STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily
serving the liquefied petroleum gas (LPG) sector of the
international shipping industry, announced today its unaudited
financial and operating results for the first quarter ended March
31, 2019.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Operational utilization of 98.8% in Q1 19’ (93.3% in Q1 18’),
an excellent performance as commercial off hire days were as low as
1 day per vessel. This marks our best performance since Q2
2008.
- Fleet calendar days down 10.6% quarter over quarter to 4,327
days attributed to our recent strategic fleet contraction.
- About 71% of fleet employment coverage for 2019, with
approximately $124 million in future contracted charter
revenues.
- Further addition of two small LPG vessels from StealthGas, to
our recently formed JV structure, bringing the total to four
vessels.
- Voyage revenues of $38.4 million in Q1 19’, a decrease of $1.3
million compared to Q1 18’, given 512 (or 10.6%) fewer fleet
calendar days.
- Voyage revenues per fleet calendar day of close to $8,900 in Q1
19’- an 8.3% increase compared to the same period of last year- as
a result of improved performance and higher market rates.
- Daily TCE in Q1 19’ increased by 13% compared to the same
period of last year.
- Adjusted EBITDA of $17.2 million in Q1 19’ - a $3.5 million
increase compared to Q1 18’.
- Net Income of $2.0 million in Q1 19’ versus a $5.8 million loss
in the same period of last year.
- Low gearing as debt to assets stands at 40.4% while net debt
ratio is as low as 32.9%.
- Cash on hand of $74.8 million, an increase of $10.3 million
compared to year end 2018.
First Quarter 2019 Results:
- Revenues for the three months ended March 31, 2019 amounted to
$38.4 million, a decrease of $1.3 million, or 3.3%, compared to
revenues of $39.7 million for the three months ended March 31,
2018, mainly as a result of our fleet contraction as we had 512
less fleet calendar days.
- Voyage expenses and vessels’ operating expenses for the three
months ended March 31, 2019 were $3.8 million and $12.9 million
respectively, compared to $5.6 million and $15.4 million
respectively, for the three months ended March 31, 2018. The $1.8
million decrease in voyage expenses was mainly attributed to an
approximate 44% decrease in our spot days and the minimal
ballasting costs incurred during the first quarter of 2019. The
16.2% decrease in vessels’ operating expenses compared to the same
period of 2018 was mostly a result of our recent fleet contraction
and reduction of our maintenance costs.
- Drydocking costs for the three months ended March 31, 2019 and
2018 were $0.2 million and $1.5 million, respectively. The costs
for the first quarter of 2019 mainly related to the docking survey
of one small LPG vessel, while the costs for the same period of
last year related to the drydocking of 3 vessels.
- Depreciation for the three months ended March 31, 2019 was $9.5
million, a $1.0 million decrease from $10.5 million for the same
period of last year due to the reduced number of owned
vessels.
- As a result of the above, for the three months ended March 31,
2019, the Company reported a net income of $2.0 million, compared
to a net loss of $5.8 million for the three months ended March 31,
2018. The weighted average number of shares for the three months
ended March 31, 2019 was 39.9 million. Earnings per share, basic
and diluted, for the three months ended March 31, 2019 amounted to
$0.05 compared to loss per share of $0.14 for the same period of
last year.
- Adjusted net income was $2.1 million or $0.05 earnings per
share for the three months ended March 31, 2019 compared to
adjusted net loss of $2.0 million or $0.05 loss per share for the
same period of last year.
- EBITDA for the three months ended March 31, 2019 amounted to
$17.1 million. Reconciliations of Adjusted Net (Loss)/Income,
EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth
below.
- An average of 45.4 vessels were owned by the Company during the
three months ended March 31, 2019, compared to 51.7 vessels for the
same period of 2018.
Fleet Update Since Previous
Announcement
The Company announced the conclusion of the
following chartering arrangements:
- A two year time charter extension for its 2007 built LPG
carrier the Gas Flawless, to an International LPG trader until
March 2021.
- A ten year bareboat charter for its 2014 built LPG carrier the
Eco Corsair, to a European shipping company until December
2029.
- A six months bareboat charter extension for its 2012 built LPG
carrier the Gas Esco, to a State owned shipping company, up to
December 2019.
- A six months bareboat charter extension for its 2012 built LPG
carrier the Gas Husky, to a State owned shipping company, up to
December 2019.
- A three months charter extension for its 2018 built 22,000 cbm
semi-refrigerated carrier the Eco Freeze, to an International LPG
trader until July 2019.
- A six months charter extension for its 2006 built LPG carrier
the Gas Inspiration, to an international trader until October
2019.
- A six months charter extension charter for its 2016 built LPG
carrier, the Eco Dominator, to an oil major until November
2019.
With these charters, the Company has contracted revenues of
approximately $124 million. Total anticipated voyage days of our
fleet is 71% covered for the remainder of 2019 and 29% for
2020.
Share Repurchase Program
The Company’s Board of Directors has approved a
program for common share buybacks up to $10,000,000. Shares of
common stock may be purchased in the open market or privately
negotiated transactions, which may include derivative transactions,
at times and prices that are considered to be appropriate by the
Company and the program may be discontinued at any time.
Board Chairman Michael Jolliffe
Commented
The first quarter of 2019 marked a good start
for StealthGas in capturing the benefits of an improving market.
Our much-better results were mainly driven by our remarkable
operational utilization of 98.8%, our improved performance in the
spot market, and of course were leveraged by the higher prevailing
period rates that are slowly starting to make a noticeable impact
on our revenue levels and profitability. Our balance sheet stands
strong with $74.8 million of unrestricted cash and a leverage ratio
as low as 40%. Our solid capital structure in combination with our
leading market position places us in an advantageous position. The
small LPG segment has solid market fundamentals in terms of a low
orderbook and ageing fleet - factors that make it very probable
that our market will improve further during the quarters ahead, so
we will likely be looking at some exciting times to come.
With our stock trading at a large discount to
our net asset value, our Board has taken the decision to initiate a
share buyback program of up to $10 million. This is a means to
support our stock as well as our shareholders for their commitment
to StealthGas. We remain optimistic regarding the quarters ahead
and hope that our good performance this quarter will be a turning
point as to our profitability.
Conference Call details:
On May 23, 2019 at 11:00 am ET, the company’s
management will host a conference call to discuss the results and
the company’s operations and outlook.
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: +1
866 869 2321 (US Toll Free Dial In) or 08003767425 (UK Toll Free
Dial In).Access Code: 1469873 In case of any
problems with the above numbers, please dial +1 917 7200 178(US
Toll Dial In), +44 (0) 8444933857 (Standard International Dial
In). Access Code: 1469873
A telephonic replay of the conference call will
be available until May 30, 2019 by dialing +1 (866) 331-1332 (US
Local Dial In), +44 (0) 8445718951 (UK Local Dial In). Access Code:
1469873
Slides and audio webcast:
There will also be a live and then archived
webcast of the conference call, through the STEALTHGAS INC. website
(www.stealthgas.com). Participants to the live webcast should
register on the website approximately 10 minutes prior to the start
of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company primarily
serving the liquefied petroleum gas (LPG) sector of the
international shipping industry. StealthGas Inc. currently
has a fleet of 48 vessels. The fleet comprises of 44 LPG carriers,
including two chartered in LPG vessels and four Joint Venture
vessels, with a total capacity of 298,099 cubic meters (cbm), three
M.R. product tankers and one Aframax oil tanker with a total
capacity of 255,804 deadweight tons (dwt). StealthGas Inc.’s shares
are listed on the NASDAQ Global Select Market and trade under the
symbol “GASS”.
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The forward-looking statements in
this release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although STEALTHGAS INC. believes that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, STEALTHGAS INC. cannot assure you that it will
achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including changes in charter hire rates
and vessel values, charter counterparty performance, changes in
demand that may affect attitudes of time charterers to scheduled
and unscheduled drydockings, shipyard performance, changes in
STEALTHGAS INC’s operating expenses, including bunker prices,
drydocking and insurance costs, ability to obtain financing and
comply with covenants in our financing arrangements, or actions
taken by regulatory authorities, potential liability from pending
or future litigation, domestic and international political
conditions, potential disruption of shipping routes due to
accidents and political events or acts by terrorists.
Risks and uncertainties are further described in
reports filed by STEALTHGAS INC. with the U.S. Securities and
Exchange Commission.
