STEALTHGAS INC. Reports Third Quarter and Nine Months 2021 Financial and Operating Results

Wednesday, 08. December 2021 15:20

ATHENS, Greece, Dec. 08, 2021 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2021.

STRATEGIC, OPERATIONAL AND FINANCIAL HIGHLIGHTS1

  • Successful spin-off of our four tankers concluded on December 3, 2021 to a new listed entity called Imperial Petroleum Inc.
  • This spin-off allows the creation of two businesses in distinct sectors of the shipping industry, LPG carriers and tankers.
  • Fleet utilization of 97.4% - with 101 days of technical off hire mainly as a result of the completion of two drydockings with two ballast water system installations and the partial completion of another two drydockings within Q3 2021.
  • Fleet operational utilization of 94.1%, a softer performance compared to the second quarter of 2021, mainly due increased number of commercial idle days.
  • About 77% of fleet days secured on period charters for the first quarter of 2022, with total fleet employment days for all subsequent periods generating approximately $66 million (excl. JV vessels) in contracted revenues. Period coverage for the remainder of Q4 21’ is 93%.
  • Voyage revenues of $37.5 million in Q3 21’, an increase of $0.4 million compared to Q3 20’ mostly due to a reduction of bareboat activity by 383 days where revenues are by default lower than time charter and spot revenue, partially offset by a decrease in spot revenues.
  • Net Income of $1.2 million for Q3 21’ corresponding to an EPS of $0.03.
  • Adjusted Net Income1 of $1.8 million for Q3 21’ corresponding to an Adjusted EPS1 of $0.05.
  • Adjusted EBITDA1 of $14.6 million in Q3 21’ compared to $15.8 million in Q3 20’- mainly due to higher voyage and operating costs.
  • Low gearing, as debt to assets stands at 36.6%, and reduction in finance costs by $1.5 million for the nine months ended September 30, 2021 compared to the same period of last year.
  • Total cash, including restricted cash, of $57.3 million as of September 30, 2021 - with no capital expenditure commitments in the near future.

____________________________
1 Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

Third Quarter 2021 Results:

  • Revenues for the three months ended September 30, 2021 amounted to $37.5 million, an increase of $0.4 million, or 1.1%, compared to revenues of $37.1 million for the three months ended September 30, 2020, mainly due to four fewer vessels on bareboat, which are now operating either on spot or under a time charter contract, offset by a decline in spot revenues due to a rise in commercial idle days.
  • Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2021 were $4.5 million and $15.5 million, respectively, compared to $3.8 million and $13.8 million, respectively, for the three months ended September 30, 2020. The $0.7 million increase in voyage expenses, in spite of the decline of spot days by 32%, is attributed to the sharp rise of daily bunker costs by 53%. The 12.3% increase in vessels’ operating expenses compared to the same period of 2020, is a result of four fewer vessels on bareboat, which vessels are now operating either on time charter or in the spot market along with a further increase of our daily crew costs due to the COVID-19 pandemic.
  • General and administrative expenses for the three months ended September 30, 2021 and 2020 were $1.2 million and $0.6 million, respectively. This $0.6 million increase compared to the same period of last year is due to stock compensation costs along with costs related to the spin-off transaction.
  • Drydocking costs for the three months ended September 30, 2021 and 2020 were $1.8 million and $2.3 million, respectively. Drydocking expenses during the third quarter of 2021 relate to the completion of two drydockings with two ballast water system installations and the partial completion of another two drydockings compared to the drydocking in progress of five vessels in the same period of last year.
  • Depreciation for the three months ended September 30, 2021 and 2020 was $9.4 million and $9.4 million, respectively, as there was only a slight decrease in the average number of our vessels.
  • Impairment loss for the three months ended September 30, 2021 was nil. Impairment loss for the three months ended September 30, 2020 was $2.5 million relating to the sale of one of our vessels.
  • Interest and finance costs for the three months ended September 30, 2021 and 2020 were $3.4 million and $3.1 million, respectively. Although interest charges declined compared to the same period of last year, we incurred about $0.6 million of prepayment and arrangement fees in relation to loan refinancings.
  • Equity earnings in joint ventures for the three months ended September 30, 2021 and 2020 was $1.3 million and $0.6 million, respectively. The $0.7 million increase from the same period of last year is mainly due to improved profitability stemming from the operation of both of our joint venture arrangements.
  • As a result of the above, for the three months ended September 30, 2021, the Company reported net income of $1.2 million, compared to net income of $0.8 million for the three months ended September 30, 2020. The weighted average number of shares outstanding for the three months ended September 30, 2021 and 2020 was 37.9 million and 37.9 million, respectively.
  • Earnings per share, basic and diluted, for the three months ended September 30, 2021 amounted to $0.03 compared to earnings per share of $0.02 for the same period of last year.
  • Adjusted net income was $1.8 million or $0.05 per share for the three months ended September 30, 2021 compared to adjusted net income of $3.2 million or $0.08 per share for the same period of last year.
  • EBITDA for the three months ended September 30, 2021 amounted to $14.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 41.8 vessels were owned by the Company during the three months ended September 30, 2021 compared to 42.0 vessels for the same period of 2020.

