Icon Energy Corp. Reports Financial Results for the Year Ended December 31, 2024, and Declares Cash Dividend of $0.07 per Common Share
Icon Energy Corp. (NASDAQ: ICON) has reported its financial results for 2024, showing mixed performance. Revenue increased 19% to $5.3 million from $4.5 million in 2023, primarily due to the acquisition of M/V Bravo. However, operating profit declined to $0.2 million from $1.1 million, and the company recorded a net loss of $0.2 million compared to a net income of $1.2 million in 2023.
Key developments include the delivery of Kamsarmax dry bulk carrier M/V Bravo in September 2024, securing a $91.5 million term loan facility, and completing an IPO with gross proceeds of $5.0 million. The company declared a cash dividend of $0.07 per common share for Q4 2024, payable May 30, 2025.
Recent developments include a successful public offering raising $12.0 million, regaining Nasdaq compliance, and entering an agreement to acquire a third vessel, M/V Charlie. The company implemented a 1-for-40 reverse stock split on April 1, 2025.
Icon Energy Corp. (NASDAQ: ICON) ha comunicato i risultati finanziari per il 2024, evidenziando una performance mista. I ricavi sono aumentati del 19%, raggiungendo 5,3 milioni di dollari rispetto ai 4,5 milioni del 2023, principalmente grazie all'acquisizione della M/V Bravo. Tuttavia, l'utile operativo è diminuito a 0,2 milioni di dollari da 1,1 milioni, e la società ha registrato una perdita netta di 0,2 milioni rispetto a un utile netto di 1,2 milioni nel 2023.
Gli sviluppi chiave includono la consegna della nave da carico secco Kamsarmax M/V Bravo a settembre 2024, l'ottenimento di un finanziamento a termine di 91,5 milioni di dollari e il completamento di un'IPO con proventi lordi di 5,0 milioni di dollari. La società ha dichiarato un dividendo in contanti di 0,07 dollari per azione ordinaria per il quarto trimestre 2024, pagabile il 30 maggio 2025.
Tra le recenti novità, un'offerta pubblica di successo che ha raccolto 12,0 milioni di dollari, il ripristino della conformità al Nasdaq e la firma di un accordo per acquisire una terza nave, la M/V Charlie. La società ha inoltre effettuato uno split azionario inverso 1 per 40 il 1° aprile 2025.
Icon Energy Corp. (NASDAQ: ICON) ha reportado sus resultados financieros para 2024, mostrando un desempeño mixto. Los ingresos aumentaron un 19% hasta 5,3 millones de dólares desde 4,5 millones en 2023, principalmente debido a la adquisición del M/V Bravo. Sin embargo, el beneficio operativo disminuyó a 0,2 millones desde 1,1 millones, y la empresa registró una pérdida neta de 0,2 millones frente a un ingreso neto de 1,2 millones en 2023.
Los desarrollos clave incluyen la entrega del buque de carga seca Kamsarmax M/V Bravo en septiembre de 2024, la obtención de una línea de crédito a plazo de 91,5 millones de dólares y la finalización de una oferta pública inicial con ingresos brutos de 5,0 millones de dólares. La compañía declaró un dividendo en efectivo de 0,07 dólares por acción común para el cuarto trimestre de 2024, pagadero el 30 de mayo de 2025.
Entre los desarrollos recientes se incluyen una exitosa oferta pública que recaudó 12,0 millones de dólares, la recuperación del cumplimiento con Nasdaq y la firma de un acuerdo para adquirir un tercer buque, el M/V Charlie. La empresa implementó una división inversa de acciones 1 por 40 el 1 de abril de 2025.
Icon Energy Corp. (NASDAQ: ICON)는 2024년 재무 실적을 발표했으며, 혼조된 성과를 보였습니다. 매출은 2023년 450만 달러에서 19% 증가한 530만 달러로, 주로 M/V Bravo 인수 덕분입니다. 그러나 영업이익은 110만 달러에서 20만 달러로 감소했고, 순손실 20만 달러를 기록하여 2023년 순이익 120만 달러와 대비됩니다.
