Top Ships Announces Profit of $5.8 Million and an EPS of $0.13 for the 1st Half of 2023 Marking its Fifth Consecutive Profitable Six-Month Period
August 03 2023 - 8:52AM
TOP Ships Inc. (the “Company”), an international owner and operator
of modern, fuel efficient "ECO" tanker vessels, announced today its
unaudited financial results for the six months ended June 30, 2023.
As of and for six months ended June 30, 2023,
the Company reported:
- Total revenues
of $41.1 million
- Net Income of
$5.8 million
- Earnings Per
Share (“EPS”) of $0.13 and diluted EPS of $0.10
- EBITDA* of $23.4
million
- Total Assets of
$446.2 million
- Total Cash and
Cash Equivalents including Restricted Cash of $13.6 million
Mr. Evangelos J. Pistiolis, the President, Chief
Executive Officer and Director of the Company, remarked:
“We are delighted to announce yet another
successful period, marking our fifth consecutive six-month period
of generating net income. This achievement brings us closer to
celebrating our third year of sustained profitability. After
successfully completing our newbuilding program in 2022, we don’t
have any capital commitments going forward. We now possess one of
the most modern tanker fleets in the industry, with an average age
of less than three years, consisting of state-of-the-art vessels
equipped with the latest eco-friendly and fuel-efficient
specifications and features. Due to our successful long-term time
charter strategy, we are enjoying a substantial charter backlog and
a positive income and cashflow generation, which we anticipate will
extend into 2024. I would like to emphasise, that in my opinion,
the current trading price of our common shares does not reflect all
of these positive aspects of the Company.”
About TOP Ships Inc.
TOP Ships Inc. is an international owner and
operator of modern, fuel efficient eco tanker vessels focusing on
the transportation of crude oil, petroleum products (clean and
dirty) and bulk liquid chemicals.
For more information about TOP Ships Inc., visit
its website: www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements 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 Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect” “pending” and similar
expressions identify forward-looking statements. The
forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe 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, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections.
Contact:
Alexandros TsirikosChief Financial OfficerTOP Ships Inc.Tel: +30
210 812 8107Email: atsirikos@topships.org
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TOP SHIPS INC. |
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UNAUDITED
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2023 |
(Expressed in thousands of U.S. Dollars - except share and
per share data) |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2023 |
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REVENUES: |
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Time charter revenues |
$ |
36,060 |
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$ |
36,710 |
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Time charter revenues from related parties |
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2,786 |
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4,435 |
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Total revenues |
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38,846 |
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41,145 |
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EXPENSES: |
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Voyage expenses |
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875 |
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804 |
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Operating lease expenses |
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5,378 |
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5,378 |
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Other vessel operating expenses |
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9,705 |
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9,624 |
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Vessel depreciation |
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6,114 |
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7,175 |
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Management fees-related parties |
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1,030 |
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1,092 |
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Gain on sale of vessels |
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(78 |
) |
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- |
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General and administrative expenses |
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691 |
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799 |
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Operating income |
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15,131 |
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16,273 |
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OTHER INCOME (EXPENSES): |
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Interest and finance costs |
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(6,927 |
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(10,528 |
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Interest income |
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- |
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58 |
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Equity gains/(losses) in unconsolidated joint ventures |
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401 |
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(29 |
) |
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Total other expenses, net |
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(6,526 |
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(10,499 |
) |
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Net income and comprehensive income |
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8,605 |
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5,774 |
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Less: Deemed dividend equivalents on Series F Shares related to
redemption value |
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(14,400 |
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- |
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Less: Dividends of preferred shares |
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(7,322 |
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(3,485 |
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Net (loss)/income and comprehensive income attributable to
common shareholders |
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(13,117 |
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2,289 |
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(Loss)/Earnings per common share, basic |
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(6.15 |
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0.13 |
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(Loss)/Earnings per common share, diluted |
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(6.15 |
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0.10 |
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Weighted average common shares outstanding,
basic |
2,132,179 |
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17,793,072 |
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Weighted average common shares outstanding,
diluted |
2,132,179 |
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33,079,436 |
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TOP SHIPS INC. |
