STEALTHGAS INC. STRATEGIC, OPERATIONAL AND FINANCIAL HIGHLIGHTS1
- Successful spin-off of our four tankers concluded on
December 3, 2021 to a new listed entity called Imperial Petroleum Inc. - This spin-off allows the creation of two businesses in distinct sectors of the shipping industry, LPG carriers and tankers.
- Fleet utilization of 97.4% - with 101 days of technical off hire mainly as a result of the completion of two drydockings with two ballast water system installations and the partial completion of another two drydockings within Q3 2021.
- Fleet operational utilization of 94.1%, a softer performance compared to the second quarter of 2021, mainly due increased number of commercial idle days.
- About 77% of fleet days secured on period charters for the first quarter of 2022, with total fleet employment days for all subsequent periods generating approximately
$66 million (excl. JV vessels) in contracted revenues. Period coverage for the remainder of Q4 21’ is 93%. - Voyage revenues of
$37.5 million in Q3 21’, an increase of$0.4 million compared to Q3 20’ mostly due to a reduction of bareboat activity by 383 days where revenues are by default lower than time charter and spot revenue, partially offset by a decrease in spot revenues. - Net Income of
$1.2 million for Q3 21’ corresponding to an EPS of$0.03 . - Adjusted Net Income1 of
$1.8 million for Q3 21’ corresponding to an Adjusted EPS1 of$0.05 . - Adjusted EBITDA1 of
$14.6 million in Q3 21’ compared to$15.8 million in Q3 20’- mainly due to higher voyage and operating costs. - Low gearing, as debt to assets stands at 36.6%, and reduction in finance costs by
$1.5 million for the nine months endedSeptember 30, 2021 compared to the same period of last year. - Total cash, including restricted cash, of
$57.3 million as ofSeptember 30, 2021 - with no capital expenditure commitments in the near future.
____________________________
1 Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.
Third Quarter 2021 Results:
- Revenues for the three months ended
September 30, 2021 amounted to$37.5 million , an increase of$0.4 million , or 1.1%, compared to revenues of$37.1 million for the three months endedSeptember 30, 2020 , mainly due to four fewer vessels on bareboat, which are now operating either on spot or under a time charter contract, offset by a decline in spot revenues due to a rise in commercial idle days. - Voyage expenses and vessels’ operating expenses for the three months ended
September 30, 2021 were$4.5 million and$15.5 million , respectively, compared to$3.8 million and$13.8 million , respectively, for the three months endedSeptember 30, 2020 . The$0.7 million increase in voyage expenses, in spite of the decline of spot days by 32%, is attributed to the sharp rise of daily bunker costs by 53%. The 12.3% increase in vessels’ operating expenses compared to the same period of 2020, is a result of four fewer vessels on bareboat, which vessels are now operating either on time charter or in the spot market along with a further increase of our daily crew costs due to the COVID-19 pandemic. - General and administrative expenses for the three months ended
September 30, 2021 and 2020 were$1.2 million and$0.6 million , respectively. This$0.6 million increase compared to the same period of last year is due to stock compensation costs along with costs related to the spin-off transaction. - Drydocking costs for the three months ended
September 30, 2021 and 2020 were$1.8 million and$2.3 million , respectively. Drydocking expenses during the third quarter of 2021 relate to the completion of two drydockings with two ballast water system installations and the partial completion of another two drydockings compared to the drydocking in progress of five vessels in the same period of last year. - Depreciation for the three months ended
September 30, 2021 and 2020 was$9.4 million and$9.4 million , respectively, as there was only a slight decrease in the average number of our vessels. - Impairment loss for the three months ended
September 30, 2021 was nil. Impairment loss for the three months endedSeptember 30, 2020 was$2.5 million relating to the sale of one of our vessels. - Interest and finance costs for the three months ended
September 30, 2021 and 2020 were$3.4 million and$3.1 million , respectively. Although interest charges declined compared to the same period of last year, we incurred about$0.6 million of prepayment and arrangement fees in relation to loan refinancings. - Equity earnings in joint ventures for the three months ended
September 30, 2021 and 2020 was$1.3 million and$0.6 million , respectively. The$0.7 million increase from the same period of last year is mainly due to improved profitability stemming from the operation of both of our joint venture arrangements. - As a result of the above, for the three months ended
September 30, 2021 , the Company reported net income of$1.2 million , compared to net income of$0.8 million for the three months endedSeptember 30, 2020 . The weighted average number of shares outstanding for the three months endedSeptember 30, 2021 and 2020 was 37.9 million and 37.9 million, respectively. - Earnings per share, basic and diluted, for the three months ended
September 30, 2021 amounted to$0.03 compared to earnings per share of$0.02 for the same period of last year. - Adjusted net income was
$1.8 million or$0.05 per share for the three months endedSeptember 30, 2021 compared to adjusted net income of$3.2 million or$0.08 per share for the same period of last year. - EBITDA for the three months ended
September 30, 2021 amounted to$14.0 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. - An average of 41.8 vessels were owned by the Company during the three months ended
September 30, 2021 compared to 42.0 vessels for the same period of 2020.
