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Fixed Assets
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Fixed Assets FIXED ASSETS
 
At December 31, fixed assets consisted of the following: 
 20222021
Vessels and vessel upgrades$565,107,408 $554,241,221 
Capitalized dry docking15,409,851 13,414,394 
 580,517,259 567,655,615 
Accumulated depreciation and amortization(106,652,852)(97,943,561)
Vessels, vessel upgrades and capitalized dry docking, net473,864,407 469,712,054 
Land and building2,541,085 2,541,085 
Computers, equipment and internal use software2,311,076 1,975,603 
Other fixed assets4,852,161 4,516,688 
Accumulated depreciation(2,191,816)(2,315,932)
Other fixed assets, net2,660,345 2,200,756 
Total fixed assets, net$476,524,752 $471,912,810 
Advances for vessel purchases$— 1,990,000 

At December 31, vessels under finance leases consisted of the following: 
20222021
Vessels under finance lease$56,061,223 53,601,534 
Accumulated depreciation and amortization(12,139,654)(8,405,775)
Vessels under finance lease, net$43,921,569 $45,195,759 
 
The net carrying value of the Company’s fleet consists of the following: 
 December 31,
20222021
Owned vessels 
m/v BULK PANGAEA$— $11,802,463 
m/v NORDIC ODYSSEY (1)
20,685,092 22,456,407 
m/v NORDIC ORION (1)
21,406,429 23,057,114 
m/v NORDIC OSHIMA (1)
24,292,108 25,612,412 
m/v NORDIC OLYMPIC (1)
24,627,857 25,982,802 
m/v NORDIC ODIN (1)
24,726,033 26,073,841 
m/v NORDIC OASIS (1)
26,232,723 27,650,350 
m/v NORDIC NULUUJAAK (2) (4)
37,518,857 38,949,402 
m/v NORDIC QINNGUA (2) (4)
37,428,322 38,838,142 
m/v NORDIC SANNGIJUQ (2) (4)
37,000,230 38,377,457 
m/v NORDIC SIKU (2) (4)
37,393,171 38,776,359 
m/v BULK ENDURANCE23,106,438 23,069,545 
m/v BULK COURAGEOUS (4)
15,755,839 16,356,730 
m/v BULK CONCORD (4)
19,394,966 — 
m/v BULK NEWPORT10,211,578 11,566,639 
m/v BULK FREEDOM7,464,118 8,476,937 
m/v BULK PRIDE12,174,942 13,560,656 
m/v BULK SPIRIT (4)
11,703,170 12,293,336 
m/v BULK SACHUEST17,188,278 — 
m/v BULK INDEPENDENCE14,879,681 13,466,530 
m/v BULK FRIENDSHIP (4)
13,680,578 14,526,423 
m/v BULK VALOR17,106,444 17,797,021 
m/v BULK PROMISE17,619,467 18,306,557 
MISS NORA G. PEARL (3)
2,268,086 2,714,931 
$473,864,407 $469,712,054 
Other fixed assets, net2,660,345 2,200,756 
Total fixed assets, net$476,524,752 $471,912,810 
Vessels under finance lease (4)
m/v BULK XAYMACA (5)
13,082,596 12,661,804 
m/v BULK DESTINY$19,814,777 $20,074,619 
m/v BULK TRIDENT11,024,196 12,459,336 
$43,921,569 $45,195,759 
Advances for vessel purchases
m/v BULK CONCORD (6)
$— $1,990,000 


(1)Vessels are owned by NBHC, a consolidated joint venture in which the Company has a two-third ownership interest at December 31, 2022         and December 31, 2021.

(2)Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at December 31, 2022 and 2021.

(3)Barge is owned by a 50% owned consolidated subsidiary.
(4)Refer to Note 10, "Finance Leases," of our Financial Statements for additional information related to the vessels under finance lease.

(5)Formerly known as m/v Bulk PODS.
(6)On November 5, 2021, the Company entered into an agreement to purchase a 2009 built Panamax for $19.9 million, and placed a deposit of $2.0 million. The vessel was delivered in February 2022 and renamed the m/v Bulk Concord.
The Company capitalized dry-docking costs on four vessels in 2022 and five vessels in 2021. The amortization period of the capitalized dry docking costs is within the remaining useful life of these vessels