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETS |
DECEMBER 31, 2022 AND JUNE 30, 2023 |
(Expressed in thousands of U.S. Dollars - except share and
per share data) |
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December 31, |
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June 30, |
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2022 |
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2023 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
20,544 |
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9,629 |
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Trade accounts receivable |
8 |
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- |
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Prepayments and other |
1,314 |
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1,626 |
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Inventories |
1,026 |
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1,057 |
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Due from related parties |
- |
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622 |
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Total current assets |
22,892 |
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12,934 |
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FIXED ASSETS: |
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Vessels, net |
389,059 |
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381,884 |
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Right of use assets from operating leases |
28,708 |
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24,093 |
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Other fixed assets, net |
505 |
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505 |
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Total fixed assets |
418,272 |
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406,482 |
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OTHER NON CURRENT ASSETS: |
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Restricted cash |
4,000 |
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4,000 |
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Investments in unconsolidated joint ventures |
22,173 |
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20,804 |
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Deposit asset |
2,000 |
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2,000 |
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Total non-current assets |
28,173 |
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26,804 |
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Total assets |
469,337 |
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446,220 |
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LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’
EQUITY |
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CURRENT LIABILITIES: |
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Current portion of long-term debt |
12,344 |
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34,874 |
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Due to related parties |
237 |
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- |
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Accounts payable |
1,953 |
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1,759 |
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Accrued liabilities |
2,061 |
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2,083 |
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Unearned revenue |
7,030 |
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6,286 |
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Current portion of Operating lease liabilities |
8,610 |
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8,795 |
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Vessel fair value participation liability |
- |
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3,605 |
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Total current liabilities |
32,235 |
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57,402 |
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NON-CURRENT LIABILITIES: |
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Non-current portion of long-term debt |
221,370 |
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192,309 |
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Non-current portion of Operating lease liabilities |
15,338 |
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10,847 |
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Other non-current liabilities |
100 |
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50 |
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Vessel fair value participation liability |
3,271 |
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- |
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Total non-current liabilities |
240,079 |
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203,206 |
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COMMITMENTS AND CONTINGENCIES |
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Total liabilities |
272,314 |
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260,608 |
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MEZZANINE EQUITY: |
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Preferred stock, $0.01 par value; 20,000,000 shares authorized;
13,452 Series E Shares issued and outstanding at December 31, 2022
and June 30, 2023 and 5,850,748 and 3,659,628 Series F Shares
issued and outstanding at December 31, 2022 and June 30, 2023 |
59 |
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37 |
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Preferred stock, Paid-in capital in excess of par |
86,292 |
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60,021 |
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Total mezzanine equity |
86,351 |
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60,058 |
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STOCKHOLDERS’ EQUITY: |
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Preferred stock, $0.01 par value; 20,000,000 shares authorized; of
which 100,000 Series D shares were outstanding at December 31, 2022
and June 30, 2023 |
1 |
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1 |
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Common stock, $0.01 par value; 1,000,000,000 shares authorized;
10,294,906 shares issued and outstanding at December 31, 2022 and
20,346,091 shares issued and outstanding at June 30, 2023 |
103 |
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203 |
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Additional paid-in capital |
428,374 |
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437,382 |
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Accumulated deficit |
(317,806 |
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(312,032 |
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Total stockholders’ equity |
110,672 |
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125,554 |
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Total liabilities, mezzanine equity and stockholders’
equity |
469,337 |
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446,220 |
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TOP SHIPS INC. |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWSFOR THE SIX MONTHS ENDED JUNE 30, 2022 AND
2023 |
(Expressed in thousands of U.S. Dollars) |
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Six months ended June 30, |
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2022 |
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2023 |
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Net Cash provided by Operating Activities |
13,947 |
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13,023 |
