NOTE 7 - FIXED ASSETS

At December 31, fixed assets consisted of the following:

	2014		2013

Vessels and vessel upgrades	$	221,409,122	$	211,458,792
Capitalized dry docking		5,963,331		4,716,844
		227,372,453		216,175,636
Accumulated depreciation and amortization		(22,682,586)		(21,579,365)
Vessels, vessel upgrades and capitalized dry docking, net		204,689,867		194,596,271

Land and building		2,541,085		2,541,085
Internal use software		268,313		268,313
Computers and equipment		846,910		306,953
		3,656,308		3,116,351
Accumulated depreciation		(678,562)		(558,733)
Other fixed assets, net		2,977,746		2,557,618

Total fixed assets, net	$	207,667,613	$	197,153,889

The net carrying value of the Company’s fleet consists of the following:

	December 31,
Vessel	2014		2013

m/v BULK PANGAEA	$	21,176,498	$	20,879,837
m/v BULK DISCOVERY		3,741,375		13,583,813
m/v BULK CAJUN⁽¹⁾		-		6,566,227
m/v BULK PATRIOT		14,988,585		13,573,298
m/v BULK JULIANA		14,023,118		14,614,596
m/v NORDIC ODYSSEY		29,125,309		30,252,396
m/v NORDIC ORION		29,627,397		30,449,503
m/v BULK TRIDENT		16,430,154		16,273,240
m/v BULK BEOTHUK		13,228,238		13,732,350
m/v BULK NEWPORT		14,733,879		15,339,224
m/v BULK PROVIDENCE⁽²⁾		-		10,114,377
m/v BULK LIBERTY⁽²⁾		-		9,217,410
m/v NORDIC BOTHNIA		7,000,000		-
m/v NORDIC BARENTS		7,000,000		-
m/v NORDIC OSHIMA		33,615,314		-
		204,689,867		194,596,271

⁽¹⁾	The Company entered into an agreement to sell the m/v BULK CAJUN on January 29, 2015. Accordingly, the vessel was reclassified as held for sale at December 31, 2014
⁽²⁾	The Company sold the m/v Bulk Providence on May 27, 2014 and the m/v Bulk Liberty on July 4, 2014.

During the year ended December 31, 2014, the Company purchased two vessels through wholly owned subsidiaries. The total purchase price of the vessels (m/v Nordic Barents and m/v Nordic Bothnia) was approximately $16,500,000. During the year ended December 31, 2013, the Company purchased four vessels through wholly owned subsidiaries. The total purchase price of the vessels (m/v Bulk Beothuk, m/v Bulk Providence, m/v Bulk Liberty and m/v Bulk Newport), was approximately $49,482,000. In addition, NBHC took delivery of one newbuilding (m/v Nordic Oshima) for which it paid approximately $33,900,000 (including deposits made during construction). At December 31, 2014, NBHC had deposits on the three remaining 1A ice class panamax newbuildings of approximately $29,800,000. Two of these vessels were delivered in February 2015 and the balance due was financed with secured long-term debt. The fourth vessel will be delivered in 2016. At December 31, 2014, BVH had deposits of approximately $8,700,000 toward the construction of two ultramax vessels to be delivered in 2016. These deposits are included as deposits on newbuildings in-process on the consolidated balance sheets.

The Company completed dry-docking on four vessels in 2014 and one vessel in 2013. The five year amortization period of the capitalized dry docking costs is within the remaining useful life of the vessel.