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Secured Long-term Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Long-term debt consists of the following:
|  | December 31, 2022 |  | December 31, 2021 |  | Interest Rate (%) (1) |  | Maturity Date
Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3) |  | 14,395,409 |  |  | 16,224,189 |  |  | 2.95 | % |  | December 2027
Bulk Nordic Oshima (MI) Corp., Bulk Nordic Odin (MI) Corp., Bulk Nordic Olympic (MI) Corp., Bulk Nordic Oasis (MI) Corp. Secured Term Loan Facility (2) (3) (4) |  | 44,600,000 |  |  | 49,400,000 |  |  | 3.38 | % |  | June 2027
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (5) |  |  |  |  |  |  |  |
–Bulk Nordic Six Ltd. - Tranche A (2) |  | 10,099,993 |  |  | 11,166,661 |  |  | 4.39 | % |  | May 2024
–Bulk Nordic Six Ltd. - Tranche B |  | 2,070,000 |  |  | 2,330,000 |  |  | 6.03 | % |  | May 2024
–Bulk Pride - Tranche C (2) |  | 3,000,000 |  |  | 4,100,000 |  |  | 5.39 | % |  | May 2024
–Bulk Independence - Tranche E (2) |  | 10,500,000 |  |  | 11,500,000 |  |  | 3.54 | % |  | May 2024
Bulk Freedom Loan Agreement |  | — |  |  | 2,600,000 |  |  |  |  | June 2022
Bulk Valor Corp. Loan and Security Agreement (2) |  | 11,424,507 |  |  | 12,718,279 |  |  | 3.29 | % |  | June 2028
Bulk Promise Corp. (2) |  | 11,069,630 |  |  | 12,453,926 |  |  | 5.45 | % |  | October 2027
Bulk Sachuest (2) |  | $ | 8,500,000 |  |  | $ | — |  |  | 6.19 | % |  | October 2029
109 Long Wharf Commercial Term Loan |  | 374,466 |  |  | 484,066 |  |  | 6.39 | % |  | April 2026
Total |  | $ | 116,034,005 |  |  | $ | 122,977,121 |  |  |  |  |
Less: unamortized bank fees (6) |  | (1,431,736) |  |  | (1,697,209) |  |  |  |  |
|  | $ | 114,602,269 |  |  | $ | 121,279,912 |  |  |  |  |
Less: current portion |  | (15,782,530) |  |  | (15,443,115) |  |  |  |  |
Secured long-term debt, net |  | $ | 98,819,739 |  |  | $ | 105,836,797 |  |  |  |  |
(1)As of December 31, 2022. (2)Interest rates on the loan facilities are fixed. (3)The borrowers under this facility are owned by NBHC. The Company has two-third's ownership interest and STST has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (4)On April 26, 2021, NBHC entered into a new Senior Secured Term Loan Facility with two new lenders. The agreement advanced $53.0 million in respect of the m/v Nordic Oshima, m/v Nordic Olympic, m/v Nordic Odin and m/v Nordic Oasis. The agreement requires repayment of the advance in 24 equal quarterly principal installments of $1.2 million beginning on June 15, 2021 and a balloon payment of $24.2 million due in June 2027. (5)This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company. (6)A portion of unamortized debt issuance costs were reclassified as a reduction of the finance leases liabilities. Refer to Note 10 "Finance Leases" for additional information.
Schedule of Maturities of Long-Term Debt | The future minimum annual payments under the debt agreements are as follows:
| Years ending December 31,
2023 | $ | 15,782,530 |
2024 | 30,751,725 |
2025 | 10,476,019 |
2026 | 10,638,024 |
2027 | 39,955,014 |
Thereafter | 8,430,693 |
| $ | 116,034,005 |

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