$PANL
Pangaea Logistics Solutions Ltd. Stock $panl

$panl Overview Financials Valuation SEC Filings Company Website

2018 Form 10-K Financial Statement

#000160690919000010 Filed on March 20, 2019

Income Statement

Concept	2018	2017 Q4	2017
Revenue	$373.0M	$102.2M	$385.1M
YoY Change	-3.15%	54.15%	61.79%
Cost Of Revenue	$262.1M	$78.10M	$293.4M
YoY Change	-10.67%	57.14%	75.37%
Gross Profit	$110.9M	$24.90M	$92.50M
YoY Change	19.89%	50.0%	30.83%
Gross Profit Margin	29.73%	24.36%	24.02%
Selling, General & Admin	$16.50M	$3.700M	$15.20M
YoY Change	8.55%	2.78%	18.75%
% of Gross Profit	14.88%	14.86%	16.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$17.62M	$4.010M	$15.61M
YoY Change	12.85%	13.6%	10.68%
% of Gross Profit	15.89%	16.1%	16.88%
Operating Expenses	$336.9M	$95.40M	$369.9M
YoY Change	-8.93%	45.65%	64.32%
Operating Profit	$36.07M	$6.800M	$16.03M
YoY Change	125.07%	750.0%	24.31%
Interest Expense	$8.694M	$2.000M	$7.954M
YoY Change	9.31%	53.85%	46.67%
% of Operating Profit	24.1%	29.41%	49.63%
Other Income/Expense, Net	-$12.09M	$0.00	-$6.925M
YoY Change	74.56%	-100.0%	4268.6%
Pretax Income	$24.00M	$4.500M	$9.100M
YoY Change	163.74%	1400.0%	-1.09%
Income Tax	$356.0K		$428.0K
% Of Pretax Income	1.48%		4.7%
Net Earnings	$17.76M	$4.100M	$7.813M
YoY Change	127.28%	4000.0%	4.77%
Net Earnings / Revenue	4.76%	4.01%	2.03%
Basic Earnings Per Share	$0.42	$0.10	$0.20
Diluted Earnings Per Share	$0.42	$0.09	$0.20
COMMON SHARES
Basic Shares Outstanding	42.25M shares	41.94M shares	38.41M shares
Diluted Shares Outstanding	42.78M shares	42.62M shares	38.93M shares

Balance Sheet

Concept	2018	2017 Q4	2017
SHORT-TERM ASSETS
Cash & Short-Term Investments	$53.60M	$34.50M	$34.50M
YoY Change	55.36%	54.71%	54.71%
Cash & Equivalents	$13.80M	$34.53M	$21.00M
Short-Term Investments
Other Short-Term Assets	$9.700M	$877.2K	$5.900M
YoY Change	64.41%	-16.09%	-52.8%
Inventory	$19.20M	$15.36M	$15.40M
Prepaid Expenses		$460.4K
Receivables	$28.50M	$21.09M	$21.10M
Other Receivables	$2.500M	$0.00	$6.100M
Total Short-Term Assets	$113.5M	$83.01M	$83.00M
YoY Change	36.75%	32.93%	21.17%
LONG-TERM ASSETS
Property, Plant & Equipment	$281.9M	$306.3M	$306.3M
YoY Change	-7.97%	11.27%	4.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$58.10M	$34.00M	$34.00M
YoY Change	70.88%
Total Long-Term Assets	$340.0M	$340.3M	$340.3M
YoY Change	-0.09%	13.52%	15.87%
TOTAL ASSETS
Total Short-Term Assets	$113.5M	$83.01M	$83.00M
Total Long-Term Assets	$340.0M	$340.3M	$340.3M
Total Assets	$453.5M	$423.3M	$423.3M
YoY Change	7.13%	16.87%	16.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$19.90M	$15.69M	$15.70M
YoY Change	26.75%	1.63%	1.95%
Accrued Expenses	$8.800M	$11.92M	$13.50M
YoY Change	-34.81%	71.43%	73.08%
Deferred Revenue		$5.816M
YoY Change
Short-Term Debt	$2.900M	$7.000M	$7.000M
YoY Change	-58.57%	-56.25%	-56.25%
Long-Term Debt Due	$25.50M	$18.98M	$20.80M
YoY Change	22.6%	-3.17%	6.12%
Total Short-Term Liabilities	$79.00M	$70.01M	$70.00M