주요 발전 사항으로는 2024년 9월 Kamsarmax 건화물선 M/V Bravo 인도, 9,150만 달러 규모의 장기 대출 시설 확보, 500만 달러의 총 수익을 올린 IPO 완료가 있습니다. 회사는 2024년 4분기 보통주 1주당 0.07달러 현금 배당금을 선언했으며, 이는 2025년 5월 30일 지급될 예정입니다.
최근 동향으로는 1,200만 달러를 모은 성공적인 공개 모집, 나스닥 규정 준수 회복, 그리고 세 번째 선박인 M/V Charlie 인수를 위한 계약 체결이 있습니다. 회사는 2025년 4월 1일 1대 40 주식 병합을 시행했습니다.
Icon Energy Corp. (NASDAQ : ICON) a publié ses résultats financiers pour 2024, affichant des performances mitigées. Le chiffre d'affaires a augmenté de 19 % pour atteindre 5,3 millions de dollars, contre 4,5 millions en 2023, principalement grâce à l'acquisition du M/V Bravo. Cependant, le bénéfice d'exploitation a chuté à 0,2 million contre 1,1 million, et la société a enregistré une perte nette de 0,2 million, contre un bénéfice net de 1,2 million en 2023.
Les faits marquants incluent la livraison du vraquier Kamsarmax M/V Bravo en septembre 2024, l'obtention d'une facilité de prêt à terme de 91,5 millions de dollars, et la réalisation d'une introduction en bourse avec un produit brut de 5,0 millions de dollars. La société a déclaré un dividende en espèces de 0,07 dollar par action ordinaire pour le quatrième trimestre 2024, payable le 30 mai 2025.
Parmi les développements récents figurent une offre publique réussie ayant levé 12,0 millions de dollars, le rétablissement de la conformité au Nasdaq, et la signature d'un accord pour acquérir un troisième navire, le M/V Charlie. La société a également procédé à un regroupement d'actions inversé au ratio de 1 pour 40 le 1er avril 2025.
Icon Energy Corp. (NASDAQ: ICON) hat die Finanzergebnisse für 2024 veröffentlicht und zeigt eine gemischte Performance. Der Umsatz stieg um 19 % auf 5,3 Millionen US-Dollar von 4,5 Millionen im Jahr 2023, hauptsächlich durch den Erwerb der M/V Bravo. Der Betriebsgewinn sank jedoch von 1,1 Millionen auf 0,2 Millionen, und das Unternehmen verzeichnete einen Nettoverlust von 0,2 Millionen im Vergleich zu einem Nettogewinn von 1,2 Millionen im Jahr 2023.
Wichtige Entwicklungen umfassen die Lieferung des Kamsarmax-Trockenfrachtschiffs M/V Bravo im September 2024, die Sicherung einer langfristigen Kreditfazilität über 91,5 Millionen US-Dollar und den Abschluss eines Börsengangs mit Bruttoerlösen von 5,0 Millionen US-Dollar. Das Unternehmen erklärte eine Bardividende von 0,07 US-Dollar je Stammaktie für das vierte Quartal 2024, zahlbar am 30. Mai 2025.
Zu den jüngsten Entwicklungen zählen ein erfolgreicher Börsengang mit einer Kapitalaufnahme von 12,0 Millionen US-Dollar, die Wiederherstellung der Nasdaq-Compliance und der Abschluss einer Vereinbarung zum Erwerb eines dritten Schiffes, der M/V Charlie. Das Unternehmen führte am 1. April 2025 einen 1-zu-40 Reverse-Stock-Split durch.
- Revenue increased 19% to $5.3 million in 2024
- Secured $91.5M term loan facility with $75M available for future acquisitions
- Successfully completed IPO and additional public offering raising total $17M
- Fleet expansion with M/V Bravo delivery and M/V Charlie acquisition agreement
- Regained Nasdaq compliance following reverse stock split
- Net loss of $0.2M in 2024 compared to $1.2M profit in 2023
- Operating profit decreased to $0.2M from $1.1M in 2023
- EBITDA declined to $1.8M from $2.1M in 2023
- Daily TCE decreased to $11,440 from $11,822 in 2023
- Required reverse stock split to maintain Nasdaq listing compliance
Insights
Icon Energy reports mixed 2024 results with 19% revenue growth but swung to net loss amid expansion; maintains dividend despite profitability challenges.
Icon Energy's 2024 financial results reveal revenue growth of 19% to
The profitability decline stems from multiple factors: costs associated with the M/V Alfa's scheduled drydocking,
Despite reporting a net loss, management declared a
The company's capital structure has evolved substantially with a
The financial flexibility created by these capital initiatives positions Icon for continued fleet expansion, with
Icon Energy strategically expands fleet to three vessels using varied acquisition approaches while navigating soft charter rates; secured 11-14 month contracts provide revenue visibility.
Icon Energy is executing a measured fleet expansion strategy in the dry bulk shipping sector, growing from one vessel to potentially three by mid-2025. The company successfully integrated the Kamsarmax M/V Bravo in September 2024, immediately securing an 11-14 month charter with an international commodity trading conglomerate at rates linked to the Baltic Panamax Index.
Operational metrics show the fleet expansion impact clearly, with Ownership Days increasing to 465.8 from 365 and Average Number of Vessels rising to 1.3 from 1.0 in 2023. The company maintained perfect Vessel Utilization at 100% despite the scheduled drydocking of M/V Alfa, demonstrating efficient operational management.
Charter market conditions appear slightly softer with Daily TCE decreasing to
The company is diversifying its fleet acquisition strategy with the upcoming M/V Charlie, using a bareboat charter structure requiring less upfront capital (
The varied charter and acquisition approaches demonstrate a pragmatic expansion strategy that balances growth ambitions with capital efficiency, though increased fleet size brings greater fixed costs that will require careful management in variable charter markets.
ATHENS, Greece, April 23, 2025 (GLOBE NEWSWIRE) -- Icon Energy Corp. (“Icon” or the “Company”) (Nasdaq: ICON), an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, (i) reports financial results for the year ended December 31, 2024, (the “Reporting Period”) and (ii) declares cash dividend of
All share and per share amounts disclosed in this earnings release give retroactive effect, for all periods presented, to the Reverse Stock Split (as defined below) effected on April 1, 2025.
Financial Highlights for the Reporting Period
- Revenue, net of
$5.3 million , compared to$4.5 million in 2023 - Operating profit of
$0.2 million , compared to$1.1 million in 2023 - Net loss of
$0.2 million , compared to net income of$1.2 million in 2023 - EBITDA(1) of
$1.8 million , compared to$2.1 million in 2023
Operational Highlights
- Delivery of the Kamsarmax dry bulk carrier, M/V Bravo, in September 2024, and commencement of her period employment
- Successful closing of a term loan facility of up to
$91.5 million , of which$16.5 million was drawn and the balance of up to$75.0 million may be made available for future vessel acquisitions
Cash Dividend
Icon’s Board of Directors approved a cash dividend of
Nasdaq Compliance
The Company has received a written notification from Nasdaq, dated April 15, 2025, indicating that because the closing bid price of the Company’s common shares for 10 consecutive trading days, from April 1, 2025, to April 14, 2025, was at
Ismini Panagiotidi, Chairwoman and Chief Executive Officer of Icon, commented:
“We are pleased to share our financial results for 2024 and reflect on the key milestones of this transformational year, marked by our successful initial public offering in July and tangible progress we have made toward scaling our platform. Our fleet expanded with the delivery of our second vessel, the M/V Bravo, which entered into an 11- to 14-month charter, securing revenue generation. We also enhanced our capital structure with a new
Building on that momentum in 2025, we completed an upsized public offering, strengthening our balance sheet with gross proceeds of
Meanwhile, consistent with our stated dividend policy and following the dividends paid for the second and third quarters of 2024, we are pleased to announce a dividend of
Financial Performance Summary
| Year ended December 31, | ||||||||
| (in thousands of U.S. dollars, except daily figures) | | | 2024 | | | 2023 | ||
| Income statement data(2) | ||||||||
| Revenue, net | | $ | 5,309 | $ | 4,476 | |||
| Operating profit | 170 | 1,105 | ||||||
| Net (loss)/income | | | (210 | ) | 1,155 | |||
| Non-GAAP financial measures(3) | | | | | ||||
| EBITDA | $ | 1,812 | $ | 2,136 | ||||
| Daily TCE | | | 11,440 | 11,822 | ||||
| Daily OPEX | | | 5,103 | 5,151 | ||||
Revenue, net. Throughout 2024 and 2023, Icon’s vessels operated under index-linked time charters. The increase in revenue, net in 2024 compared to 2023 is primarily due to the acquisition of the M/V Bravo in September 2024, which led to a higher number of Operating Days (see “Fleet Employment and Operational Data” below). That was partly counterbalanced by the year-on-year decline in dry bulk charter market rates, and the fact that the M/V Alfa was temporarily taken out of service for her scheduled drydocking. Overall, revenue, net increased by
Operating profit. In 2024 compared to 2023, costs associated with positioning the M/V Alfa for her scheduled drydocking in the third quarter of 2024 and with the delivery of the M/V Bravo in September 2024 resulted in a
Net (loss)/income. The decrease in operating profit along with the
Fleet Employment and Operational Data
| Year ended December 31, | ||||||||
| | | 2024 | | | 2023 | |||
| Fleet operational data(5) | | | | | ||||
| Ownership Days | | | 465.8 | 365.0 | ||||
| Available Days | | | 434.8 | 365.0 | ||||
| Operating Days | | | 434.8 | 364.9 | ||||
| Vessel Utilization | | | ||||||
| Average Number of Vessels | | | 1.3 | 1.0 | ||||
Ownership Days for 2024 increased to 465.8 from 365.0 the previous year, due to the addition of Icon’s second vessel, the Kamsarmax dry bulk carrier M/V Bravo, which was delivered on September 23, 2024. Available Days increased to 434.8 from 365.0, due to the same reason, and were partly counterbalanced by the scheduled drydocking of the M/V Alfa. Utilization remained consistent at
| Vessel name | Type | Built | Employment | Earliest charter expiration | ||||
| Alfa | Panamax | Japan, 2006 | Index-linked time charter | October 2025 | ||||
| Bravo | Kamsarmax | Japan, 2007 | Index-linked time charter | August 2025 | ||||
As of December 31, 2024, Icon owned two vessels, both time-chartered by an international commodity trading conglomerate and earning floating daily hire rates linked to the Baltic Panamax Index. The Minimum Contracted Revenue(6) expected to be generated by these contracts between January 1, 2025, and their respective earliest expiration dates is
Key Events
Initial public offering. On July 15, 2024, Icon successfully closed its initial public offering of 31,250 common shares, for gross proceeds of
Vessel Acquisition. On August 2, 2024, Icon entered into an agreement with an unaffiliated third-party to acquire a Kamsarmax dry bulk carrier for a purchase price of
Vessel Drydocking. On September 2, 2024, the M/V Alfa completed her scheduled drydocking, undergoing routine repairs and maintenance to ensure continued operational efficiency, safety, and compliance with class requirements.
