7Baggers

Pangaea Logistics Solutions, Ltd
(NASDAQ:PANL) 

PANL stock logo

Pangaea Logistics Solutions, Ltd., together with its subsidiaries, provides seaborne dry bulk logistics and transportation services to industrial customers worldwide. The company offers various dry bulk cargoes, such as grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement ...

Founded: 1996
Full Time Employees: 70
Sector: Industrials
Industry: Marine Shipping
Industrials
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• Market Cap:
• Exchange:
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Moat:
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Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 
                                                  
      revenues:
    		                                              
      voyage revenue
    		152,000,000 166,347,192 155,271,263 146,268,745 109,659,800 137,600,720 145,119,752 124,095,728 87,290,563 122,280,728 127,884,506 110,465,557 107,950,123 117,339,854 173,167,990 173,189,073 176,336,751 202,503,619 186,352,802 117,395,377 108,230,303 98,236,752 98,120,344 66,857,166 86,523,891 118,627,059 103,806,391 77,430,067 65,851,347 85,773,670 81,812,543 81,847,649 70,319,194 86,075,085 93,688,834 80,231,015 77,688,449 60,606,537 65,986,320 53,548,976 41,974,319 50,591,815 64,599,552 60,902,796 90,578,942  
      charter revenue
    		12,442,000 13,116,872 9,297,988 6,850,141 9,992,999 6,588,091 4,860,376 3,846,797 15,031,027 7,078,975 3,797,528 7,090,440 5,748,952 10,583,556 11,309,147 22,354,883 15,425,652 32,054,642 26,676,433 28,148,988 16,742,224 14,616,574 5,646,214 3,539,004 9,356,046 11,850,564 15,079,005 5,860,548 13,692,838 16,055,369 13,532,296 14,975,553 8,654,099 16,111,189 13,334,202 11,192,763 6,766,672 5,726,845 4,797,572 3,412,729 1,963,200 5,334,701 6,588,613 4,199,976 4,536,846  
      port terminal & stevedore revenue
    		6,139,000 2,705,056 4,100,581                                            
      total revenues
    		170,580,000 112,040,290 168,669,832                                            
      yoy
    		                                              
      qoq
    		52.25% -33.57%                                             
      expenses:
    		                                              
      voyage expense
    		73,739,000 72,382,047 73,207,858 77,781,913 60,307,182 67,673,501 71,539,649 61,150,855 37,114,664 57,085,198 59,075,208 54,459,633 56,814,631 54,214,070 74,716,194 67,907,824 65,250,467 65,265,750 60,405,741 46,112,779 47,838,857 41,598,040 40,729,271 31,757,910 47,795,912 50,977,508 45,102,602 37,224,412 32,174,107 40,265,848 36,684,994 38,027,489 30,168,028 36,403,303 44,305,446 38,597,148 41,271,919 29,212,870 29,166,651 26,766,724 18,500,882 21,788,872 30,392,418 28,129,297 45,324,119  
      charter hire expense
    		39,177,000 46,788,422 33,882,493 31,423,415 17,640,670 34,424,625 36,511,251 32,685,075 27,142,850 33,850,149 25,466,886 29,125,662 22,590,840 28,156,765 50,750,809 65,713,016 77,711,607 114,992,408 103,721,059 62,604,014 53,635,342 45,270,313 34,969,551 15,203,731 32,325,447 47,705,639 41,980,065 18,317,345 24,947,369 35,045,423 28,532,774 30,683,892 22,695,935 41,712,552 34,764,942 33,174,063 23,201,155 20,492,162 19,655,327 15,041,229 8,503,174 15,465,945 20,601,908 15,195,199 24,659,395  
      vessel operating expense
    		20,562,000 16,822,297.75 21,736,050 23,374,879 22,178,262 10,322,453.25 13,884,629 14,735,927 12,669,257 10,267,549.75 14,252,533 13,210,851 13,606,815 10,369,793.25 15,361,640 12,929,700 13,187,833 7,505,605 11,753,951 9,772,966 8,495,503 7,239,703 9,699,890 9,325,060 9,933,862 8,040,173 11,331,770 11,074,547 9,754,375 7,439,954.5 9,863,944 10,046,709 9,849,165 6,702,517.75 9,144,472 9,074,357 8,591,243 5,569,354.25 7,483,507 7,904,828 6,889,082 5,841,050 8,462,370    
      terminal & stevedore expenses
    		4,375,000 3,817,180 3,134,159 2,686,320 2,551,341 1,974,466 2,417,374 2,828,398 2,079,187 1,916,707 3,517,736 374,582                                   
      general and administrative
    		10,027,000 6,742,937 9,881,730 7,171,840 7,274,493 6,276,913 6,041,857 5,029,696 7,278,003 5,665,924 5,500,121 5,923,159 5,691,733 3,907,905 5,776,666 5,137,387 5,281,388 4,289,733 4,442,064 6,029,793 4,204,898 4,357,441 3,691,963 3,872,388 3,993,243 5,217,757 2,768,253 5,358,991 4,033,680 4,272,662 3,704,360 4,378,671 4,128,298 3,744,452 4,762,860 3,141,276 3,514,764 3,622,173 3,179,287 2,935,950 3,036,371 3,136,254 3,595,398 3,916,119 4,318,692  
      depreciation and amortization
    		11,876,000 11,740,030 10,213,995 10,597,483 9,923,492 7,766,490 7,719,083 7,453,675 7,436,473 7,524,045 8,092,495 7,126,995 7,326,860 7,529,397 7,365,561 7,293,433 7,301,419 6,522,946 7,163,479 4,868,730 4,419,094 4,237,011 4,230,302 4,345,707 4,242,251 5,008,398 4,652,563 4,491,327 4,377,188 4,480,491 4,410,977 4,391,069 4,338,188 4,010,403 3,950,661 3,711,712 3,941,795 3,531,599 3,532,171 3,528,596 3,515,456 3,273,603 3,195,437 3,271,238 2,990,594  
      loss on vessel held for sale
    		358,000                                              
      total expenses
    		160,114,000 106,164,722.5 151,747,600 153,035,850 119,875,440 88,929,475.75 138,113,843 123,883,626 93,720,434 83,332,234 115,904,979 110,220,882 107,203,075 121,252,696.25 153,970,870 159,299,392 171,740,523 108,867,067.5 187,486,294 129,388,282 118,593,694 64,655,648 93,806,557 66,603,310 98,212,725 64,397,148.5 105,835,253 76,466,622 75,286,719 94,134,716 83,197,049 88,388,256 71,179,614 95,496,598 96,998,381 92,613,600 84,810,874 65,485,426 63,016,943 56,177,327 40,444,965   58,106,243 85,166,996  
      income from operations
    		10,466,000 17,441,730 16,922,232 3,653,592 2,926,446 14,805,048 15,001,221 7,614,226 11,028,119 10,555,216 19,711,209 7,854,772 6,496,000 18,735,106 30,506,267 36,244,564 20,021,880 30,794,348 25,542,941 16,156,083 6,378,833 8,277,025 9,960,001 3,792,860 -2,332,788 -873,390 13,050,143 6,823,993 4,257,466 7,694,323 12,147,790 8,434,946 7,793,679 6,689,676 10,024,655 -1,189,822 -355,753 847,956 7,766,949 784,378 3,492,554 -1,287,643 4,868,752 6,996,529 9,948,792  
      yoy
    		257.64% 17.81% 12.81% -52.02% -73.46% 40.26% -23.89% -3.06% 69.77% -43.66% -35.39% -78.33% -67.56% -39.16% 19.43% 124.34% 213.88% 272.05% 156.46% 325.96% -373.44% -1047.69% -23.68% -44.42% -154.79% -111.35% 7.43% -19.10% -45.37% 15.02% 21.18% -808.93% -2290.76% 688.92% 29.07% -251.69% -110.19% -165.85% 59.53% -88.79% -64.89%      
      qoq
    		-39.99% 3.07% 363.17% 24.85% -80.23% -1.31% 97.02% -30.96% 4.48% -46.45% 150.95% 20.92% -65.33% -38.59% -15.83% 81.02% -34.98% 20.56% 58.10% 153.28% -22.93% -16.90% 162.60% -262.59% 167.10% -106.69% 91.24% 60.28% -44.67% -36.66% 44.02% 8.23% 16.50% -33.27% -942.53% 234.45% -141.95% -89.08% 890.20% -77.54% -371.24% -126.45% -30.41% -29.67%   
      operating margin %
    		6.14% 15.57% 10.03% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% -Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% -Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% Infinity% Infinity% Infinity%  
      other income:
    		                                              
