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SEGMENT REPORTING (Tables) | 12 Months Ended
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Dec. 31, 2024
SEGMENT REPORTING |
Schedule of information about reportable segments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2024 | ​
​ | ​ | Major | ​ | Minor | ​ | ​ | ​
​ |  | Bulk |  | Bulk | ​ | Total | ​
Revenues from external customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage revenues | ​ | $ | 224,250 | ​ | $ | 198,766 | ​ | $ | 423,016 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage expenses | ​ | ​ | 69,763 | ​ | ​ | 57,197 | ​ | ​ | 126,960 | ​
Charter hire expenses | ​ | ​ | — | ​ | ​ | 9,069 | ​ | ​ | 9,069 | ​
Other expense (income) | ​ | ​ | — | ​ | ​ | (78) | ​ | ​ | (78) | ​
Net voyage revenue (1) | ​ | ​ | 154,487 | ​ | ​ | 132,578 | ​ | ​ | 287,065 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vessel operating expenses | ​ | ​ | 42,561 | ​ | ​ | 59,077 | ​ | ​ | 101,638 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit | ​ | $ | 111,926 | ​ | $ | 73,501 | ​ | $ | 185,427 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to net income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 29,136 | ​
Technical management expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,643 | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 68,666 | ​
Impairment of vessel assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6,595 | ​
Net gain on sale of vessels | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (16,468) | ​
Other operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,728 | ​
Other expense (income) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 312 | ​
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,978) | ​
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 13,297 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 76,496 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2023 | ​
​ | ​ | Major | ​ | Minor | ​ | ​ | ​
​ |  | Bulk |  | Bulk | ​ | Total | ​
Revenues from external customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage revenues | ​ | $ | 190,176 | ​ | $ | 193,649 | ​ | $ | 383,825 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage expenses | ​ | ​ | 77,968 | ​ | ​ | 65,003 | ​ | ​ | 142,971 | ​
Charter hire expenses | ​ | ​ | — | ​ | ​ | 9,135 | ​ | ​ | 9,135 | ​
Other expense (income) | ​ | ​ | — | ​ | ​ | (202) | ​ | ​ | (202) | ​
Net voyage revenue (1) | ​ | ​ | 112,208 | ​ | ​ | 119,713 | ​ | ​ | 231,921 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vessel operating expenses | ​ | ​ | 39,375 | ​ | ​ | 57,718 | ​ | ​ | 97,093 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit | ​ | $ | 72,833 | ​ | $ | 61,995 | ​ | $ | 134,828 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to net loss: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 28,268 | ​
Technical management expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,021 | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 66,465 | ​
Impairment of vessel assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 41,719 | ​
Other expense (income) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 598 | ​
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,667) | ​
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8,780 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (12,356) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2022 | ​
​ | ​ | Major | ​ | Minor | ​ | ​ | ​
​ |  | Bulk |  | Bulk | ​ | Total | ​
Revenues from external customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage revenues | ​ | $ | 191,934 | ​ | $ | 345,000 | ​ | $ | 536,934 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage expenses | ​ | ​ | 69,166 | ​ | ​ | 84,723 | ​ | ​ | 153,889 | ​
Charter hire expenses | ​ | ​ | — | ​ | ​ | 27,130 | ​ | ​ | 27,130 | ​
Other expense (income) | ​ | ​ | — | ​ | ​ | (1,631) | ​ | ​ | (1,631) | ​
Net voyage revenue (1) | ​ | ​ | 122,768 | ​ | ​ | 234,778 | ​ | ​ | 357,546 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vessel operating expenses | ​ | ​ | 37,376 | ​ | ​ | 62,093 | ​ | ​ | 99,469 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit | ​ | $ | 85,392 | ​ | $ | 172,685 | ​ | $ | 258,077 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to net income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 25,708 | ​
Technical management expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3,310 | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 60,190 | ​
Other expense (income) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,453 | ​
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,042) | ​
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9,094 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 159,364 | ​
​
| (1) | Net voyage revenue is used to calculate the Time Charter Equivalent ("TCE"), which is reviewed by the CODM and is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts. This amount includes realized gains on fuel hedges that were recorded as part of Other (expense) income on the Consolidated Statements of Operations.

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