Financing. On September 19, 2024, we borrowed an amount of
Dividends. On September 30, 2024, we paid a cash dividend of
Recent Developments
Public Offering. On January 24, 2025, the Company, successfully completed a public offering of 229,007 units (such numbers retroactively adjusted for Reverse Stock Split, as defined below) containing common shares and warrants to purchase common shares. As of the date hereof, substantially all of the warrants have been exercised. Gross proceeds to the Company, before deducting placement agent’s fees and other offering expenses, were approximately
Nasdaq Minimum Bid Price. On March 7, 2025, the Company received a written notification from Nasdaq, indicating that, because the closing bid price of its common shares for 30 consecutive trading days was below
Fleet expansion. On March 21, 2025, the Company entered into a definitive agreement with an unaffiliated third party to bareboat charter-in, with the option to eventually purchase, a 2020-built, scrubber-fitted, Eco, Ultramax, dry bulk carrier with a carrying capacity of 63,668 dwt. Icon intends to operate the vessel under the name M/V Charlie and expects to take delivery between May and August 2025, subject to the satisfaction of certain customary closing conditions. Icon has made an advance payment of
Reverse stock split. On April 1, 2025, Icon effected a reverse stock split (the “Reverse Stock Split”), whereby every 40 of its issued and outstanding common shares were automatically converted into one common share, without any change in the par value per share or the total number of common shares Icon is authorized to issue. No fractional shares were issued in connection with the Reverse Stock Split. The Reverse Stock Split did not (i) affect any common shareholder’s ownership percentage (except as a result of the cancellation of fractional shares), (ii) have any direct impact on the market capitalization of the Company or (iii) modify any voting rights or other terms of the common shares.
Dividends. For the fourth quarter of 2024, Icon declared a cash dividend of
About Icon
Icon is an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. Icon maintains its principal executive office in Athens, Greece, and its common shares trade on the Nasdaq Capital Market under the symbol “ICON.”
Cautionary Note Regarding Forward Looking Statements
This communication contains “forward-looking statements.” Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions that are other than statements of historical fact are forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements 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 the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant risks, uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot provide assurance that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). As a result, you are cautioned not to unduly rely on any forward-looking statements, which speak only as of the date of this communication.
Factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things: the Company’s future operating or financial results; the Company’s liquidity, including its ability to service any indebtedness; changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.
Contact Information
Icon Energy Corp.
Dennis Psachos
Chief Financial Officer
+30 211 88 81 300
ir@icon-nrg.com
www.icon-nrg.com
(Please refer to Exhibit I, attached, for supplementary information)
Exhibit I
Consolidated Statements of (Loss)/Income
| Year ended December 31, | ||||||||
| (in thousands of U.S. dollars, except for share data and earnings per share) | 2024 (unaudited) | | | 2023 (7) | ||||
| Revenue, net | $ | 5,309 | $ | 4,476 | ||||
| Voyage expenses, net | (335 | ) | (162 | ) | ||||
| Vessel operating expenses | (2,377 | ) | (1,880 | ) | ||||
| Management fees | (440 | ) | (274 | ) | ||||
| General and administrative expenses | (345 | ) | (18 | ) | ||||
| Depreciation expense | (1,130 | ) | (680 | ) | ||||
| Amortization of deferred drydocking costs | (512 | ) | (357 | ) | ||||
| Operating Profit | $ | 170 | $ | 1,105 | ||||
| Interest and finance costs | (452 | ) | (3 | ) | ||||
| Interest income | 72 | 56 | ||||||
| Other costs, net | - | (3 | ) | |||||
| Net (Loss)/Income | $ | (210 | ) | $ | 1,155 | |||
| Accumulated dividends on Series A Preferred Shares | (977 | ) | - | |||||
| Net (loss)/income attributable to common shareholders | $ | (1,187 | ) | $ | 1,155 | |||
| (Loss)/earnings per common share, basic and diluted | $ | (60.83 | ) | $ | 231.00 | |||
| Weighted average number of shares, basic and diluted | 19,515 | 5,000 | ||||||
Condensed Consolidated Balance Sheet Data
| (in thousands of U.S. dollars) | December 31, 2024 (unaudited) | December 31, 2023 (7) | ||||||