      interest expense
    		-5,944,000 -5,919,938 -5,911,863 -6,028,255 -6,145,944 -4,707,570 -4,702,101 -3,812,783 -3,850,730 -4,300,627 -4,348,686 -4,125,720 -4,250,514 -3,649,940 -4,116,319 -3,634,732 -3,371,173 -3,334,804 -2,416,677 -2,621,110 -2,227,471 -1,757,715 -1,956,729 -2,000,550 -2,116,320 -2,419,947 -2,499,617 -2,101,052 -2,207,168 -2,310,167 -2,231,589 -2,091,989 -2,060,736 -1,972,889 -2,106,139 -2,244,110 -1,630,988 -1,264,914 -1,258,105 -1,530,425 -1,369,613 -1,235,515 -1,493,536 -1,279,933 -1,410,771  
      interest income
    		2,053,000 539,113 356,862 291,647 444,378 588,268 893,879 665,362 875,084 704,220 775,504 1,042,564 1,049,846                                  
      unrealized gain on derivative instruments
    		6,606,000 -112,900.5 665,790 -1,300,932 183,540 851,346 -5,961,224 -927,503 5,084,339 -5,685,406 4,531,912 -1,348,284 -423,569 1,192,416 -4,508,758 -3,501,649 7,500,314 3,417,618.75 5,344,327 6,303,776 2,022,372 1,374,856 -18,098 1,404,317 -2,917,094 549,935 -301,058 215,171 2,289,786 -4,346,456 486,412 553,701 -562,605 -70,553 -59,138 -1,476,380 1,966,387 951,050 161,002 1,387,391 -335,959 168,218.25 -513,678 363,096   
      other income
    		484,000 1,120,720 954,492 483,882 392,906 198,337 551,021 334,248 343,924 338,849 -212,639 248,863 386,413 290,025 298,679 81,231 137,207 327,693 550,781 -82,496 333,458 -14,389 301,543 98,635 596,556 -265,259 180,194 232,092 167,820 180,272 38,481 30,000 428,332 -43,843 977,795 813,356 94,650 -10,688.5 -8,097 67,661 -102,318 -1,100,843 30,000 60,935 83,149  
      total other income
    		3,199,000        1,637,515 -1,925,527.25 478,893 -5,087,914 -3,093,088 -4,269,262.75 -10,745,242 -8,757,824 2,426,015 1,675,534.5 3,152,689 3,421,090 128,359    -4,436,858    223,540    -2,258,468    352,070          
      net income
    		13,665,000 12,278,227 12,987,513 -2,900,066 -2,198,674 9,053,237 6,057,122 3,993,500 12,665,634 2,177,900 20,190,102 2,766,858 3,402,912 15,812,044 19,761,025 27,486,740 22,447,895 17,593,709 28,695,630 19,577,173 6,507,192 7,879,777 8,286,717 3,295,262 -6,769,646 -3,009,964 10,418,760 5,159,066 4,481,006 1,176,558 10,397,133 6,872,744 5,535,211 4,522,679 8,757,460 -4,175,802 -3,683 338,605 6,582,037 633,995 1,604,174 -4,773,210 2,780,774 6,029,864 9,329,659  
      yoy
    		-721.51% 35.62% 114.42% -172.62% -117.36% 315.69% -70.00% 44.33% 272.20% -86.23% 2.17% -89.93% -84.84% -10.13% -31.14% 40.40% 244.97% 123.28% 246.28% 494.10% -196.12% -361.79% -20.46% -36.13% -251.07% -355.83% 0.21% -24.93% -19.05% -73.99% 18.72% -264.59% -150390.82% 1235.68% 33.05% -758.65% -100.23% -107.09% 136.70% -89.49% -82.81%      
      qoq
    		11.29% -5.46% -547.84% 31.90% -124.29% 49.46% 51.67% -68.47% 481.55% -89.21% 629.71% -18.69% -78.48% -19.98% -28.11% 22.45% 27.59% -38.69% 46.58% 200.85% -17.42% -4.91% 151.47% -148.68% 124.91% -128.89% 101.95% 15.13% 280.86% -88.68% 51.28% 24.16% 22.39% -48.36% -309.72% 113280.45% -101.09% -94.86% 938.18% -60.48% -133.61% -271.65% -53.88% -35.37%   
      net income margin %
    		8.01% 10.96% 7.70% -Infinity% -Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% -Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% -Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% Infinity% Infinity% Infinity%  
      loss attributable to non-controlling interests
    		-371,000   157,950 217,797   -310,725 -991,458   77,682 71,355                   -1,099,721 -1,210,217   -561,379 1,350,525          
      net income attributable to pangaea logistics solutions ltd.
    		13,294,000 11,883,665 12,208,328 -2,742,116 -1,980,877 8,435,392 5,111,040 3,682,775 11,674,176 1,136,202 18,868,291 2,844,540 3,474,267 15,502,601 18,788,414 25,032,433 20,167,965 15,150,156 26,995,231 19,227,275 5,854,171 7,590,134 7,552,245 3,005,176 -6,795,375 -4,398,657 8,321,560 4,032,501 3,702,554 -617,948 8,276,951 5,773,023 4,324,994 4,021,881 7,181,251 -4,737,181 1,346,842 65,881 6,064,336 129,634 1,197,104 -4,787,042 3,002,669 5,460,637 7,599,929  
      net income per common share
    		                                              
      basic
    		210                                              
      diluted
    		210                                              
      weighted-average shares used for eps calculation
    		                                              
      basic
    		64,193,205,000 63,802,958,000 63,729,227 64,042,209 63,851,090 45,391,855 45,279,813 45,276,791 45,214,519 44,773,899 44,775,438 44,775,438 44,712,290 44,398,987 44,415,575 44,430,487 44,388,960 43,997,311 44,004,980 43,998,424 43,971,352 43,417,879 43,488,241 43,445,789 43,341,005 42,752,413 42,817,933 42,767,785 42,601,227 42,248,776 42,348,175 42,252,552  38,414,383    35,158,917    34,784,733     
      diluted
    		64,775,563,000 64,703,473,000 64,823,069 64,042,209 63,851,090 46,046,044 46,011,402 46,028,902 45,914,772 45,475,453 45,081,668 45,127,972 45,116,719 45,059,587 44,640,278 45,070,533 45,192,983 44,848,997 44,927,456 44,688,602 44,549,286 43,817,348 43,510,961 43,445,789 43,341,005 43,267,178 43,354,742 43,293,022 43,071,632 42,783,586 42,878,449 42,763,925  38,925,745    35,376,950    34,957,542     
      gain on sale of vessel and equipment
    		 -77,171.25 -308,685                                            
      income attributable to non-controlling interest recorded as long-term liability interest expense
    		     -2,682,192 274,326   565,648 -267,198 -905,337  -755,563 -2,418,844 -1,702,674 -1,840,333                              
      total other expense
    		 -5,163,503 -3,934,719 -6,553,658 -5,125,120 -5,751,811 -8,944,099 -3,620,726                  -2,136,574 -2,631,383 -1,664,927  -6,517,765 -1,750,657 -1,562,202  -975,276.25 -1,267,195 -2,985,980  -509,351 -1,184,912 -150,383 -1,888,380 -3,485,567 -2,087,978 -966,665 -619,133  
      income attributable to non-controlling interests
    		 -100,859.5 -779,185   -562,066.25 -946,082   -293,193.5 -1,321,811   -1,426,712 -972,611 -2,454,307 -2,279,930 -675,829.5 -1,700,399 -349,898 -653,021 -262,571.75 -734,472 -290,086 -25,729 -1,000,554.25 -2,097,200 -1,126,565 -778,452 -1,107,530 -2,120,182   -196,765.75 -1,576,209            
      earnings per common share:
    		                                              
