 26,141 
Shipping segment total revenue$211,955 $164,348 $559,563 $436,633 
Reconciliation:
All other revenue (1)
7,102 4,322 17,193 11,528 
Total consolidated revenue$219,057 $168,670 $576,756 $448,161 
Shipping segment total revenue$211,955 $164,348 $559,563 $436,633 
Less:
Voyage expense77,292 73,208 229,944 211,297 
TCE revenue (2)
$134,662 $91,140 $329,619 $225,336 
Reconciliation to net income:
Port terminal & stevedore revenue(7,102)(4,322)(17,193)(11,528)
Charter hire expense50,717 33,882 129,005 82,947 
Vessel operating expenses22,607 21,736 66,432 67,289 
Terminal Expenses5,293 3,134 12,621 8,372 
General and administrative7,632 9,882 26,621 24,328 
Depreciation and amortization11,915 10,214 36,224 30,735 
Loss (gain) on vessel and equipment sold— (309)358 (309)
Total other expense, net4,048 3,935 11,852 15,613 
Total consolidated net income$39,552 $12,988 $63,699 $7,889 

(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 September 30,
Nine months ended September 30,
2026202520262025
United States$62,937 $43,383 $169,737 $124,852 
Canada37,812 38,717 48,557 47,321 
Singapore12,136 13,011 47,881 44,009 
Germany24,099 11,626 63,004 41,619 
Other (1)
82,072 61,932 247,577 190,360 
Total consolidated revenue$219,057 $168,670 $576,756 $448,161 

(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.