YoY Change	12.86%	-10.1%	-10.14%
LONG-TERM LIABILITIES
Long-Term Debt	$141.1M	$117.6M	$142.6M
YoY Change	-1.05%	9.31%	32.53%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities	$141.1M	$117.6M	$142.6M
YoY Change	-1.05%	9.31%	32.53%
TOTAL LIABILITIES
Total Short-Term Liabilities	$79.00M	$70.01M	$70.00M
Total Long-Term Liabilities	$141.1M	$117.6M	$142.6M
Total Liabilities	$291.8M	$187.6M	$277.9M
YoY Change	5.0%	-23.7%	13.01%
SHAREHOLDERS EQUITY
Retained Earnings		-$9.597M
YoY Change		-44.88%
Common Stock		$4.379K
YoY Change		19.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$161.7M	$145.4M	$145.4M
YoY Change
Total Liabilities & Shareholders Equity	$453.5M	$423.3M	$423.3M
YoY Change	7.13%	16.87%	16.87%

Cashflow Statement

Concept	2018	2017 Q4	2017
OPERATING ACTIVITIES
Net Income	$17.76M	$4.100M	$7.813M
YoY Change	127.28%	4000.0%	4.77%
Depreciation, Depletion And Amortization	$17.62M	$4.010M	$15.61M
YoY Change	12.85%	13.6%	10.68%
Cash From Operating Activities	$40.13M	$15.47M	$29.22M
YoY Change	37.34%	1638.2%	52.13%
INVESTING ACTIVITIES
Capital Expenditures	-$17.54M	-$16.70M	-$64.03M
YoY Change	-72.61%		9904.69%
Acquisitions
YoY Change
Other Investing Activities	$30.00K	$310.0K	-$520.0K
YoY Change	-105.77%	-104.72%	-94.59%
Cash From Investing Activities	-$17.51M	-$16.39M	-$64.55M
YoY Change	-72.88%	149.85%	529.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	-$50.81K		$9.632M
YoY Change	-100.53%
Debt Paid & Issued, Net	$21.06M		$25.33M
YoY Change	-16.86%		6.77%
Cash From Financing Activities	-$5.042M	6.110M	$45.44M
YoY Change	-111.1%	-3155.0%	-288.08%
NET CHANGE
Cash From Operating Activities	$40.13M	15.47M	$29.22M
Cash From Investing Activities	-$17.51M	-16.39M	-$64.55M
Cash From Financing Activities	-$5.042M	6.110M	$45.44M
Net Change In Cash	$17.58M	5.190M	$10.11M
YoY Change	73.94%	-188.42%	-166.51%
FREE CASH FLOW
Cash From Operating Activities	$40.13M	$15.47M	$29.22M
Capital Expenditures	-$17.54M	-$16.70M	-$64.03M
Free Cash Flow	$57.67M	$32.17M	$93.25M
YoY Change	-38.15%	3514.61%	369.79%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2018	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	FY
CY2018	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2018
CY2018	dei	Document Period End Date DocumentPeriodEndDate	2018-12-31
CY2018	dei	Document Type DocumentType	10-K
CY2018	dei	Entity Central Index Key EntityCentralIndexKey	0001606909
CY2018	dei	Amendment Flag AmendmentFlag	false
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CY2019Q1	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	44504090	shares
CY2018	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2018	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2018	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2018Q2	dei	Entity Public Float EntityPublicFloat	22500000	USD
CY2018	dei	Entity Registrant Name EntityRegistrantName	Pangaea Logistics Solutions Ltd.
CY2018	dei	Entity Shell Company EntityShellCompany	false
CY2018	dei	Entity Small Business EntitySmallBusiness	true
CY2018	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2018	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
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CY2018	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	224001	USD
CY2017	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	428000	USD
CY2018	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	356000	USD
CY2017	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	5642755	USD
CY2018	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	7661352	USD
CY2017	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-607058	USD
CY2018	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	4172392	USD
CY2017	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	2153775	USD
CY2018	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	3865375	USD
CY2017	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	1368584	USD
CY2018	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-1624441	USD
CY2017	us-gaap	Interest Expense InterestExpense	7954126	USD
CY2018	us-gaap	Interest Expense InterestExpense	8694481	USD
CY2017	us-gaap	Interest Expense Related Party InterestExpenseRelatedParty	316250	USD
CY2017Q4	us-gaap	Interest Payable Current InterestPayableCurrent	611406	USD
CY2018Q4	us-gaap	Interest Payable Current InterestPayableCurrent	540886	USD
CY2018	us-gaap	Interest Expense Related Party InterestExpenseRelatedParty	202748	USD
CY2017	us-gaap	Interest Paid Net InterestPaidNet	6978754	USD
CY2018	us-gaap	Interest Paid Net InterestPaidNet	8636458	USD
CY2017Q4	us-gaap	Inventory Net InventoryNet	15356712	USD
CY2018Q4	us-gaap	Inventory Net InventoryNet	19222087	USD
CY2017Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	423297088	USD
CY2018Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	453474622	USD
CY2017Q4	us-gaap	Liabilities Current LiabilitiesCurrent	70010153	USD
CY2018Q4	us-gaap	Liabilities Current LiabilitiesCurrent	79048628	USD
CY2017Q4	us-gaap	Long Term Debt LongTermDebt	136594969	USD
CY2018Q4	us-gaap	Long Term Debt LongTermDebt	115502012	USD
CY2017Q4	us-gaap	Long Term Debt Current LongTermDebtCurrent	18979335	USD
CY2018Q4	us-gaap	Long Term Debt Current LongTermDebtCurrent	20127742	USD
CY2017Q4	us-gaap	Long Term Debt Fair Value LongTermDebtFairValue	93417008	USD
CY2018Q4	us-gaap	Long Term Debt Fair Value LongTermDebtFairValue	81412986	USD
CY2018Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal After Year Five LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive	264866	USD
CY2018Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal In Next Twelve Months LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths	20127742	USD
CY2018Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Five LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive	109600	USD
CY2018Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Four LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour	37675900	USD
CY2018Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Three LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree	37237224	USD
CY2018Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Two LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo	21990674	USD
CY2017Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	117615634	USD
CY2018Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	95374270	USD
CY2017Q4	us-gaap	Longterm Debt Percentage Bearing Fixed Interest Amount LongtermDebtPercentageBearingFixedInterestAmount	92096979	USD
CY2018Q4	us-gaap	Longterm Debt Percentage Bearing Fixed Interest Amount LongtermDebtPercentageBearingFixedInterestAmount	80964690	USD
CY2017Q4	us-gaap	Minority Interest MinorityInterest	65304320	USD
CY2018Q4	us-gaap	Minority Interest MinorityInterest	71678946	USD
CY2017	us-gaap	Minority Interest Decrease From Redemptions MinorityInterestDecreaseFromRedemptions	830906	USD
CY2017Q4	us-gaap	Money Market Funds At Carrying Value MoneyMarketFundsAtCarryingValue	21009821	USD
CY2018Q4	us-gaap	Money Market Funds At Carrying Value MoneyMarketFundsAtCarryingValue	13819043	USD
CY2017	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	45439368	USD
CY2018	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-5042485	USD
CY2017	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-64553736	USD
CY2018	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-17509541	USD
CY2017	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	29223231	USD
CY2018	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	40134949	USD
CY2017	us-gaap	Net Income Loss NetIncomeLoss	7812794	USD
CY2018	us-gaap	Net Income Loss NetIncomeLoss	17757020	USD
CY2017	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	1287861	USD
CY2018	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	6224626	USD
CY2017	us-gaap	Noncontrolling Interest Increase From Subsidiary Equity Issuance NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance	1359990	USD
CY2018	us-gaap	Noncontrolling Interest Increase From Subsidiary Equity Issuance NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance	150000	USD
CY2017	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-6925457	USD
CY2018	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-12089092	USD
CY2018	us-gaap	Number Of Reportable Segments NumberOfReportableSegments	1	segment
CY2017	us-gaap	Operating Expenses OperatingExpenses	369919452	USD
CY2018	us-gaap	Operating Expenses OperatingExpenses	336899635	USD
CY2017	us-gaap	Operating Income Loss OperatingIncomeLoss	16026112	USD
CY2018	us-gaap	Operating Income Loss OperatingIncomeLoss	36070738	USD
