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SEGMENT REPORTING

6 Months Ended

Jun. 30, 2025

SEGMENT REPORTING

SEGMENT REPORTING

3 – SEGMENT REPORTING

​

The Company transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk vessels. The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable. The Company owns a fleet of vessels that focuses on Capesize, Ultramax and Supramax vessels. Capesize vessels represent the Company’s major bulk vessels category while Ultramax and Supramax vessels represent the Company’s minor bulk vessel category.

​

The Company has determined that each of its vessels are individual operating segments. The Company determined its operating segments based on how its chief operating decision maker (CODM), John C. Wobensmith, Chief Executive Officer and President, manages the business, makes operating decisions and evaluates operating performance. The CODM reviews the operating results for the Company’s fleet and also considers certain aggregate financial data for the Company’s major bulk and minor bulk vessels. The Company’s major and minor bulk vessels have similar economic characteristics as they serve the same type of customers, have similar operations and maintenance requirements, and operate in the same regulatory environment. Based on the principles of Accounting Standards Codification (“ASC”) 280 — “Segment Reporting,” the Company believes it is meaningful and informative to aggregate its operating segments into two reportable segments for the major bulk and minor bulk fleet.

​

With the exception of the financial statement information below that comprises the segment profit, the CODM does not evaluate any other financial statement line items on a vessel category basis, but rather on a consolidated basis. Information about the Company’s reportable segments for the three and six months ended June 30, 2025 and 2024 is as follows:

​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the Three Months Ended June 30, 2025								​
​	​	Major		​	Minor		​	​		​
​		Bulk			Bulk		​	Total		​
Revenues from external customers:	​	​	​	​	​	​	​	​	​	​
Voyage revenues	​	$	37,698	​	$	43,241	​	$	80,939	​
​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​
Voyage expenses	​	​	16,629	​	​	15,376	​	​	32,005	​
Charter hire expenses	​	​	—	​	​	2,035	​	​	2,035	​
Other income	​	​	—	​	​	(4)	​	​	(4)	​
Net voyage revenue (1)	​	​	21,069	​	​	25,834	​	​	46,903	​
​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​
Vessel operating expenses	​	​	9,807	​	​	13,940	​	​	23,747	​
​	​	​	​	​	​	​	​	​	​	​
Segment profit	​	$	11,262	​	$	11,894	​	$	23,156	​
​	​	​	​	​	​	​	​	​	​	​
Reconciliation to net loss:	​	​	​	​	​	​	​	​	​	​
General and administrative expenses	​	​	​	​	​	​	​	​	7,399	​
Technical management expenses	​	​	​	​	​	​	​	​	1,231	​
Depreciation and amortization	​	​	​	​	​	​	​	​	18,133	​
Impairment of vessel assets	​	​	​	​	​	​	​	​	651	​
Other expense	​	​	​	​	​	​	​	​	236	​
Interest income	​	​	​	​	​	​	​	​	(243)	​
Interest expense	​	​	​	​	​	​	​	​	2,558	​
​	​	​	​	​	​	​	​	​	​	​
Net loss	​	​	​	​	​	​	​	$	(6,809)	​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the Three Months Ended June 30, 2024								​
​	​	Major		​	Minor		​	​		​
​		Bulk			Bulk		​	Total		​
Revenues from external customers:	​	​	​	​	​	​	​	​	​	​
Voyage revenues	​	$	58,211	​	$	48,836	​	$	107,047	​
​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​
Voyage expenses	​	​	17,073	​	​	13,200	​	​	30,273	​
Charter hire expenses	​	​	—	​	​	2,455	​	​	2,455	​
Other income	​	​	—	​	​	(92)	​	​	(92)	​
Net voyage revenue (1)	​	​	41,138	​	​	33,273	​	​	74,411	​
​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​
Vessel operating expenses	​	​	11,251	​	​	15,726	​	​	26,977	​
​	​	​	​	​	​	​	​	​	​	​
Segment profit	​	$	29,887	​	$	17,547	​	$	47,434	​
​	​	​	​	​	​	​	​	​	​	​
Reconciliation to net income:	​	​	​	​	​	​	​	​	​	​
General and administrative expenses	​	​	​	​	​	​	​	​	6,320	​
Technical management expenses	​	​	​	​	​	​	​	​	1,260	​
Depreciation and amortization	​	​	​	​	​	​	​	​	17,096	​
Impairment of vessel assets	​	​	​	​	​	​	​	​	5,634	​
Net gain on sale of vessels	​	​	​	​	​	​	​	​	(13,206)	​
Other operating expense	​	​	​	​	​	​	​	​	3,924	​
Other expense	​	​	​	​	​	​	​	​	182	​
Interest income	​	​	​	​	​	​	​	​	(721)	​
Interest expense	​	​	​	​	​	​	​	​	3,452	​
​	​	​	​	​	​	​	​	​	​	​
Net Income	​	​	​	​	​	​	​	$	23,493	​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the Six Months Ended June 30, 2025								​
​	​	Major		​	Minor		​	​		​
​		Bulk			Bulk		​	Total		​
Revenues from external customers:	​	​	​	​	​	​	​	​	​	​
Voyage revenues	​	$	68,748	​	$	83,460	​	$	152,208	​
​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​
Voyage expenses	​	​	30,201	​	​	29,158	​	​	59,359	​
Charter hire expenses	​	​	—	​	​	4,320	​	​	4,320	​
Other income	​	​	—	​	​	(12)	​	​	(12)	​
Net voyage revenue (1)	​	​	38,547	​	​	49,994	​	​	88,541	​
​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​
Vessel operating expenses	​	​	20,077	​	​	28,586	​	​	48,663	​
​	​	​	​	​	​	​	​	​	​	​
Segment profit	​	$	18,470	​	$	21,408	​	$	39,878	​
​	​	​	​	​	​	​	​	​	​	​
Reconciliation to net loss:	​	​	​	​	​	​	​	​	​	​
General and administrative expenses	​	​	​	​	​	​	​	​	14,893	​
Technical management expenses	​	​	​	​	​	​	​	​	2,556	​
Depreciation and amortization	​	​	​	​	​	​	​	​	35,797	​
Impairment of vessel assets	​	​	​	​	​	​	​	​	651	​
Other expense	​	​	​	​	​	​	​	​	257	​
Interest income	​	​	​	​	​	​	​	​	(612)	​
Interest expense	​	​	​	​	​	​	​	​	5,107	​
​	​	​	​	​	​	​	​	​	​	​
Net loss	​	​	​	​	​	​	​	$	(18,771)	​

