XML 31 R22.htm IDEA: XBRL DOCUMENT v3.24.4

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows:

			December 31, 2023						December 31, 2022
Money market accounts – cash equivalents			$	38,556,005					$	33,689,361
Time deposit accounts - cash equivalents (1)			10,206,500						46,000,000
Cash (2)			50,275,361						48,695,245
Total cash and cash equivalents			$	99,037,866					$	128,384,606

(1) It consists of cash deposits at various major banks with interest rates ranging from 5.48% to 5.69%.

(2) It consists of cash deposits at various major banks.

Advance Hire, Prepaid Expenses

At December 31, advance hire, prepaid expenses and other current assets were comprised of the following:

						2023						2022
Advance hire						$	2,509,313					$	3,491,835
Prepaid expenses						7,072,634						4,777,648
Accrued receivables						5,777,596						7,721,500
Cash margin on deposit						3,751,257						3,239,947
Derivative assets						3,384,137						4,892,144
Other current assets						5,845,309						4,143,757
Total						$	28,340,246					$	28,266,831

Components of Net Debt Issuance Costs and Bank Fees

The components of net debt issuance costs and bank fees, which are included in secured long-term debt on the consolidated balance sheets are as follows: 

						December 31,
						2023						2022
Debt issuance costs and bank fees paid to financial institutions						$	7,599,543					$	7,627,351
Less: accumulated amortization						(4,109,086)						(3,162,492)
Unamortized debt issuance costs and bank fees						$	3,490,457					$	4,464,859
Amortization included in interest expense						$	946,593					$	1,005,487

Components of Accounts Payable and Accrued Expenses

The components of accounts payable and accrued expenses are as follows: 

						December 31,
						2023						2022
Accounts payable						$	6,277,693					$	9,979,451
Accrued expenses						14,038,418						11,795,973
Bunkers suppliers						4,393,533						6,526,725
Charter hire payable						8,112,701						9,337,941
Other accrued liabilities						3,013,917						914,041
Total						$	35,836,262					$	38,554,131

Summary of Fair Value, by Balance Sheet Grouping

The aggregate carrying amounts and fair values of the long-term debt associated with the fixed rate borrowing arrangements are as follows: 

						December 31,
						2023						2022
Carrying amount of fixed rate long-term debt						$	100,251,477					$	113,589,539
Fair value of fixed rate long-term debt						$	92,792,065					$	103,455,979

Schedule of Other Assets, Noncurrent

At December 31, other non-current assets were comprised of the following:

Name						2023						2022
Intangible Assets - Note 15: Acquisitions						$	1,777,063					$	—
Investment in Seamar Managements S.A.						706,655						598,725
Investment in Pangaea Logistics Solutions (US) LLC						1,667,093						3,954,605
Investment in Narragansett Bulk Carriers (US) Corp						519,975						234,141
Other investments						919,509						496,656
Total						$	5,590,295					$	5,284,127

X

- Definition

Tabular disclosure for amortization of bank fees included as a component of interest expense.

+ References

No definition available.

+ Details

Name:	panl_ScheduleOfBankFeesTableTextBlock
Namespace Prefix:	panl_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.

+ References

No definition available.

+ Details

Name:	us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of noncurrent assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482913/230-10-50-8

+ Details

Name:	us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration