Date
| |||||
Wholly Owned Subsidiaries
|
Vessel Name
|
DWT
|
Delivered to Star Bulk
|
Year Built
| |
1
|
Pearl Shiptrade LLC
|
Gargantua (1)
|
209,529
|
April 2, 2015
|
2015
|
2
|
Star Ennea LLC
|
Star Gina 2GR
|
209,475
|
February 26, 2016
|
2016
|
3
|
Coral Cape Shipping LLC
|
Maharaj (1)
|
209,472
|
July 15, 2015
|
2015
|
4
|
Sea Diamond Shipping LLC
|
Goliath (1)
|
207,999
|
July 15, 2015
|
2015
|
5
|
Star Castle II LLC
|
Star Leo
|
207,939
|
May 14, 2018
|
2018
|
6
|
ABY Eleven Ltd
|
Star Laetitia
|
207,896
|
August 3, 2018
|
2017
|
7
|
Domus Shipping LLC
|
Star Ariadne
|
207,774
|
March 28, 2017
|
2017
|
8
|
Star Breezer LLC
|
Star Virgo
|
207,774
|
March 1, 2017
|
2017
|
9
|
Star Seeker LLC
|
Star Libra (1)
|
207,727
|
June 6, 2016
|
2016
|
10
|
ABY Nine Ltd
|
Star Sienna
|
207,721
|
August 3, 2018
|
2017
|
11
|
Clearwater Shipping LLC
|
Star Marisa
|
207,671
|
March 11 2016
|
2016
|
12
|
ABY Ten Ltd
|
Star Karlie
|
207,566
|
August 3, 2018
|
2016
|
13
|
Star Castle I LLC
|
Star Eleni
|
207,517
|
January 3, 2018
|
2018
|
14
|
Festive Shipping LLC
|
Star Magnanimus
|
207,490
|
March 26, 2018
|
2018
|
15
|
New Era II Shipping LLC
|
Debbie H
|
206,823
|
May 28, 2019
|
2019
|
16
|
New Era III Shipping LLC
|
Star Ayesha
|
206,814
|
July 15, 2019
|
2019
|
17
|
New Era I Shipping LLC
|
Katie K
|
206,803
|
April 16, 2019
|
2019
|
18
|
Cape Ocean Maritime LLC
|
Leviathan
|
182,466
|
September 19, 2014
|
2014
|
19
|
Cape Horizon Shipping LLC
|
Peloreus
|
182,451
|
July 22, 2014
|
2014
|
20
|
Star Nor I LLC
|
Star Claudine
|
181,258
|
July 6, 2018
|
2011
|
21
|
Star Nor II LLC
|
Star Ophelia
|
180,716
|
July 6, 2018
|
2010
|
22
|
Sandra Shipco LLC
|
Star Pauline
|
180,233
|
December 29, 2014
|
2008
|
23
|
Christine Shipco LLC
|
Star Martha
|
180,231
|
October 31, 2014
|
2010
|
24
|
Pacific Cape Shipping LLC
|
Pantagruel
|
180,140
|
July 11, 2014
|
2004
|
25
|
Star Borealis LLC
|
Star Borealis
|
179,601
|
September 9, 2011
|
2011
|
26
|
Star Polaris LLC
|
Star Polaris
|
179,648
|
November 14, 2011
|
2011
|
27
|
Star Nor III LLC
|
Star Lyra
|
179,147
|
July 6, 2018
|
2009
|
28
|
Star Regg VI LLC
|
Star Bueno
|
178,978
|
January 26, 2021
|
2010
|
29
|
Star Regg V LLC
|
Star Borneo
|
178,978
|
January 26, 2021
|
2010
|
30
|
Star Regg IV LLC
|
Star Marilena
|
178,977
|
January 26, 2021
|
2010
|
31
|
Star Regg I LLC
|
Star Marianne
|
178,841
|
January 14, 2019
|
2010
|
32
|
Star Regg II LLC
|
Star Janni
|
177,939
|
January 7, 2019
|
2010
|
33
|
Star Trident V LLC
|
Star Angie
|
177,931
|
October 29, 2014
|
2007
|
34
|
Sky Cape Shipping LLC
|
Big Fish
|
177,620
|
July 11, 2014
|
2004
|
35
|
Global Cape Shipping LLC
|
Kymopolia
|
176,948
|
July 11, 2014
|
2006
|
36
|
Star Trident XXV Ltd.