      basic
    		 299.88 0.19 -0.04 -0.03 0.19 0.11 0.08 0.26 0.03 0.42 0.06 0.08 0.35 0.42 0.56 0.45 0.35 0.61 0.44 0.13 0.17 0.17 0.07 -0.16 -0.11 0.19 0.09 0.09 -0.02 0.2 0.14 0.1 0.1 0.18 -0.13 0.04  0.17  0.03 -0.14 0.08 0.15 0.22  
      diluted
    		 299.88 0.19 -0.04 -0.03 0.18 0.11 0.08 0.25 0.02 0.42 0.06 0.08 0.33 0.42 0.56 0.45 0.34 0.6 0.43 0.13 0.17 0.17 0.07 -0.16 -0.1 0.19 0.09 0.09 -0.01 0.19 0.13 0.1 0.1 0.17 -0.13 0.04  0.17  0.03 -0.14 0.08 0.15 0.22  
      terminal & stevedore revenue
    		   3,570,556 3,149,087 2,985,966 3,134,936 3,555,327 2,426,963 2,517,214 3,934,154 519,657                                   
      total revenue
    		   156,689,442 122,801,886 147,174,777 153,115,064 131,497,852 104,748,553 131,876,917 135,616,188 118,075,654 113,699,075 127,923,410 184,477,137 195,543,956 191,762,403 234,558,261 213,029,235 145,544,365 124,972,527 112,853,326 103,766,558                        
      loss on sale of vessel
    		         293,049   1,172,196                                  
      loss attributable to non-controlling interest recorded as long-term liability interest expense
    		       119,950 -815,102    144,736                                  
      loss on impairment of vessel
    		                                              
      loss on impairment of vessels
    		                3,007,809       1,801,039                       
      loss on sale of vessels
    		               318,032      25,000 485,580 297,475                   71,882 477,888 88,868  
      income attributable to non-controlling interest recorded as long-term liability
    		                 -193,871.75 -325,742 -179,080                           
      gain on sale of vessels
    		                        -77,990                      
      interest expense on related party debt
    		                         -12,234.5 -10,902 -11,138 -26,898 -40,333.5 -43,961 -53,914 -63,459 -59,134.5 -79,713 -78,846 -77,979 -58,803 -79,712 -75,010 -80,490      
      total other (expense)
    		                     -1,651,935 -1,673,284 -497,598                       
      revenues: - sum
    		                       70,396,170 95,879,937 70,430,049 118,885,396 83,290,615 79,544,185 67,785,333.5 95,344,839 96,823,202 78,973,293 70,725,483.75 107,023,036 91,423,778 84,455,121 42,920,779 70,783,892 56,961,705 43,937,519 55,926,516 71,188,165 65,102,772 95,115,788  
      loss on sale and leaseback of vessels
    		                               860,426   70,000 4,915,044           
      other expense:
    		                                              
      weighted-average shares used for eps calculation
    		                                              
      per common share
    		                                              
      basic
    		                                42,019,779 9,306,456.25 40,796,867 35,539,186 35,280,806 8,787,198.25 35,165,532 35,150,453 35,130,211      
      diluted
    		                                42,655,038 9,418,530.75 41,074,592 35,539,186 35,805,205 8,824,959.75 35,347,403 35,337,290 35,201,307      
      loss on sale and leaseback of vessel
    		                                    4,289,998          
      loss attributable to noncontrolling interests
    		                                     -357,283 -517,701   -13,832 221,895 -569,227   
      income attributable to noncontrolling interests
    		                                       -504,361 -407,070    -1,729,730  
      total expense
    		                                         52,398,163 66,319,413    
      interest expense related party debt
    		                                         -99,072 -110,764 -110,763 -114,966  
      imputed interest on related party long-term debt
    		                                              
      per common share
    		                                              
      basic and diluted
    		                                         8,791,292.25 35,490,097 35,240,373 34,756,980  
      vessel operating expenses
    		                                           7,116,502 7,785,328  
      unrealized gain gain on derivative instruments
    		                                            823,455  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 
                                                    
        assets
      		                                              
        current assets
      		                                              
        cash and cash equivalents
      		89,744,000 103,054,000 94,020,373 59,252,910 63,948,677 86,805,470 93,119,521 77,946,955 95,873,255 99,037,866 87,358,220 84,295,860 129,149,673 128,384,606 117,948,614 102,175,390 69,921,488 56,208,902 49,164,440 40,614,572 42,018,873 46,897,216 45,558,951 46,993,067 39,972,746 50,555,091 34,171,062 41,161,115 59,123,045 53,614,735 50,765,165 48,919,920 28,205,463 34,531,812 29,336,687 29,436,482 21,721,830 22,322,949 28,192,492 32,423,408 32,666,025 37,520,240 34,201,299 34,154,575 42,598,816 29,817,507 
        accounts receivable
      		61,280,000 55,854,000 45,566,001 49,325,656 47,915,124 42,370,830 44,157,144 41,332,293 41,997,734 47,891,501 53,498,562 42,822,372 33,439,701 36,755,149 42,343,295 41,100,379 41,365,826 54,259,265 41,301,940 30,761,336 29,253,904 29,152,153 19,938,892 18,197,943 23,140,149 28,309,402 29,221,444 15,995,543 12,730,117 28,481,787 26,826,310 18,382,716 21,682,912 21,089,425 30,915,458 26,653,536 22,653,254 20,476,797    19,617,943    27,362,216 
        inventories
      		40,262,000 28,389,000 36,137,876 38,583,748 36,031,774 32,848,241 26,742,783 28,889,890 22,151,644                                      
        advance hire, prepaid expenses and other current assets
      		50,120,000 28,478,000 30,258,855 29,300,653 28,006,939 29,969,352 32,219,650 33,182,103 35,534,470 28,340,246 31,280,425 32,359,905 30,439,156 28,266,831 31,741,934 38,063,875 47,596,006 46,347,687 52,834,890 38,575,365 23,738,629 19,515,945 22,422,135 15,575,442 17,831,006 18,770,825 27,998,143 18,495,225 13,188,661 12,187,551 14,101,854 15,162,115 9,797,784 12,032,272 13,465,163 9,931,653 8,202,317 6,441,583 5,150,593 3,761,628 3,459,051 2,679,292 3,525,542 5,382,050 3,051,757 6,568,234 
        vessel held for sale
      		9,384,000  6,639,652 7,545,828             8,575,000       4,563,000                       
        total current assets
      		250,790,000 215,776,000 212,622,757 184,008,795 175,902,514 191,993,893 196,239,098 181,351,241 195,557,103 191,825,879 198,484,437 186,930,346 219,762,810 222,511,022 222,685,818 234,163,328 206,667,094 183,963,614 168,182,543 133,134,831 110,639,381 113,031,561 105,652,558 97,977,771 101,100,717 126,955,480 108,392,750 93,098,372 100,457,046 113,506,160 112,556,884 99,855,429 73,979,506 83,010,221 94,187,699 84,966,456 74,047,135 68,544,266 63,994,514 60,559,793 58,983,250 69,311,406 73,212,359 77,638,875 83,749,903 84,873,420 
        restricted cash
      		270,000 270,000 269,610                   1,500,000 1,500,000 1,000,000 1,000,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 3,500,000 4,000,000 4,000,000 4,000,000 4,000,000 6,100,000 6,100,000 6,504,072 1,503,341 1,503,341 2,003,341 1,000,000 1,000,000 1,000,000 1,000,000 
        fixed assets, at cost, net of accumulated depreciation of 191,074 and 179,988 at march 31, 2026 and december 31, 2025, respectively
      		674,958,000                                              
        finance lease right of use assets, at cost, net of accumulated depreciation of 7,465 and 12,678 at march 31, 2026 and december 31, 2025, respectively
      		16,580,000                                              
        goodwill
      		3,105,000 3,105,000 3,104,800 3,104,800 3,104,800 3,104,800 3,104,800 3,104,800 3,104,800 3,104,800 3,104,800 3,104,800                                   
        other non-current assets
      		4,991,000 4,561,000 4,798,137 6,566,313 5,289,742 4,760,529 6,107,198 5,986,121 5,735,863 5,590,295 6,073,002 6,106,786 5,734,456 5,284,127 4,497,445 4,198,766 4,017,535 3,961,823                             
        total assets
      		950,695,000 928,096,000 932,145,629 915,995,446 917,988,805 936,457,081 749,166,675 692,920,602 703,305,074 705,179,968 728,593,910 724,572,865 730,227,875 748,241,470 738,910,920 754,623,963 730,859,200 707,024,006 656,783,610 575,431,843 450,167,182 450,404,145 443,392,712 439,511,446 452,018,377 479,902,831 484,552,363 459,216,126 448,002,091 453,474,622 453,846,954 434,379,068 411,799,149 423,297,088 415,310,805 409,336,841 397,415,373 362,193,902 354,633,615 351,485,569 353,277,083 366,962,996 355,931,955 359,611,203 369,320,508 332,463,265 
        liabilities and stockholders' equity
      		                                              