Fleet List and Fleet
Deployment
For information on our fleet and further information:Visit our
website at www.stealthgas.com
Company Contact:Fenia
Sakellaris STEALTHGAS INC. E-mail: info@stealthgas.com
| |
| |
| Fleet
Data: |
| The following key
indicators highlight the Company’s operating performance during the
quarters ended March 31, 2018 and March 31, 2019. |
| |
|
FLEET DATA |
Q1 2018 |
|
Q1 2019 |
|
|
Average number of vessels (1) |
51.7 |
|
45.4 |
|
| Period end number of owned
vessels in fleet |
52 |
|
42 |
|
| Total calendar days for fleet
(2) |
4,839 |
|
4,327 |
|
| Total voyage days for fleet
(3) |
4,787 |
|
4,322 |
|
| Fleet utilization (4) |
98.90 |
% |
99.90 |
% |
| Total charter days for fleet
(5) |
3,781 |
|
3,759 |
|
| Total spot market days for
fleet (6) |
1,006 |
|
563 |
|
| Fleet operational utilization
(7) |
93.30 |
% |
98.80 |
% |
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
(Loss)/Income, EBITDA, adjusted EBITDA and adjusted
EPS:
Adjusted net (loss)/income represents net
(loss)/income before loss on derivatives excluding net swap
interest paid, share based compensation, gain on sale of vessels,
gain on deconsolidation of subsidiaries and impairment. EBITDA
represents net (loss)/income before interest and finance costs,
interest income and depreciation. Adjusted EBITDA represents EBITDA
before share based compensation, loss on derivatives, excluding net
swap interest paid, gain on sale of vessels, gain on
deconsolidation of subsidiaries and impairment loss. EBITDA,
adjusted EBITDA, adjusted net (loss)/income and adjusted EPS are
not recognized measurements under U.S. GAAP. Our calculation of
EBITDA, adjusted EBITDA, adjusted net (loss)/income and adjusted
EPS may not be comparable to that reported by other companies in
the shipping or other industries. In evaluating Adjusted
EBITDA and Adjusted net (loss)/income, you should be aware that in
the future we may incur expenses that are the same as or similar to
some of the adjustments in this presentation.
EBITDA, adjusted EBITDA, adjusted net (loss)/income
and adjusted EPS are included herein because they are a basis, upon
which we assess our financial performance. They allow us to present
our performance from period to period on a comparable basis and
provide additional information on fleet operational results to
investors. We also believe that EBITDA represents useful
information for investors regarding a company's ability to service
and/or incur indebtedness.
|
(Expressed in United States Dollars, except number of
shares) |
Three Months Period Ended March 31st, |
|
|
2018 |
|
2019 |
|
| Net (loss)/Income -
Adjusted Net (Loss)/Income |
|
|
|
|
| Net
(loss)/income |
(5,773,237 |
) |
1,968,866 |
|
| Plus loss on derivatives |
46,755 |
|
22,697 |
|
| Less swap interest
(paid)/received |
(65,268 |
) |
50,852 |
|
| Less gain on sale of vessel,
net |
-- |
|
(7,473 |
) |
| Less gain on deconsolidation
of subsidiaries |
-- |
|
(145,000 |
) |
| Plus impairment loss |
3,818,268 |
|
-- |
|
| Plus share based
compensation |
-- |
|
234,247 |
|
| Adjusted Net
(Loss)/Income |
(1,973,482 |
) |
2,124,189 |
|
| |
|
|
|
|
| Net (loss)/income –
EBITDA |
|
|
|
|
| Net
(loss)/income |
(5,773,237 |
) |
1,968,866 |
|
| Plus interest and finance