CY2018Q4	us-gaap	Operating Leases Future Minimum Payments Due OperatingLeasesFutureMinimumPaymentsDue	42000	USD
CY2017Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	960190	USD
CY2018Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	813917	USD
CY2017Q4	us-gaap	Other Assets Current OtherAssetsCurrent	877217	USD
CY2018Q4	us-gaap	Other Assets Current OtherAssetsCurrent	759124	USD
CY2017Q4	us-gaap	Other Long Term Debt Current OtherLongTermDebtCurrent	18979335	USD
CY2018Q4	us-gaap	Other Long Term Debt Current OtherLongTermDebtCurrent	20127742	USD
CY2017	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	984603	USD
CY2018	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	677085	USD
CY2017	us-gaap	Payment Of Financing And Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts	1022549	USD
CY2018	us-gaap	Payment Of Financing And Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts	728041	USD
CY2017	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	1001424	USD
CY2018	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	2270000	USD
CY2017	us-gaap	Payments Of Dividends Minority Interest PaymentsOfDividendsMinorityInterest	0	USD
CY2018	us-gaap	Payments Of Dividends Minority Interest PaymentsOfDividendsMinorityInterest	904803	USD
CY2017	us-gaap	Payments To Acquire Other Property Plant And Equipment PaymentsToAcquireOtherPropertyPlantAndEquipment	0	USD
CY2018	us-gaap	Payments To Acquire Other Property Plant And Equipment PaymentsToAcquireOtherPropertyPlantAndEquipment	414922	USD
CY2017Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2018Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2017Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2018Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2017Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2018Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2017Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2018Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2017Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2018Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2017Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	12032272	USD
CY2018Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	12187551	USD
CY2017Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	460445	USD
CY2018Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	1276901	USD
CY2017	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	9631530	USD
CY2018	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	-50812	USD
CY2017	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	35000000	USD
CY2018	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	0	USD
CY2017	us-gaap	Proceeds From Payments To Minority Shareholders ProceedsFromPaymentsToMinorityShareholders	1359990	USD
CY2018	us-gaap	Proceeds From Payments To Minority Shareholders ProceedsFromPaymentsToMinorityShareholders	0	USD
CY2017	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	306968	USD
CY2018	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	31594	USD
CY2017	us-gaap	Profit Loss ProfitLoss	9100655	USD
CY2018	us-gaap	Profit Loss ProfitLoss	23981646	USD
CY2017Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	4463225	USD
CY2018Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	4955735	USD
CY2017Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	306292655	USD
CY2018Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	281891685	USD
CY2017Q4	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	3081378	USD
CY2018Q4	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	3089211	USD
CY2017	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	544000	USD
CY2017	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	543621	USD
CY2018	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	268990	USD
CY2018	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	269000	USD
CY2017	us-gaap	Repayments Of Long Term Capital Lease Obligations RepaymentsOfLongTermCapitalLeaseObligations	1198721	USD
CY2018	us-gaap	Repayments Of Long Term Capital Lease Obligations RepaymentsOfLongTermCapitalLeaseObligations	3501589	USD
CY2017	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	25329458	USD
CY2018	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	21058742	USD
CY2017	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	0	USD
CY2018	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	4131851	USD
CY2017Q4	us-gaap	Restricted Cash RestrictedCash	4000000	USD
CY2018Q4	us-gaap	Restricted Cash RestrictedCash	2500000	USD
CY2017Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-9596785	USD
CY2018Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	5737199	USD
CY2017	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	385945564	USD
CY2018	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	372970373	USD
CY2017	us-gaap	Sale Leaseback Transaction Net Proceeds Financing Activities SaleLeasebackTransactionNetProceedsFinancingActivities	28000000	USD
CY2018	us-gaap	Sale Leaseback Transaction Net Proceeds Financing Activities SaleLeasebackTransactionNetProceedsFinancingActivities	27750000	USD
CY2018	us-gaap	Sale Of Stock Number Of Shares Issued In Transaction SaleOfStockNumberOfSharesIssuedInTransaction	6533443	shares
CY2017Q4	us-gaap	Secured Long Term Debt SecuredLongTermDebt	117615634	USD
CY2018Q4	us-gaap	Secured Long Term Debt SecuredLongTermDebt	95374270	USD
CY2017	us-gaap	Share Based Compensation ShareBasedCompensation	1074038	USD
CY2017	us-gaap	Share Based Compensation ShareBasedCompensation	1074000	USD
CY2018	us-gaap	Share Based Compensation ShareBasedCompensation	1200214	USD
CY2018	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod	98351	shares
CY2018	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue	2.92