        current liabilities
      		                                              
        accounts payable, accrued expenses and other current liabilities
      		72,684,000 54,257,000 64,240,121 61,401,165 43,058,013 46,581,567 47,778,007 39,257,972 32,953,336 35,836,262 42,374,839 46,705,982 40,224,765 38,554,131 44,491,725 65,304,630 56,525,277 49,154,439 50,888,657 44,688,612 29,302,643 32,400,288 39,092,634 26,528,278 35,556,515 39,973,635 35,975,324 31,169,464 24,260,439 31,897,507 30,058,749 29,967,379 21,793,353 29,181,276 30,160,371 29,342,760 21,965,338 23,231,179 19,703,744 18,405,761 15,961,058 22,156,202 23,436,236 24,918,504 28,656,068 40,201,794 
        affiliated companies payable
      		1,867,000  272,916 61,694 788,989                                          
        deferred revenue
      		28,708,000 24,891,000 18,288,146 18,491,044 19,291,025 15,447,488 16,080,451 10,064,097 13,773,306 15,629,886 13,797,326 14,500,065 16,419,178 20,883,958 17,233,861 24,346,521 25,898,849 32,205,312 24,785,419 15,825,938 13,652,258 12,799,561 10,387,175 5,343,392 7,616,895 14,376,394 14,297,237 8,814,462 6,408,818 14,717,072 11,013,013 9,028,015 6,581,760 5,815,924 7,913,518 6,905,467 7,336,836 6,422,982 3,523,305 4,349,557 3,688,858 4,448,795 5,469,664 5,857,640 8,284,176 11,748,926 
        current portion of secured long-term debt
      		16,985,000  16,696,990 16,656,227 16,616,022  16,536,650 12,049,931 29,999,163  31,505,463 32,259,599 13,373,846  12,916,094 12,891,501 15,317,100  15,569,202 14,312,255 10,632,079  31,619,969 21,490,674 22,240,674  23,740,674 14,952,927 18,958,795  17,785,860 17,319,091 18,706,122  17,830,996 18,343,971           
        current portion of financing obligations
      		31,764,000 27,896,000 27,746,924 25,438,710 25,351,524 25,267,105                                         
        current portion of finance lease liabilities
      		1,000,000 2,076,000 2,536,458   2,843,750  21,480,421 21,644,835 21,970,124 26,630,754 16,423,228 16,467,180 16,365,075 16,261,356 16,153,750 16,057,036 14,479,803 13,282,377 11,323,580 7,004,038 6,978,192 6,952,635 6,927,362 6,902,370 12,549,208 7,568,888 6,632,119 6,601,611                  
        dividend payable
      		577,000  1,143,501 1,117,125 1,048,066  1,279,494 1,116,964 966,786  977,592 808,862 639,632  197,741 197,741 197,741  98,864 98,864 98,864  99,127 95,500 132,659  1,921,622 1,864,431 2,928,598  5,198,598 6,333,598 6,333,598  7,238,401 12,624,825 12,624,825  12,624,825 12,624,825 12,624,825  12,724,825 12,724,825 12,724,825 12,824,825 
        total current liabilities
      		153,586,000 128,034,000 130,925,056 126,009,715 108,997,389 109,108,111 95,913,537 83,969,385 99,337,426 105,334,319 115,285,974 110,697,736 87,124,601 92,211,872 91,100,777 118,894,143 114,238,855 111,739,286 104,867,371 86,492,101 60,932,734 110,809,330 88,394,392 60,628,058 72,691,965 90,854,859 84,700,428 64,619,185 61,197,905 79,048,628 73,093,969 70,635,334 59,695,765 70,010,153 71,832,474 75,800,705 74,605,859 77,878,979 66,433,293 66,448,182 62,089,787 72,150,503 122,669,219 126,323,366   
        non current liabilities
      		                                              
        secured long-term debt
      		93,156,000 97,157,000 100,683,757 104,712,469 108,725,464 112,720,545 117,014,342 78,474,348 65,929,536 68,446,309 70,953,795 73,441,002 95,561,614 98,819,739 96,447,396 99,587,978 102,715,922 105,836,797 108,872,095 100,919,806 88,306,718 44,507,708 65,513,329 78,779,452 81,143,060 83,649,717 88,561,552 102,394,123 92,262,780 95,374,270 101,765,760 107,094,208 113,170,604 117,615,634 113,430,205 117,689,641 117,457,847 107,637,851 112,027,117 117,209,252 124,130,287 129,496,153 115,220,158 118,047,085 122,728,090 87,430,416 
        financing obligations
      		208,969,000 219,774,000 226,339,082 217,110,667 223,379,561 229,529,792                                         
        finance lease liabilities
      		8,153,000 8,395,000 8,637,411 9,032,282 9,733,675 10,434,298  137,035,935 139,980,818 143,266,867 146,474,158 160,627,406 164,519,655 168,513,939 172,496,539 176,437,981 180,364,245 170,959,553 143,528,702 116,132,843 48,764,697 50,520,294 52,277,654 54,028,493 55,768,735 57,498,217 64,402,040 54,508,878 56,018,804                  
        total non current liabilities
      		310,278,000  335,660,250                                            
        commitments and contingencies - note 9
      		                                              
        stockholders' equity:
      		                                              
        common stock, 0.0001 par value...
      		7,000 7,000 6,520 6,539 6,564 6,498 4,692 4,692 4,685 4,648 4,648 4,648 4,648 4,590 4,592 4,599 4,599 4,562 4,564 4,564 4,557 4,545 4,507 4,507 4,512 4,489 4,445 4,445 4,450 4,400 4,405 4,406 4,410 4,379 4,380 4,120 3,726 3,659 3,658 3,653 3,650 3,650 3,574 3,556 3,476 3,476 
        additional paid-in capital
      		258,771,000 257,072,000 256,663,813 259,733,610 260,191,506 258,659,972 167,167,687 166,521,852 165,993,186 164,854,546 164,160,253 163,890,246 163,623,173 162,894,080 162,704,593 162,385,398 162,074,419 161,534,280 161,187,164 160,817,940 160,399,765 159,581,415 159,265,939 158,874,237 158,564,477 157,504,895 157,176,223 156,855,761 156,621,001 155,946,452 155,856,330 155,631,206 155,556,362 154,943,728 154,781,731 148,888,160 140,354,611 133,677,321 133,512,060 133,349,031 133,211,904 133,075,409 134,327,959 134,261,190 134,122,003 133,955,445 
        retained earnings
      		182,280,000 172,255,000 163,591,591 154,612,941 160,604,727 169,155,149 165,417,353 165,003,909 166,006,383 159,026,799 162,544,652 148,330,406 150,140,417 151,327,392 140,702,171 125,250,467 103,554,744 85,663,375 72,170,881 46,718,409 29,033,976 23,179,805 16,498,626 8,946,381 5,941,205 12,736,580 18,693,177 11,916,436 9,439,753 5,737,199                 
        total pangaea logistics solutions ltd. equity
      		441,058,000 429,333,000 420,261,924 414,353,090 420,802,797 427,821,619 332,589,732 331,530,453 332,004,254 323,885,993 326,709,553 312,225,300 313,768,238 314,226,062 303,411,356 287,640,464 265,633,762 247,202,217 233,362,609 207,540,913 189,438,298 182,765,765 175,769,072 167,825,125 164,510,194 170,245,964 175,873,845 168,776,642 166,065,204 161,688,051 162,215,882 153,713,808 147,865,945 145,351,322 141,167,445 128,092,326 124,295,600 116,271,401 116,040,258 109,812,889 109,546,124 108,212,525 112,805,233 109,781,512 105,582,681 97,816,194 
        non-controlling interests
      		45,773,000 45,403,000 45,298,399 44,777,223 46,349,919 46,842,716 46,224,871 45,278,789 47,301,398 46,309,940 50,668,242 49,346,431 49,424,113 54,495,468 54,186,025 53,213,414 50,759,107 53,479,177 51,035,624 49,335,225 52,318,661 51,665,640 51,375,997 73,141,525 72,851,439 72,825,710 71,014,498 68,917,298 72,457,398 71,678,946 69,734,440 67,614,258 66,514,537 65,304,320 63,408,583 61,832,411 61,304,278 60,405,671 60,132,947 58,015,246 57,510,885 57,103,815 5,237,345 5,459,240 4,261,089 2,531,359 
        total stockholders' equity
      		486,831,000 474,736,000 465,560,323 459,130,313 467,152,716 474,664,335 378,814,603 376,809,242 379,305,652 370,195,933 377,377,795 361,571,731 363,192,351 368,721,530 357,597,381 340,853,878 316,392,869 300,681,394 284,398,233 256,876,138 241,756,959 234,431,405 227,145,069 240,966,650 237,361,633 243,071,674 246,888,343 237,693,940 238,522,602 233,366,997 231,950,322 221,328,066 214,380,482 210,655,642 204,576,028 189,924,737 185,599,878 176,677,072 176,173,205 167,828,135 167,057,009 165,316,340 118,042,578 115,240,752 109,843,770 100,347,553 
        total liabilities and stockholders' equity
      		950,695,000 928,096,000 932,145,629 915,995,446 917,988,805 936,457,081 749,166,675 692,920,602 703,305,074 705,179,968 728,593,910 724,572,865 730,227,875 748,241,470 738,910,920 754,623,963 730,859,200 707,024,006 656,783,610 575,431,843 450,167,182 450,404,145 443,392,712 439,511,446 452,018,377 479,902,831 484,552,363 459,216,126 448,002,091 453,474,622 453,846,954 434,379,068 411,799,149 423,297,088 415,310,805 409,336,841 397,415,373 362,193,902 354,633,615 351,485,569 353,277,083 366,962,996 355,931,955 359,611,203 369,320,508  
        fixed assets, at cost, net of accumulated depreciation of 179,988 and 151,952, at december 31, 2025 and 2024, respectively
      		 677,518,000                                             
        finance lease right of use assets, at cost, net of accumulated depreciation of 12,678 and 10,698 at december 31, 2025 and 2024, respectively
      		 26,866,000                                             
        related party payable
      		 806,000    1,181,015                                         
        current portion of long-term debt
      		 16,910,000    16,576,195    30,751,726    15,782,530    15,443,115    57,382,674    22,990,674    20,127,742    18,979,335    19,627,846         
        dividends payable
      		 1,198,000    1,210,991    1,146,321    626,178    213,765    1,005,763    631,961    4,063,598    7,238,401    12,624,825    12,724,825     
        commitments and contingencies - note 12
      		                                              
