STEALTHGAS INC. Reports Second Quarter and Six Months 2023 Financial and Operating Results
- Strong financial results for Q2 2023 with net income of $10.5 million and EPS of $0.27
- Debt reduced by $104.9 million and share repurchase program initiated
- Secured about 80% of fleet days under period contracts for the remainder of 2023
- None.
ATHENS, Greece, Aug. 18, 2023 (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 second quarter and six months ended June 30, 2023.
OPERATIONAL AND FINANCIAL HIGHLIGHTS1
- All-time record Net Income of
$27.3 million for the 2023 six-month period corresponding to an EPS of$0.71 . Strong profitability continued for the second quarter with Net Income of$10.5 million for the 2023 three-month period corresponding to an EPS of$0.27 .
- About
80% of fleet days are secured on period charters for the remainder of 2023, with total fleet employment days for all subsequent periods generating approximately$90 million (excl. JV vessels) in contracted revenues.
- Concluded the previously announced sale of the Eco Czar, the Eco Nemesis, the Eco Texiana and the Eco Enigma. All four vessels were sold at a profit, two were delivered during Q2 23’ and two during Q3 23’.
- Entered into an agreement to sell two more vessels, the Eco Dream and Eco Green with forward delivery in January 2024.
- Initiated a share repurchase program of up to
$15 million . As of the date of this release, 1.1 million shares had been repurchased.
- Massively reduced debt by
$104.9 million from$245.4 million as of March 31, 2023, net of deferred finance charges, to$140.5 million as of June 30, 2023.
- Revenues at
$36.7 million for Q2 23’ despite having reduced the number of vessels in the fleet from 34 vessels at the end of Q2 22’ to 29 vessels at the end of Q2 23’.
_______________________
1 EBITDA, 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.
Second Quarter 2023 Results:
- Revenues for the three months ended June 30, 2023 amounted to
$36.7 million compared to revenues of$39.3 million for the three months ended June 30, 2022 while the fleet over the corresponding periods was reduced from 34 vessels at the end of Q2 2022 to 29 vessels at the end of Q2 2023 with the vessels remaining in the fleet seeing a rise in revenues due to better market conditions. - Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2023 were
$3.5 million and$13.4 million , respectively, compared to$4.6 million and$13.3 million , respectively, for the three months ended June 30, 2022. The$1.1 million decrease in voyage expenses was the result of lower port expenses and bunker prices. - Drydocking costs for the three months ended June 30, 2023 and 2022 were
$1.5 million and$0.2 million , respectively. Drydocking expenses during the second quarter of 2023 mainly relate to the completed drydocking of two of the larger handysize vessels in the fleet, compared to only the drydocking preparation of three smaller vessels in the same period of last year. - Depreciation for the three months ended June 30, 2023 and 2022 was
$6.0 million and$7.0 million , respectively, as the number of our vessels declined. - Impairment loss for the three months ended June 30, 2023 was
$2.8 million compared to nil for the same period of last year, which related to two vessels for which the Company had entered into separate agreements to sell them to third parties. - Interest and finance costs for the three months ended June 30, 2023 and 2022, were
$2.5 million and$2.8 million , respectively. The$0.3 million decrease from the same period of last year is mostly due to the reduction in debt outstanding despite increases in Libor rates as well as profits from closing of swap positions due to debt prepayments. - Equity earnings in joint ventures for the three months ended June 30, 2023 and 2022 was a gain of
$1.7 million and$1.9 million , respectively. The$0.2 million decrease was due to the decrease in the number of joint venture vessels from 7 to 5. - As a result of the above, for the three months ended June 30, 2023, the Company reported net income of
$10.5 million , compared to net income of$12.2 million for the three months ended June 30, 2022. The weighted average number of shares outstanding for the three months ended June 30, 2023 and 2022 was 38.1 million and 37.9 million, respectively. - Earnings per share, basic and diluted, for the three months ended June 30, 2023 amounted to
$0.27 compared to earnings per share of$0.32 for the same period of last year. - Adjusted net income was
$10.7 million corresponding to an Adjusted EPS of$0.28 for the three months ended June 30, 2023 compared to Adjusted net income of$11.3 million corresponding to an Adjusted EPS of$0.30 for the same period of last year. - EBITDA for the three months ended June 30, 2023 amounted to
$18.1 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. - An average of 30.5 vessels were owned by the Company during the three months ended June 30, 2023 compared to 34.6 vessels for the same period of 2022.