|
Star Triumph
|
176,274
|
December 8, 2017
|
2004
|
37
|
ABY Fourteen Ltd
|
Star Scarlett
|
175,800
|
August 3, 2018
|
2014
|
38
|
ABY Fifteen Ltd
|
Star Audrey
|
175,125
|
August 3, 2018
|
2011
|
39
|
Sea Cape Shipping LLC
|
Big Bang
|
174,109
|
July 11, 2014
|
2007
|
40
|
ABY I LLC
|
Star Paola
|
115,259
|
August 3, 2018
|
2011
|
Date
| |||||
Wholly Owned Subsidiaries
|
Vessel Name
|
DWT
|
Delivered to Star Bulk
|
Year Built
| |
41
|
ABM One Ltd
|
Star Eva
|
106,659
|
August 3, 2018
|
2012
|
42
|
Star Vega LLC
|
Star Vega (1)
|
98,648
|
February 13, 2014
|
2011
|
43
|
Star Sirius LLC
|
Star Sirius (1)
|
98,648
|
March 7, 2014
|
2011
|
44
|
Majestic Shipping LLC
|
Madredeus
|
98,648
|
July 11, 2014
|
2011
|
45
|
Nautical Shipping LLC
|
Amami
|
98,648
|
July 11, 2014
|
2011
|
46
|
ABY II LLC
|
Star Aphrodite
|
92,006
|
August 3, 2018
|
2011
|
47
|
Augustea Bulk Carrier Ltd
|
Star Piera
|
91,952
|
August 3, 2018
|
2010
|
48
|
Augustea Bulk Carrier Ltd
|
Star Despoina
|
91,945
|
August 3, 2018
|
2010
|
49
|
Star Trident I LLC
|
Star Kamila
|
87,001
|
September 3, 2014
|
2005
|
50
|
Star Nor IV LLC
|
Star Electra
|
83,494
|
July 6, 2018
|
2011
|
51
|
Star Alta I LLC
|
Star Angelina
|
82,953
|
December 5, 2014
|
2006
|
52
|
Star Alta II LLC
|
Star Gwyneth
|
82,703
|
December 5, 2014
|
2006
|
53
|
Star Nor VI LLC
|
Star Luna
|
82,687
|
July 6, 2018
|
2008
|
54
|
Star Nor V LLC
|
Star Bianca
|
82,672
|
July 6, 2018
|
2008
|
55
|
Star Trident XIX LLC
|
Star Maria
|
82,578
|
November 5, 2014
|
2007
|
56
|
Grain Shipping LLC
|
Pendulum
|
82,578
|
July 11, 2014
|
2006
|
57
|
Star Trident XII LLC
|
Star Markella
|
82,574
|
September 29, 2014
|
2007
|
58
|
ABY Seven Ltd
|
Star Jeanette
|
82,567
|
August 3, 2018
|
2014
|
59
|
Star Trident IX LLC
|
Star Danai
|
82,554
|
October 21, 2014
|
2006
|
60
|
Star Sun I LLC
|
Star Elizabeth
|
82,430
|
May 25, 2021
|
2021
|
61
|
Star Sun II LLC
|
Star Pavlina
|
82,361
|
June 16, 2021
|
2021
|
62
|
Star Trident XI LLC
|
Star Georgia
|
82,281
|
October 14, 2014
|
2006
|
63
|
Star Trident VIII LLC
|
Star Sophia
|
82,252
|
October 31, 2014
|
2007
|
64
|
Star Trident XVI LLC
|
Star Mariella
|
82,249
|
September 19, 2014
|
2006
|
65
|
Star Trident XIV LLC
|
Star Moira
|
82,220
|
November 19, 2014
|
2006
|
66
|
Star Trident X LLC
|
Star Renee
|
82,204
|
December 18, 2014
|
2006
|
67
|
Star Trident XV LLC
|
Star Jennifer
|
82,192
|
April 15, 2015
|
2006
|
68
|
Star Trident XIII LLC
|
Star Laura
|
82,192
|
December 8, 2014
|
2006
|
69
|
Star Nor VIII LLC
|
Star Mona
|
82,188
|
July 6, 2018
|
2012
|
70
|
Star Trident II LLC
|
Star Nasia
|
82,183
|
August 29, 2014
|
2006
|
71
|
Star Nor VII LLC
|
Star Astrid
|
82,158
|
July 6, 2018
|
2012
|
72
|
Star Trident XVII LLC
|
Star Helena
|
82,150
|
December 29, 2014
|
2006
|
73
|
Star Trident XVIII LLC
|
Star Nina
|
82,145
|
January 5, 2015
|
2006
|
74
|
Waterfront Two Ltd
|
Star Alessia
|
81,944
|
August 3, 2018
|
2017
|
75
|
Star Nor IX LLC
|
Star Calypso
|
81,918
|
July 6, 2018
|
2014
|
76
|
Star Elpis LLC
|
Star Suzanna
|
81,644
|
May 15, 2017
|
2013
|
77
|
Star Gaia LLC
|
Star Charis
|
81,643
|
March 22, 2017
|
2013
|
78
|
Mineral Shipping LLC
|
Mercurial Virgo
|
81,502
|
July 11, 2014
|
2013
|
79
|
Star Nor X LLC
|
Stardust
|
81,502
|
July 6, 2018
|
2011
|
80
|
Star Nor XI LLC
|
Star Sky
|
81,466
|
July 6, 2018
|
2010
|
81
|
Star Zeus VI LLC
|
Star Lambada (1)
|
81,272
|
March 16, 2021
|
2016
|
82
|
Star Zeus I LLC
|
Star Capoeira (1)
|
81,253
|
March 16, 2021
|
2015
|
83
|
Star Zeus II LLC
|
Star Carioca (1)
|
81,199
|
March 16, 2021
|
2015
|
84
|
Star Zeus VII LLC
|
Star Macarena (1)
|
81,198
|
March 6, 2021
|
2016
|
85
|
ABY III LLC
|
Star Lydia
|
81,187
|
August 3, 2018
|
2013
|
86
|
ABY IV LLC
|
Star Nicole
|
81,120
|
August 3, 2018
|
2013
|
87
|
ABY Three Ltd
|
Star Virginia
|
81,061
|
August 3, 2018
|
2015
|
88
|
Star Nor XII LLC
|
Star Genesis
|
80,705
|
July 6, 2018
|
2010
|
89
|
Star Nor XIII LLC
|
Star Flame
|
80,448
|
July 6, 2018
|
2011
|
Date
| |||||
Wholly Owned Subsidiaries
|
Vessel Name
|
DWT
|
Delivered to Star Bulk
|
Year Built
| |
90
|
Star Trident III LLC
|
Star Iris
|
76,390
|
September 8, 2014
|
2004
|
91
|
Star Trident XX LLC
|
Star Emily
|
76,339
|
September 16, 2014
|
2004
|
92
|
Orion Maritime LLC
|
Idee Fixe (1)
|
63,437
|
March 25, 2015
|
2015
|
93
|
Primavera Shipping LLC
|
Roberta (1)
|
63,404
|
March 31, 2015
|
2015
|
94
|
Success Maritime LLC
|
Laura (1)
|
63,377
|
April 7, 2015
|
2015
|
95
|
Star Zeus III LLC
|
Star Athena (1)
|
63,371
|
May 19, 2021
|
2015
|
96
|
Ultra Shipping LLC
|
Kaley (1)
|
63,261
|
June 26, 2015
|
2015
|
97
|
Blooming Navigation LLC
|
Kennadi (1)
|
63,240
|
January 8, 2016
|
2016
|
98
|
Jasmine Shipping LLC
|
Mackenzie (1)
|
63,204
|
March 2, 2016
|
2016
|
99
|
Star Lida I Shipping LLC
|
Star Apus (1)
|
63,123
|
July 16, 2019
|
2014
|
100
|
Star Zeus V LLC
|
Star Bovarius (1)
|
61,571
|
March 16, 2021
|
2015
|
101
|
Star Zeus IV LLC
|
Star Subaru (1)
