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Fixed Assets
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Fixed Assets FIXED ASSETS
 
At December 31, fixed assets consisted of the following: 
 20202019
Vessels and vessel upgrades$344,212,881 $341,705,712 
Capitalized dry docking12,716,442 6,857,482 
 356,929,323 348,563,194 
Accumulated depreciation and amortization(82,887,697)(69,636,742)
Vessels, vessel upgrades and capitalized dry docking, net274,041,626 278,926,452 
Land and building2,541,085 2,541,085 
Internal use software2,318,247 1,932,640 
Other fixed assets4,859,332 4,473,725 
Accumulated depreciation(2,159,207)(1,925,320)
Other fixed assets, net2,700,125 2,548,405 
Total fixed assets, net$276,741,751 $281,474,857 

At December 31, vessels under finance leases consisted of the following: 
20202019
Vessels under finance lease$51,229,372 58,780,630 
Accumulated depreciation and amortization(5,989,174)(5,165,325)
Vessels under finance lease, net$45,240,198 $53,615,305 
 
The net carrying value of the Company’s fleet consists of the following: 
 December 31,
20202019
Owned vessels 
m/v BULK PANGAEA$13,636,241 $14,988,076 
m/v NORDIC ODYSSEY24,481,390 22,897,029 
m/v NORDIC ORION22,625,141 23,688,812 
m/v NORDIC OSHIMA26,966,257 28,325,078 
m/v NORDIC OLYMPIC27,341,460 28,094,764 
m/v NORDIC ODIN27,421,649 27,931,771 
m/v NORDIC OASIS28,029,024 29,190,935 
m/v BULK ENDURANCE24,024,593 25,037,775 
m/v BULK NEWPORT11,966,186 12,975,767 
m/v BULK FREEDOM9,457,640 8,269,777 
m/v BULK PRIDE14,628,727 12,996,311 
m/v BULK SPIRIT (1)
12,849,322 12,867,060 
m/v BULK INDEPENDENCE14,020,964 14,000,946 
m/v BULK FRIENDSHIP13,431,253 14,052,500 
MISS NORA G. PEARL3,161,779 3,609,851 
$274,041,626 $278,926,452 
Vessels under finance lease (2)
m/v BULK PODS13,095,023 13,445,308 
m/v BULK DESTINY$20,636,264 $21,484,733 
m/v BULK TRIDENT11,508,911 12,095,727 
m/v BULK BEOTHUK— 6,589,537 
$45,240,198 $53,615,305 


(1)On October 26, 2018, the Company entered into an agreement to purchase a 2009 built Supramax (m/v Bulk Spirit) for $13.0 million, and placed a deposit of $1.95 million. The vessel was delivered in February 2019.

(2)Refer to Note 10, "Commitments and Contingencies," of our Financial Statements for additional information related to the vessels under finance lease.
The Company capitalized dry-docking costs on three vessels in 2020 and 2019. The 5 year amortization period of the capitalized dry docking costs is within the remaining useful life of these vessels.