Nine Months 2021 Results:

  • Revenues for the nine months ended September 30, 2021, amounted to $114.2 million, an increase of $6.5 million, or 6.0%, compared to revenues of $107.7 million for the nine months ended September 30, 2020, primarily due to the reduction of our bareboat activity by 53.2% (equivalent to 1,549 days) where revenues are inherently lower, along with an increase in spot days.
  • Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2021 were $17.4 million and $46.4 million, respectively, compared to $8.7 million and $38.6 million for the nine months ended September 30, 2020. The $8.7 million increase in voyage expenses was mainly due to the 70% (or 1,061 days) increase of spot days. The $7.8 million increase in vessels’ operating expenses, is due to the seven vessels (six small LPGs and our aframax tanker), previously on bareboat, now operating either on time charter or in the spot market for which we incur operating costs along with a rise of crew related costs due to the COVID-19 pandemic.
  • General and administrative expenses for the nine months ended September 30, 2021 and 2020 were $3.1 million and $1.6 million, respectively. This $1.5 million increase compared to the same period of last year is primarily due to to stock compensation costs along with costs related to the spin off transaction.
  • Drydocking costs for the nine months ended September 30, 2021 and 2020 were $4.4 million and $2.7 million, respectively. The costs for the nine months ended September 30, 2021 mainly related to the drydocking of six small LPG vessels, while the costs for the same period of last year related to the drydocking of five vessels.
  • Depreciation for the nine months ended September 30, 2021, was $28.5 million, a $0.5 million increase from $28.0 million for the same period of last year, due to the slight increase in the average number of our vessels.
  • Impairment loss for the nine months ended September 30, 2021 was $3.1 million relating to three vessels, one older vessel plus two vessels for which the Company has entered into separate agreements to sell them to third parties. Impairment loss for the nine months ended September 30, 2020 was $3.1 million relating to two of its oldest vessels and one vessel for which the Company entered into an agreement to sell subsequent to September 30, 2020.
  • Interest and finance costs for the nine months ended September 30, 2021 and 2020 were $9.5 million and $11.0 million respectively. The $1.5 million decrease from the same period of last year, is mostly due to the decline of LIBOR rates, partially offset by the incurrence of refinancing related costs.
  • Equity earnings in joint ventures for the nine months ended September 30, 2021 and 2020 was $6.6 million and $3.2 million, respectively. The $3.4 million increase from the same period of last year is mainly due to the gain on sale of one of the vessels owned by the MGC joint venture arrangement.
  • As a result of the above, the Company reported a net income for the nine months ended September 30, 2021 of $3.6 million, compared to a net income of $12.7 million for the nine months ended September 30, 2020. The weighted average number of shares outstanding for the nine months ended September 30, 2021 and 2020 was 37.9 million and 38.5 million, respectively. Earnings per share for the nine months ended September 30, 2021 amounted to $0.10 compared to earnings per share of $0.33 for the same period of last year.
  • Adjusted net income was $7.2 million, or $0.19 per share, for the nine months ended September 30, 2021 compared to adjusted net income of $15.8 million, or $0.41 per share, for the same period of last year.
  • EBITDA for the nine months ended September 30, 2021 amounted to $41.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. An average of 41.8 vessels were owned by the Company during the nine months ended September 30, 2021, compared to 41.4 vessels for the same period of 2020.
  • As of September 30, 2021, cash and cash equivalents amounted to $43.1 million and total debt amounted to $344.7 million. During the nine months ended September 30, 2021 debt repayments amounted to $114.9 million.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements:  