Nine Months 2021 Results:
- Revenues for the nine months ended
September 30, 2021 , amounted to$114.2 million , an increase of$6.5 million , or 6.0%, compared to revenues of$107.7 million for the nine months endedSeptember 30, 2020 , primarily due to the reduction of our bareboat activity by 53.2% (equivalent to 1,549 days) where revenues are inherently lower, along with an increase in spot days. - Voyage expenses and vessels’ operating expenses for the nine months ended
September 30, 2021 were$17.4 million and$46.4 million , respectively, compared to$8.7 million and$38.6 million for the nine months endedSeptember 30, 2020 . The$8.7 million increase in voyage expenses was mainly due to the 70% (or 1,061 days) increase of spot days. The$7.8 million increase in vessels’ operating expenses, is due to the seven vessels (six small LPGs and our aframax tanker), previously on bareboat, now operating either on time charter or in the spot market for which we incur operating costs along with a rise of crew related costs due to the COVID-19 pandemic. - General and administrative expenses for the nine months ended
September 30, 2021 and 2020 were$3.1 million and$1.6 million , respectively. This$1.5 million increase compared to the same period of last year is primarily due to to stock compensation costs along with costs related to the spin off transaction. - Drydocking costs for the nine months ended
September 30, 2021 and 2020 were$4.4 million and$2.7 million , respectively. The costs for the nine months endedSeptember 30, 2021 mainly related to the drydocking of six small LPG vessels, while the costs for the same period of last year related to the drydocking of five vessels. - Depreciation for the nine months ended
September 30, 2021 , was$28.5 million , a$0.5 million increase from$28.0 million for the same period of last year, due to the slight increase in the average number of our vessels. - Impairment loss for the nine months ended
September 30, 2021 was$3.1 million relating to three vessels, one older vessel plus two vessels for which the Company has entered into separate agreements to sell them to third parties. Impairment loss for the nine months endedSeptember 30, 2020 was$3.1 million relating to two of its oldest vessels and one vessel for which the Company entered into an agreement to sell subsequent toSeptember 30, 2020 . - Interest and finance costs for the nine months ended
September 30, 2021 and 2020 were$9.5 million and$11.0 million respectively. The$1.5 million decrease from the same period of last year, is mostly due to the decline of LIBOR rates, partially offset by the incurrence of refinancing related costs. - Equity earnings in joint ventures for the nine months ended
September 30, 2021 and 2020 was$6.6 million and$3.2 million , respectively. The$3.4 million increase from the same period of last year is mainly due to the gain on sale of one of the vessels owned by the MGC joint venture arrangement. - As a result of the above, the Company reported a net income for the nine months ended
September 30, 2021 of$3.6 million , compared to a net income of$12.7 million for the nine months endedSeptember 30, 2020 . The weighted average number of shares outstanding for the nine months endedSeptember 30, 2021 and 2020 was 37.9 million and 38.5 million, respectively. Earnings per share for the nine months endedSeptember 30, 2021 amounted to$0.10 compared to earnings per share of$0.33 for the same period of last year. - Adjusted net income was
$7.2 million , or$0.19 per share, for the nine months endedSeptember 30, 2021 compared to adjusted net income of$15.8 million , or$0.41 per share, for the same period of last year. - EBITDA for the nine months ended
September 30, 2021 amounted to$41.6 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. An average of 41.8 vessels were owned by the Company during the nine months endedSeptember 30, 2021 , compared to 41.4 vessels for the same period of 2020. - As of
September 30, 2021 , cash and cash equivalents amounted to$43.1 million and total debt amounted to$344.7 million . During the nine months endedSeptember 30, 2021 debt repayments amounted to$114.9 million .