        fixed assets
      		  683,944,545 694,403,690 705,349,704  514,581,091 464,347,780 469,077,334  479,980,216 486,380,572 461,744,846 476,524,752 465,137,127 469,965,208 474,297,275 471,912,810 439,119,414 388,565,554 278,565,731 276,741,751 275,616,572 278,383,059 287,533,664 281,474,857 311,728,339 301,096,555 289,557,019 281,891,685 282,643,142 288,646,672 304,114,813 306,292,655 290,837,537 293,793,460 299,579,775 275,265,672 278,821,101 282,077,776 285,528,833 255,145,807 263,117,007 265,713,887 268,963,912 207,667,613 
        right of use assets
      		  27,405,780 27,911,848 28,342,045  29,134,488                                        
        current portion of lease liabilities
      		   2,843,750 2,843,750  14,238,935                                        
        preferred stock, 0.0001 par value...
      		                                              
        fixed assets, at cost, net of accumulated depreciation of 151,951,990 and 127,015,253, at december 31, 2024 and 2023, respectively
      		     707,826,328                                         
        finance lease right of use assets, at cost, net of accumulated depreciation of 10,697,881 and 10,539,384 at december 31, 2024 and 2023, respectively
      		     28,771,531                                         
        long-term liabilities - other - note 11
      		         17,936,540    19,974,390    17,806,976    10,135,408    4,828,364                     
        lease liabilities
      		      141,066,827                                        
        long-term liabilities - other - note 10
      		      16,357,366 16,631,692 18,751,642  18,502,188 18,234,990 19,829,654  21,268,827                                
        advances for vessel purchases
      		       8,500,000       1,710,000   1,990,000                             
        finance lease right of use assets
      		       29,630,660 29,829,974  40,951,455 42,050,361 42,985,763 43,921,569 44,880,530 46,296,661 45,877,296 45,195,759 45,468,458 46,129,067 45,571,435 45,240,198 45,732,947 46,259,982 46,493,362 53,615,305 54,239,752 54,864,199 55,488,026                  
        bunker inventory
      		         16,556,266 26,347,230 27,452,209 26,734,280 29,104,436 30,651,975 52,823,684 39,208,774 27,147,760 24,881,273 23,183,558 15,627,975 15,966,247 16,232,580 11,648,319 19,156,816 21,001,010 17,002,101 17,446,489 15,415,223 19,222,087 20,863,555 17,390,678 14,293,347 15,356,712 16,470,391 14,944,785 15,369,734 13,202,937 9,336,297 8,390,900 7,811,933 7,490,590 10,014,506 12,611,371 13,792,771 15,601,659 
        fixed assets, at cost, net of accumulated depreciation of 127,015,253 and 108,844,668, at december 31, 2023 and 2022, respectively
      		         474,265,171                                     
        finance lease right of use assets, at cost, net of accumulated depreciation of 10,393,823 and 12,139,654 at december 31, 2023 and 2022, respectively
      		         30,393,823                                     
        related party notes payable
      		                 242,852    242,852    332,987                     
        related party debt
      		                242,852  242,852 242,852 242,852  242,852 242,852 242,852  1,196,683 1,185,782 2,039,644 2,877,746 3,701,332 4,522,371 4,468,457 7,009,597 6,929,885 6,850,173 6,771,327 15,972,147 12,578,635 10,976,423 10,927,988 13,321,419 62,902,322 60,618,225 61,723,711 59,102,077 
        long-term liabilities - other - note 8
      		               18,849,983 17,147,309  15,117,209 15,010,955 10,406,074  10,062,268 5,108,793 5,052,984                      
        commitments and contingencies - note 7
      		                                              
        investment in newbuildings in-process
      		                  4,013,195 7,602,391 15,390,635 15,390,635 15,390,635 15,390,634 15,390,634 15,357,189 7,691,522 7,657,000          18,383,964    42,505,783   15,296,477 38,471,430 
        commitments and contingencies - note 10
      		                                              
        vessels held for sale
      		                         8,319,152                  3,486,254 3,741,375 4,523,804 
        commitments and contingencies
      		                                              
        vessels under capital lease
      		                             55,576,777 56,146,928 42,376,967 29,704,830 29,994,212 30,285,569 30,576,925           
        current portion of capital lease obligation
      		                             5,364,963    1,785,620   1,248,211          
        obligations under capital lease
      		                             45,684,727 47,036,903 35,321,460 24,552,298 25,015,659 25,472,098 25,921,758 19,751,789          
        current portion of capital lease obligations
      		                              5,336,417 3,464,880 1,812,475  1,759,303 1,733,509           
        accumulated deficit
      		                              6,355,147 -1,921,804 -7,694,827 -9,596,785 -13,618,666 -20,799,954 -16,062,737 -17,409,579 -17,475,460 -23,539,795 -23,669,430 -24,866,534 -21,526,300 -24,483,234 -28,542,798 -36,142,727 
        investments in newbuildings in-process
      		                                      11,818,000 8,848,000 8,765,000  18,766,477 15,381,477   
        vessel under capital lease
      		                                    23,788,463          
        current portion long-term debt
      		                                    24,659,322  18,002,784 20,091,616 18,887,058 19,499,262 18,136,172 22,204,172 22,359,868 17,807,674 
        commitments and contingencies - note 11
      		                                              
        accounts receivable (net of allowance of 4,812,243 at
      		                                              
        september 30, 2016 and 5,067,194 at december 31, 2015)
      		                                      14,811,060        
        accounts receivable (net of allowance of 4,761,813 at
      		                                              
        june 30, 2016 and 5,067,194 at december 31, 2015)
      		                                       14,480,516       
        accounts receivable (net of allowance of 5,707,976 at
      		                                              
        march 31, 2016 and 5,067,194 at december 31, 2015)
      		                                        13,542,900      
        other noncurrent assets
      		                                          836,112 876,964 1,310,216 1,450,802 
        line of credit
      		                                            3,000,000 3,000,000 
        commitments and contingencies - note 14
      		                                              
        accounts receivable (net of allowance of 4,483,089 at
      		                                              
        september 30, 2015 and 4,029,669 at december 31, 2014)
      		                                          24,471,012    
        accounts receivable (net of allowance of 4,542,781 at
      		                                              
        june 30, 2015 and 4,029,669 at december 31, 2014)
      		                                           21,004,625   
        accounts receivable (net of allowance of 4,349,650 at
      		                                              
        march 31, 2015 and 4,029,669 at december 31, 2014)
      		                                            19,565,184  
        total current liabilties
      		                                            136,748,648 144,685,296 
        liabilities, convertible redeemable preferred stock and stockholders' equity
      		                                              
        related party long-term debt
      		                                              
        convertible redeemable preferred stock of bulk partners (bermuda) ltd., net of issuance costs (1,000 par value, 112,500 shares authorized, 0 and 89,114 shares issued and outstanding at december 31, 2014 and 2013, respectively
      		                                              