  • A one-year time charter for its 2015 built LPG carrier the Eco Galaxy, to an Oil Major up until December 2022.
  • A one-year time charter extension for its 2014 built LPG carrier the Eco Invictus, to an Oil Major up until November 2022.
  • A one-year time charter for its 2021 built LPG carrier the Eco Blizzard, to an International LPG Trader up until October 2022.
  • A six months’ time charter extension for its 2015 built LPG carrier the Eco Dream, to an Oil Major up until June 2022.
  • A five months’ time charter extension for its 2016 built LPG carrier the Eco Czar, to an International LPG Trader up until June 2022.
  • A six months’ time charter for its 2011 built LPG carrier the Gas Elixir, to an Oil Major up until March 2022.
  • A five months’ time charter for its 2016 built LPG carrier the Eco Dominator, to an International LPG trader up until March 2022.
  • A three months’ time charter for its 2011 built LPG carrier the Gas Cerberus, to an International Petrochemical trader up until February 2022.
  • A two months’ time charter for its 2012 built LPG carrier the Gas Husky, to an Oil Major up until February 2022.

With these charters, the Company has total contracted revenues of approximately $66 million.

For the year 2022, the Company has about 39% of fleet days secured under period contracts.

Board Chairman Michael Jolliffe Commented

We are pleased with the successful completion of our tankers spin-off to a newly listed entity called Imperial Petroleum. With regards to StealthGas, the separation of the four tankers will give the opportunity to focus exclusively on the broader LPG market which has always been our core business. The Company owns predominately small LPGs for which rates are less volatile along with larger LPG vessels facing more volatile freight rates- thus the capability to increase revenue dynamics. Given the different nature of risk that tankers and gas carriers bear, the strategic move of separating these two asset classes will give shareholders the flexibility to adjust their holdings according to the sector in which they want to invest and the timing in the cycle.

Focusing on GASS results in the third quarter of 2021- these were primarily undermined by the weak spot market and particularly the increased commercial off hire days. As the market improved from September onwards, we took the opportunity to fix almost all of our fleet on period charters and soundly position ourselves for the upcoming quarters. Regardless of the LPG market improvement evident this past couple of months, the biggest global concern is still the COVID-19 pandemic. New variants might potentially heavily impact the market in the short term; And that’s why we have chosen to be defensive with low leverage and having only a few ships operating in the spot market.

Conference Call details:

On December 8, 2021 at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free Dial In).
Access Code: 4949042

In case of any problems with the above numbers, please dial +1 6467871226 (US Toll Dial In), +44 (0) 203 0095709 (Standard International Dial In).
Access Code: 4949042

A telephonic replay of the conference call will be available until December 15, 2021 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About STEALTHGAS INC.
SteatlhGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. SteatlhGas Inc. has a fleet of 45 LPG carriers, including seven Joint Venture vessels on the water and one Joint Venture 40,000 cbm newbuilding Medium Gas Carrier on order to be delivered mid- 2023. These LPG vessels have a total capacity of 437,973 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment        
For information on our fleet and further information:
Visit our website at www.stealthgas.com
Company Contact:
Fenia Sakellaris
STEALTHGAS INC.
00-30-210-6250-001
E-mail: info@stealthgas.com

Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended September 30, 2020 and September 30, 2021.

FLEET DATAQ3 2020 Q3 2021 9M 2020 9M 2021 
Average number of vessels (1)42.01 41.83 41.38 41.81 
Period end number of owned vessels in fleet43 41 43 41 
Total calendar days for fleet (2)3,865 3,848 11,419 11,415 
Total voyage days for fleet (3)3,746 3,747 11,266 11,192 
Fleet utilization (4)96.9% 97.4% 98.7% 98.0% 
Total charter days for fleet (5)2,945 3,203 9,742 8,607 
Total spot market days for fleet (6)801 544 1,524 2,585 
Fleet operational utilization (7)96.0% 94.1% 97.0% 94.5% 

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net income before gain/loss on derivatives excluding swap interest paid, impairment loss, net loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net loss on sale of vessels, share based compensation and loss on derivatives.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

(Expressed in United States Dollars,
except number of shares)
Third Quarter Ended September 30th,Nine Months Period Ended September 30th,
 2020202120202021
Net Income - Adjusted Net Income    
Net income788,496 1,227,081 12,724,522 3,609,145 
(Less)/Plus (gain)/loss on derivatives(18,899)(11,471)21,411 (17,788)
Less swap interest received(54,047)-- (64,690)(141,446)
Plus loss on sale of vessel, net-- 304,210 -- 304,210 
Plus impairment loss2,489,333 -- 3,142,412 3,096,391 
Plus share based compensation-- 280,284 -- 354,202 
Adjusted Net Income3,204,883 1,800,104 15,823,655 7,204,714 
     
