NATURE OF ORGANIZATION 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, Consolidation . A summary of the Companys consolidation policy is provided in Note3. A summary of the Companys variable interest entities is provided at Note 4. At December31, 2016 and 2015 , entities that are consolidated pursuant to ASC 810-10 include the following wholly-owned subsidiaries:  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.  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 manage and operate ocean-going vessels.  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.  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.  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.  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.  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.  Bulk Pangaea Limited (Bulk Pangaea) a corporation that was duly organi