| Assets | ||||||||
| Cash, cash equivalents and restricted cash | $ | 1,446 | $ | 2,702 | ||||
| Other current assets | 344 | 320 | ||||||
| Vessels, net | 26,098 | 9,181 | ||||||
| Other non-current assets | 907 | 679 | ||||||
| Total assets | $ | 28,795 | $ | 12,882 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Total long-term debt, net of deferred financing costs | $ | 15,931 | $ | - | ||||
| Other liabilities | 1,118 | 3,713 | ||||||
| Total shareholders’ equity | 11,746 | 9,169 | ||||||
| Total liabilities and shareholders’ equity | $ | 28,795 | $ | 12,882 | ||||
Summarized Cash Flow Data
| Year ended December 31, | ||||||||
| (in thousands of U.S. dollars) | | | 2024 (unaudited) | | | 2023 (8) | ||
| Cash provided by operating activities | | $ | 864 | $ | 2,505 | |||
| Cash used in investing activities | | | (18,025 | ) | (22 | ) | ||
| Cash provided by/(used in) financing activities | | | 15,905 | (3,332 | ) | |||
| Net decrease in cash, cash equivalents and restricted cash | | $ | (1,256 | ) | $ | (849 | ) | |
| Cash, cash equivalents and restricted cash at the beginning of the period | | | 2,702 | 3,551 | ||||
| Cash, cash equivalents and restricted cash at the end of the period | | $ | 1,446 | $ | 2,702 | |||
Significant Accounting Policies and Recent Accounting Pronouncements
A discussion of the Company’s significant accounting policies and recent accounting pronouncements can be found in Note 2 of the Company’s Unaudited Interim Condensed Consolidated Financial Statements for the nine-month periods ended September 30, 2024 and 2023, included in the Company’s most recent registration statement, filed with the SEC on Form F-1 which can be obtained free of charge on the SEC’s website at www.sec.gov. There have been no material changes to these policies in the Reporting Period.
Non-GAAP Financial Measures Definitions and Reconciliation to GAAP
To supplement our financial information presented in accordance with the United States generally accepted accounting principles (“U.S. GAAP”), we may use certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We believe non-GAAP financial measures provide investors with greater transparency and supplemental data relating to our financial condition and results of operations and, therefore, a more complete understanding of our business and financial performance than the comparable U.S. GAAP measures alone. However, non-GAAP financial measures should only be used in addition to, and not as substitutes for, the financial results presented in accordance with U.S. GAAP. Although we believe the following definitions and calculation methods are consistent with industry standards, our non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies.
Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”). EBITDA is a financial measure we calculate by deducting interest and finance costs, interest income, taxes, depreciation and amortization, from net (loss)/income. EBITDA assists our management by carving out the effects that non-operating expenses and non-cash items have on our financial results. We believe this also enhances the comparability of our operating performance between periods and against companies that may have varying capital structures, other depreciation and amortization policies, or that may be subject to different tax regulations. The following table reconciles EBITDA to the most directly comparable U.S. GAAP financial measure:
| Year ended December 31, | ||||||||
| (in thousands of U.S. dollars) | | | 2024 (unaudited) | | | 2023 (unaudited) | ||
| Net (loss)/income | | $ | (210 | ) | $ | 1,155 | ||
| Plus: Depreciation expense | | | 1,130 | 680 | ||||
| Plus: Amortization of deferred drydocking costs | | | 512 | 357 | ||||
| Plus: Interest and finance costs | 452 | - | ||||||
| Less: Interest income | | | (72 | ) | (56 | ) | ||
| EBITDA | | $ | 1,812 | $ | 2,136 | |||
Time Charter Equivalent (“TCE”). TCE is a measure of revenue generated over a period that accounts for the effect of the different charter types under which our vessels may be employed. TCE is calculated by deducting voyage expenses from revenue and making any other adjustments that may be required to approximate the revenue that would have been generated, had the vessels been employed under time charters. TCE is typically expressed on a daily basis (“Daily TCE”) by dividing it by Operating Days, to eliminate the effect of changes in fleet composition between periods. The following table reconciles TCE and Daily TCE to the most directly comparable U.S. GAAP financial measure:
| Year ended December 31, | ||||||||
| (in thousands of U.S. dollars, except fleet operational data and daily figures) | | | 2024 (unaudited) | | | 2023 (unaudited) | ||
