Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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:


	September 30, 2026		December 31, 2025
Advance hire	$	5,930	$	3,394
Prepaid expenses	5,271		1,630
Prepaid voyage expenses	9,241		6,286
Accrued receivables - Voyage related	7,463		9,593

Cash margin on deposit	4,178		572
Derivative assets	3,286		524


Other current assets	7,172		6,478
	$	42,541	$	28,478

Equity Method Investments

Other non-current assets were comprised of the following:


	September 30, 2026		December 31, 2025
Intangible Assets, net of accumulated amortization of $1,882 and $1,675 as of September 30, 2026 and December 31, 2025, respectively (1)	$	369	$	576

Investment in Associated Terminals Pangaea Logistics, LLC	1,077		2,032
Investment in Narragansett Bulk Carriers (US) Corp	520		520
Other non-current assets	2,403		1,433
	$	4,369	$	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 nine months ended September 30, 2026.

Schedule of Accounts Payable and Accrued Liabilities

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


	September 30, 2026		December 31, 2025
Accounts payable:
Bunkers suppliers	15,980		8,232

Charter hire payable	13,177		7,829
Other trade accounts payable	13,640		14,328
Total accounts payable	$	42,797	$	30,389

Accrued expenses and other current liabilities:
Accrued Voyage Expenses	24,600		8,856
Accrued operating expenses	10,802		3,839
Accrued compensation	5,092		3,791
Other accrued liabilities	5,922		7,383
Total accrued expenses and other current liabilities	$	46,416	$	23,868