■ |
Net revenues: $34.0 million in Q3 2022, as compared to $48.2 million in Q3 2021
|
■ |
Net Income: $7.1 million in Q3 2022, as compared to $20.1 million in Q3 2021
|
■ |
Adjusted Net Income1: $7.6 million in Q3 2022, as compared to $22.8 million in Q3 2021
|
■ |
EBITDA1: $18.6 million in Q3 2022, as compared to $30.1 million in Q3 2021
|
■ |
Adjusted EBITDA1: $19.0 million in Q3 2022, as compared to $32.2 million in Q3 2021
|
■ |
Earnings per share (“EPS”) (basic & diluted): $0.04
|
■ |
Adjusted EPS1 (basic & diluted): $0.04
|
■ |
Net revenues: $96.5 million in 9M 2022, as compared to $96.4 million in 9M 2021
|
■ |
Net Income: $16.7 million in 9M 2022, as compared to $20.7 million in 9M 2021
|
■ |
Adjusted Net Income1: $22.4 million in 9M 2022, as compared to $25.4 million in 9M 2021
|
■ |
EBITDA1: $47.5 million in 9M 2022, as compared to $47.4 million in 9M 2021
|
■ |
Adjusted EBITDA1: $53.1 million in 9M 2022, as compared to $51.4 million in 9M 2021
|
■ |
Earnings per share (“EPS”) (basic & diluted): $0.10 and $0.09 respectively
|
■ |
Adjusted EPS1 (basic & diluted): $0.13
|
■ |
Quarterly dividend of $0.025 per share for Q3 2022 - total cash dividends of $0.125 per share in 2022 to date
|
■ |
Dividends represent 25% yield based on our closing price on November 29, 2022
|
■ |
Total buybacks of convertible notes, warrants and shares of $26.7 million completed since Q4 2021
|
■ |
New financing and refinancing transactions totaling $108.3 million within 2022 with improved pricing and overall loan terms - no remaining loan maturities until Q4 2023
|
Capacity (DWT)
|
Year
Built
|
Yard
|
Scrubber Fitted
|
Employment Type
|
FFA conversion option(1)
|
Minimum T/C expiration
|
Maximum T/C expiration(2)
|
Charterer
|
|
Fellowship
|
179,701
|
2010
|
Daewoo
|
-
|
T/C Index Linked
|
Yes
|
06/2024
|
10/2024
|
Anglo American
|
Worldship
|
181,415
|
2012
|
Koyo – Imabari
|
Yes
|
T/C Index Linked
|
Yes
|
10/2023
|
01/2024
|
Cargill
|
Championship
|
179,238
|
2011
|
Sungdong SB
|
Yes
|
T/C Index Linked
|
Yes
|
11/2023
|
11/2023
|
Cargill
|
Flagship
|
176,387
|
2013
|
Mitsui
|
-
|
T/C Index Linked
|
Yes
|
05/2026
|
05/2026
|
Cargill
|
Patriotship
|
181,709
|
2010
|
Imabari
|
Yes
|
T/C Index Linked
|
Yes
|
11/2023
|
05/2024
|
Glencore
|
Knightship
|
178,978
|
2010
|
Hyundai
|
Yes
|
T/C Index Linked
|
Yes
|
05/2023
|
11/2023
|
Glencore
|
Premiership
|
170,024
|
2010
|
Sungdong SB
|
Yes
|
T/C Index Linked
|
Yes
|
11/2022
|
05/2023
|
Glencore
|
Squireship
|
170,018
|
2010
|
Sungdong SB
|
Yes
|
T/C Index Linked
|
-
|
12/2022
|
06/2023
|
Glencore
|
Dukeship
|
181,453
|
2010
|
Sasebo
|
-
|
T/C Index Linked
|
Yes
|
01/2023
|
06/2023
|
NYK
|
Hellasship
|
181,325
|
2012