| Revenue, net | | $ | 5,309 | $ | 4,476 | |||
| Less: Voyage expenses | | | (335 | ) | (162 | ) | ||
| TCE | | $ | 4,974 | $ | 4,314 | |||
| Divided by: Operating Days | | | 434.8 | 364.9 | ||||
| Daily TCE | | $ | 11,440 | $ | 11,822 | |||
Daily Vessel Operating Expenses (“Daily OPEX”). Daily OPEX, is a measure of the vessel operating expenses incurred over a period divided by Ownership Days, to eliminate the effect of changes in fleet composition between periods. The following table reconciles Daily OPEX to vessel operating expenses:
| Year ended December 31, | ||||||||
| (in thousands of U.S. dollars, except fleet operational data and daily figures) | | | 2024 (unaudited) | | | 2023 (unaudited) | ||
| Vessel operating expenses | | $ | 2,377 | $ | 1,880 | |||
| Divided by: Ownership Days | | | 465.8 | 365.0 | ||||
| Daily OPEX | | $ | 5,103 | $ | 5,151 | |||
Other Definitions and Methodologies
This press release refers to the terms and methodologies described below. Although we believe the following definitions and calculation methods are consistent with industry standards, these measures may not be directly comparable to similarly titled measures of other companies.
Ownership Days. Ownership Days are the total days we owned our vessels during the relevant period. We use this to measure the size of our fleet over a period.
Available Days. Available Days are the Ownership Days, less any days during which our vessels were unable to be used for their intended purpose as a result of scheduled maintenance, upgrades, modifications, drydockings, special or intermediate surveys, or due to change of ownership logistics, including positioning for and repositioning from such events. We use this to measure the number of days in a period during which our vessels should be capable of generating revenues.
Operating Days. Operating Days are the Available Days, less any days during which our vessels were unable to be used for their intended purpose as a result of unforeseen events and circumstances. We use this to measure the number of days in a period during which our vessels actually generated revenues.
Vessel Utilization. Vessel Utilization is the ratio of Operating Days to Available Days.
Average Number of Vessels. Average Number of Vessels is the ratio of Ownership Days to calendar days in a period.
Minimum Contracted Revenue. The amount of Minimum Contracted Revenue is estimated by reference to the contracted period and hire rate, net of charterers’ commissions but before brokerage and commercial management commissions and assuming no unforeseen off-hire days. For index-linked contracts, Minimum Contracted Revenue is estimated by reference to the average of the relevant index during the 15 days preceding the calculation date.
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1 EBITDA is a non-GAAP financial measure. For the definitions of non-GAAP financial measures and their reconciliation to the most directly comparable financial measures calculated and presented in accordance with the United States generally accepted accounting principles, please refer to “Exhibit I—Non-GAAP Financial Measures Definitions and Reconciliation to GAAP.”
2 2024 income statement data is unaudited. 2023 income statement data derives from the audited consolidated financial statements of the respective period.
3 For the definitions of non-GAAP financial measures and their reconciliation to the most directly comparable financial measures calculated and presented in accordance with the United States generally accepted accounting principles, please refer to “Exhibit I—Non-GAAP Financial Measures Definitions and Reconciliation to GAAP.”
4 Daily TCE, Daily OPEX and EBITDA, are non-GAAP financial measures. For the definitions of non-GAAP financial measures and their reconciliation to the most directly comparable financial measures calculated and presented in accordance with the United States generally accepted accounting principles, please refer to “Exhibit I—Non-GAAP Financial Measures Definitions and Reconciliation to GAAP.”
5 For the definitions of fleet operational measures please refer to “Exhibit I—Other Definitions and Methodologies.”
6 For the Minimum Contracted Revenue calculation methodology please see “Exhibit I—Other Definitions and Methodologies.”
7 Data derives from the audited consolidated financial statements of the respective period, except for the (loss)/earnings per common share (basic and diluted) and weighted average number of shares (basic and diluted) which give retroactive effect to the Reverse Stock Split effected on April 1, 2025.
8 Data derives from the audited consolidated financial statements of the respective period.
FAQ
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