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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2025

SEGMENT REPORTING

Schedule of information about reportable segments


		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.