        total liabilities, convertible reemable preferred stock and stockholders' equity
      		                                             332,463,265 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 
                                                     
          operating activities
        		                                             
          net income
        		13,665,000 12,278,227 12,987,513 -2,900,066 -2,198,674 9,053,237 6,057,122 3,993,500 12,665,634 2,177,900 20,190,102 2,766,858 3,402,912 15,812,044 19,761,025 27,486,740 22,447,895 17,593,709 28,695,630 19,577,173 6,507,192 7,879,777 8,286,717 3,295,262 -6,769,646 -3,009,964 10,418,760 5,159,066 4,481,006 1,176,558 10,397,133 6,872,744 5,535,211 4,522,679 8,757,460 -4,175,801 -3,683 338,605 6,582,037 633,995 1,604,174 -4,773,210 2,780,774 6,029,864 9,329,659 
          adjustments to reconcile net income to net cash from operations:
        		                                             
          depreciation and amortization expense
        		11,876,000 11,740,030 10,213,995 10,597,483 9,923,492 7,766,490 7,719,083 7,453,675 7,436,473 7,524,045 8,092,495 7,126,995 7,326,860 7,529,397 7,365,561 7,293,433 7,301,419 6,522,946 7,163,479 4,868,730 4,419,094 4,237,011 4,230,302 4,345,707 4,242,251 5,008,398 4,652,563 4,491,327 4,377,188 4,480,491 4,410,977 4,391,069 4,338,188 4,010,403 3,950,661 3,711,712 3,941,795 3,531,599 3,532,171 3,528,596 3,515,456 3,273,603 3,195,437 3,271,238 2,990,594 
          amortization of deferred financing costs
        		265,000 276,721 264,440 299,274 311,565 294,213 340,263 193,787 205,472 245,318 229,693 232,375 239,207 240,590 265,194 242,873 256,830 244,886 198,846 313,463 163,800 149,348 166,107 170,459 176,526 188,593 172,863 182,762 182,802 176,703 186,024 164,840 166,221 153,931 158,961 194,045 174,342 149,413 158,880 171,621 182,810 154,078 186,476 179,786 225,182 
          amortization of prepaid rent
        		30,000 29,348 28,769 29,941 29,942 30,466 30,466 30,466 30,467 30,484 30,484 30,080 30,484 30,890 30,484 30,485 30,484 28,814 28,814 28,814 28,814 30,568 30,568 30,568 30,568 29,649 29,649 29,650 29,649 30,484 30,485 30,484 30,484 30,485 30,484 30,484 30,485         
          unrealized gain on derivative instruments
        		-6,606,000    -183,540           3,501,649 -7,500,314                 70,553     -161,002       
          income from equity method investee
        		-484,000 -1,120,720 -954,492 -483,882 -392,906 -263,843 -767,578 -334,248 -343,924 -266,834 217,639 -248,862 -386,413 -290,025 -298,679 -81,231 -137,207 -327,693 -550,781 82,496 -333,458 14,389                        
          provision for doubtful accounts
        		790,000 366,138 107,951 -92,644 1,158,555 163,867 834,134   2,005,430 -195,821   1,094,765 763,828 -178,073 696,869         945,708 -367,842 -166,881 487,372 373,278 44,170      147,745 -59,979 50,431 228,608 703,354 521,531 -59,691 193,131 319,981 
          loss on vessel held for sale
        		358,000                                             
          drydocking costs
        		-6,793,000 -3,582,542 -1,867,333 -5,496,356 -6,448,769 -3,202,095 154,811 -1,887,148 -1,267,661 -785,483 -7,520 -2,013,381 -1,347,899 -47,102 -1,113,514 -3,220,146 -1,638,364 -459,495 -2,064,805 -4,440,819 -1,110,694 -2,746,050 -230,801 21,168 -2,903,277 -72,082 -16,595 -1,164,035 -381,059 -637,691 0 0 -1,497,979 -2,732,229 -289,044 -690,312 -63,808 0 0 0 -42,478 -750,160    
          share-based compensation
        		1,700,000 1,415,800 614,419 549,181 1,531,600 475,005 645,835 528,673 1,138,677 694,293 270,007 267,073 856,434 309,754 319,187 310,979 827,806 367,939 369,224 418,182 947,552 399,752 391,702 420,717 1,102,769          200,823 230,958 446,978  98,218 39,572 136,496  66,770 139,267 166,558 
          change in operating assets and liabilities:
        		                                             
          accounts receivable
        		-6,216,000 -10,654,967 3,651,704 -1,317,889 -6,702,848 1,122,447 -3,158,985 186,458 5,535,687 3,601,631 -10,480,369 -10,682,466 3,485,973 4,493,381 -2,006,744 443,520 12,196,570 -14,322,843 -10,448,998 -1,615,914 -278,735 -9,411,338 -1,880,619 4,942,206 5,354,584 -33,666 -12,858,059 -3,098,545 15,264,298 -2,028,755 -8,487,764 3,448,654 -593,487 4,785,550 -4,261,922 -3,842,181 -2,324,202 -5,605,759 -380,974 -1,166,224 5,371,689 4,331,538 -3,406,696 -1,632,572 7,477,051 
          inventories
        		-11,872,000 7,748,635 2,445,872 -2,551,974 -3,183,533 -843,941 2,147,107 -6,738,246 -5,595,378                                     
          advance hire, prepaid expenses and other current assets
        		-16,809,000 1,774,931 -1,613,696 -1,568,780 1,213,545 2,948,432 -3,211,228 1,424,864 -3,850,938 -1,228,040 4,388,361 -585,713 -2,917,384 4,991,233 1,809,183 6,030,481 6,255,996 -5,788,608 -8,664,509 -8,315,365 -2,166,945 2,891,801 -6,545,150 2,622,192 1,369,179 8,973,699 -9,218,120 -5,129,987 -872,860 910,795 1,558,296 -4,870,844 4,026,194 5,749,942 -3,774,990 -3,273,666 -69,870 -1,237,248 -1,388,965 -302,577 -779,759 846,250 1,184,416 -2,041,663 3,863,659 
          accounts payable, accrued expenses and other current liabilities
        		20,775,000  3,859,950 16,829,738 -3,257,785  5,958,084 6,527,130 -1,187,491 -7,403,633 -2,569,438 4,198,429 1,695,595 -5,992,564 -16,238,987 8,448,879 4,843,359 -1,504,082 6,264,939 15,075,075 -2,852,717 -6,651,170 10,207,618 -7,714,831 -6,729,172 4,130,219 4,624,843 6,910,155 -5,363,850 -1,265,497 28,997 8,244,481 -7,400,141 -1,044,607 1,167,487 7,692,298 -838,732 4,434,487 1,575,741 4,023,065 -6,342,724 -2,175,052 -1,527,145   
          deferred revenue
        		3,817,000 6,603,342 -202,898 -799,981 3,843,537 -632,963 6,016,354 -3,709,209 -1,856,580 1,832,560 -702,739 -1,919,113 -4,464,780 3,650,097 -7,112,660 -1,552,328 -6,306,463 7,419,893 8,959,481 2,173,680 852,697 2,412,386 5,043,783 -2,273,503 -6,759,499 79,157 5,482,775 2,405,644 -8,308,254 3,704,059 1,984,998 2,446,244 -3,962,909 -2,097,594 1,008,051 -431,369 913,854 2,899,677 -826,252 660,699 -759,937 -1,020,869 -387,976 -2,426,536 -3,464,750 
          net cash from operating activities
        		4,494,000 15,125,123 28,561,719 14,394,977 -4,355,819 19,283,508 28,452,366 8,956,238 8,999,281 23,904,708 16,303,159 2,007,760 11,571,650 32,933,146 32,643,189 37,163,057 32,062,008 19,068,025 23,143,414 14,593,718 4,940,149 -1,605,832 15,534,267 13,751,820 -6,844,753 21,056,827 3,817,621 7,624,565 11,959,719 12,910,042 6,419,151 18,015,339 2,790,417 15,478,066 5,393,753 5,920,375 2,431,037 896,335 8,332,254 5,850,997 4,134,077 7,983,546 5,214,790 1,627,359 11,183,423 
          capital expenditures
        		0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 
          free cash flows
        		4,494,000 15,125,123 28,561,719 14,394,977 -4,355,819 19,283,508 28,452,366 8,956,238 8,999,281 23,904,708 16,303,159 2,007,760 11,571,650 32,933,146 32,643,189 37,163,057 32,062,008 19,068,025 23,143,414 14,593,718 4,940,149 -1,605,832 15,534,267 13,751,820 -6,844,753 21,056,827 3,817,621 7,624,565 11,959,719 12,910,042 6,419,151 18,015,339 2,790,417 15,478,066 5,393,753 5,920,375 2,431,037 896,335 8,332,254 5,850,997 4,134,077 7,983,546 5,214,790 1,627,359 11,183,423 
          investing activities
        		                                             
