Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in the Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
Press Release dated February 23, 2017: Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months 2016 Results
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: February 24, 2017
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SAFE BULKERS, INC.
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By:
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/s/ Konstantinos Adamopoulos
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Name:
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Konstantinos Adamopoulos
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Title:
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Chief Financial Officer
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![[F022317SB6K002.GIF]](http://content.edgar-online.com/edgar_conv_img/2017/02/24/0001317861-17-000013_F022317SB6K002.GIF)
Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months 2016 Results
Monaco – February 23, 2017
-- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and twelve month period ended December 31, 2016.
Summary of Fourth Quarter 2016 Results
·
Net revenues for the fourth quarter of 2016 increased by 6% to $31.7 million from $29.9 million during the same period in 2015.
·
Net loss for the fourth quarter of 2016 was $4.6 million as compared to $29.9 million, during the same period in 2015. Adjusted net loss
1
for the fourth quarter of 2016 was $4.1 million as compared to adjusted net loss of $7.7 million, during the same period in 2015.
·
EBITDA
1
for the fourth quarter of 2016 amounted to earnings of $13.1 million as compared to a loss of $13.1 million during the same period in 2015.
Adjusted EBITDA
3
for the fourth quarter of 2016 increased by 49% to $13.6 million from $9.1 million during the same period in 2015.
·
Loss per share
4
and adjusted loss per share
4
for the fourth quarter of 2016 were $0.09 and $0.09 respectively, calculated on a weighted average number of 87,364,672 shares, as compared to loss per share of $0.40 and adjusted loss per share of $0.13 during the same period in 2015, calculated on a weighted average number of 83,504,266 shares.
Summary of Twelve Months Ended December 31, 2016 Results
·
Net revenues for the twelve months of 2016 decreased by 14% to $109.8 million as compared to $127.3 million during the same period in 2015.
·
Net loss for the twelve months of 2016 was $56.0 million as compared to $47.9 million during the same period in 2015. Adjusted net loss for the twelve
months of 2016 was $36.2 million as compared to adjusted net loss of $22.4 million, during the same period in 2015.
·
EBITDA for the twelve
months of 2016 increased by 16% to $15.6 million as compared to $13.5 million during the same period in 2015. Adjusted EBITDA for the twelve
months of 2016 decreased by 9% to $35.5 million as compared to $39.1 million during the same period in 2015.
·
Loss per share and adjusted loss per share for the twelve months of 2016 were $0.83 and $0.59, respectively, calculated on a weighted average number of 84,526,411 shares, as compared to loss per share
4
of $0.74 and adjusted loss per share of $0.44 during the same period in 2015, calculated on a weighted average number of 83,479,636 shares.
Additional offering
In December 2016, the Company concluded a public offering (the “Public Offering”) of 15,640,000 shares of common stock, par value $0.001 per share, at a price of $1.10 per share, which included 2,040,000 shares of common stock sold pursuant to the full exercise of the underwriters’ overallotment option. The aggregate gross proceeds to the Company from the Public Offering, including the sale of the overallotment shares, before the underwriting discount and other offering expenses, were approximately $17.2 million providing the Company with additional liquidity. An entity owned and controlled by our Chief Executive Officer and Chairman of our Board of Directors, Polys Hajioannou, purchased 2,727,272 shares of common stock in the Public Offering.
Fleet and Employment Profile
In January 2017, the Company took delivery of
Pedhoulas Rose
(
Hull No. 1146
), a 82,000 dwt, newbuild Kamsarmax class vessel. The delivery installment of $17.4 million was financed by a pre-agreed sale and leaseback arrangement of $24.8 million, which enhanced our liquidity. The sale and leaseback arrangement will be recorded as a financing transaction, and therefore, the vessel’s book value will be recorded under fixed assets and will be depreciated over time, and the sale proceeds will be recorded as debt on the Company’s balance sheet. The lease period is 10 years, based on a net daily bareboat charter rate of $6,500, with a purchase obligation on the Company at the end of the 10th year at a price of $14.5 million. The arrangement also includes purchase options in favor of the Company after the second year of the bareboat charter, at annual intervals and at predetermined purchase prices.
