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SEGMENT REPORTING (Tables)

12 Months Ended

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.