|
61,521
|
March 16, 2021
|
2015
|
102
|
Star Nor XV LLC
|
Star Wave
|
61,491
|
July 6, 2018
|
2017
|
103
|
Star Challenger I LLC
|
Star Challenger (1)
|
61,462
|
December 12, 2013
|
2012
|
104
|
Star Challenger II LLC
|
Star Fighter (1)
|
61,455
|
December 30, 2013
|
2013
|
105
|
Aurelia Shipping LLC
|
Honey Badger (1)
|
61,324
|
February 27, 2015
|
2015
|
106
|
Star Axe II LLC
|
Star Lutas (1)
|
61,323
|
January 6, 2016
|
2016
|
107
|
Rainbow Maritime LLC
|
Wolverine (1)
|
61,268
|
February 27, 2015
|
2015
|
108
|
Star Axe I LLC
|
Star Antares (1)
|
61,234
|
October 9, 2015
|
2015
|
109
|
ABY Five Ltd
|
Star Monica
|
60,935
|
August 3, 2018
|
2015
|
110
|
Star Asia I LLC
|
Star Aquarius
|
60,873
|
July 22, 2015
|
2015
|
111
|
Star Asia II LLC
|
Star Pisces (1)
|
60,873
|
August 7, 2015
|
2015
|
112
|
Star Nor XIV LLC
|
Star Glory
|
58,680
|
July 6, 2018
|
2012
|
113
|
Star Lida XI Shipping LLC
|
Star Pyxis (1)
|
56,615
|
August 19, 2019
|
2013
|
114
|
Star Lida VIII Shipping LLC
|
Star Hydrus (1)
|
56,604
|
August 8, 2019
|
2013
|
115
|
Star Lida IX Shipping LLC
|
Star Cleo (1)
|
56,582
|
July 15, 2019
|
2013
|
116
|
Star Trident VII LLC
|
Diva (1)
|
56,582
|
July 24, 2017
|
2011
|
117
|
Star Lida VI Shipping LLC
|
Star Centaurus
|
56,559
|
September 18, 2019
|
2012
|
118
|
Star Lida VII Shipping LLC
|
Star Hercules
|
56,545
|
July 16, 2019
|
2012
|
119
|
Star Lida X Shipping LLC
|
Star Pegasus (1)
|
56,540
|
July 15, 2019
|
2013
|
120
|
Star Lida III Shipping LLC
|
Star Cepheus (1)
|
56,539
|
July 16, 2019
|
2012
|
121
|
Star Lida IV Shipping LLC
|
Star Columba (1)
|
56,530
|
July 23, 2019
|
2012
|
122
|
Star Lida V Shipping LLC
|
Star Dorado (1)
|
56,507
|
July 16, 2019
|
2013
|
123
|
Star Lida II Shipping LLC
|
Star Aquila
|
56,506
|
July 15, 2019
|
2012
|
124
|
Star Regg III LLC
|
Star Bright
|
55,783
|
October 10, 2018
|
2010
|
125
|
Glory Supra Shipping LLC
|
Strange Attractor
|
55,715
|
July 11, 2014
|
2006
|
126
|
Star Omicron LLC
|
Star Omicron
|
53,444
|
April 17, 2008
|
2005
|
127
|
Star Zeta LLC
|
Star Zeta
|
52,994
|
January 2, 2008
|
2003
|
128
|
Star Theta LLC
|
Star Theta
|
52,425
|
December 6, 2007
|
2003
|
Total dwt
|
14,072,068
|
(1) |
Subject to a sale and leaseback financing transaction as further described in Note 6 to our consolidated financial statements included in the 2021 Annual report.
|
Three-month period ended March 31,
| ||||||||
(TCE rates expressed in U.S. Dollars)
|
2021
|
2022
| ||||||
Average number of vessels (1)
|
119.3
|
128.0
| ||||||
Number of vessels (2)
|
125
|
128
| ||||||
Average age of operational fleet (in years) (3)
|
9.3
|
10.1
| ||||||
Ownership days (4)
|
10,737
|
11,520
| ||||||
Available days (5)
|
10,115
|
11,126
| ||||||
Charter-in days (6)
|
175
|
199
| ||||||
Time Charter Equivalent Rate (TCE rate) (7)
|
$
|
15,462
|
$
|
27,405
|
(1) |
Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days each operating vessel was a part of our owned fleet during the period divided by the number of calendar days in that period.
|
(2) |
As of the last day of the periods reported.
|
(3) |
Average age of our operational fleet is calculated as of the end of each period.
|
(4) |
Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period,including vessels subject to sale and leaseback transactions and finance leases.
|
(5) |
Available days for the fleet are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys and for vessels' improvements and upgrades. The available days for the first three months of 2022 and 2021 were also decreased by off-hire days relating to disruptions in connection with crew changes as a result of COVID-19. Available Days as presented above may not necessarily be comparable to Available Days of other companies due to differences in methods of calculation.
|
(6) |
Charter-in days are the total days that we charter-in vessels not owned by us.
|
(7) |
Time charter equivalent rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and fleet under charter-in arrangements). TCE rate is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists of: voyage revenues (net of voyage expenses, charter-in hire expense, amortization of fair value of above/below market acquired time charter agreements, as well as adjusted for the impact of realized gain/(loss) on forward freight agreements ("FFAs") and bunker swaps) by (b) Available days for the relevant time period. Available days do not include the Charter-in days as per the relevant definitions provided above. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the chartering result of our fleet and is more comparable to the method used by our peers. TCE Revenues and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial performance. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be employed between the periods. TCE Revenues and TCE rate, as presented above, may not necessarily be comparable to those of other companies due to differences in methods of calculation.