Net income - EBITDA    
Net income788,496 1,227,081 12,724,522 3,609,145 
Plus interest and finance costs3,069,385 3,411,631 10,993,227 9,528,134 
Less interest income(1,591)(202)(153,079)(2,979)
Plus depreciation9,430,419 9,357,522 27,998,487 28,487,574 
EBITDA13,286,709 13,996,032 51,563,157 41,621,874 
     
Net income - Adjusted EBITDA    
Net income788,496 1,227,081 12,724,522 3,609,145 
(Less)/Plus (gain)/loss on derivatives(18,899)(11,471)21,411 (17,788)
Plus loss on sale of vessel, net-- 304,210 -- 304,210 
Plus impairment loss2,489,333 -- 3,142,412 3,096,391 
Plus share based compensation-- 280,284 -- 354,202 
Plus interest and finance costs3,069,385 3,411,631 10,993,227 9,528,134 
Less interest income(1,591)(202)(153,079)(2,979)
Plus depreciation9,430,419 9,357,522 27,998,487 28,487,574 
Adjusted EBITDA15,757,143 14,569,055 54,726,980 45,358,889 
     
EPS - Adjusted EPS    
Net income788,496 1,227,081 12,724,522 3,609,145 
Adjusted net income3,204,883 1,800,104 15,823,655 7,204,714 
Weighted average number of shares37,858,437 37,858,437 38,525,594 37,858,437 
EPS - Basic and Diluted0.02 0.03 0.33 0.10 
Adjusted EPS0.08 0.05 0.41 0.19 
         


 
StealthGas Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
  Quarters Ended September 30, Nine Month Periods Ended September 30,
  2020 2021 2020 2021
      
Revenues       
 Revenues37,079,960  37,485,600  107,708,562  114,151,131 
         
Expenses       
 Voyage expenses3,350,502  4,060,113  7,409,136  15,993,168 
 Voyage expenses - related party458,863  463,123  1,332,033  1,418,297 
 Charter hire expenses--  --  318,606  -- 
 Vessels' operating expenses13,588,561  15,219,195  37,937,668  45,609,845 
 Vessels' operating expenses - related party247,000  287,750  697,000  809,250 
 Drydocking costs2,302,754  1,793,763  2,703,931  4,431,944 
 Management fees - related party1,434,930  1,489,338  4,106,010  4,417,904 
 General and administrative expenses573,200  1,209,098  1,643,825  3,050,282 
 Depreciation9,430,419  9,357,522  27,998,487  28,487,574 
 Impairment loss2,489,333  --  3,142,412  3,096,391 
 Net loss on sale of vessel--  304,210  --  304,210 
Total expenses33,875,562  34,184,112  87,289,108  107,618,865 
         
Income from operations3,204,398  3,301,488  20,419,454  6,532,266 
         
Other (expenses)/income       
 Interest and finance costs(3,069,385) (3,411,631) (10,993,227) (9,528,134)
 Gain/(loss) on derivatives18,899  11,471  (21,411) 17,788 
 Interest income1,591  202  153,079  2,979 
 Foreign exchange loss(5,762) (12,575) (2,392) (53,892)
Other expenses, net(3,054,657) (3,412,533) (10,863,951) (9,561,259)
         
Income/(Loss) before equity in earnings of investees149,741  (111,045) 9,555,503  (3,028,993)
Equity earnings in joint ventures638,755  1,338,126  3,169,019  6,638,138 
Net Income788,496  1,227,081  12,724,522  3,609,145 
         
Earnings per share        
- Basic & Diluted0.02  0.03  0.33  0.10 
         
Weighted average number of shares        
- Basic & Diluted37,858,437  37,858,437  38,525,594  37,858,437 
            


 
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
  December 31, September 30,
  2020 2021
Assets   
Current assets   
 Cash and cash equivalents38,242,411  43,077,098 
 Trade and other receivables3,602,764  3,797,638 
 Other current assets309,608  131,070 
 Claims receivable120,547  62,652 
 Inventories3,687,098  4,242,993 
 Advances and prepayments782,125  1,255,730 
 Restricted cash1,308,971  1,441,481 
 Vessel held for sale--  12,250,000 
Total current assets48,053,524  66,258,662 
     
Non current assets   
 Advances for vessels under construction6,539,115  -- 
 Operating lease right-of-use assets--  126,420 
 Vessels, net832,335,059  811,576,676 
 Other receivables26,427  -- 
 Restricted cash13,488,820  12,804,714 
 Investments in joint ventures43,177,657  51,634,471 
 Deferred finance charges385,705  -- 
Total non current assets895,952,783  876,142,281 
Total assets944,006,307  942,400,943 
     