CY2018	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod	302385	shares
CY2018	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	3.10
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber	1837147	shares
CY2018Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber	1461923	shares
CY2017Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue	2.74
CY2018Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue	2.89
CY2018	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod	579258	shares
CY2018	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue	2.55
CY2018	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized	1500000	shares
CY2016Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized	3000000	shares
CY2017	us-gaap	Stock Issued During Period Value New Issues StockIssuedDuringPeriodValueNewIssues	13995993	USD
CY2018	us-gaap	Stock Issued During Period Value New Issues StockIssuedDuringPeriodValueNewIssues	-50812	USD
CY2018	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	-146657	USD
CY2017Q4	us-gaap	Stockholders Equity StockholdersEquity	145351322	USD
CY2018Q4	us-gaap	Stockholders Equity StockholdersEquity	161688051	USD
CY2016Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	176677072	USD
CY2017Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	210655642	USD
CY2018Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	233366997	USD
CY2017Q4	us-gaap	Unamortized Debt Issuance Expense UnamortizedDebtIssuanceExpense	1869780	USD
CY2018Q4	us-gaap	Unamortized Debt Issuance Expense UnamortizedDebtIssuanceExpense	1903994	USD
CY2017	us-gaap	Unrealized Gain Loss On Cash Flow Hedging Instruments UnrealizedGainLossOnCashFlowHedgingInstruments	360316	USD
CY2018	us-gaap	Unrealized Gain Loss On Cash Flow Hedging Instruments UnrealizedGainLossOnCashFlowHedgingInstruments	-3868948	USD
CY2017	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	360316	USD
CY2018	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-3868948	USD
CY2017	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	38925745	shares
CY2018	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	42783586	shares
CY2017	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	38414383	shares
CY2018	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	42248776	shares
CY2018	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Concentrations of Credit Risk</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents, trade receivables and derivative instruments. The Company maintains its cash accounts with various high-quality financial institutions in the United States, Germany, and Bermuda. The Company performs periodic evaluations of the relative credit standing of these financial institutions. The Company does not believe that significant concentration of credit risk exists with respect to these cash equivalents. Trade accounts receivable are recorded at the invoiced amount, and do not bear interest. The Company performs ongoing credit evaluations of its customers’ financial condition, but does not require collateral. Historically, credit risk with respect to trade accounts receivable has been considered minimal due to the long-standing relationships with significant customers, and their relative financial stability. However, current economic conditions could impact the collectibility of certain customers' trade receivables, which could have a material effect on the Company's results of operations. Derivative instruments are recorded at fair value. The Company does not have any off-balance sheet credit exposure related to its customers.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> customers accounted for </font><font style="font-family:inherit;font-size:10pt;">25%</font><font style="font-family:inherit;font-size:10pt;"> of the Company’s trade accounts receivable. At </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">, there were </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> customers that accounted for </font><font style="font-family:inherit;font-size:10pt;">32%</font><font style="font-family:inherit;font-size:10pt;"> of the Company’s trade accounts receivable.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">ten</font><font style="font-family:inherit;font-size:10pt;"> customers in the United States and </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> customers in Canada accounted for </font><font style="font-family:inherit;font-size:10pt;">45%</font><font style="font-family:inherit;font-size:10pt;"> of accounts receivable. At </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">fourteen</font><font style="font-family:inherit;font-size:10pt;"> customers in the United States and </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> customers in Canada accounted for </font><font style="font-family:inherit;font-size:10pt;">52%</font><font style="font-family:inherit;font-size:10pt;"> of accounts receivable.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;">, revenue from customers in each of the following countries accounted for at least </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of total revenue; the United States (twenty-six representing </font><font style="font-family:inherit;font-size:10pt;">24%</font><font style="font-family:inherit;font-size:10pt;">) and Canada (six representing </font><font style="font-family:inherit;font-size:10pt;">13%</font><font style="font-family:inherit;font-size:10pt;">). For the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">, revenue from customers in each of the following countries accounted for at least </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of total revenue; the United States (eighteen representing </font><font style="font-family:inherit;font-size:10pt;">20%</font><font style="font-family:inherit;font-size:10pt;">) and Canada (four representing </font><font style="font-family:inherit;font-size:10pt;">20%</font><font style="font-family:inherit;font-size:10pt;">).</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> customers accounted for approximately </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> (each) of total revenue. For the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> customers accounted for </font><font style="font-family:inherit;font-size:10pt;">12%</font><font style="font-family:inherit;font-size:10pt;"> of total revenue.</font></div></div>