|
Three-month period ended March 31,
| ||||||||
(In thousands of U.S. Dollars, except as otherwise stated)
|
2021
|
2022
| ||||||
Voyage revenues
|
$
|
200,467
|
$
|
360,883
| ||||
Less:
| ||||||||
Voyage expenses
|
(40,052
|
)
|
(53,404
|
)
| ||||
Charter-in hire expenses
|
(2,943
|
)
|
(4,012
|
)
| ||||
Realized gain/(loss) on FFAs/bunker swaps
|
(891
|
)
|
1,437
| |||||
Amortization of fair value of below/above market acquired time charter agreements, net
|
(187
|
)
|
-
| |||||
Time charter equivalent revenues
|
$
|
156,394
|
$
|
304,904
| ||||
Available days
|
10,115
|
11,126
| ||||||
Daily time charter equivalent rate ("TCE")
|
$
|
15,462
|
$
|
27,405
|
FINANCIAL STATEMENTS
Consolidated Balance Sheets as of December 31, 2021 and March 31, 2022 (unaudited)
|
F-2
|
Unaudited Interim Condensed Consolidated Income Statements for the three-month periods ended March 31, 2021 and 2022
|
F-3
|
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three-month periods ended March 31, 2021 and 2022 |
F-4
|
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity for the three-month periods ended March 31, 2021 and 2022 |
F-5
|
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2021 and 2022 |
F-6
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements
|
F-7
|
Consolidated Balance Sheets
As of December 31, 2021 and March 31, 2022 (unaudited)
December 31, 2021 |
March 31, 2022 | |||||||
ASSETS
| ||||||||
CURRENT ASSETS
| ||||||||
Cash and cash equivalents
|
$
|
450,285
|
$
|
424,124
| ||||
Restricted cash, current (Notes 7 and 12)
|
20,965
|
18,261
| ||||||
Trade accounts receivable, net
|
81,061
|
86,821
| ||||||
Inventories (Note 4)
|
75,077
|
84,007
| ||||||
Due from managers
|
9,422
|
18
| ||||||
Due from related parties (Note 3)
|
242
|
766
| ||||||
Prepaid expenses and other receivables
|
28,659
|
25,807
| ||||||
Derivatives, current asset portion (Note 12)
|
1,996
|
8,904
| ||||||
Other current assets (Note 13)
|
15,217
|
15,193
| ||||||
Total Current Assets
|
682,924
|
663,901
| ||||||
FIXED ASSETS
| ||||||||
Vessels and other fixed assets, net (Note 5)
|
3,013,038
|
2,982,610
| ||||||
Total Fixed Assets
|
3,013,038
|
2,982,610
| ||||||
OTHER NON-CURRENT ASSETS
| ||||||||
Long term investment (Note 3)
|
1,567
|
1,550
| ||||||
Restricted cash, non-current (Notes 7 and 12)
|
2,021
|
2,021
| ||||||
Operating leases, right-of-use assets (Note 2)
|
48,256
|
45,572
| ||||||
Derivatives, non-current asset portion (Note 12)
|
6,913
|
15,040
| ||||||
TOTAL ASSETS
|
$
|
3,754,719
|
$
|
3,710,694
| ||||
LIABILITIES & SHAREHOLDERS' EQUITY
| ||||||||
CURRENT LIABILITIES
| ||||||||
Current portion of long-term bank loans (Note 7)
|
$
|
156,701
|
$
|
155,396
| ||||
Lease financing short term (Note 6)
|
50,434
|
50,434
| ||||||
Accounts payable
|
21,837
|
40,702
| ||||||
Due to managers
|
3,885
|
8,474
| ||||||
Due to related parties (Note 3)
|
1,426
|
2,723
| ||||||
Accrued liabilities
|
30,810
|
35,141
| ||||||
Derivatives, current liability portion (Note 12)
|
743
|
3,098
| ||||||
Deferred revenue
|
24,960
|
15,822
| ||||||
Total Current Liabilities
|
290,796
|
311,790
| ||||||
NON-CURRENT LIABILITIES
| ||||||||
Long-term bank loans, net of current portion and unamortized loan issuance costs of $10,853 and $9,862, as of December 31, 2021 and March 31, 2022, respectively (Note 7)
|
932,554
|
894,172
| ||||||
Lease financing long term, net of unamortized lease issuance costs of $5,318 and $4,979, as of December 31, 2021 and March 31, 2022, respectively (Note 6)
|
402,039
|
390,300
| ||||||
Operating lease liabilities (Note 2)
|
48,256
|
45,572
| ||||||
Other non-current liabilities
|
1,056
|
944
| ||||||
TOTAL LIABILITIES
|
1,674,701
|
1,642,778
| ||||||
COMMITMENTS & CONTINGENCIES (Note 11)
| ||||||||
SHAREHOLDERS' EQUITY
| ||||||||
Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2021 and March 31, 2022, respectively (Note 8)
|
-
|
-
| ||||||
Common Shares, $0.01 par value, 300,000,000 shares authorized; 102,294,758 shares issued and outstanding as of December 31, 2021; 102,442,901 shares issued and outstanding as of March 31, 2022 (Note 8)
|
1,023
|
1,024
| ||||||
Additional paid in capital
|
2,618,319
|
2,623,816
| ||||||
Accumulated other comprehensive income/(loss)
|
6,933
|
23,537
| ||||||
Accumulated deficit
|
(546,257
|
)
|
(580,461
|
)
| ||||
Total Shareholders' Equity
|
2,080,018
|
2,067,916
| ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
3,754,719
|
$
|
3,710,694
|
The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements
|
Unaudited Interim Condensed Consolidated Income Statements
For the three-month periods ended March 31, 2021 and 2022
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
Three months ended March 31,
| ||||||||
2021
|
2022
| |||||||
Revenues:
| ||||||||
Voyage revenues (Note 13)
|
$
|
200,467
|
$