          purchase of vessels, vessel improvements and equipment
        		-1,811,000                                             
          purchase of fixed assets and equipment
        		   -943,891 -402,112  -20,213 -66,400 -73,618       -4,238 -67,178  -25,678                           
          dividends received from equity method investments
        		500,000 1,035,000    1,400,000    0 10,000                                   
          net cash from investing activities
        		-1,311,000 9,500,184 4,322,114 -1,951,023 -460,275 -10,341,692 -48,213,473 -8,935,382 -203,618 9,034,726 -1,338,726 -32,472,817 8,794,492 -16,997,252 -1,320,048 8,055,572 -18,247,368 -37,944,356 -51,195,629 -103,185,217 -5,467,178 -845,280 -11,820,490 -1,674,196 7,452,251 1,584,017 -14,691,192 -21,909,278 -11,585,793 -2,504,305 -12,159,189 -2,468,806 -377,241 -16,392,647 -465,429 -29,986,373 -17,709,287 -6,566,064 -3,255,819 -178,940 -253,492 -23,095,813 -318,133 -328,612 -40,306,260 
          financing activities
        		                                             
          payments of long-term debt
        		-4,218,000 -4,172,146 -4,148,681 -4,139,869 -4,129,304 -4,118,797 -3,390,202 -22,216,637 -3,356,824 -3,347,489 -3,338,649 -3,330,885 -5,765,505 -3,220,063 -3,212,935 -5,656,910 -3,353,207 -3,346,150 -2,994,209 -52,646,971 -2,973,139 -13,138,473 -3,284,067 -3,284,067 -3,284,067 -3,284,067 -5,100,726 -8,039,935 -4,203,014 -4,203,004 -4,710,044 -7,379,947 -4,765,747  -4,911,741 -11,664,441 -4,059,488  -7,698,491 -6,984,099 -6,126,454     
          payments of financing obligations
        		-7,059,000  -6,513,306 -6,408,551 -6,192,987                                         
          payments of finance leases
        		-1,326,000 -711,187 -710,939 -710,936 -710,938                                         
          cash dividends paid
        		-3,891,000  -3,186,590 -3,206,596 -6,732,470  -4,535,066                                       
          payments to non-controlling interest
        		    -275,000                                         
          net cash from financing activities
        		-16,493,000 -15,591,820 2,153,240 -17,139,721 -18,040,699 -15,255,867 34,933,673 -17,947,156 -11,960,274 -21,259,788 -11,902,073 -14,388,756 -19,601,075 -5,499,902 -15,549,917 -12,964,727 -102,054 25,920,793 36,602,083 87,187,198 -5,851,314 2,789,377 -5,147,893 -5,057,303 -11,189,843 -6,256,815 3,883,518 -3,677,217 5,134,384 -7,556,167 6,585,283 4,667,924 -8,739,525 6,109,706 -5,028,119 31,780,650 14,677,131 -199,814 -9,307,351 -5,914,674 -8,734,800 18,431,208 -4,849,933 -9,742,988 41,904,146 
          net change in cash, cash equivalents and restricted cash
        		-13,310,000                                             
          total cash, cash equivalents and restricted at beginning of period
        		103,324,000                                             
          total cash, cash equivalents and restricted cash at end of period
        		90,014,000                                             
          supplemental cash flow information
        		                                             
          cash and cash equivalents
        		89,744,000                                             
          restricted cash
        		270,000                                             
          total cash, cash equivalents and restricted cash
        		90,014,000                                             
          supplemental non-cash investing and financing activities:
        		                                             
          capital expenditures included in accounts payable and accrued expenses
        		5,300,000                                             
          unrealized loss on derivative instruments
        		 903,398 -665,790   -851,346 5,961,224 927,503 -5,084,339 5,685,406 -4,531,912 1,348,284 423,569     9,784,274 -5,344,327 -6,303,776 -2,022,372 -1,374,856 18,098 -1,404,317 2,917,094   -215,171 -2,289,786 4,346,456 -486,412 -553,701 562,605   1,476,380 -1,966,387    335,959 1,050,137 513,678 -363,096 -823,455 
          earnings attributable to non-controlling interest recorded as interest expense
        		                    270,665 73,140 76,496 55,809 -27,643                     
          gain on sales of vessels
        		                                             
          accounts payable, accrued expenses, other current liabilities and related party payable
        		                                             
          purchase of vessels and vessel improvements
        		   -164,825 -58,163 -11,734,442 -57,031,561 -368,982 -130,000 -46,689 -177,830 -26,964,234 -75,291 -17,369,505 130,898 -240,190 -18,261,685 -34,910,432 -51,169,951 -103,073,021 -5,467,178 -820,280 -420,130 -1,368,920 -283,446 -1,149,180 -14,644,296 -14,130,886 -11,426,174 -2,430,822 -12,178,036 -2,218,937 -298,418             
          net proceeds from sale of vessels
        		                                             
          acquisition of non-controlling interest
        		 0                    0                        
          purchase of equipment and internal use software
        		                                             
          contribution to non-consolidated subsidiaries and other investments
        		                                             
          proceeds from long-term debt
        		     0 46,550,000           0 12,800,000       0 0       10,000,000 0 5,500,000 19,500,000 0 279,971   21,500,000 1,000,000 0 45,000,000 
          payments of financing and issuance costs
        		                               -275,723 -91,329 -126,374 -19,633 -113,161 -763,381 0 -11,330 0 -34,425 -250,109 -198,335 -65,144 -664,722 
          proceeds from financing obligations
        		                                             
          payments on financing obligations
        		                                             
          dividends paid to non-controlling interests
        		 -290,324 -258,009   0 0   -5,400,000 0 0 -5,000,000 0 0 0 -5,000,000 0 0       0 0   0 0 0 -904,803             
          common stock accrued dividends paid
        		                                             
          share repurchases
        		                                             
          payments to non-controlling interest recorded as long-term liability
        		     -19,039,558 0   0 0       -1 0   0 -123,021 0 -70,487                     
          net increase in cash and cash equivalents
        		        -3,164,611 11,679,646 3,062,360 -44,853,813 765,067 10,435,992 15,773,224 32,253,902 13,712,586                 5,195,125 -99,795   -5,869,543 -4,230,916 -242,617 -4,854,215 3,318,941 46,724 -8,444,241 12,781,309 
          cash and cash equivalents at beginning of period
        		        99,037,866 0 0 0 128,384,606 0 0 0 56,208,902                 0 0 0 22,322,949 0 0 0 37,520,240 0 0 0 29,817,507 
          cash, cash equivalents and restricted cash at end of period
        		                 7,044,462 8,549,868 -1,404,301 42,018,873 338,265 -1,434,116 7,020,321 42,472,746 16,384,029 -6,990,053 -17,961,930 61,623,045 2,849,570 845,245 20,214,457 32,205,463             
          earnings attributable to non-controlling interest recorded as other long-term liability
        		                                             
          gain on sale of vessel and equipment
        		                                             
          proceeds from sale of vessels and equipment
        		                                             
          contributions to non-consolidated subsidiaries and other investments
        		  0                                           
          payments of financing fees and debt issuance costs
        		      -361,913        0 0 -331,317  -824,563 -1,055,450 -112,333  -18,866 0 -149,118                     
          proceeds from financing obligation
        		                                             
          payments to repurchase ordinary shares
        		  -984,235                                           
          total cash, cash equivalents and restricted cash at beginning of period
        		                                             