In January 2017, the Company took delivery of
Hull No. 1551,
a 81,600 dwt, newbuild Kamsarmax class vessel which was subsequently sold to our Chief Executive Officer and Chairman of our Board of Directors, Polys Hajioannou, pursuant to a previously disclosed agreement which had been evaluated and approved by a Special Committee of the Company’s Board of Directors, which committee was wholly comprised of independent members of the Board and advised by independent counsel. The commission of 1% of the contract price payable to the related party management company with respect to the newbuild, has been waived in Company’s favor.
As of February 17, 2017, our operational fleet comprised of 38 drybulk vessels with an average age of 6.6 years and an aggregate carrying capacity of 3,421,800 million dwt. The fleet consists of 14 Panamax class vessels, nine Kamsarmax class vessels, 12 post- Panamax class vessels and three Capesize class vessels, all built 2003 onwards.
As of February 17, 2017, we had contracted to acquire our last drybulk newbuild Kamsarmax class vessel, scheduled for delivery in 2018, upon delivery of which and assuming we do not acquire any additional vessels or dispose of any of our vessels, our fleet will comprise of 39 vessels, 11 of which will be eco-design vessels, having an aggregate carrying capacity of 3.5 million dwt.
Set out below is a table showing the Company’s existing and newbuild vessels and their contracted employment as of February 17, 2017:
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Vessel Name
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DWT
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Year Built
1
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Country of construction
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Charter Rate
2
USD/day
|
Charter Duration
3
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Panamax
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Maria
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76,000
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2003
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Japan
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6,500
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Aug 2016 – Jan 2018
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Koulitsa
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76,900
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2003
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Japan
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7,500
4
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Jan 2017 – Apr 2018
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Paraskevi
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74,300
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2003
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Japan
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5,600 7,400
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Aug 2016- Mar 2017 Apr 2017- Jun 2018
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Vassos
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76,000
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2004
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Japan
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7,500
5
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Jan 2017 – Mar 2018
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Katerina
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76,000
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2004
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Japan
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BPI
6
+ 6% 7,500
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Apr 2016 – Apr 2017 Apr 2017 – Jun 2018
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Maritsa
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76,000
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2005
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Japan
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6,750
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Jul 2016 – Jul 2017
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Efrossini
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75,000
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2012
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Japan
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8,500
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Feb 2017 – Aug 2017
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Zoe
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75,000
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2013
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Japan
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6,200
7
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Aug 2016 – Nov 2017
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Kypros Land
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77,100
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2014
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Japan
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10,500
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Feb 2017 – May 2017
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Kypros Sea
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77,100
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2014
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Japan
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9,000
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Dec 2016 – Jul 2017
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Kypros Bravery
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78,000
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2015
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Japan
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7,500
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Sep 2016 – Mar 2018
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Kypros Sky
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77,100
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2015
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Japan
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9,100
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Dec 2016 – Feb 2018
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Kypros Loyalty
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78,000
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2015
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Japan
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6,250
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Jun 2016 – Sep 2017
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Kypros Spirit
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78,000
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2016
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Japan
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6,000
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Jan 2017 – Feb 2017
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Kamsarmax
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Pedhoulas Merchant
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82,300
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2006
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Japan
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6,000
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Jun 2016 - Sep 2017
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Pedhoulas Trader
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82,300
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2006
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Japan
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6,200
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Jul 2016 – Sep 2017
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Pedhoulas Leader
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82,300
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2007
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Japan
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6,250
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Dec 2015- Mar 2017
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Pedhoulas Commander
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83,700
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2008
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Japan
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6,250
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Jan 2016 – May 2017
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Pedhoulas Builder
8
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81,600
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2012
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China
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7,550
8,400
9
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Jan 2017 – Mar 2017 Apr 2017 – Apr 2018
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Pedhoulas Fighter
8
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81,600
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2012
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China
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6,100
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Feb 2016 – Jun 2017
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Pedhoulas Farmer
8
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81,600
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2012