Six Months 2023 Results:
- Revenues for the six months ended June 30, 2023, amounted to
$74.7 million , a decrease of$0.4 million , or0.5% , compared to revenues of$75.1 million for the six months ended June 30, 2022, primarily due to reduction in the fleet size. - Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2023 were
$7.5 million and$27.9 million , respectively, compared to$8.9 million and$26.2 million for the six months ended June 30, 2022. The$1.4 million decrease in voyage expenses was mainly due to the decrease in spot days and the lower prevailing bunker prices. The$1.7 million increase in vessels’ operating expenses despite the reduction in fleet size was primarily the result of cost overruns in certain cost categories like spares and crew and was more pronounced during the Q1 23’ and less so during Q2 23’. - Drydocking costs for the six months ended June 30, 2023 and 2022 were
$2.6 million and$0.6 million , respectively. The costs for the six months ended June 30, 2023 mainly related to the completed drydocking of three of the larger handysize vessels, while the costs for the same period of last year related to the drydocking of one smaller vessel and to the drydocking preparation of three smaller vessels. - Depreciation for the six months ended June 30, 2023, was
$12.6 million , a$1.5 million decrease from$14.1 million for the same period of last year, due to the decrease in the average number of our vessels. - Impairment loss for the six months ended June 30, 2023 was
$2.8 million relating to two vessels, for which the Company has entered into separate agreements to sell them to third parties.
Impairment loss for the six months ended June 30, 2022 was$0.5 million relating to one vessel, for which the Company had entered into an agreement to sell and subsequently delivered to its new owner. - Gain on sale of vessels for the six months ended June 30, 2023 was
$2.9 million , which was primarily due to the sale of two of the Company’s vessels. - Interest and finance costs for the six months ended June 30, 2023 and 2022 were
$5.1 million and$5.1 million respectively. Despite increases in interest rates during that period interest rate costs remained flat mainly due to the decrease of our indebtedness. - Equity earnings in joint ventures for the six months ended June 30, 2023 and 2022 was a gain of
$10.5 million and a gain of$3.6 million , respectively. The$6.9 million increase from the same period of last year is mainly due to a gain on sale of one of the Medium Gas carriers owned by one of our joint ventures. - As a result of the above, the Company reported a net income for the six months ended June 30, 2023 of
$27.3 million , compared to a net income of$19.8 million for the six months ended June 30, 2022. The weighted average number of shares outstanding as of June 30, 2023 and 2022 was 38.1 million and 37.9 million, respectively. Earnings per share, basic and diluted, for the six months ended June 30, 2023 amounted to$0.71 compared to earnings per share, basic and diluted, of$0.52 for the same period of last year. - Adjusted net income was
$28.0 million , or$0.73 per share, for the six months ended June 30, 2023 compared to adjusted net income of$20.0 million , or$0.53 per share, for the same period of last year. - EBITDA for the six months ended June 30, 2023 amounted to
$43.1 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. - An average of 31.4 vessels were owned by the Company during the six months ended June 30, 2023, compared to 35.5 vessels for the same period of 2022.
- As of June 30, 2023, cash and cash equivalents (including restricted cash) amounted to
$55.2 million and total debt amounted to$140.5 million .
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements (of three or more months duration):
· A six months time charter for its 2011 built LPG carrier Gas Cerberus, until Dec 2023.
· A six months time charter extension for its 2015 built LPG carrier Eco Green, until Dec 2023.