​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the Six Months Ended June 30, 2024								​
​	​	Major		​	Minor		​	​		​
​		Bulk			Bulk		​	Total		​
Revenues from external customers:	​	​	​	​	​	​	​	​	​	​
Voyage revenues	​	$	120,233	​	$	104,249	​	$	224,482	​
​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​
Voyage expenses	​	​	37,667	​	​	29,806	​	​	67,473	​
Charter hire expenses	​	​	—	​	​	5,965	​	​	5,965	​
Other income	​	​	—	​	​	(110)	​	​	(110)	​
Net voyage revenue (1)	​	​	82,566	​	​	68,588	​	​	151,154	​
​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​
Vessel operating expenses	​	​	22,476	​	​	30,433	​	​	52,909	​
​	​	​	​	​	​	​	​	​	​	​
Segment profit	​	$	60,090	​	$	38,155	​	$	98,245	​
​	​	​	​	​	​	​	​	​	​	​
Reconciliation to net income:	​	​	​	​	​	​	​	​	​	​
General and administrative expenses	​	​	​	​	​	​	​	​	13,984	​
Technical management expenses	​	​	​	​	​	​	​	​	2,291	​
Depreciation and amortization	​	​	​	​	​	​	​	​	34,319	​
Impairment of vessel assets	​	​	​	​	​	​	​	​	5,634	​
Net gain on sale of vessels	​	​	​	​	​	​	​	​	(12,228)	​
Other operating expense	​	​	​	​	​	​	​	​	5,728	​
Other expense	​	​	​	​	​	​	​	​	134	​
Interest income	​	​	​	​	​	​	​	​	(1,545)	​
Interest expense	​	​	​	​	​	​	​	​	7,492	​
​	​	​	​	​	​	​	​	​	​	​
Net income	​	​	​	​	​	​	​	$	42,436	​

​

(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 on the Condensed Consolidated Statements of Operations.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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