CY2018	us-gaap	Nature Of Operations NatureOfOperations	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NATURE OF ORGANIZATION</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated financial statements include the operations of Pangaea Logistics Solutions Ltd. and its wholly-owned subsidiaries (collectively referred to as “the Company”), as well as other entities consolidated pursuant to Accounting Standards Codification (“ASC”) 810, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation</font><font style="font-family:inherit;font-size:10pt;">. A summary of the Company’s consolidation policy is provided in Note 3. A summary of the Company’s variable interest entities is provided at Note 4. At </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, entities that are consolidated pursuant to ASC 810-10 include the following wholly-owned subsidiaries:</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk Partners (Bermuda) Ltd. (“Bulk Partners”) – a corporation that was duly organized under the laws of Bermuda. The primary purpose of this corporation is a holding company.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Phoenix Bulk Carriers (BVI) Limited (“PBC”) – a corporation that was duly organized under the laws of the British Virgin Islands. The primary purpose of this corporation is to provide logistics services to its customers, and to manage and operate ocean-going vessels.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Phoenix Bulk Management Bermuda Limited (“PBM”) – a corporation that was duly organized under the laws of Bermuda. Certain of the administrative management functions of PBC have been assigned to PBM.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Americas Bulk Transport (BVI) Limited – a corporation that was duly organized under the laws of the British Virgin Islands. The primary purpose of this corporation is to charter ships.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk Ocean Shipping (Bermuda) Ltd. – a corporation that was duly organized under the laws of Bermuda. The primary purpose of this corporation is to manage the fuel procurement of the chartered vessels.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Phoenix Bulk Carriers (US) LLC – a corporation that duly organized under the laws of Delaware. The primary purpose of this corporation is to act as the U.S. administrative agent for the Company.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allseas Logistics Bermuda Ltd. – a corporation that was duly organized under the laws of Bermuda. The primary purpose of this corporation is the Treasury Agent for the group of Companies.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Narragansett Bulk Carriers (US) Corp. - a corporation organized in July 2012 under the laws of Rhode Island. The primary purpose of this corporation is to manage and operate ocean-going vessels.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk Pangaea Limited (“Bulk Pangaea”) – a corporation that was duly organized under the laws of Bermuda. Bulk Pangaea was established in September 2009 for the purpose of acquiring the m/v Bulk Pangaea.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk Patriot Ltd. (“Bulk Patriot”) – a corporation that was duly organized under the laws of Bermuda. Bulk Patriot was established in September 2011 for the purpose of acquiring the m/v Bulk Patriot.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk Juliana Ltd. (“Bulk Juliana”) – a corporation that was duly organized under the laws of Bermuda. Bulk Juliana was established in March 2012 for the purpose of acquiring the m/v Bulk Juliana.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk Trident Ltd. (“Bulk Trident”) – a corporation that was duly organized under the laws of Bermuda. Bulk Trident was established in August 2012 for the purpose of acquiring the m/v Bulk Trident.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk Atlantic Ltd. (“Bulk Beothuk”) – a corporation that was duly organized under the laws of Bermuda. Bulk Atlantic was established in February 2013 for the purpose of acquiring the m/v Bulk Beothuk.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk Phoenix Ltd. (“Bulk Phoenix”) – a corporation that was duly organized under the laws of Bermuda. Bulk Phoenix was established in July 2013 for the purpose of acquiring the m/v Bulk Newport.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nordic Bulk Barents Ltd. (“Bulk Barents”) – a corporation that was duly organized under the laws of Bermuda. Bulk Barents was established in November 2013 for the purpose of acquiring the m/v Nordic Barents.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nordic Bulk Bothnia Ltd. (“Bulk Bothnia”) – a corporation that was duly organized under the laws of Bermuda. Bulk Bothnia was established in November 2013 for the purpose of acquiring the m/v Nordic Bothnia.