costs |
5,139,567 |
|
5,982,871 |
|
| Less interest income |
(99,396 |
) |
(304,433 |
) |
| Plus depreciation |
10,530,359 |
|
9,474,186 |
|
| EBITDA |
9,797,293 |
|
17,121,490 |
|
| |
|
|
|
|
| Net (loss)/income -
Adjusted EBITDA |
|
|
|
|
| Net
(loss)/income |
(5,773,237 |
) |
1,968,866 |
|
| Plus loss on derivatives |
46,755 |
|
22,697 |
|
| Less gain on sale of vessel,
net |
-- |
|
(7,473 |
) |
| Less gain on deconsolidation
of subsidiaries |
-- |
|
(145,000 |
) |
| Plus impairment loss |
3,818,268 |
|
-- |
|
| Plus share based
compensation |
-- |
|
234,247 |
|
| Plus interest and finance
costs |
5,139,567 |
|
5,982,871 |
|
| Less interest income |
(99,396 |
) |
(304,433 |
) |
| Plus depreciation |
10,530,359 |
|
9,474,186 |
|
| Adjusted
EBITDA |
13,662,316 |
|
17,225,961 |
|
| |
|
|
|
|
| EPS - Adjusted
EPS |
|
|
|
|
| Net
(loss)/income |
(5,773,237 |
) |
1,968,866 |
|
| Adjusted net
(loss)/income |
(1,973,482 |
) |
2,124,189 |
|
| Weighted average number of
shares |
39,860,563 |
|
39,860,563 |
|
| EPS - Basic and
Diluted |
(0.14 |
) |
0.05 |
|
| Adjusted
EPS-Basic and Diluted |
(0.05 |
) |
0.05 |
|
| |
|
|
|
|
| |
|
|
|
|
StealthGas Inc.Unaudited
Consolidated Statements of Operations(Expressed in
United States Dollars, except for number of shares)
|
|
|
|
For The Three Months Ended March 31, |
|
|
|
|
2018 |
|
|
2019 |
|
| |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
| |
Revenues |
|
39,695,482 |
|
|
38,442,818 |
|
| |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
| |
Voyage expenses |
|
5,151,251 |
|
|
3,328,519 |
|
| |
Voyage expenses - related
party |
|
483,899 |
|
|
476,637 |
|
| |
Charter hire expenses |
|
969,147 |
|
|
2,097,549 |
|
| |
Vessels' operating
expenses |
|
15,358,413 |
|
|
12,667,370 |
|
| |
Vessels' operating expenses -
related party |
|
27,000 |
|
|
249,000 |
|
| |
Drydocking costs |
|
1,503,080 |
|
|
185,624 |
|
| |
Management fees - related
party |
|
1,743,600 |
|
|
1,515,485 |
|
| |
General and administrative
expenses |
|
572,527 |
|
|
1,122,087 |
|
| |
Depreciation |
|
10,530,359 |
|
|
9,474,186 |
|
| |
Impairment loss |
|
3,818,268 |
|
|
-- |
|
| |
Net gain on sale of
vessels |
|
-- |
|
|
(7,473 |
) |
|
|
Other
operating costs |
|
146,667 |
|
|
-- |
|
|
Total expenses |
|
40,304,211 |
|
|
31,108,984 |
|
| |
|
|
|
|
|
|
|
|
(Loss)/Income from
operations |
|
(608,729 |
) |
|
7,333,834 |
|
| |
|
|
|
|
|
|
|
| Other
(expenses)/income |
|
|
|
|
|
|
| |
Interest and finance
costs |
|
(5,139,567 |
) |
|
(5,982,871 |
) |
|
|
Gain on deconsolidation of
subsidiaries |
|
-- |
|
|
145,000 |
|
| |
Loss on derivatives |
|
(46,755 |
) |
|
(22,697 |
) |
| |
Interest income |
|
99,396 |
|
|
304,433 |
|
|
|
Foreign
exchange loss |
|
(77,582 |
) |
|
(16,788 |
) |
|
Other expenses, net |
|
(5,164,508 |
) |
|
(5,572,923 |
) |
| |
|
|
|
|
|
|
|
| Income
before equity in income of investees |
|
(5,773,237 |
) |
|
1,760,911 |
|
| Equity
gain in unconsolidated joint ventures |
|
-- |
|
|
207,955 |
|
|
Net (Loss)/Income |
|
(5,773,237 |
) |
|
1,968,866 |
|
| |
|
|
|
|
|
|
|
|
(Loss)/Earnings per share |
|
|
|
|
|
|
| - Basic &
Diluted |
|
(0.14 |
) |
|
0.05 |
|
| |
|
|
|
|
|
|
|
| Weighted
average number of shares |
|
|
|
|
|
|
| - Basic &
Diluted |
|
39,860,563 |
|
|