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China
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6,200
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Aug 2016 – Mar 2017
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Pedhoulas Cherry
8
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82,000
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2015
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China
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8,850
6,600
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Feb 2017 – Mar 2017
Mar 2017 – Oct 2018
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Pedhoulas Rose
8
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82,000
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2015
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China
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8,500
10
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Jan 2017 – Mar 2018
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Post-Panamax
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Marina
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87,000
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2006
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Japan
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6,200
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Dec 2015 – Feb 2017
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Xenia
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87,000
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2006
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Japan
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Sophia
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87,000
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2007
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Japan
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7,250
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Apr 2016 – Nov 2018
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Eleni
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87,000
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2008
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Japan
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9,750
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Feb 2017 – Aug 2017
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Martine
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87,000
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2009
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Japan
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BPI
6
+ 10%
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Apr 2015 – Apr 2017
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Andreas K
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92,000
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2009
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South Korea
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5,000
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Jan 2017 – Feb 2017
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Panayiota K
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92,000
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2010
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South Korea
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9,250
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Dec 2016 – Mar 2017
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Venus Heritage
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95,800
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2010
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Japan
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10,800
8,500
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Jan 2017 – Feb 2017 Mar 2017 – Oct 2017
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Venus History
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95,800
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2011
|
Japan
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5,850
8,750
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Jan 2017 – Feb 2017 Feb 2017 – Oct 2017
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Venus Horizon
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95,800
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2012
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Japan
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5,500
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Jan 2016 – Mar 2017
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Troodos Sun
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85,000
|
2016
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Japan
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10,000
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Jan 2017 – Apr 2017
|
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Troodos Air
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85,000
|
2016
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Japan
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12,500
|
Jan 2017 – Feb 2017
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Capesize
|
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Kanaris
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178,100
|
2010
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China
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25,928
|
Sep 2011 – Jun 2031
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Pelopidas
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176,000
|
2011
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China
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38,000
|
Feb 2012 – Dec 2021
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Lake Despina
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181,400
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2014
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Japan
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24,376
11
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Jan 2014 – Jan 2024
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Total dwt of existing fleet
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3,421,800
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Hull Number
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DWT
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Expected delivery
1
|
Country of construction
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Charter Rate
2
USD/day
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Charter Duration
3
|
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Kamsarmax
|
|
|
|
|
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Hull 1552
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81,600
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H1 2018
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Japan
|
|
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Total dwt of orderbook
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81,600
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1)
For existing vessels, the year represents the year built. For newbuilds, the dates shown reflect the expected delivery date.
2)
Charter rate is the recognized gross daily charter rate. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rate represents the weighted average gross daily charter rate over the duration of the applicable charter period or series of charter periods, as applicable. In case a charter agreement provides for additional payments, namely ballast bonus to compensate for vessel repositioning, the gross daily charter rate presented has been adjusted to reflect estimated vessel repositioning expenses. In case of voyage charters the charter rate represents revenue recognized on a pro-rata basis over the duration of the voyage from load to discharge port less related voyage expenses.
3)
The date listed represent either the actual start date or, in the case of a contracted charter that had not commenced as of February 17, 2017, the scheduled start date. The actual start date and redelivery date may differ from the scheduled start and redelivery dates depending on the terms of the charter and market conditions.
4)
The charter agreement grants the charterer the option to extend the period time charter for an additional 10 to 14 months period at a gross daily charter rate of $9,000.
5)
The charter agreement grants the charterer the option to extend the period time charter for an additional 10 to 14 months period at a gross daily charter rate of $9,000.
6)
A period time charter at a gross daily charter rate linked to the Baltic Panamax Index (“BPI”) plus a premium.
7)
The charter agreement grants the charterer the option to extend the period time charter for an additional 10 to 15 months period at a gross daily charter rate of $8,200.
8)
Vessel sold and leased back on a net daily bareboat charter rate of $6,500,
for a period of 10 years, with a purchase obligation at the end of the 10
th
year and purchase options in favor of the Company after the second year of the bareboat charter, at annual intervals and predetermined purchase prices.
9)
The charter agreement grants the charterer the option to extend the period time charter for an additional 10 to 14 months period at a gross daily charter rate of $9,900.
10)
The charter agreement grants the charterer the option to extend the period time charter for an additional 11 to 14 months period at a gross daily charter rate of $10,000.