As of August 2023, the Company has total contracted revenues of approximately
For the remainder of the year 2023, the Company has about
During Q2 23’, the previously announced sale of Eco Texiana and Eco Enigma was concluded, resulting in a profit of
The Company also announced the sale of two vessels, the 2015 built Eco Dream and Eco Green to third parties. The vessels were sold with forward deliveries as they are currently on charters, and the sales are expected to be concluded in January 2024. The Company recognized an impairment loss of
CEO Harry Vafias Commented
We continued operating in a firm market that underpinned yet another quarter of high profitability. So far for the first six months of 2023 we have reported the strongest performance on record, with an EPS of
Conference Call details:
On August 18, 2023 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.
Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.
Online Registration: https://register.vevent.com/register/BI05865c475c6741a6b32fe9d9e6b9ab20
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 32 LPG carriers, including five Joint Venture vessels in the water, and three 40,000 cbm newbuilding Medium Gas Carriers (one owned through Joint Venture) to be delivered by the end of Q1 2024. These LPG vessels have a total capacity of 397,747 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”
Visit our website at www.stealthgas.com
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, 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 any lingering 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, the conflict in Ukraine and related sanctions, 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
For information on our fleet and further information:
Visit our website at www.stealthgas.com
Company Contact:
Konstantinos Sistovaris
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 June 30, 2022 and June 30, 2023.
| FLEET DATA | Q2 2022 | Q2 2023 | 6M 2022 | 6M 2023 | ||
| Average number of vessels (1) | 34.6 | 30.5 | 35.5 | 31.4 | ||
| Period end number of owned vessels in fleet | 34 | 29 | 34 | 29 | ||
| Total calendar days for fleet (2) | 3,147 | 2,774 | 6,431 | 5,677 | ||
| Total voyage days for fleet (3) | 3,142 | 2,725 | 6,392 | 5,596 | ||
| Fleet utilization (4) | ||||||
| Total charter days for fleet (5) | 2,778 | 2,361 | 5,629 | 4,986 | ||
| Total spot market days for fleet (6) | 364 | 364 | 763 | 610 | ||
| Fleet operational utilization (7) |
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 loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/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 gain/loss on sale of vessels, share based compensation and loss/gain 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) | Second Quarter Ended June 30th, | Six Months Periods Ended June 30th, | ||||||
| 2022 | 2023 | 2022 | 2023 | |||||
| Net Income - Adjusted Net Income | ||||||||
| Net income | 12,218,614 | 10,490,976 | 19,818,867 | 27,307,167 | ||||
| Less gain on derivatives | (1,049,015) | (358,422) | (1,065,802) | (296,108) | ||||
| (Less)/Plus swap interest (paid)/received | (81,581) | 195,969 | (81,581) | 389,287 | ||||
| (Less)/Plus (gain)/loss on sale of vessels, net | (569) | (2,949,339) | 408,637 | (2,925,985) | ||||
| Plus impairment loss | -- | 2,759,554 | 529,532 | 2,816,873 | ||||
| Plus share based compensation | 188,722 | 552,932 | 439,731 | 728,501 | ||||