39,860,563 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
StealthGas Inc.Unaudited
Consolidated Balance Sheets(Expressed in United
States Dollars)
|
|
|
|
December 31, |
|
|
March 31, |
|
|
|
|
|
2018 |
|
|
2019 |
|
| |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
| |
Cash and cash equivalents |
|
64,498,442 |
|
|
74,797,178 |
|
|
|
Receivable from related
parties |
|
-- |
|
|
926,901 |
|
| |
Trade and other
receivables |
|
2,888,496 |
|
|
3,316,105 |
|
| |
Other current assets |
|
134,301 |
|
|
124,735 |
|
| |
Inventories |
|
2,346,723 |
|
|
2,625,994 |
|
| |
Advances and prepayments |
|
1,089,539 |
|
|
995,328 |
|
| |
Restricted cash |
|
3,002,490 |
|
|
980,416 |
|
| |
Assets held for sale |
|
64,906,448 |
|
|
-- |
|
|
Total current assets |
|
138,866,439 |
|
|
83,766,657 |
|
| |
|
|
|
|
|
| Non
current assets |
|
|
|
|
|
|
Operating lease right-of-use
assets |
|
-- |
|
|
1,660,862 |
|
| |
Vessels, net |
|
884,748,691 |
|
|
875,277,520 |
|
| |
Other receivables |
|
108,930 |
|
|
102,688 |
|
| |
Restricted cash |
|
11,930,059 |
|
|
11,863,437 |
|
| |
Investments in unconsolidated
joint ventures |
|
-- |
|
|
21,011,980 |
|
|
|
Fair
value of derivatives |
|
1,068,369 |
|
|
636,175 |
|
|
Total non current assets |
|
897,856,049 |
|
|
910,552,662 |
|
|
Total assets |
|
1,036,722,488 |
|
|
994,319,319 |
|
| |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
| Current
liabilities |
|
|
|
|
| |
Payable to related party |
|
7,930,642 |
|
|
4,137,150 |
|
| |
Trade accounts payable |
|
10,349,358 |
|
|
10,982,689 |
|
| |
Accrued liabilities |
|
6,879,488 |
|
|
6,561,668 |
|
|
|
Operating lease
liabilities |
|
-- |
|
|
1,595,197 |
|
| |
Customer deposits |
|
1,336,000 |
|
|
968,000 |
|
| |
Deferred income |
|
5,191,654 |
|
|
3,925,957 |
|
| |
Current portion of long-term
debt |
|
41,726,837 |
|
|
51,101,691 |
|
| |
Current portion of long-term
debt associated with vessels held for sale |
|
30,076,356 |
|
|
-- |
|
|
Total current liabilities |
|
103,490,335 |
|
|
79,272,352 |
|
| |
|
|
|
|
|
| Non
current liabilities |
|
|
|
|
| |
Fair value of derivatives |
|
465,389 |
|
|
1,247,798 |
|
| |
Customer deposits |
|
-- |
|
|
368,000 |
|
| |
Operating lease
liabilities |
|
-- |
|
|
65,665 |
|
| |
Long-term debt |
|
371,514,253 |
|
|
351,050,934 |
|
|
Total non current liabilities |
|
371,979,642 |
|
|
352,732,397 |
|
|
Total liabilities |
|
475,469,977 |
|
|
432,004,749 |
|
| |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
| |
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
| |
Capital stock |
|
445,496 |
|
|
445,496 |
|
| |
Treasury stock |
|
(22,523,528 |
) |
|
(22,523,528 |
) |
| |
Additional paid-in
capital |
|
501,807,478 |
|
|
502,041,725 |
|
| |
Retained earnings |
|
80,849,086 |
|
|
82,817,952 |
|
|
|
Accumulated other comprehensive income/(loss) |
|
673,979 |
|
|
(467,075 |
) |
|
Total stockholders' equity |
|
561,252,511 |
|
|
562,314,570 |
|
|
Total liabilities and stockholders' equity |
|
1,036,722,488 |
|
|
994,319,319 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
StealthGas Inc.Unaudited
Consolidated Statements of Cash Flows(Expressed in
United States Dollars)
|
|
|
|
For The Three Months Ended March 31, |
|
|
|
|
2018 |
|
|
2019 |
|
| Cash flows
from operating activities |
|
|
|