11)
A period time charter of ten years at a gross daily charter rate of $23,100 for the first two and a half years and of $24,810 for the remaining period. In January 2017, the period time charter was amended to reflect substitution of the initial charterer with its subsidiary guaranteed by the initial charterer and changes in paying terms; all other period charter terms remained unchanged. The charter agreement grants the charterer an option to purchase the vessel at any time beginning at the end of the seventh year of the charter, at a price of $39 million less 1.00% commission, decreasing thereafter on a pro-rated basis by $1.5 million per year. The Company holds a right of first refusal to buy back the vessel in the event that the charterer exercises its option to purchase the vessel and subsequently offers to sell such vessel to a third party. The charter agreement also grants the charterer the option to extend the period time charter for an additional twelve months at a time, at a gross daily charter rate of $26,330, less 1.25% total commissions, which option may be exercised by the charterer a maximum of two times.
The contracted employment of fleet ownership days as of February 17, 2017 was:
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2017 (remaining)
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59%
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2017 (full year)
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64%
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2018
|
18%
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2019
|
8%
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Capital expenditure requirements and liquidity
As of December 31, 2016, the remaining order book of the Company, excluding the
Hull No. 1551
which had been contracted to be sold upon delivery in January 2017, consisted of two newbuild vessels,
Hull No. 1146
and
Hull No. 1552
, which were scheduled to be delivered in 2017 and 2018 respectively. Proceeds from the agreed sale of
Hull No. 1551
fully covered the associated capital expenditure requirements for this vessel.
As of December 31, 2016, the aggregate remaining capital expenditure requirements of the two newbuilds amounted to $50.8 million, consisting of $28.4 million payable in 2017, and $22.4 million payable in 2018.
As of December 31, 2016, we have agreed to $41.7 million of financing in total in respect of the $50.8 million of remaining capital expenditure requirements, consisting of an additional borrowing capacity of $24.8 million available under a sale and leaseback financing arrangement for
Hull No. 1146
and an agreement to issue $16.9 million of preferred equity to an unaffiliated investor in 2018 in respect of
Hull No. 1552
.
As of December 31, 2016, we had liquidity of $104.8 million consisting of $93.6 million in cash and bank time deposits and $11.2 million in restricted cash, in addition to $41.7 million of financing arrangements.
As of February 17, 2017, the remaining order book of the Company consisted of one newbuild vessel, the
Hull No. 1552
, which is scheduled to be delivered in 2018.
As of February 17, 2017, the aggregate remaining capital expenditure requirements amounted to $32.4 million, consisting of $5.1 million payable in 2017, and $27.3 million payable in 2018.
As of February 17, 2017, we have agreed to $16.9 million of financing in respect of the $32.4 million of remaining capital expenditure requirements, consisting of an agreement to issue $16.9 million of preferred equity to an unaffiliated investor in 2018 in respect of
Hull No. 1552
.
As of February 17, 2017, we had liquidity of $114.0 million consisting of $101.9 million in cash and bank time deposits and $12.1 million in restricted cash, in addition to $16.9 million of financing arrangements.
Dividend Policy
The Board of Directors of the Company has not declared a dividend on the Company’s common stock for the fourth quarter of 2016. The Company has 99,277,715 shares of common stock issued and outstanding as of February 17, 2017.
The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: (i) the Company’s earnings, financial condition and cash requirements and available sources of liquidity; (ii) decisions in relation to the Company’s growth strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company’s existing and future debt instruments; and (v) global economic and financial conditions.
Management Commentary
Dr. Loukas Barmparis, President of the Company, said: “Although the chartering market improved in the last quarter of 2016 from historical lows, it still remains at unprofitable levels. In 2016, we achieved positive operating cash flows supported by our low average daily operating expenses
5
of $3,698 per vessel which were consistent with our cost reducing efforts throughout the year. We have also improved our liquidity position through an additional public offering of common stock with gross proceeds of $17.2 million in December 2016. At present, a significant part of our fleet is employed in the period time charter market at levels which provide visibility of our cash flows and support cash positive operations for 2017, while maintaining upside potential through 41% of open days for the remainder of 2017. Overall we believe that the Company is well-positioned to withstand continued turbulence that may occur in the chartering market, while remaining well-positioned to take advantage of improved market conditions if the shipping markets turn.”