Liabilities and Stockholders' Equity   
Current liabilities   
 Payable to related parties4,659,861  3,117,297 
 Trade accounts payable9,974,751  12,175,928 
 Accrued and other liabilities3,773,499  3,765,012 
 Operating lease liabilities--  100,425 
 Customer deposits968,000  368,000 
 Deferred income2,995,657  4,452,158 
 Fair value of derivatives141,447  -- 
 Current portion of long-term debt40,547,892  50,284,936 
 Current portion of long-term debt associated with vessel held for sale--  7,349,325 
Total current liabilities63,061,107  81,613,081 
     
Non current liabilities   
 Fair value of derivatives5,099,464  3,940,580 
 Operating lease liabilities--  25,995 
 Deferred income--  88,126 
 Long-term debt311,249,321  287,032,302 
Total non current liabilities316,348,785  291,087,003 
Total liabilities379,409,892  372,700,084 
     
Commitments and contingencies--  -- 
     
Stockholders' equity   
 Capital stock431,836  435,274 
 Treasury stock(25,373,380) (25,373,380)
 Additional paid-in capital499,564,087  499,914,851 
 Retained earnings94,926,695  98,535,840 
 Accumulated other comprehensive loss(4,952,823) (3,811,726)
Total stockholders' equity564,596,415  569,700,859 
Total liabilities and stockholders' equity944,006,307  942,400,943 
      


   
StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
  Nine Month Periods Ended September 30,
  2020 2021
Cash flows from operating activities     
 Net income for the period12,724,522  3,609,145 
       
Adjustments to reconcile net income to net cash     
provided by operating activities:     
 Depreciation27,998,487  28,487,574 
 Amortization of deferred finance charges529,971  914,717 
 Amortization of operating lease right-of-use assets450,505  67,386 
 Share based compensation--  354,202 
 Change in fair value of derivatives(43,279) (159,234)
 Equity earnings in joint ventures(3,169,019)  (6,638,138)
 Impairment loss3,142,412  3,096,391 
 Loss on sale of vessel--  304,210 
       
Changes in operating assets and liabilities:     
 (Increase)/decrease in     
 Trade and other receivables858,250  (168,447)
 Other current assets(180,348)  178,538 
 Claims receivable159,565  57,895 
 Inventories(724,723)  (555,895)
 Changes in operating lease liabilities(450,505)  (67,386)
 Advances and prepayments51,662  (473,605)
 Increase/(decrease) in     
 Balances with related parties8,915,017  (1,542,564)
 Trade accounts payable1,898,448  2,364,066 
 Accrued liabilities(1,781,467)  166,577 
 Deferred income590,376  1,544,627 
Net cash provided by operating activities50,969,874  31,540,059 
       
Cash flows from investing activities     
 Vessels’ acquisitions and advances for vessels under construction(47,914,966)  (24,941,957)
 Proceeds from sale of vessel, net--  7,795,790 
 Investment in joint ventures(41,998,500)  (3,348,675)
 Return of investments from joint ventures26,781,000  1,530,000 
 Advances to joint ventures(29,245)  -- 
 Advances from joint ventures29,245  -- 
Net cash used in investing activities(63,132,466)  (18,964,842)
       
Cash flows from financing activities     
 Stock repurchase(3,880,930)  -- 
 Deferred finance charges paid(462,259)  (1,267,766)
 Advances from joint ventures1,837,299  -- 
 Advances to joint ventures(5,841,672)  -- 
 Customer deposits paid--  (600,000)
 Loan repayments(31,155,678)  (114,855,610)
 Proceeds from long-term debt11,505,000  108,431,250 
Net cash used in financing activities(27,998,240)  (8,292,126)
       
Net (decrease)/increase in cash, cash equivalents and restricted cash(40,160,832)  4,283,091 
Cash, cash equivalents and restricted cash at beginning of year82,120,332  53,040,202 
Cash, cash equivalents and restricted cash at end of period41,959,500  57,323,293 
Cash breakdown     
 Cash and cash equivalents27,585,637  43,077,098 
 Restricted cash, current976,785  1,441,481 
 Restricted cash, non current13,397,078  12,804,714 
Total cash, cash equivalents and restricted cash shown in the statements of cash flows41,959,500  57,323,293 
      


Primary Logo

Related Links: 
Author:
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.