|
360,883
| ||||
Expenses/(Income)
| ||||||||
Voyage expenses (Note 3 )
|
40,052
|
53,404
| ||||||
Charter-in hire expenses (Note 3)
|
2,943
|
4,012
| ||||||
Vessel operating expenses
|
47,354
|
57,466
| ||||||
Dry docking expenses
|
12,191
|
8,727
| ||||||
Depreciation (Note 5)
|
36,233
|
38,461
| ||||||
Management fees (Note 3)
|
4,667
|
4,839
| ||||||
General and administrative expenses (Note 3)
|
7,297
|
8,765
| ||||||
(Gain)/Loss on time charter agreement termination
|
(1,102
|
)
|
-
| |||||
Other operational loss
|
1,340
|
614
| ||||||
Other operational gain
|
(1,017
|
)
|
(267
|
)
| ||||
(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 12)
|
2,085
|
2,623
| ||||||
Total operating expenses, net
|
152,043
|
178,644
| ||||||
Operating income / (loss)
|
48,424
|
182,239
| ||||||
Other Income/ (Expenses):
| ||||||||
Interest and finance costs (Note 7)
|
(14,440
|
)
|
(12,082
|
)
| ||||
Interest and other income/(loss)
|
1,750
|
261
| ||||||
Total other expenses, net
|
(12,690
|
)
|
(11,821
|
)
| ||||
Income / (loss) before taxes and equity in income of investee
|
$
|
35,734
|
$
|
170,418
| ||||
Income taxes
|
-
|
(37
|
)
| |||||
Income/(Loss) before equity in income of investee
|
35,734
|
170,381
| ||||||
Equity in income / (loss) of investee
|
29
|
(17
|
)
| |||||
Net income/(loss)
|
35,763
|
170,364
| ||||||
Earnings / (Loss) per share, basic and diluted
|
$
|
0.36
|
$
|
1.67
| ||||
Weighted average number of shares outstanding, basic (Note 9)
|
98,712,581
|
101,981,583
| ||||||
Weighted average number of shares outstanding, diluted (Note 9)
|
99,019,944
|
102,257,673
|
The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements
|
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income / (Loss)
For the three-month periods ended March 31, 2021 and 2022
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
Three months ended March 31,
| ||||||||
2021
|
2022
| |||||||
Net income / (loss)
|
$
|
35,763
|
$
|
170,364
| ||||
Other comprehensive income / (loss):
| ||||||||
Unrealized gains / losses from cash flow hedges:
| ||||||||
Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications
|
5,419
|
16,225
| ||||||
Less:
| ||||||||
Reclassification adjustments of interest rate swap gain/(loss)
|
442
|
379
| ||||||
Other comprehensive income / (loss)
|
5,861
|
16,604
| ||||||
Total comprehensive income / (loss)
|
$
|
41,624
|
$
|
186,968
|
The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements
|
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity
For the three-month periods ended March 31, 2021 and 2022
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
Common Stock
| ||||||||||||||||||||||||||||
# of Shares
|
Par Value
|
Additional Paid-in Capital
|
Accumulated Other Comprehensive income/(loss)
| Accumulated deficit |
Treasury stock
|
Total Shareholders' Equity
| ||||||||||||||||||||||
BALANCE, January 1, 2021
|
97,146,687
|
$
|
971
|
$
|
2,548,956
|
$
|
(3,993
|
)
|
$
|
(996,314
|
)
|
$
|
(93
|
)
|
$
|
1,549,527
| ||||||||||||
Net income / (loss)
|
-
|
-
|
-
|
-
|
35,763
|
-
|
35,763
| |||||||||||||||||||||
Other comprehensive income / (loss)
|
-
|
-
|
-
|
5,861
|
-
|
-
|
5,861
| |||||||||||||||||||||
Amortization of share-based compensation (Note 10)
|
-
|
-
|
313
|
-
|
-
|
-
|
313
| |||||||||||||||||||||
Acquisition of Eneti vessels
|
2,649,203
|
27
|
39,646
|
-
|
-
|
-
|
39,673
| |||||||||||||||||||||
Acquisition of ER vessels
|
2,100,000
|
21
|
22,152
|
-
|
-
|
-
|
22,173
| |||||||||||||||||||||
Cancellation of treasury stock
|
(6,971
|
)
|
-
|
(93
|
)
|
-
|
-
|
93
|
-
| |||||||||||||||||||
BALANCE, March 31, 2021
|
101,888,919
|
$
|
1,019
|
$
|
2,610,974
|
$
|
1,868
|
$
|
(960,551
|
)
|
$
|
-
|
$
|
1,653,310
| ||||||||||||||
BALANCE, January 1, 2022
|
102,294,758
|
$
|
1,023
|
$
|
2,618,319
|
$
|
6,933
|
$
|
(546,257
|
)
|
$
|
-
|
$
|
2,080,018
| ||||||||||||||
Net income / (loss)
|
-
|
-
|
-
|
-
|
170,364
|
-
|
170,364
| |||||||||||||||||||||
Other comprehensive income / (loss)
|
-
|
-
|
-
|
16,604
|
-
|
-
|
16,604
| |||||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 10)
|
245
|
-
|
1,233
|
-
|
-
|
-
|
1,233
| |||||||||||||||||||||
Dividend declared ($2.00 per share) (Note 8)
|
-
|
-
|
-
|
-
|
(204,568
|
)
|
-
|
(204,568
|
)
| |||||||||||||||||||
Equity offerings, net (Note 8)
|
147,898
|
1
|
4,349
|
-
|
-
|
-
|
4,350
| |||||||||||||||||||||
Offering expenses
|
-
|
-
|
(85
|
)
|
-
|
-
|
-
|
(85
|
)
| |||||||||||||||||||
BALANCE, March 31, 2022
|
102,442,901
|
$
|
1,024
|
$
|
2,623,816
|
$
|
23,537
|
$
|
(580,461
|
)
|
$
|
-
|
$
|
2,067,916
| ||||||||||||||
The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements
|
Unaudited Interim Condensed Consolidated Statements of Cash Flows
For the three-month periods ended March 31, 2021 and 2022
(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)