|
Imabari
|
-
|
T/C Index Linked
|
Yes
|
12/2023
|
04/2024
|
NYK
|
Honorship
|
180,242
|
2010
|
Imabari
|
-
|
T/C Index Linked
|
Yes
|
02/2024
|
06/2024
|
NYK
|
Geniuship
|
170,057
|
2010
|
Sungdong SB
|
-
|
T/C Index Linked
|
Yes
|
01/2023
|
05/2023
|
NYK
|
Friendship
|
176,952
|
2009
|
Namura
|
-
|
T/C Index Linked
|
Yes
|
12/2023
|
03/2024
|
NYK
|
Goodship
|
177,536
|
2005
|
Mitsui
|
-
|
T/C Index Linked
|
Yes
|
06/2023
|
12/2023
|
Olam
|
Tradership
|
176,925
|
2006
|
Namura
|
-
|
T/C Index Linked
|
Yes
|
06/2023
|
10/2023
|
Oldendorff
|
Partnership
|
179,213
|
2012
|
Hyundai
|
Yes
|
T/C Index Linked
|
Yes
|
10/2022
|
11/2023
|
Uniper
|
Lordship
|
178,838
|
2010
|
Hyundai
|
Yes
|
T/C Index Linked
|
Yes
|
08/2023
|
10/2023
|
Uniper
|
Total / Average age
|
3,020,012
|
12.5
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1) |
The Company has the option to convert the index-linked rate to a fixed one for a period ranging between 1 and 12 months, based on the prevailing Capesize FFA Rate for the selected period.
|
(2) |
The latest redelivery date does not include any additional optional period.
|
Q3 2022
|
Q3 2021
|
9M 2022
|
9M 2021
|
|
Ownership days (1)
|
1,569
|
1,477
|
4,650
|
3,632
|
Operating days (2)
|
1,557
|
1,439
|
4,380
|
3,494
|
Fleet utilization (3)
|
99.2%
|
97.4%
|
94.2%
|
96.2%
|
TCE rate (4)
|
20,614
|
$30,764
|
20,996
|
$23,449
|
Daily Vessel Operating Expenses (5)
|
7,593
|
$5,865
|
6,875
|
$5,806
|
(1) |
Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the
amount of revenues and the amount of expenses that the Company recorded during a period.
|
(2) |
Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Operating days includes the days that our vessels are in ballast voyages without
having finalized agreements for their next employment.
|
(3) |
Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period.
|
(4) |
TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil)
expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from
vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful
information to investors regarding our financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the
TCE rate.
|
Q3 2022
|
Q3 2021
|
9M 2022
|
9M 2021
|
|
Vessel revenue, net
|
32,963
|
48,179
|
95,476
|
96,409
|
Less: Voyage expenses
|
867
|
3,910
|
3,513
|
14,477
|
Time charter equivalent revenues
|
32,096
|
44,269
|
91,963
|
81,932
|
Operating days
|
1,557
|
1,439
|
4,380
|
3,494
|
TCE rate
|
$20,614
|
$30,764
|
20,996
|
$23,449
|
(5) |
Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses, excluding pre
delivery costs, by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel
operating expenses to daily vessel operating expenses.
|
Q3 2022
|
Q3 2021
|
9M 2022
|
9M 2021
|
|
Vessel operating expenses
|
12,201
|
10,042
|
32,642
|
24,470
|
Less: Pre-delivery expenses
|
287
|
1,379
|
671
|
3,381
|
Vessel operating expenses before pre-delivery expenses
|
11,914
|
8,663
|
31,971
|
21,089
|
Ownership days
|
1,569
|
1,477
|
4,650
|
3,632
|
Daily Vessel Operating Expenses
|
$7,593
|
$5,865
|
$6,875
|
$5,806
|
Q3 2022
|
Q3 2021
|
9M 2022
|
9M 2021
|
|
Net income
|
7,140
|
20,064
|
16,746
|
20,704
|
Add: Net interest and finance cost
|
3,933
|
4,560
|
9,946
|
12,867
|
Add: Depreciation and amortization
|
7,497
|
5,490
|
20,796
|
13,827
|
Add: Taxes
|
-
|
-
|
(28)
|
-
|
EBITDA
|
18,570
|
30,114
|
47,460
|
47,398
|
Add: Stock based compensation
|
2,920
|
2,773
|
6,762
|
4,704
|
Add: Loss on extinguishment of debt
|
-
|
-
|
1,285
|
-
|
Add: Loss on forward freight agreements, net
|
335
|
-
|
407
|
-
|
Less: Gain on sale of vessel
|
-
|
716
|
-
|
716
|
Less: Gain on spin-off
|
2,800
|
-
|
2,800
|
-
|
Adjusted EBITDA
|
19,025
|
32,171
|
53,114
|
51,386
|
Q3 2022
|
Q3 2021
|
9M 2022
|
9M 2021
|
|
Net income
|
7,140
|
20,064
|
16,746
|
20,704
|
Add: Stock based compensation
|
2,920
|
2,773
|
6,762
|
4,704
|
Add: Loss on extinguishment of debt
|
-
|
-
|
1,285
|
-
|
Add: Loss on forward freight agreements, net
|
335
|
-
|
407
|
-
|
Less: Gain on spin-off
|
2,800
|
-
|
2,800
|
-
|
Adjusted net income
|
7,595
|
22,837
|
22,400
|
25,408
|
Adjusted net income per common share, basic
|
0.04
|
0.14
|
0.13
|
0.17
|
Adjusted net income per common share, diluted
|
0.04
|
0.11
|
0.13
|
0.14
|
Weighted average number of common shares outstanding, basic
|
175,706,704
|
166,710,006
|
173,539,018
|
147,403,541
|
Weighted average number of common shares outstanding, diluted
|
179,089,861
|
205,974,543
|
178,425,181
|
186,370,709
|
Q3 2022
|
Q3 2021
|
9M 2022
|
9M 2021
|
|
Interest and finance costs, net
|
(3,933)
|
(4,560)
|
(9,946)
|
(12,867)
|
Add: Amortization of deferred finance charges and other discounts
|
641
|
816
|
1,916
|
2,692
|
Add: Amortization of convertible note beneficial conversion feature
|
-
|
772
|
-
|
2,010
|
Cash interest and finance costs
|
(3,292)
|
(2,972)
|
(8,030)
|
(8,165)
|
Operating Days
|
TCE
|
|
TCE - fixed rate (index-linked conversion)
|
92
|
29,414
|
TCE - fixed rate
|
49
|
29,183
|
TCE – index-linked unhedged
|
1,403
|
14,989
|
Total / Average
|
1,544
|
16,302
|
September 30,
2022
|
December 31, 2021*
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents, restricted cash and term deposits
|
25,567
|
47,126
|
||||||
Vessels, net
|
436,105
|
426,062
|
||||||
Other assets
|
27,576
|
14,023
|
||||||
TOTAL ASSETS
|
489,248
|
487,211
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Long-term debt and other financial liabilities
|
233,006
|
215,174
|
||||||
Convertible notes
|
10,533
|
7,573
|
||||||
Other liabilities
|
20,256
|
19,988
|
||||||
Stockholders’ equity1
|
225,453
|
244,476
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
489,248
|
487,211
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Vessel revenue, net
|
32,963
|
48,179
|
95,476
|
96,409
|
||||||||||||
Fees from related parties
|
1,017
|
-
|
1,017
|
-
|
||||||||||||
Revenue, net
|
33,980
|
48,179
|
96,493
|
96,409
|
||||||||||||
Expenses:
|
||||||||||||||||
Voyage expenses
|
(867
|
)
|
(3,910
|
)
|
(3,513
|
)
|
(14,477
|
)
|
||||||||
Vessel operating expenses
|
(12,201
|
)
|
(10,042
|
)
|
(32,642
|
)
|
(24,470
|
)
|
||||||||
Management fees
|
(324
|
)
|
(400
|
)
|
(1,077
|
)
|
(1,029
|
)
|
||||||||
General and administrative expenses
|
(4,524
|
)
|
(4,419
|
)
|
(13,044
|
)
|
(9,715
|
)
|
||||||||
Depreciation and amortization
|
(7,497
|
)
|
(5,490
|
)
|
(20,796
|
)
|
(13,827
|
)
|
||||||||
Loss on forward freight agreements, net
|
(335
|
)
|
-
|
(407
|
)
|
-
|
||||||||||
Gain on sale of vessel
|
-
|
716
|
-
|
716
|
||||||||||||
Operating income
|
8,232
|
24,634
|
25,014
|
33,607
|
||||||||||||
Other income / (expenses):
|
||||||||||||||||
Interest and finance costs, net1
|
(3,933
|
)
|
(4,560
|
)
|
(9,946
|
)
|
(12,867
|
)
|
||||||||
Loss on extinguishment of debt
|
-
|
-
|
(1,285
|
)
|
-
|
|||||||||||
Gain on spin-off
|
2,800
|
-
|
2,800
|
-
|
||||||||||||
Other, net
|
41
|
(10
|
)
|
163
|
(36
|
)
|
||||||||||
Total other expenses, net:
|
(1,092
|
)
|
(4,570
|
)
|
(8,268
|
)
|
(12,903
|
)
|
||||||||
Net income
|
7,140
|
20,064
|
16,746
|
20,704
|
||||||||||||
Net income per common share, basic
|
0.04
|
0.12
|
0.10
|
0.14
|
||||||||||||
Net income per common share, diluted
|
0.04
|
0.10
|
0.09
|
0.13
|
||||||||||||
Weighted average number of common shares outstanding, basic
|
175,706,704
|
166,710,006
|
173,539,018
|
147,403,541
|
||||||||||||
Weighted average number of common shares outstanding, diluted
|
179,089,861
|
205,974,543
|
178,425,181
|
186,370,709
|
Nine months ended
September 30,
|
||||||||
2022
|
2021
|
|||||||
Net cash provided by operating activities
|
29,040
|
42,665
|
||||||
Vessels acquisitions and improvements
|
(38,565
|
)
|
(161,041
|
)
|
||||
Investments
|
(10,139
|
)
|
-
|
|||||
Term deposits
|
1,500
|
600
|
||||||
Other fixed assets, net
|
(99
|
)
|
(65
|
)
|
||||
Net cash used in investing activities
|
(47,303
|
)
|
(160,506
|
)
|
||||
Proceeds from long-term debt and other financial liabilities
|
80,300
|
148,470
|
||||||
Repayments of long-term debt and other financial liabilities
|
(57,769
|
)
|
(110,452
|
)
|
||||
Repayments of convertible notes
|
(10,000
|
)
|
-
|
|||||
Payments of financing and stock issuance costs
|
(1,022
|
)
|
(2,178
|
)
|
||||
Dividends paid
|
(13,376
|
)
|
-
|
|||||
Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions
|
70
|
98,232
|
||||||
Net cash (used in) / provided by financing activities
|
(1,797
|
)
|
134,072
|
|||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||
Cash paid during the period for interest
|
8,283
|
8,064
|
||||||
Noncash investing activities
|
||||||||
Vessels acquisitions and improvements
|
2,765
|
-
|
||||||
Noncash financing activities
|
||||||||
Dividends declared but not paid
|
4,548
|
-
|
||||||
Units issued for repayment of subordinated long term-debt
|
-
|
3,000
|
||||||
Repayment of subordinated long term-debt by issuance of units
|
-
|
(3,000
|
)
|