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Cash Flows from Investing Activities: |
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Advances for vessels under construction |
(216,559 |
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- |
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Net proceeds from sale of vessels |
72,060 |
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- |
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Returns of investments in unconsolidated joint ventures |
1,449 |
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1,340 |
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Net Cash (used in)/provided by Investing
Activities |
(143,050 |
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1,340 |
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Cash Flows from Financing Activities: |
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Proceeds from debt |
156,201 |
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- |
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Principal payments of debt |
(6,906 |
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(7,813 |
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Prepayment of debt |
(54,179 |
) |
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- |
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Proceeds from issuance of series F preferred stock |
47,630 |
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- |
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Proceeds from related party debt |
9,000 |
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- |
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Prepayment of related party debt |
(9,000 |
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- |
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Proceeds from equity offerings, gross |
9,217 |
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13,561 |
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Equity offerings costs |
(574 |
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(1,260 |
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Dividends of Preferred shares |
(6,921 |
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(3,485 |
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Payment of financing costs |
(3,468 |
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- |
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Redemption of preferred shares |
- |
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(26,293 |
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Proceeds from warrant exercises, net |
- |
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12 |
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Net Cash provided by/(used in) Financing
Activities |
141,000 |
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(25,278 |
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Net increase/(decrease) in cash and cash equivalents and
restricted cash |
11,897 |
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(10,915 |
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Cash and cash equivalents and restricted cash at beginning
of year |
6,370 |
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24,544 |
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Cash and cash equivalents and restricted cash at end of the
period |
18,267 |
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13,629 |
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Cash breakdown |
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Cash and cash equivalents |
14,267 |
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9,629 |
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Restricted cash, non-current |
4,000 |
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4,000 |
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SUPPLEMENTAL CASH FLOW INFORMATION |
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Capital expenditures included in Accounts payable/ Accrued
liabilities/ Due to related parties |
155 |
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- |
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Interest paid net of capitalized interest |
4,414 |
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|
8,814 |
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Finance fees included in Accounts payable/Accrued liabilities/Due
to related parties |
100 |
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16 |
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Dividends of Preferred shares included in Due to Related
Parties |
1,369 |
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- |
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Offering expenses included in liabilities |
141 |
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- |
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Deemed dividend equivalents on Series F Shares related to
redemption value |
14,400 |
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- |
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Settlement of Due to related parties with the issuance of Series F
Shares |
24,370 |
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- |
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Related party S&P commissions relating to Proceeds from vessel
sales included in Due to related parties |
346 |
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- |
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*Non-US GAAP Measures
This report describes earnings before interest,
taxes, depreciation and amortization (EBITDA), which is not a
measure prepared in accordance with U.S. GAAP (i.e., a “Non-U.S.
GAAP” measure). We define EBITDA as earnings before interest,
taxes, depreciation and amortization.
EBITDA is a non-U.S. GAAP financial measure that
is used as a supplemental financial measure by management and
external users of financial statements, such as investors, to
assess our financial and operating performance. We believe that
this non-U.S. GAAP financial measure assists our management and
investors by increasing the comparability of our performance from
period to period. This is achieved by excluding the potentially
disparate effects between periods or companies of interest, other
financial items, depreciation and amortization and taxes, which
items are affected by various and possibly changing financing
methods, capital structure and historical cost basis and which
items may significantly affect net income between periods. We
believe that including EBITDA as a measure of operating performance
benefits investors in (a) selecting between investing in us and
other investment alternatives and (b) monitoring our ongoing
financial and operational strength.
EBITDA is not a measure of financial performance
under U.S. GAAP, does not represent and should not be considered as
an alternative to net income, operating income, cash flow from
operating activities or any other measure of financial performance
presented in accordance with U.S. GAAP. EBITDA as presented below
may not be comparable to similarly titled measures of other
companies. See below for a reconciliation of EBITDA to Net Income,
the most directly comparable U.S. GAAP measure.
Reconciliation of Net Income to
EBITDA
|
Six months ended June 30, |
(Expressed in thousands of U.S. Dollars) |
2022 |
2023 |
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Net Income |
8,605 |
5,774 |
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Add: Vessel depreciation |
6,114 |
7,175 |
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Add: Interest and finance costs |
6,927 |
10,528 |
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Less: Interest Income |
- |
(58) |
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EBITDA |
21,646 |
23,419 |
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