Conference Call
On Friday, February 24, 2017 at 8.00 A.M. Eastern Time, the Company’s management team will host a conference call to discuss the Company’s financial results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In).
Please quote “Safe Bulkers”
to the operator.
A telephonic replay of the conference call will be available until March 3, 2017 by dialing 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591#
Slides and Audio Webcast
There will also be a live, and then archived, webcast of the conference call, available through the Company’s website (
www.safebulkers.com
). Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Management Discussion of Fourth Quarter 2016 Results
Net loss for the fourth quarter of 2016 was $4.6 million compared to net loss of $29.9 million during the same period in 2015, mainly due to the following factors:
Net revenues:
Net revenues increased by 6% to $31.7 million for the fourth quarter of 2016, compared to $29.9 million for the same period in 2015, mainly due to an increase in charter rates. The Company operated 37.00 vessels on average during the fourth quarter of 2016, earning a TCE
6
rate of $8,936, compared to 36.00 vessels and a TCE rate of $8,251 during the same period in 2015.
Vessel operating expenses:
Vessel operating expenses decreased by 7% to $12.6 million for the fourth quarter of 2016, compared to $13.5 million for the same period in 2015, while the average number of vessels increased by 3% to 37.00 vessels, from 36.00 vessels respectively. The decrease in operating expenses is due to a decrease in spares, store and various other operating expenses. Vessel operating expenses for the fourth quarter of 2016 included the cost of two dry-dockings, one of which was completed and partially expensed in January 2017, compared to three during the fourth quarter of 2015.
Impairment loss:
Impairment loss amounted to zero for the fourth quarter of 2016, compared to $22.8 million for the same period in 2015, as a result of an impairment loss of $12.9 million due to the classification as Assets held for sale of the vessels
Kypros Unity
and
Stalo
, and of the write-off of the advances paid in the amount of $9.9 million following the agreed novation agreement and the novation agreement under negotiation, of the shipbuilding contracts of
Hull 1718
and
Hull 1552
, respectively.
Gain on derivatives:
Gain on derivatives
was
$
0.3
million in the fourth quarter of 2016, compared to a gain of
$0.7 million
for the same period in 201
5, as a result of the mark-to-market valuation of the Company’s interest rate swap transactions that we employ to manage the risk and interest rate exposure of our loan and credit facilities. These swaps economically hedge part of the interest rate exposure of the Company’s aggregate loans outstanding. The average remaining period of our swap contracts was 1.2 years as of December 31, 2016. The valuation of these interest rate swap transactions at the end of each quarter is affected by the prevailing interest rates at that time.
Voyage expenses:
Voyage expenses decreased by 50% to $1.5 million for the fourth quarter of 2016 compared to $3.0 million for the same period in 2015, mainly due to a decrease in vessel repositioning expenses as a result of improved market conditions.
Daily vessel operating expenses
7
:
Daily vessel operating expenses reduced by 9% to $3,711 for the fourth quarter of 2016 compared to $4,072 for the same period in 2015. Daily vessel operating expenses for the fourth quarter of 2016 include the cost of two dry dockings, one of which was completed and partially expensed in January 2017, compared to three during the same period in 2015.
Daily general and administrative expenses
7
:
Daily general and administrative expenses, which include daily management fees payable to our Managers
8
and daily costs incurred in relation to our operation as a public company, were reduced by 13% to $1,083 for the fourth quarter of 2016, compared to $1,238 for the same period in 2015.
Interest expenses
: Interest expense increased to $5.1 million in the fourth quarter of 2016 compared to $4.2 million for the same period in 2015, as a result of the increase in the weighted average interest rate of our loans and credit facilities.