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">109 Long Wharf LLC (“Long Wharf”) – a limited liability company that was duly organized under the laws of Delaware for the objective and purpose of holding real estate located in Newport, Rhode Island.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nordic Bulk Ventures (Cyprus) Limited (“NBV”) – a corporation that was duly organized in April 2009 under the laws of Cyprus. NBV is the holding company of Nordic Bulk Carriers AS (“NBC”). NBC specializes in ice trading, as well as the carriage of a wide range of commodities, including cement clinker, steel scrap, fertilizers, and grains. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nordic Bulk Carriers Singapore Pte. Ltd. ("NBS") - a corporation that was duly organized in March 2014 under the laws of Singapore. NBS focuses on chartering and operating bulk carriers trading in a wide range of commodities; and is a wholly-owned subsidiary of NBC.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nordic Bulk Ventures Holding Company Ltd. (“BVH”) – a corporation that was duly organized under the laws of Bermuda. BVH was established in August 2013 for the purpose of owning Bulk Nordic Five Ltd. (“Five”) and Bulk Nordic Six Ltd. (“Six”). Five and Six are corporations that were duly organized under the laws of Bermuda in November 2013 for the purpose of owning m/v Bulk Destiny and m/v Bulk Endurance, new ultramax newbuildings delivered in January 2017. The Company acquired its joint venture partner's </font><font style="font-family:inherit;font-size:10pt;">50%</font><font style="font-family:inherit;font-size:10pt;"> interest in January 2017 for </font><font style="font-family:inherit;font-size:10pt;">$0.8 million</font><font style="font-family:inherit;font-size:10pt;"> after which BVH is a wholly-owned subsidiary of the Company.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk Freedom Corp. (“Bulk Freedom”) – a corporation that was duly organized under the laws of the Marshall Islands. Bulk Freedom was established in May 2017 for the purpose of acquiring the m/v Bulk Freedom.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk Pride Corp. (“Bulk Pride”) – a corporation that was duly organized under the laws of the Marshall Islands. Bulk Pride was established in October 2017 for the purpose of acquiring the m/v Bulk Pride.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Flintstone Ventures Limited ("FVL") - a corporation that was duly organized under the laws of the Province of Nova Scotia on March 17, 2017. FVL focuses on the carriage of specialized cargo.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk PODS Ltd. (“Bulk PODS”) – a corporation that was duly organized under the laws of the Marshall Islands. Bulk PODS was established in April 2018 for the purpose of acquiring the m/v Bulk PODS.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bulk Spirit Ltd. (“Bulk Spirit”) – a corporation that was duly organized under the laws of the Marshall Islands. Bulk Spirit was established in October 2018 for the purpose of acquiring the m/v Bulk Spirit.</font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, entities that are consolidated pursuant to ASC 810-10, but which are not wholly-owned, include the following: </font></div><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nordic Bulk Holding Company Ltd. (“NBHC”) - a corporation that was duly organized under the laws of Bermuda. NBHC was established in October 2012, for the purpose of owning Bulk Nordic Odyssey Ltd. (“Bulk Odyssey”) and Bulk Nordic Orion Ltd. (“Bulk Orion”) and to invest in additional vessels through its wholly-owned subsidiaries. At </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> the Company had one-third ownership interest in NBHC, the remainder of which is owned by third-parties. The Company determined that NBHC is a VIE and that it is the primary beneficiary of NBHC, as it has the power to direct its activities through time charter arrangements with NBC covering all of its owned vessels. Accordingly, the Company has consolidated NBHC for the years ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">. Bulk Bulk Odyssey, Bulk Orion, Bulk Nordic Oshima Ltd. (“Bulk Oshima”), Bulk Nordic Olympic Ltd. (“Bulk Olympic”), Bulk Nordic Odin Ltd. (“Bulk Odin”) and Bulk Nordic Oasis Ltd. (“Bulk Oasis”), corporations duly organized under the laws of Bermuda between March 2012 and February 2015, are owned by NBHC. These entities were established for the purpose of owning m/v Nordic Odyssey, m/v Nordic Orion, m/v Nordic Oshima, m/v Nordic Olympic, m/v Nordic Odin and m/v Nordic Oasis, respectively.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:61px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:61px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:37px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Venture Barge (US) Corp. ("VBC") - a corporation that was duly organized in the State of Delaware, USA on October 26, 2017. VBC was established for the purpose of owning and operating a deck barge.</font></div></td></tr></table></div>
CY2018	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company reclassified prior year income earned on the non-performance of COA's from other income to voyage revenue to conform to the current year's presentation. This reclassification had no effect on the Company’s previously reported consolidated operations or shareholders’ equity.</font></div></div>
CY2018	us-gaap	Use Of Estimates UseOfEstimates	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the establishment of the allowance for doubtful accounts and the estimate of salvage value used in determining vessel depreciation expense.</font></div></div>

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