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SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of information about reportable segments


	For the three months ended March 31, 2025
	Major		Minor
	Bulk		Bulk		Total
Revenues from external customers:
Voyage revenues	$	31,051	$	40,218	$	71,269

Less:
Voyage expenses		13,572		13,782		27,354
Charter hire expenses		—		2,285		2,285
Other income		—		(8)		(8)
Net voyage revenue (1)		17,479		24,159		41,638

Less:
Vessel operating expenses		10,270		14,646		24,916

Segment profit	$	7,209	$	9,513	$	16,722

Reconciliation to net income:
General and administrative expenses						7,494
Technical management expenses						1,325
Depreciation and amortization						17,665
Other expense						21
Interest income						(370)
Interest expense						2,549

Net loss					$	(11,962)


	For the three months ended March 31, 2024
	Major		Minor
	Bulk		Bulk		Total
Revenues from external customers:
Voyage revenues	$	62,022	$	55,413	$	117,435

Less:
Voyage expenses		20,588		16,612		37,200
Charter hire expenses		—		3,510		3,510
Other income		—		(18)		(18)
Net voyage revenue (1)		41,434		35,309		76,743

Less:
Vessel operating expenses		11,225		14,707		25,932

Segment profit	$	30,209	$	20,602	$	50,811

Reconciliation to net loss:
General and administrative expenses						7,664
Technical management expenses						1,031
Depreciation and amortization						17,223
Net loss on sale of vessels						978
Other operating expense						1,804
Other income						(48)
Interest income						(824)
Interest expense						4,040

Net Income					$	18,943

(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 Condensed Consolidated Statements of Operations.