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements:
- A one-year time charter for its 2015 built LPG carrier the Eco Galaxy, to an Oil Major up until
December 2022 . - A one-year time charter extension for its 2014 built LPG carrier the Eco Invictus, to an Oil Major up until
November 2022 . - A one-year time charter for its 2021 built LPG carrier the Eco Blizzard, to an International LPG Trader up until
October 2022 . - A six months’ time charter extension for its 2015 built LPG carrier the Eco Dream, to an Oil Major up until
June 2022 . - A five months’ time charter extension for its 2016 built LPG carrier the Eco Czar, to an International LPG Trader up until
June 2022 . - A six months’ time charter for its 2011 built LPG carrier the Gas Elixir, to an Oil Major up until
March 2022 . - A five months’ time charter for its 2016 built LPG carrier the Eco Dominator, to an International LPG trader up until
March 2022 . - A three months’ time charter for its 2011 built LPG carrier the Gas Cerberus, to an International Petrochemical trader up until
February 2022 . - A two months’ time charter for its 2012 built LPG carrier the Gas Husky, to an Oil Major up until
February 2022 .
With these charters, the Company has total contracted revenues of approximately
For the year 2022, the Company has about 39% of fleet days secured under period contracts.
Board Chairman Michael Jolliffe Commented
We are pleased with the successful completion of our tankers spin-off to a newly listed entity called Imperial Petroleum. With regards to
Focusing on GASS results in the third quarter of 2021- these were primarily undermined by the weak spot market and particularly the increased commercial off hire days. As the market improved from September onwards, we took the opportunity to fix almost all of our fleet on period charters and soundly position ourselves for the upcoming quarters. Regardless of the LPG market improvement evident this past couple of months, the biggest global concern is still the COVID-19 pandemic. New variants might potentially heavily impact the market in the short term; And that’s why we have chosen to be defensive with low leverage and having only a few ships operating in the spot market.
Conference Call details:
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About
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although
Risks and uncertainties are further described in reports filed by
For information on our fleet and further information:
Visit our website at www.stealthgas.com
Company Contact:
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
| FLEET DATA | Q3 2020 | Q3 2021 | 9M 2020 | 9M 2021 | ||||
| Average number of vessels (1) | 42.01 | 41.83 | 41.38 | 41.81 | ||||
| Period end number of owned vessels in fleet | 43 | 41 | 43 | 41 | ||||
| Total calendar days for fleet (2) | 3,865 | 3,848 | 11,419 | 11,415 | ||||
| Total voyage days for fleet (3) | 3,746 | 3,747 | 11,266 | 11,192 | ||||
| Fleet utilization (4) | 96.9% | 97.4% | 98.7% | 98.0% | ||||
| Total charter days for fleet (5) | 2,945 | 3,203 | 9,742 | 8,607 | ||||
| Total spot market days for fleet (6) | 801 | 544 | 1,524 | 2,585 | ||||
| Fleet operational utilization (7) | 96.0% | 94.1% | 97.0% | 94.5% |
1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.
Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before gain/loss on derivatives excluding swap interest paid, impairment loss, net loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net loss on sale of vessels, share based compensation and loss on derivatives.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under
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 except number of shares) | Third Quarter Ended | Nine Months Period Ended | ||||||
| 2020 | 2021 | 2020 | 2021 | |||||
| Net Income - Adjusted Net Income | ||||||||
| Net income | 788,496 | 1,227,081 | 12,724,522 | 3,609,145 | ||||
| (Less)/Plus (gain)/loss on derivatives | (18,899 | ) | (11,471 | ) | 21,411 | (17,788 | ) | |
| Less swap interest received | (54,047 | ) | -- | (64,690 | ) | (141,446 | ) | |
| Plus loss on sale of vessel, net | -- | 304,210 | -- | 304,210 | ||||
| Plus impairment loss | 2,489,333 | -- | 3,142,412 | 3,096,391 | ||||
| Plus share based compensation | -- | 280,284 | -- | 354,202 | ||||
| Adjusted Net Income | 3,204,883 | 1,800,104 | 15,823,655 | 7,204,714 | ||||
| Net income - EBITDA | ||||||||
| Net income | 788,496 | 1,227,081 | 12,724,522 | 3,609,145 | ||||
| Plus interest and finance costs | 3,069,385 | 3,411,631 | 10,993,227 | 9,528,134 | ||||
| Less interest income | (1,591 | ) | (202 | ) | (153,079 | ) | (2,979 | ) |
| Plus depreciation | 9,430,419 | 9,357,522 | 27,998,487 | 28,487,574 | ||||
| EBITDA | 13,286,709 | 13,996,032 | 51,563,157 | 41,621,874 | ||||
| Net income - Adjusted EBITDA | ||||||||
| Net income | 788,496 | 1,227,081 | 12,724,522 | 3,609,145 | ||||
| (Less)/Plus (gain)/loss on derivatives | (18,899 | ) | (11,471 | ) | 21,411 | (17,788 | ) | |
| Plus loss on sale of vessel, net | -- | 304,210 | -- | 304,210 | ||||
| Plus impairment loss | 2,489,333 | -- | 3,142,412 | 3,096,391 | ||||
| Plus share based compensation | -- | 280,284 | -- | 354,202 | ||||
| Plus interest and finance costs | 3,069,385 | 3,411,631 | 10,993,227 | 9,528,134 | ||||
| Less interest income | (1,591 | ) | (202 | ) | (153,079 | ) | (2,979 | ) |
| Plus depreciation | 9,430,419 | 9,357,522 | 27,998,487 | 28,487,574 | ||||
| Adjusted EBITDA | 15,757,143 | 14,569,055 | 54,726,980 | 45,358,889 | ||||
| EPS - Adjusted EPS | ||||||||
| Net income | 788,496 | 1,227,081 | 12,724,522 | 3,609,145 | ||||
| Adjusted net income | 3,204,883 | 1,800,104 | 15,823,655 | 7,204,714 | ||||
| Weighted average number of shares | 37,858,437 | 37,858,437 | 38,525,594 | 37,858,437 | ||||
| EPS - Basic and Diluted | 0.02 | 0.03 | 0.33 | 0.10 | ||||
| Adjusted EPS | 0.08 | 0.05 | 0.41 | 0.19 | ||||
Unaudited Consolidated Statements of Income (Expressed in | ||||||||||||
| Quarters Ended | Nine Month Periods Ended | |||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||
| Revenues | ||||||||||||
| Revenues | 37,079,960 | 37,485,600 | 107,708,562 | 114,151,131 | ||||||||
| Expenses | ||||||||||||
| Voyage expenses | 3,350,502 | 4,060,113 | 7,409,136 | 15,993,168 | ||||||||
| Voyage expenses - related party | 458,863 | 463,123 | 1,332,033 | 1,418,297 | ||||||||
| Charter hire expenses | -- | -- | 318,606 | -- | ||||||||
| Vessels' operating expenses | 13,588,561 | 15,219,195 | 37,937,668 | 45,609,845 | ||||||||
| Vessels' operating expenses - related party | 247,000 | 287,750 | 697,000 | 809,250 | ||||||||
| Drydocking costs | 2,302,754 | 1,793,763 | 2,703,931 | 4,431,944 | ||||||||
| Management fees - related party | 1,434,930 | 1,489,338 | 4,106,010 | 4,417,904 | ||||||||
| General and administrative expenses | 573,200 | 1,209,098 | 1,643,825 | 3,050,282 | ||||||||
| Depreciation | 9,430,419 | 9,357,522 | 27,998,487 | 28,487,574 | ||||||||
| Impairment loss | 2,489,333 | -- | 3,142,412 | 3,096,391 | ||||||||
| Net loss on sale of vessel | -- | 304,210 | -- | 304,210 | ||||||||
| Total expenses | 33,875,562 | 34,184,112 | 87,289,108 | 107,618,865 | ||||||||
| Income from operations | 3,204,398 | 3,301,488 | 20,419,454 | 6,532,266 | ||||||||
| Other (expenses)/income | ||||||||||||
| Interest and finance costs | (3,069,385 | ) | (3,411,631 | ) | (10,993,227 | ) | (9,528,134 | ) | ||||
| Gain/(loss) on derivatives | 18,899 | 11,471 | (21,411 | ) | 17,788 | |||||||
| Interest income | 1,591 | 202 | 153,079 | 2,979 | ||||||||
| Foreign exchange loss | (5,762 | ) | (12,575 | ) | (2,392 | ) | (53,892 | ) | ||||
| Other expenses, net | (3,054,657 | ) | (3,412,533 | ) | (10,863,951 | ) | (9,561,259 | ) | ||||
| Income/(Loss) before equity in earnings of investees | 149,741 | (111,045 | ) | 9,555,503 | (3,028,993 | ) | ||||||
| Equity earnings in joint ventures | 638,755 | 1,338,126 | 3,169,019 | 6,638,138 | ||||||||
| Net Income | 788,496 | 1,227,081 | 12,724,522 | 3,609,145 | ||||||||
| Earnings per share | ||||||||||||
| - Basic & Diluted | 0.02 | 0.03 | 0.33 | 0.10 | ||||||||
| Weighted average number of shares | ||||||||||||
| - Basic & Diluted | 37,858,437 | 37,858,437 | 38,525,594 | 37,858,437 | ||||||||
Unaudited Consolidated Balance Sheets (Expressed in | ||||||
| 2020 | 2021 | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 38,242,411 | 43,077,098 | ||||
| Trade and other receivables | 3,602,764 | 3,797,638 | ||||
| Other current assets | 309,608 | 131,070 | ||||
| Claims receivable | 120,547 | 62,652 | ||||
| Inventories | 3,687,098 | 4,242,993 | ||||
| Advances and prepayments | 782,125 | 1,255,730 | ||||
| Restricted cash | 1,308,971 | 1,441,481 | ||||
| Vessel held for sale | -- | 12,250,000 | ||||
| Total current assets | 48,053,524 | 66,258,662 | ||||
| Non current assets | ||||||
| Advances for vessels under construction | 6,539,115 | -- | ||||
| Operating lease right-of-use assets | -- | 126,420 | ||||
| Vessels, net | 832,335,059 | 811,576,676 | ||||
| Other receivables | 26,427 | -- | ||||
| Restricted cash | 13,488,820 | 12,804,714 | ||||
| Investments in joint ventures | 43,177,657 | 51,634,471 | ||||
| Deferred finance charges | 385,705 | -- | ||||
| Total non current assets | 895,952,783 | 876,142,281 | ||||
| Total assets | 944,006,307 | 942,400,943 | ||||
| Liabilities and Stockholders' Equity | ||||||
| Current liabilities | ||||||
| Payable to related parties | 4,659,861 | 3,117,297 | ||||
| Trade accounts payable | 9,974,751 | 12,175,928 | ||||
| Accrued and other liabilities | 3,773,499 | 3,765,012 | ||||
| Operating lease liabilities | -- | 100,425 | ||||
| Customer deposits | 968,000 | 368,000 | ||||
| Deferred income | 2,995,657 | 4,452,158 | ||||
| Fair value of derivatives | 141,447 | -- | ||||
| Current portion of long-term debt | 40,547,892 | 50,284,936 | ||||
| Current portion of long-term debt associated with vessel held for sale | -- | 7,349,325 | ||||
| Total current liabilities | 63,061,107 | 81,613,081 | ||||
| Non current liabilities | ||||||
| Fair value of derivatives | 5,099,464 | 3,940,580 | ||||
| Operating lease liabilities | -- | 25,995 | ||||
| Deferred income | -- | 88,126 | ||||
| Long-term debt | 311,249,321 | 287,032,302 | ||||
| Total non current liabilities | 316,348,785 | 291,087,003 | ||||
| Total liabilities | 379,409,892 | 372,700,084 | ||||
| Commitments and contingencies | -- | -- | ||||
| Stockholders' equity | ||||||
| Capital stock | 431,836 | 435,274 | ||||
| (25,373,380 | ) | (25,373,380 | ) | |||
| Additional paid-in capital | 499,564,087 | 499,914,851 | ||||
| Retained earnings | 94,926,695 | 98,535,840 | ||||
| Accumulated other comprehensive loss | (4,952,823 | ) | (3,811,726 | ) | ||
| Total stockholders' equity | 564,596,415 | 569,700,859 | ||||
| Total liabilities and stockholders' equity | 944,006,307 | 942,400,943 | ||||
Unaudited Consolidated Statements of Cash Flows (Expressed in | ||||||
| Nine Month Periods Ended | ||||||
| 2020 | 2021 | |||||
| Cash flows from operating activities | ||||||
| Net income for the period | 12,724,522 | 3,609,145 | ||||
| Adjustments to reconcile net income to net cash | ||||||
| provided by operating activities: | ||||||
| Depreciation | 27,998,487 | 28,487,574 | ||||
| Amortization of deferred finance charges | 529,971 | 914,717 | ||||
| Amortization of operating lease right-of-use assets | 450,505 | 67,386 | ||||
| Share based compensation | -- | 354,202 | ||||
| Change in fair value of derivatives | (43,279 | ) | (159,234 | ) | ||
| Equity earnings in joint ventures | (3,169,019 | ) | (6,638,138 | ) | ||
| Impairment loss | 3,142,412 | 3,096,391 | ||||
| Loss on sale of vessel | -- | 304,210 | ||||
| Changes in operating assets and liabilities: | ||||||
| (Increase)/decrease in | ||||||
| Trade and other receivables | 858,250 | (168,447 | ) | |||
| Other current assets | (180,348 | ) | 178,538 | |||
| Claims receivable | 159,565 | 57,895 | ||||
| Inventories | (724,723 | ) | (555,895 | ) | ||
| Changes in operating lease liabilities | (450,505 | ) | (67,386 | ) | ||
| Advances and prepayments | 51,662 | (473,605 | ) | |||
| Increase/(decrease) in | ||||||
| Balances with related parties | 8,915,017 | (1,542,564 | ) | |||
| Trade accounts payable | 1,898,448 | 2,364,066 | ||||
| Accrued liabilities | (1,781,467 | ) | 166,577 | |||
| Deferred income | 590,376 | 1,544,627 | ||||
| Net cash provided by operating activities | 50,969,874 | 31,540,059 | ||||
| Cash flows from investing activities | ||||||
| Vessels’ acquisitions and advances for vessels under construction | (47,914,966 | ) | (24,941,957 | ) | ||
| Proceeds from sale of vessel, net | -- | 7,795,790 | ||||
| Investment in joint ventures | (41,998,500 | ) | (3,348,675 | ) | ||
| Return of investments from joint ventures | 26,781,000 | 1,530,000 | ||||
| Advances to joint ventures | (29,245 | ) | -- | |||
| Advances from joint ventures | 29,245 | -- | ||||
| Net cash used in investing activities | (63,132,466 | ) | (18,964,842 | ) | ||
| Cash flows from financing activities | ||||||
| Stock repurchase | (3,880,930 | ) | -- | |||
| Deferred finance charges paid | (462,259 | ) | (1,267,766 | ) | ||
| Advances from joint ventures | 1,837,299 | -- | ||||
| Advances to joint ventures | (5,841,672 | ) | -- | |||
| Customer deposits paid | -- | (600,000 | ) | |||
| Loan repayments | (31,155,678 | ) | (114,855,610 | ) | ||
| Proceeds from long-term debt | 11,505,000 | 108,431,250 | ||||
| Net cash used in financing activities | (27,998,240 | ) | (8,292,126 | ) | ||
| Net (decrease)/increase in cash, cash equivalents and restricted cash | (40,160,832 | ) | 4,283,091 | |||
| Cash, cash equivalents and restricted cash at beginning of year | 82,120,332 | 53,040,202 | ||||
| Cash, cash equivalents and restricted cash at end of period | 41,959,500 | 57,323,293 | ||||
| Cash breakdown | ||||||
| Cash and cash equivalents | 27,585,637 | 43,077,098 | ||||
| Restricted cash, current | 976,785 | 1,441,481 | ||||
| Restricted cash, non current | 13,397,078 | 12,804,714 | ||||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 41,959,500 | 57,323,293 | ||||
2021 GlobeNewswire, Inc., source