          advances for vessel purchases
        		                                             
          net change in cash and cash equivalents
        		   -4,695,767 -22,856,793  15,172,566                                       
          cash and cash equivalents, beginning of year
        		   0 86,805,470  0                                       
          cash and cash equivalents, end of period
        		   -4,695,767 63,948,677  15,172,566                                       
          loss on sales of vessels
        		                                         0 71,882 477,888 88,868 
          proceeds from sale of vessels
        		             0 0       -25,000 3,591,840 -297,475 8,397,142                     
          acquisitions, net of cash acquired
        		         0 0                                   
          cash paid for incentive compensation shares relinquished
        		         0 0 0 -127,283 -120,269 1 0 -287,630 -20,825 0 0 -129,190 -84,238 0 -110,962 -43,164     -45,572 0               
          cash and cash equivalents at end of period
        		        95,873,255 11,679,646 3,062,360 -44,853,813 129,149,673 10,435,992 15,773,224 32,253,902 69,921,488                 5,195,125 -99,795 7,714,652 21,721,830 -5,869,543 -4,230,916 -242,617 32,666,025 3,318,941 46,724 -8,444,241 42,598,816 
          earnings attributable to non-controlling interest recorded as other long term liability
        		      -274,326 -119,950 815,102  267,198 905,336 -144,736  2,418,844 1,702,674 1,840,333  325,742                           
          loss on sale of vessel
        		          0 0 1,172,196  0        485,580        0               
          proceeds from sale of vessel
        		          -895,896 0 8,933,700                                 
          proceeds from finance leases
        		             0 0 0 15,000,000 32,041,239 32,041,239       0 12,600,000 0 13,000,000                 
          payments of finance lease obligations
        		      -11,329,146 -3,595,313 -3,729,323  -4,078,109 -4,072,550 -4,060,499  -4,000,273 -3,971,108 -3,837,280  -2,658,138 -2,094,506 -1,729,753  -1,725,566 -1,715,250 -7,376,320  -1,770,068 -1,479,418 -1,429,275                 
          provision (recovery) for doubtful accounts
        		        358,080          -91,606 108,482 176,984                         
          contributions to non-consolidated subsidiaries
        		              0                               
          accrued common stock dividends paid
        		        -4,874,127  -4,485,315 -4,485,321 -4,647,788  -3,336,710 -3,336,709 -2,292,620  -1,542,759 -1,542,842 -906,899  3,627 -37,159 -499,302  -1,487,628 -2,619,985 -1,135,000                 
          loss on impairment of vessels
        		             0 0 0 3,007,809     0 0                       
          bunker inventory
        		         9,790,964 1,104,979 -717,930 2,370,157 1,547,539 22,171,709 -13,614,910 -12,061,014 -2,266,487 -1,697,715 -7,555,583 338,272 266,333 -4,584,261 7,508,497 1,844,194 -4,645,483 444,388 -2,031,266 3,806,864 1,641,468 -3,472,877 -3,097,331 1,063,365 1,113,679 -1,525,606 424,949 -2,166,797 -3,866,640 -945,397 -578,967 -321,343 2,523,916 2,596,865 1,181,400 1,808,888 
          payments on finance lease obligation
        		                                             
          payments on other long-term liability
        		                                             
          loss on impairment of vessel
        		                                             
          payments of other long-term liabilities
        		                                             
          (recovery) provision for doubtful accounts
        		            -170,525           0 -185,331                     
          (contributions to) payment from non-consolidated subsidiaries
        		            -63,917                                 
          contributions from non-controlling interests
        		                                             
          write off (purchase) of fixed assets and equipment
        		                                             
          contributions from non-controlling interest recorded as long-term liability
        		                  2,280,513    0 0 322,750                     
          payment from non-consolidated subsidiaries
        		                81,495                             
          advances for vessel purchases / investment in newbuildings in-process
        		                                             
          contribution to non-consolidated subsidiaries
        		                                             
          purchase of derivative instrument
        		                     0 0 0 -628,000                     
          net increase in cash, cash equivalents and restricted cash
        		                 7,044,462       -10,582,345 16,384,029 -6,990,053 -17,961,930 5,508,310 2,849,570 845,245               
          cash, cash equivalents and restricted cash at beginning of period
        		                 0 0 0 48,397,216 0 0 0 53,055,091 0 0 0 56,114,735 0 0 0 38,531,812             
          investment in newbuildings in-process
        		                      -1 0 -33,445  -34,522                   
          net decrease in cash, cash equivalents and restricted cash
        		                   -1,404,301 -6,378,343  -1,434,116          -6,326,349             
          gain on sale of vessel
        		                        -77,990                     
          payments of related party debt
        		                        -90,135  10,901 -853,862 -838,102  -821,039 53,914 -2,541,140      -1 -26,575 -2,473,921     
          deposits on newbuildings in-process
        		                                    -37,108,800 -6,565,964 -2,970,000   -23,739,306 -3,385,000   
          purchase of building and equipment
        		                           -121,392 -159,619 -73,483 18,847 -249,869 -110,417   -9,530 -7,245 -100 -285,818   4,252 -6,444 -47,537 -5,399 
          payments on related party notes payable
        		                                             
          contributions from non-controlling interests recorded as long-term liability
        		                                             
          recovery for doubtful accounts
        		                                             
          gain from equity method investee
        		                       -366,628 -429,360  -169,123 -119,062 -128,250  0 0 -90,000          0   
          earnings attributable to noncontrolling interest recorded as interest expense
        		                                             
          loss on sales and leaseback of vessels
        		                                             
          recognized cost for restricted stock issued as compensation
        		                         371,347 320,461 370,908 674,599 135,694 225,124 226,731 612,665             
          proceeds from sale of equipment
        		                             0 0 0 31,594             
          contributions from noncontrolling interests recorded as long-term liability
        		                                             
          contributions from noncontrolling interests
        		                                             
          proceeds from private placement of common stock, net of issuance costs
        		                             0 0    1,328,545           
          supplemental cash flow items:
        		                                             
          cash paid for interest
        		                               2,050,765 1,758,934  2,029,346 1,602,469 1,420,287  1,139,122 1,190,108 1,191,405  1,475,255 1,221,759 1,185,589 
          payments of financing fees and issuance costs
        		                          -368,961 -17,352 -260,225                 
          loss on sale and leaseback of vessels
        		                                             
          purchase of non-controlling interest in consolidated subsidiary
        		                                  0 -33,283 -799,289         
          payments on related party debt
        		                                         0 0   
          proceeds from sale and leaseback of vessels
        		                                             
          payments on capital lease obligation
        		                                             
          proceeds from sale and leaseback of vessel
        		                              14,750,000    0 7,000,000 21,000,000         
          payments of capital lease obligations
        		                              -1,163,020 -578,433 -436,506  -423,866           
          supplemental cash flow information and disclosure of noncash items
        		                                             
          conversion of related party debt to noncontrolling interest
        		                                             
          purchase of vessels
        		                                 -16,701,281 -482,204 -46,052,360 -793,953 0 -1 -65,940 -253,492 -3,759 -25,064 53,925 -44,824,665 
          proceeds from sale of building and equipment
        		                                             
          acquisition of noncontrolling interest in consolidated subsidiary
        		                                             
          proceeds of related party debt
        		                                     3,313,800    2,173,335 2,173,334 0 2,506,667 
          payments on long-term debt
        		                                         -4,946,055 -7,824,932 -4,939,674 -4,837,799 
          decrease in restricted cash
        		                                       0 500,000     
          proceeds from private placement of common stock
        		                                             
          loss on sale and leaseback of vessel
        		                                  0 4,844,910 4,289,998         
          loss from equity method investee
        		                                  -87,750 -113,931 -80,681  38,097 0 30,380    -53,201 
          (recovery of) provision for doubtful accounts
        		                                  0           
          proceeds from non-controlling interests
        		                                             
          conversion of dividend into common stock
        		                                             
          extinguishment of related party loan
        		                                  0 0 9,278,800         
          net decrease in cash and cash equivalents
        		                                    -601,119         
          write off unamortized financing costs of repaid debt
        		                                         47,411 0 0 25,557 
          proceeds from sales of vessels
        		                                         0 3,741,375 0 4,523,804 
          payment of line of credit
        		                                             
          increase in restricted cash
        		                                     -6,099,269        
          distributions to non-controlling interest
        		                                             
          purchase of non-controlling interest
        		                                          0   
          payments on line of credit
        		                                          0   
          common stock dividends paid
        		                                      0 0 -100,000  0 0 -100,000 
          distribution to non-controlling interest
        		                                          0   
          disclosure of noncash items
        		                                             
          amortization of discount on related party long-term debt
        		                                             
          recognized compensation cost for restricted stock
        		                                             
          proceeds from the mergers
        		                                             
          merger costs
        		                                             
          other non-current assets
        		                                             
          dividends declared, not paid
        		                                             
          modification of shareholder loan to on demand
        		                                             
          imputed interest on related party long-term debt
        		                                             
          account payable, accrued expenses and other current liabilities
        		                                            -10,771,168 
          investing activites
        		                                             
          deposits on vessel purchase
        		                                             
          acquisition of interest in equity method investee
        		                                             
          proceeds from mergers
        		                                             
          proceeds from issuance of convertible redeemable preferred stock