3
Unaudited Interim Financial Information and Other Data
SAFE BULKERS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands of U.S. Dollars except for share and per share data)
|
|
|
|
|
|
|
|
Three-Months Period Ended December 31,
|
Twelve-Months Period Ended December 31,
|
|
|
2015
|
2016
|
2015
|
2016
|
|
REVENUES:
|
|
|
|
|
|
Revenues
|
31,198
|
32,944
|
132,375
|
113,959
|
|
Commissions
|
(1,254)
|
(1,234)
|
(5,058)
|
(4,187)
|
|
Net revenues
|
29,944
|
31,710
|
127,317
|
109,772
|
|
EXPENSES:
|
|
|
|
|
|
Voyage expenses
|
(3,004)
|
(1,490)
|
(17,856)
|
(7,679)
|
|
Vessel operating expenses
|
(13,485)
|
(12,633)
|
(55,469)
|
(49,519)
|
|
Depreciation
|
(12,175)
|
(12,686)
|
(47,133)
|
(49,485)
|
|
General and administrative expenses
|
(4,101)
|
(3,687)
|
(14,617)
|
(15,381)
|
|
Other operating (loss)/ income
|
-
|
(364)
|
-
|
794
|
|
Loss on sale of asset
|
-
|
-
|
-
|
(2,750)
|
|
Loss from inventory valuation
|
(146)
|
-
|
(1,432)
|
-
|
|
Impairment loss
|
(22,826)
|
-
|
(22,826)
|
(17,163)
|
|
Operating (loss)/income
|
(25,793)
|
850
|
(32,016)
|
(31,411)
|
|
OTHER (EXPENSE) / INCOME:
|
|
|
|
|
|
Interest expense
|
(4,244)
|
(5,111)
|
(11,650)
|
(19,576)
|
|
Other finance costs
|
(205)
|
(266)
|
(242)
|
(1,735)
|
|
Interest income
|
32
|
130
|
86
|
515
|
|
Gain/(loss) on derivatives
|
692
|
251
|
(1,676)
|
(620)
|
|
Foreign currency gain/(loss)
|
61
|
(376)
|
347
|
(76)
|
|
Amortization and write-off of deferred finance charges
|
(445)
|
(115)
|
(2,793)
|
(3,063)
|
|
Net loss
|
(29,902)
|
(4,637)
|
(47,944)
|
(55,966)
|
|
Less Preferred dividend
|
3,550
|
3,495
|
14,200
|
14,025
|
|
Net loss available to common shareholders
|
(33,452)
|
(8,132)
|
(62,144)
|
(69,991)
|
|
Loss per share
|
(0.40)
|
(0.09)
|
(0.74)
|
(0.83)
|
|
Weighted average number of shares
|
83,504,266
|
87,364,672
|
83,479,636
|
84,526,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Period Ended
December 31,
|
|
|
|
|
2015
|
|
|
2016
|
|
|
(In millions of U.S. Dollars)
|
|
|
|
|
|
|
|
CASH FLOW DATA
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
25.5
|
|
|
$
|
13.5
|
|
|
Net cash (used in)/provided by investing activities
|
|
|
(182.2
|
)
|
|
|
21.3
|
|
|
Net cash provided by/(used in) financing activities
|
|
|
180.1
|
|
|
|
(83.9
|
)
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
|
23.4
|
|
|
|
(49.1
|
)
|
SAFE BULKERS, INC.
CONDENSED
CONSOLIDATED
BALANCE SHEETS (UNAUDITED)
(In thousands of U.S. Dollars)
|
|
|
|
|
|
December 31, 2015
|
December 31, 2016
|
|
ASSETS
|
|
|
|
Cash, restricted cash and time deposits
|
196,748
|
94,813
|
|
Other current assets
|
14,419
|
16,195
|
|
Assets held for sale
|
31,995
|
-
|
|
Vessels, net
|
988,161
|
1,038,719
|
|
Advances for vessel acquisition and vessels under construction
|
68,356
|
13,007
|
|
Restricted cash non-current
|
7,837
|
10,002
|
|
Other non-current assets
|
2,115
|
1,017
|
|
Total assets
|
1,309,631
|
1,173,753
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
Other current liabilities
|
11,535
|
11,603
|
|
Current portion of long-term debt
|
77,467
|
12,177
|
|
Liability directly associated with assets held for sale
|
16,724
|
-
|
|
Long-term debt, net of current portion
|
569,399
|
569,781
|
|
Other non-current liabilities
|
360
|
1,656
|
|
Shareholders’ equity
|
634,146
|
578,536
|
|
Total liabilities and equity
|
1,309,631
|
1,173,753
|
|
|
|
|
4