v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
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.
Schedule of Maturities of Long-term Debt
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 
Schedule of Future Minimum Payments for Finance Lease, Liability Obligations
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.