Three months ended March 31,
| ||||||||
2021
|
2022
| |||||||
Cash Flows from Operating Activities:
| ||||||||
Net income / (loss)
|
$
|
35,763
|
$
|
170,364
| ||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
| ||||||||
Depreciation (Note 5)
|
36,233
|
38,461
| ||||||
Amortisation of fair value of below market time charters
|
(187
|
)
|
-
| |||||
Amortization of debt (loan, lease & notes) issuance costs (Note 7)
|
1,815
|
1,339
| ||||||
Share-based compensation (Note 10)
|
313
|
1,233
| ||||||
(Gain)/Loss on time charter agreement termination
|
(1,102
|
)
|
-
| |||||
Change in fair value of forward freight derivatives and bunker swaps (Note 12)
|
1,194
|
4,060
| ||||||
Other non-cash charges
|
(208
|
)
|
(112
|
)
| ||||
Equity in income / (loss) of investee
|
(29
|
)
|
17
| |||||
Changes in operating assets and liabilities:
| ||||||||
(Increase)/Decrease in:
| ||||||||
Trade accounts receivable
|
(5,224
|
)
|
(5,760
|
)
| ||||
Inventories
|
(12,778
|
)
|
(8,930
|
)
| ||||
Prepaid expenses and other receivables
|
(8,710
|
)
|
(173
|
)
| ||||
Derivatives asset
|
1
|
(136
|
)
| |||||
Due from related parties
|
(270
|
)
|
(524
|
)
| ||||
Due from managers
|
358
|
9,404
| ||||||
Increase/(Decrease) in:
| ||||||||
Accounts payable
|
13,483
|
18,014
| ||||||
Due to related parties
|
(240
|
)
|
1,297
| |||||
Accrued liabilities
|
8,913
|
5,151
| ||||||
Due to managers
|
7,079
|
4,589
| ||||||
Deferred revenue
|
2,772
|
(9,138
|
)
| |||||
Net cash provided by / (used in) Operating Activities
|
79,176
|
229,156
| ||||||
Cash Flows from Investing Activities:
| ||||||||
Advances for vessels & vessel upgrades and other fixed assets
|
(64,831
|
)
|
(6,414
|
)
| ||||
Hull and machinery insurance proceeds
|
4,544
|
1,600
| ||||||
Net cash provided by / (used in) Investing Activities
|
(60,287
|
)
|
(4,814
|
)
| ||||
Cash Flows from Financing Activities:
| ||||||||
Proceeds from bank loans, leases and notes
|
39,000
|
-
| ||||||
Loan and lease prepayments and repayments
|
(46,416
|
)
|
(52,756
|
)
| ||||
Financing and debt extinguishment fees paid
|
(1,340
|
)
|
-
| |||||
Refund of financing premia
|
903
| |||||||
Dividends paid (Note 8)
|
-
|
(204,801
|
)
| |||||
Proceeds from issuance of common stock
|
-
|
4,350
| ||||||
Net cash provided by / (used in) Financing Activities
|
(7,853
|
)
|
(253,207
|
)
| ||||
Net increase/(decrease) in cash and cash equivalents and restricted cash
|
11,036
|
(28,865
|
)
| |||||
Cash and cash equivalents and restricted cash at beginning of period
|
195,531
|
473,271
| ||||||
Cash and cash equivalents and restricted cash at end of period
|
$
|
206,567
|
$
|
444,406
| ||||
SUPPLEMENTAL CASH FLOW INFORMATION:
| ||||||||
Cash paid during the period for:
| ||||||||
Interest
|
$
|
12,283
|
$
|
10,386
| ||||
Non-cash investing and financing activities:
| ||||||||
Shares issued in connection with vessel acquisitions
|
61,977
|
-
| ||||||
Vessel upgrades
|
2,876
|
1,619
| ||||||
Assumed debt upon acquisition
|
86,929
|
-
| ||||||
Reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of such items reported in the statements of cash flows:
| ||||||||
Cash and cash equivalents
|
$
|
189,127
|
$
|
424,124
| ||||
Restricted cash, current (Note 7)
|
12,419
|
18,261
| ||||||
Restricted cash, non-current (Note 7)
|
5,021
|
2,021
| ||||||
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows
|
$
|
206,567
|
$
|
444,406
|
The accompanying notes are integral part of these unaudited interim condensed consolidated financial statements
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
Twelve month periods ending
|
Amount
| |||
March 31, 2023
|
$
|
11,739
| ||
March 31, 2024
|
9,573
| |||
March 31, 2025
|
5,900
| |||
March 31, 2026
|
6,242
| |||
March 31, 2027
|
5,900
| |||
March 31, 2028 and thereafter
|
10,464
| |||
Total undiscounted lease payments
|
$
|
49,818
| ||
Discount based on incremental borrowing rate
|
(4,716
|
)
| ||
Present value of lease liability
|
45,102
| |||
Twelve month periods ending
|
Amount
| |||
March 31, 2023
|
$
|
287
| ||
March 31, 2024
|
153
| |||
March 31, 2025
|
31
| |||
March 31, 2026
|
-
| |||
March 31, 2027
|
-
| |||
March 31, 2028 and thereafter
|
-
| |||
Total undiscounted lease payments
|
$
|
471
| ||
Discount based on incremental borrowing rate
|
(1
|
)
| ||
Present value of lease liability
|
470
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
December 31, 2021
|
March 31, 2022
| |||||||
Due from related parties
| ||||||||
Oceanbulk Maritime and its affiliates
|
$
|
133
|
$
|
242
| ||||
Interchart
|
3
|
3
| ||||||
AOM
|
52
|
-
| ||||||
Starocean
|
34
|
34
| ||||||
Augustea Technoservices Ltd. and affiliates
|
-
|
487
| ||||||
Product Shipping & Trading S.A.
|
20
|
-
| ||||||
Due from related parties
|
$
|
242
|
$
|
766
| ||||
Due to related parties
| ||||||||
Combine Marine Ltd.