| Adjusted Net Income | 11,276,171 | 10,691,670 | 20,049,384 | 28,019,735 | ||||
| Net income - EBITDA | ||||||||
| Net income | 12,218,614 | 10,490,976 | 19,818,867 | 27,307,167 | ||||
| Plus interest and finance costs | 2,757,529 | 2,508,108 | 5,119,033 | 5,130,794 | ||||
| Less interest income | (63,488) | (884,209) | (71,378) | (1,925,153) | ||||
| Plus depreciation | 7,031,345 | 6,013,651 | 14,052,128 | 12,592,017 | ||||
| EBITDA | 21,944,000 | 18,128,526 | 38,918,650 | 43,104,825 | ||||
Net income - Adjusted EBITDA | ||||||||
| Net income | 12,218,614 | 10,490,976 | 19,818,867 | 27,307,167 | ||||
| Less gain on derivatives | (1,049,015) | (358,422) | (1,065,802) | (296,108) | ||||
| (Less)/Plus (gain)/loss on sale of vessels, net | (569) | (2,949,339) | 408,637 | (2,925,985) | ||||
| Plus impairment loss | -- | 2,759,554 | 529,532 | 2,816,873 | ||||
| Plus share based compensation | 188,722 | 552,932 | 439,731 | 728,501 | ||||
| Plus interest and finance costs | 2,757,529 | 2,508,108 | 5,119,033 | 5,130,794 | ||||
| Less interest income | (63,488) | (884,209) | (71,378) | (1,925,153) | ||||
| Plus depreciation | 7,031,345 | 6,013,651 | 14,052,128 | 12,592,017 | ||||
| Adjusted EBITDA | 21,083,138 | 18,133,251 | 39,230,748 | 43,428,106 | ||||
| EPS - Adjusted EPS | ||||||||
| Net income | 12,218,614 | 10,490,976 | 19,818,867 | 27,307,167 | ||||
| Adjusted net income | 11,276,171 | 10,691,670 | 20,049,384 | 28,019,735 | ||||
| Weighted average number of shares | 37,924,542 | 38,096,414 | 37,891,672 | 38,063,544 | ||||
| EPS - Basic | 0.32 | 0.27 | 0.52 | 0.71 | ||||
| Adjusted EPS | 0.30 | 0.28 | 0.53 | 0.73 | ||||
StealthGas Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
| Quarters Ended June 30, | Six Month Periods Ended June 30, | |||||||||||
| 2022 | 2023 | 2022 | 2023 | |||||||||
| Revenues | ||||||||||||
| Revenues | 39,274,984 | 36,672,505 | 75,146,105 | 74,734,675 | ||||||||
| Expenses | ||||||||||||
| Voyage expenses | 4,161,806 | 3,081,142 | 7,953,019 | 6,599,833 | ||||||||
| Voyage expenses - related party | 483,503 | 453,270 | 923,517 | 926,952 | ||||||||
| Vessels' operating expenses | 13,056,966 | 13,124,829 | 25,698,196 | 27,413,610 | ||||||||
| Vessels' operating expenses - related party | 278,000 | 246,500 | 514,950 | 504,000 | ||||||||
| Drydocking costs | 193,090 | 1,461,559 | 576,625 | 2,551,601 | ||||||||
| Management fees - related party | 1,287,765 | 1,176,881 | 2,572,685 | 2,411,001 | ||||||||
| General and administrative expenses | 826,380 | 1,211,471 | 1,767,911 | 2,020,400 | ||||||||
| Depreciation | 7,031,345 | 6,013,651 | 14,052,128 | 12,592,017 | ||||||||
| Impairment loss | -- | 2,759,554 | 529,532 | 2,816,873 | ||||||||
| Net (gain)/loss on sale of vessels | (569) | (2,949,339) | 408,637 | (2,925,985) | ||||||||
| Total expenses | 27,318,286 | 26,579,518 | 54,997,200 | 54,910,302 | ||||||||
| Income from operations | 11,956,698 | 10,092,987 | 20,148,905 | 19,824,373 | ||||||||
| Other (expenses)/income | ||||||||||||
| Interest and finance costs | (2,757,529) | (2,508,108) | (5,119,033) | (5,130,794) | ||||||||
| Gain on derivatives | 1,049,015 | 358,422 | 1,065,802 | 296,108 | ||||||||
| Interest income | 63,488 | 884,209 | 71,378 | 1,925,153 | ||||||||
| Foreign exchange gain/(loss) | 12,688 | (28,673) | 44,705 | (132,999) | ||||||||