|
|
|
| |
Net (loss)/income for the
period |
|
(5,773,237 |
) |
|
1,968,866 |
|
|
Adjustments to reconcile net (loss)/income to net
cash |
|
|
|
|
|
|
|
provided by operating
activities: |
|
|
|
|
|
|
| |
Depreciation |
|
10,530,359 |
|
|
9,474,186 |
|
| |
Amortization of deferred
finance charges |
|
224,171 |
|
|
278,044 |
|
| |
Amortization of deferred gain
on sale and leaseback of vessels |
|
(48,092 |
) |
|
-- |
|
|
|
Amortization of operating
lease right-of-use assets |
|
-- |
|
|
385,213 |
|
| |
Share based compensation |
|
-- |
|
|
234,247 |
|
| |
Change in fair value of
derivatives |
|
(18,513 |
) |
|
73,549 |
|
| |
Equity gain in unconsolidated
joint ventures |
|
-- |
|
|
(207,955 |
) |
| |
Impairment loss |
|
3,818,268 |
|
|
-- |
|
| |
Gain on sale of vessels,
net |
|
-- |
|
|
(7,473 |
) |
|
|
Gain on deconsolidation of
subsidiaries |
|
-- |
|
|
(145,000 |
) |
| |
|
|
|
|
|
| Changes in
operating assets and liabilities: |
|
|
|
|
| |
(Increase)/decrease
in |
|
|
|
|
| |
Trade and other
receivables |
|
(1,442,928 |
) |
|
(421,367 |
) |
| |
Other current assets |
|
(57,745 |
) |
|
9,566 |
|
| |
Claims receivable |
|
15,951 |
|
|
-- |
|
| |
Inventories |
|
(1,029,036 |
) |
|
439,177 |
|
|
|
Changes in operating lease
liabilities |
|
-- |
|
|
(385,213 |
) |
| |
Advances and prepayments |
|
(512,513 |
) |
|
94,211 |
|
| |
Increase/(decrease)
in |
|
|
|
|
| |
Balances with related
parties |
|
(3,410,105 |
) |
|
(4,263,783 |
) |
| |
Trade accounts payable |
|
2,567,412 |
|
|
633,331 |
|
| |
Accrued liabilities |
|
321,392 |
|
|
342,180 |
|
|
|
Deferred income |
|
923,832 |
|
|
(1,265,697 |
) |
|
Net cash provided by operating activities |
|
6,109,216 |
|
|
7,236,082 |
|
| |
|
|
|
|
|
| Cash flows
from investing activities |
|
|
|
|
| |
Proceeds from sale of
interests in subsidiaries |
|
-- |
|
|
20,720,975 |
|
| |
Vessels’ acquisitions and
advances for vessels under construction |
|
(71,879,444 |
) |
|
-- |
|
| |
Proceeds from sale of vessels,
net |
|
-- |
|
|
8,302,458 |
|
|
|
Cash
paid to unconsolidated joint ventures |
|
-- |
|
|
(456,610 |
) |
|
Net cash (used in)/provided by investing
activities |
|
(71,879,444 |
) |
|
28,566,823 |
|
| |
|
|
|
|
|
| Cash flows
from financing activities |
|
|
|
|
| |
Deferred finance charges |
|
(444,330 |
) |
|
(152,751 |
) |
| |
Customer deposits paid |
|
(1,220,700 |
) |
|
-- |
|
| |
Loan repayments |
|
(10,344,081 |
) |
|
(38,690,114 |
) |
|
|
Proceeds from long-term debt |
|
80,450,000 |
|
|
11,250,000 |
|
|
Net cash provided by/(used in) financing
activities |
|
68,440,889 |
|
|
(27,592,865 |
) |
| |
|
|
|
|
|
| |
Net increase in cash, cash
equivalents and restricted cash |
|
2,670,661 |
|
|
8,210,040 |
|
|
|
Cash,
cash equivalents and restricted cash at beginning of year |
|
62,903,192 |
|
|
79,430,991 |
|
|
Cash, cash equivalents and restricted cash at end of
period |
|
65,573,853 |
|
|
87,641,031 |
|
| Cash
breakdown |
|
|
|
|
| |
Cash and cash equivalents |
|
52,687,631 |
|
|
74,797,178 |
|
| |
Restricted cash, current |
|
3,403,331 |
|
|
980,416 |
|
|
|
Restricted cash, non-current |
|
9,482,891 |
|
|
11,863,437 |
|
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
65,573,853 |
|
|
87,641,031 |
|
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