|
$
|
18
|
$
|
-
| ||||
Management and Directors Fees
|
159
|
12
| ||||||
Hartree Marine Fuels LLC
|
-
|
1,293
| ||||||
Augustea Technoservices Ltd. and affiliates
|
877
|
-
| ||||||
Iblea Ship Management Limited
|
372
|
1,418
| ||||||
Due to related parties
|
$
|
1,426
|
$
|
2,723
| ||||
Statements of Operations
| ||||||||
Three months ended March 31,
| ||||||||
2021
|
2022
| |||||||
Voyage expenses:
| ||||||||
Voyage expenses-Interchart
|
$
|
(945
|
)
|
$
|
(3,870
|
)
| ||
Voyage expenses- Augustea Technoservices Ltd. and affiliates
|
(66
|
)
|
-
| |||||
Voyage expenses - Hartree Marine Fuels LLC
|
-
|
(3,659
|
)
| |||||
General and administrative expenses:
| ||||||||
Consultancy fees
|
$
|
(136
|
)
|
$
|
(137
|
)
| ||
Directors compensation
|
(45
|
)
|
(45
|
)
| ||||
Office rent - Combine Marine Ltd. & Alma Properties
|
(11
|
)
|
(10
|
)
| ||||
General and administrative expenses - Oceanbulk Maritime and its affiliates
|
(49
|
)
|
(52
|
)
| ||||
Management fees:
| ||||||||
Management fees- Augustea Technoservices Ltd. and affiliates (f)
|
$
|
(1,620
|
)
|
$
|
(1,122
|
)
| ||
Management fees- Iblea Ship Management Limited
|
-
|
(400
|
)
| |||||
Charter-in hire expenses:
| ||||||||
Charter - in hire expenses - AOM
|
$
|
(1,761
|
)
|
$
|
-
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
December 31, 2021
|
March 31, 2022
| |||||||
Lubricants
|
$
|
12,522
|
$
|
13,775
| ||||
Bunkers
|
62,555
|
70,232
| ||||||
Total
|
$
|
75,077
|
$
|
84,007
| ||||
Cost
|
Accumulated depreciation
|
Net Book Value
| ||||||||||
Balance, December 31, 2021
|
$
|
3,818,440
|
$
|
(805,402
|
)
|
$
|
3,013,038
| |||||
- Acquisition of other fixed assets, vessel improvements and other vessel costs
|
8,033
|
-
|
8,033
| |||||||||
- Depreciation for the period
|
-
|
(38,461
|
)
|
(38,461
|
)
| |||||||
Balance, March 31, 2022
|
$
|
3,826,473
|
$
|
(843,863
|
)
|
$
|
2,982,610
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
Twelve month periods ending
|
Amount
| |||
March 31, 2023
|
$
|
50,434
| ||
March 31, 2024
|
47,934
| |||
March 31, 2025
|
46,798
| |||
March 31, 2026
|
81,301
| |||
March 31, 2027
|
97,236
| |||
March 31, 2028 and thereafter
|
122,010
| |||
Total bareboat lease minimum payments
|
$
|
445,713
| ||
Unamortized lease issuance costs
|
(4,979
|
)
| ||
Total bareboat lease minimum payments, net
|
$
|
440,734
| ||
Lease financing short term
|
50,434
| |||
Lease financing long term, net of unamortized lease issuance costs
|
390,300
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
Twelve month periods ending
|
Amount
| |||
March 31, 2023
|
$
|
155,396
| ||
March 31, 2024
|
244,901
| |||
March 31, 2025
|
211,705
| |||
March 31, 2026
|
174,445
| |||
March 31, 2027
|
210,540
| |||
March 31, 2028 and thereafter
|
62,443
| |||
Total Long-term bank loans
|
$
|
1,059,430
| ||
Unamortized loan issuance costs
|
(9,862
|
)
| ||
Total Long-term bank loans, net
|
$
|
1,049,568
| ||
Current portion of long-term bank loans
|
155,396
| |||
Long-term bank loans, net of current portion and unamortized loan issuance costs
|
894,172
|
Three months ended March 31
| |||||
2021
|
2022
| ||||
Interest on financing agreements
|
$
|
11,850
|
$
|
10,046
| |
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 12)
|
442
|
379
| |||
Amortization of debt (loan, lease & notes) issuance costs
|
1,815
|
1,339
| |||
Other bank and finance charges
|
333
|
318
| |||
Interest and finance costs
|
$
|
14,440
|
$
|
12,082
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
Three months ended March 31,
| ||||||||
2021
|
2022
| |||||||
Income / (Loss) :
| ||||||||
Net income / (loss)
|
$
|
35,763
|
$
|
170,364
| ||||
Basic earnings / (loss) per share:
| ||||||||
Weighted average common shares outstanding, basic
|
98,712,581
|
101,981,583
| ||||||
Basic earnings / (loss) per share
|
$
|
0.36
|
$
|
1.67
| ||||
Effect of dilutive securities:
| ||||||||
Dillutive effect of non vested shares
|
307,363
|
276,090
| ||||||
Weighted average common shares outstanding, diluted
|
99,019,944
|
102,257,673
| ||||||
Diluted earnings / (loss) per share
|
$
|
0.36
|
$
|
1.67
|
Number of shares
|
Weighted Average Grant Date Fair Value
| |||||||
Unvested as at January 1, 2022
|
335,329
|
$
|
10.65
| |||||
Granted
|
-
|
-
| ||||||
Vested
|
-
|
-
| ||||||
Unvested as at March 31, 2022
|
335,329
|
$
|
10.65
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
Twelve month periods ending March 31,
| ||||||||||||||||||||||||||||
+ inflows/ - outflows
|
Total
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028 and thereafter
| |||||||||||||||||||||
Future, minimum, non-cancellable charter revenue (1)
|
$
|
68,459
|
$
|
68,459
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
| ||||||||||||||
Total
|
$
|
68,459
|
$
|
68,459
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
| ||||||||||||||
(1) |
The amounts represent the minimum contractual charter revenues to be generated from the existing, as of March 31, 2022, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days other than those related to scheduled interim and special surveys of the vessels.
|
Twelve month periods ending March 31,
| |||||||||||||||||||||
+ inflows/ - outflows
|
Total
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028 and thereafter
| ||||||||||||||
Vessel BWTS and ESD (1)
|
(19,558)
|
(17,154)
|
(2,404)
|
-
|
-
|
-
|
-
| ||||||||||||||
Total
|
$
|
(19,558)
|
$
|
(17,154)
|
$
|
(2,404)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
(1) |
The amounts represent the Company's commitments as of March 31, 2022, for vessel upgrades (BWTS and ESD).