| Other expenses, net | (1,632,338) | (1,294,150) | (3,937,148) | (3,042,532) | ||||||||
| Income before equity in earnings of investees | 10,324,360 | 8,798,837 | 16,211,757 | 16,781,841 | ||||||||
| Equity earnings in joint ventures | 1,894,254 | 1,692,139 | 3,607,110 | 10,525,326 | ||||||||
| Net Income | 12,218,614 | 10,490,976 | 19,818,867 | 27,307,167 | ||||||||
| Earnings per share | ||||||||||||
| - Basic | 0.32 | 0.27 | 0.52 | 0.71 | ||||||||
| - Diluted | 0.32 | 0.27 | 0.52 | 0.71 | ||||||||
| Weighted average number of shares | ||||||||||||
| - Basic | 37,924,542 | 38,096,414 | 37,891,672 | 38,063,544 | ||||||||
| - Diluted | 37,924,542 | 38,114,257 | 37,891,672 | 38,072,466 | ||||||||
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
| December 31, | June 30, | ||||||||
| 2022 | 2023 | ||||||||
| Assets | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | 55,770,823 | 48,105,094 | |||||||
| Short term investments | 26,500,000 | -- | |||||||
| Trade and other receivables | 4,630,536 | 4,327,270 | |||||||
| Other current assets | 270,514 | 178,070 | |||||||
| Claims receivable | 182,141 | 55,475 | |||||||
| Inventories | 3,064,011 | 2,190,731 | |||||||
| Advances and prepayments | 681,413 | 2,212,508 | |||||||
| Restricted cash | 2,519,601 | 866,942 | |||||||
| Assets held for sale | 11,107,182 | 63,163,308 | |||||||
| Total current assets | 104,726,221 | 121,099,398 | |||||||
| Non current assets | |||||||||
| Advances for vessel acquisitions | 23,400,000 | 23,400,000 | |||||||
| Operating lease right-of-use assets | -- | 147,872 | |||||||
| Vessels, net | 628,478,453 | 515,411,960 | |||||||
| Other receivables | 162,872 | 115,953 | |||||||
| Restricted cash | 10,864,520 | 6,201,735 | |||||||
| Investments in joint ventures | 46,632,720 | 37,880,047 | |||||||
| Deferred finance charges | 165,666 | 936,833 | |||||||
| Fair value of derivatives | 7,102,855 | 2,691,625 | |||||||
| Total non current assets | 716,807,086 | 586,786,025 | |||||||
| Total assets | 821,533,307 | 707,885,423 | |||||||
| Liabilities and Stockholders' Equity | |||||||||
| Current liabilities | |||||||||
| Payable to related parties | 2,476,663 | 5,940,749 | |||||||
| Trade accounts payable | 11,838,243 | 11,518,132 | |||||||
| Accrued and other liabilities | 6,923,992 | 4,508,182 | |||||||
| Operating lease liabilities | -- | 97,198 | |||||||
| Deferred income | 5,234,978 | 3,940,460 | |||||||
| Current portion of long-term debt | 30,083,806 | 16,596,302 | |||||||
| Current portion of long-term debt associated with vessel held for sale | -- | 8,629,146 | |||||||
| Total current liabilities | 56,557,682 | 51,230,169 | |||||||
| Non current liabilities | |||||||||
| Operating lease liabilities | -- | 50,674 | |||||||
| Deferred income | 21,451 | 108,818 | |||||||
| Long-term debt | 247,028,823 | 115,272,799 | |||||||
| Total non current liabilities | 247,050,274 | 115,432,291 | |||||||
| Total liabilities | 303,607,956 | 166,662,460 | |||||||
| Commitments and contingencies | -- | -- | |||||||
| Stockholders' equity | |||||||||
| Capital stock | 435,274 | 442,604 | |||||||
| Treasury stock | (25,373,380) | (26,012,355) | |||||||
| Additional paid-in capital | 443,620,122 | 444,341,293 | |||||||
| Retained earnings | 94,056,852 | 121,364,019 | |||||||
| Accumulated other comprehensive income | 5,186,483 | 1,087,402 | |||||||
| Total stockholders' equity | 517,925,351 | 541,222,963 | |||||||
