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Fixed Assets | 12 Months Ended
--- | ---
Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Fixed Assets | FIXED ASSETS At December 31, fixed assets consisted of the following:
|  | 2023 |  | 2022
Vessels and vessel upgrades |  | $ | 576,153,211 |  |  | $ | 565,107,408 |
Capitalized dry docking |  | 18,408,282 |  |  | 15,409,851 |
|  | 594,561,493 |  |  | 580,517,259 |
Accumulated depreciation and amortization |  | (124,477,977) |  |  | (106,652,852) |
Vessels, vessel upgrades and capitalized dry docking, net |  | 470,083,516 |  |  | 473,864,407 |
Land and building |  | 2,571,585 |  |  | 2,541,085 |
Computers, equipment and internal use software |  | 4,147,346 |  |  | 2,311,076 |
Other fixed assets |  | 6,718,931 |  |  | 4,852,161 |
Accumulated depreciation |  | (2,537,276) |  |  | (2,191,816) |
Other fixed assets, net |  | 4,181,655 |  |  | 2,660,345 |
Total fixed assets, net |  | $ | 474,265,171 |  |  | $ | 476,524,752 |
At December 31, vessels under finance leases consisted of the following:
|  | 2023 |  | 2022
Vessels under finance lease |  | $ | 40,933,207 |  |  | 56,061,223 |
Accumulated depreciation and amortization |  | (10,539,384) |  |  | (12,139,654) |
Vessels under finance lease, net |  | $ | 30,393,823 |  |  | $ | 43,921,569 |
The net carrying value of the Company’s fleet consists of the following:
| December 31,
| 2023 |  | 2022
Owned vessels |  |  |
m/v NORDIC ODYSSEY (1) | 18,949,524 |  |  | 20,685,092 |
m/v NORDIC ORION (1) | 19,789,942 |  |  | 21,406,429 |
m/v NORDIC OSHIMA (1) | 22,938,264 |  |  | 24,292,108 |
m/v NORDIC OLYMPIC (1) | 23,306,330 |  |  | 24,627,857 |
m/v NORDIC ODIN (1) | 23,411,836 |  |  | 24,726,033 |
m/v NORDIC OASIS (1) | 24,853,935 |  |  | 26,232,723 |
m/v NORDIC NULUUJAAK (2) (4) | 36,088,312 |  |  | 37,518,857 |
m/v NORDIC QINNGUA (2) (4) | 36,018,502 |  |  | 37,428,322 |
m/v NORDIC SANNGIJUQ (2) (4) | 35,623,004 |  |  | 37,000,230 |
m/v NORDIC SIKU (2) (4) | 36,009,984 |  |  | 37,393,171 |
m/v BULK ENDURANCE | 21,859,034 |  |  | 23,106,438 |
m/v BULK PRUDENCE | 26,533,530 |  |  | — |
m/v BULK COURAGEOUS (4) | 15,145,246 |  |  | 15,755,839 |
m/v BULK CONCORD (4) | 18,965,726 |  |  | 19,394,966 |
m/v BULK NEWPORT | — |  |  | 10,211,578 |
m/v BULK FREEDOM | 8,150,075 |  |  | 7,464,118 |
m/v BULK PRIDE | 11,194,335 |  |  | 12,174,942 |
m/v BULK SPIRIT (4) | 12,970,111 |  |  | 11,703,170 |
m/v BULK SACHUEST | 16,487,253 |  |  | 17,188,278 |
m/v BULK INDEPENDENCE | 13,752,517 |  |  | 14,879,681 |
m/v BULK FRIENDSHIP (4) | 12,810,712 |  |  | 13,680,578 |
m/v BULK VALOR | 16,434,083 |  |  | 17,106,444 |
m/v BULK PROMISE | 16,970,026 |  |  | 17,619,467 |
MISS NORA G. PEARL (3) | 1,821,235 |  |  | 2,268,086 |
| $ | 470,083,516 |  |  | $ | 473,864,407 |
Other fixed assets, net | 4,181,655 |  |  | 2,660,345 |
Total fixed assets, net | $ | 474,265,171 |  |  | $ | 476,524,752 |
Vessels under finance lease (4) |  |  |
m/v BULK XAYMACA | 11,623,719 |  |  | 13,082,596 |
m/v BULK DESTINY | $ | 18,770,104 |  |  | $ | 19,814,777 |
m/v BULK TRIDENT | — |  |  | 11,024,196 |
| $ | 30,393,823 |  |  | $ | 43,921,569 |
(1)Vessels are owned by NBHC, a consolidated joint venture in which the Company has a two-third ownership interest at December 31, 2023 and December 31, 2022. (2)Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at December 31, 2023 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. The Company capitalized dry-docking costs on three vessels in 2023 and four vessels in 2022. The amortization period of the capitalized dry docking costs is within the remaining useful life of these vessels and is amortized over the estimated period to next drydocking. The Company capitalized drydocking costs totaling $4.2 million and $6.0 million in the twelve months ended December 31, 2023 and 2022, respectively. These costs are recorded in Fixed assets, net or Finance lease right of use assets, net in the Consolidated Balance Sheets.

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