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
Three months ended March 31,
| ||||||||
2021
|
2022
| |||||||
Consolidated Statement of Operations
| ||||||||
Interest and finance costs
| ||||||||
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 7)
|
(442
|
)
|
(379
|
)
| ||||
Total Gain/(loss) recognized
|
$
|
(442
|
)
|
$
|
(379
|
)
| ||
Gain/(loss) on forward freight agreements and bunker swaps, net
| ||||||||
Realized gain/(loss) on forward freight agreements and freight options
|
(891
|
)
|
5,523
| |||||
Realized gain/(loss) on bunker swaps
|
-
|
(4,086
|
)
| |||||
Unrealized gain/(loss) on forward freight agreements and freight options
|
(1,194
|
)
|
(4,353
|
)
| ||||
Unrealized gain/(loss) on bunker swaps
|
-
|
293
| ||||||
Total Gain/(loss) recognized
|
$
|
(2,085
|
)
|
$
|
(2,623
|
)
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
Significant Other Observable Inputs (Level 2)
| |||||||||||||||||
December 31, 2021
|
March 31, 2022
| ||||||||||||||||
Balance Sheet Location
|
(not designated as cash flow hedges)
|
(designated as cash flow hedges)
|
(not designated as cash flow hedges)
|
(designated as cash flow hedges)
| |||||||||||||
ASSETS
| |||||||||||||||||
Forward freight agreements - current
|
Derivatives, current asset portion
|
$
|
1,440
|
-
|
$
|
-
|
222
| ||||||||||
Bunker swaps - current
|
Derivatives, current asset portion
|
$
|
7
|
-
|
$
|
-
|
-
| ||||||||||
Forward freight agreements - non-current
|
Derivatives, non-current asset portion
|
$
|
150
|
-
|
$
|
-
|
113
| ||||||||||
Total
|
$
|
1,597
|
-
|
$
|
-
|
334
| |||||||||||
LIABILITIES
| |||||||||||||||||
Forward freight agreements - current
|
Derivatives, current asset portion
|
$
|
-
|
-
|
$
|
-
|
3,098
| ||||||||||
Bunker swaps - current
|
Derivatives, current asset portion
|
$
|
300
|
-
|
$
|
-
|
-
| ||||||||||
Total
|
$
|
300
|
-
|
$
|
-
|
3,098
|
Significant Other Observable Inputs (Level 2)
| |||||||||||||||||
December 31, 2021
|
March 31, 2022
| ||||||||||||||||
Balance Sheet Location
|
(not designated as cash flow hedges)
|
(designated as cash flow hedges)
|
(not designated as cash flow hedges)
|
(designated as cash flow hedges)
| |||||||||||||
ASSETS
| |||||||||||||||||
Interest rate swaps - current
|
Derivatives, current asset portion
|
$
|
-
|
549
|
$
|
-
|
8,682
| ||||||||||
Interest rate swaps - non-current
|
Derivatives, non-current asset portion
|
$
|
-
|
6,763
|
$
|
-
|
14,927
| ||||||||||
Total
|
$
|
-
|
7,312
|
$
|
-
|
23,609
| |||||||||||
LIABILITIES
| |||||||||||||||||
Interest rate swaps - current
|
Derivatives, current liability portion
|
$
|
-
|
443
|
$
|
-
|
-
| ||||||||||
Total
|
$
|
-
|
443
|
$
|
-
|
-
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
Three months ended March 31,
| ||||||||
2021
|
2022
| |||||||
Time charters
|
$
|
95,087
|
$
|
198,630
| ||||
Voyage charters
|
105,897
|
158,292
| ||||||
Pool revenues
|
(517
|
)
|
3,961
| |||||
$
|
200,467
|
$
|
360,883
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements March 31, 2022
• |
On May 24, 2022, pursuant to the Company's dividend policy, the Company's Board of Directors declared a quarterly cash dividend of $1.65 per share payable on or about June 16, 2022 to all shareholders of record as of June 3, 2022. The ex-dividend date is expected to be June 2, 2022.
|
• |
Subsequent to March 31, 2022, the Company issued and sold 506,792 common shares through the effective at-the-market offering programs for net proceeds of $15,442. In addition, subsequent to March 31, 2022, the Company repurchased 450,011 shares under the authorized share repurchase program (the "Share Repurchase Program") in open market transactions at an average price of $26.07 per share, for an aggregate consideration of $11,731. The repurchased shares were cancelled and removed from the Company's share capital.
|
• |
On May 24, 2022, the Company repaid the outstanding amounts of $83.6 million under the lease agreements of the Eneti Acquisition Vessels acquired in February 2021. The Company has received credit committee approval from a major European Bank for an amount of up to $100.0 million to replenish the cash used for the prepayment of the outstanding lease amounts of the aforementioned vessels and refinance two additional vessels with an outstanding debt balance of $16.1 million as of the date of the Company's unaudited interim condensed consolidated financial statements for the three months ended March 31, 2022.
|
• |
Subsequent to March 31, 2022, the Company's Board of Directors adopted the 2022 Equity Incentive Plan (the "2022 Plan") and reserved for issuance 810,000 common shares thereunder, all of whichwere granted to certain directors, officers and employees.
|
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Star Bulk Carriers Corporation published this content on 25 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2022 16:11:58 UTC.