| Total liabilities and stockholders' equity | 821,533,307 | 707,885,423 | |||||||
StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
| Six Month Periods Ended June 30, | |||||||||
| 2022 | 2023 | ||||||||
| Cash flows from operating activities | |||||||||
| Net income for the period | 19,818,867 | 27,307,167 | |||||||
| Adjustments to reconcile net income to net cash | |||||||||
| provided by operating activities: | |||||||||
| Depreciation | 14,052,128 | 12,592,017 | |||||||
| Amortization of deferred finance charges | 537,936 | 1,138,934 | |||||||
| Amortization of operating lease right-of-use assets | 43,229 | 52,226 | |||||||
| Share based compensation | 439,731 | 728,501 | |||||||
| Change in fair value of derivatives | (1,147,383) | 312,149 | |||||||
| Equity earnings in joint ventures | (3,607,110) | (10,525,326) | |||||||
| Dividends received from joint ventures | 1,020,000 | 14,589,215 | |||||||
| Impairment loss | 529,532 | 2,816,873 | |||||||
| Loss/(Gain) on sale of vessels | 408,637 | (2,925,985) | |||||||
| Changes in operating assets and liabilities: | |||||||||
| (Increase)/decrease in | |||||||||
| Trade and other receivables | (828,992) | 350,185 | |||||||
| Other current assets | 79,873 | 92,444 | |||||||
| Claims receivable | (500,249) | -- | |||||||
| Inventories | (1,295,545) | 1,073,527 | |||||||
| Changes in operating lease liabilities | (43,229) | (52,226) | |||||||
| Advances and prepayments | (1,379,236) | (1,531,095) | |||||||
| Increase/(decrease) in | |||||||||
| Balances with related parties | 611,148 | 3,461,488 | |||||||
| Trade accounts payable | 740,512 | (248,382) | |||||||
| Accrued liabilities | 2,282,746 | (1,271,144) | |||||||
| Deferred income | (1,775,859) | (1,207,151) | |||||||
| Net cash provided by operating activities | 29,986,736 | 46,753,417 | |||||||
| Cash flows from investing activities | |||||||||
| Insurance proceeds | 206,787 | 126,666 | |||||||
| Proceeds from sale of vessels, net | 23,887,379 | 47,187,215 | |||||||
| Acquisition of vessels | (447,713) | (71,729) | |||||||
| Maturity of short term investments | -- | 26,500,000 | |||||||
| Return of investments from joint ventures | -- | 4,688,785 | |||||||
| Net cash provided by investing activities | 23,646,453 | 78,430,937 | |||||||
| Cash flows from financing activities | |||||||||
| Stock repurchase | -- | (638,975) | |||||||
| Deferred finance charges paid | (534,600) | (775,833) | |||||||
| Advances from joint ventures | 1,655,684 | 2,698 | |||||||
| Advances to joint ventures | (1,450,334) | (100) | |||||||
| Loan repayments | (68,176,450) | (137,753,317) | |||||||
| Proceeds from long-term debt | 59,400,000 | -- | |||||||
| Net cash used in financing activities | (9,105,700) | (139,165,527) | |||||||
| Net increase/(decrease) in cash, cash equivalents and restricted cash | 44,527,489 | (13,981,173) | |||||||
| Cash, cash equivalents and restricted cash at beginning of year | 45,700,537 | 69,154,944 | |||||||
| Cash, cash equivalents and restricted cash at end of period | 90,228,026 | 55,173,771 | |||||||
| Cash breakdown | |||||||||
| Cash and cash equivalents | 77,874,497 | 48,105,094 | |||||||
| Restricted cash, current | 2,187,385 | 866,942 | |||||||
| Restricted cash, non current | 10,166,144 | 6,201,735 | |||||||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 90,228,026 | 55,173,771 | |||||||
