◾ |
Net revenues: $21.3 million in Q4 2020, compared to $27.8 million in Q4 2019
|
◾ |
Net Loss of $2.3 million, or $0.7 million excluding one-off charges of $1.61 million, in Q4 2020, compared to a net income of $3.1 million in Q4 2019
|
◾ |
EBITDA1: $8.3 million in Q4 2020, compared
to $11.9 million in Q4 2019
|
◾ |
Net revenues: $63.3 million in 2020, compared to $86.5 million in 2019
|
◾ |
Net Loss: $18.4 million in 2020, as compared to $11.7 million in 2019
|
◾ |
EBITDA1: $19.9 million in 2020, as compared
to $23.8 million in 2019
|
◾ |
Shareholders’ equity of $95.7 million on December 31, 2020, compared to $29.9 million on December 31, 2019
|
◾ |
Fleet growth of 40% in the last 9 months with agreements to acquire four high-quality Japanese-built Capesize vessels
|
◾ |
Successful completion of $179 million financial restructuring amicably with the underlying lenders
|
◾ |
Compliance with NASDAQ’s minimum bid price requirement achieved organically, through share price appreciation
|
◾ |
$75 million gross proceeds from a registered direct offering priced at-the-market increasing shareholders’ equity further
|
◾ |
$33.6 million early repayment of a senior and junior loan facilities
|
Vessel Name
|
Vessel Size Class
|
Capacity (DWT)
|
Year Built
|
Yard
|
Scrubber Fitted
|
Employment Type
|
Minimum T/C duration
|
Partnership
|
Capesize
|
179,213
|
2012
|
Hyundai
|
Yes
|
T/C Index Linked (1)
|
3 years
|
Championship
|
Capesize
|
179,238
|
2011
|
Sungdong
|
Yes
|
T/C Index Linked (2)
|
5 years
|
Lordship
|
Capesize
|
178,838
|
2010
|
Hyundai
|
Yes
|
T/C Index Linked (3)
|
3 years
|
Premiership
|
Capesize
|
170,024
|
2010
|
Sungdong
|
Yes
|
T/C Index Linked (4)
|
3 years
|
Squireship
|
Capesize
|
170,018
|
2010
|
Sungdong
|
Yes
|
T/C Index Linked (5)
|
3 years
|
Knightship
|
Capesize
|
178,978
|
2010
|
Hyundai
|
Yes
|
T/C Index Linked (6)
|
3 years
|
Gloriuship
|
Capesize
|
171,314
|
2004
|
Hyundai
|
No
|
T/C Index Linked (7)
|
13 months
|
Fellowship
|
Capesize
|
179,701
|
2010
|
Daewoo
|
No
|
T/C Index Linked (8)
|
1 year
|
Geniuship
|
Capesize
|
170,058
|
2010
|
Sungdong
|
No
|
T/C Index Linked (9)
|
10 months
|
Leadership
|
Capesize
|
171,199
|
2001
|
Koyo – Imabari
|
No
|
Voyage/Spot
|
|
Goodship
|
Capesize
|
177,536
|
2005
|
Mitsui Engineering
|
No
|
Voyage/Spot
|
|
Tradership (10)
|
Capesize
|
176,925
|
2006
|
Japanese Shipyard
|
No
|
N/A
|
|
Flagship (11)
|
Capesize
|
176,387
|
2013
|
Japanese Shipyard
|
No
|
N/A
|
|
Patriotship (12)
|
Capesize
|
181,709
|
2010
|
Japanese Shipyard
|
Yes
|
N/A
|
(1) |
Chartered by a major European utility and energy company and delivered to the charterer on September 11, 2019 for a period of minimum 33 to maximum 37 months with an optional period of about 11 to maximum 13 months. The daily charter
hire is based on the BCI. In addition, the Company has the option to convert to a fixed rate for a period of between 3 and 12 months, based on the prevailing Capesize
Forward Freight Agreement Rate (“FFA”) for the selected period.
|
(2) |
Chartered by Cargill. The vessel was delivered to the charterer on November 7, 2018 for a period of employment of 60 months, with an additional period of about 24 to about 27 months at the charterer’s option. The daily charter hire
is based on the BCI plus a net daily scrubber premium of $1,740. In addition, the time charter provides the option to convert the index linked rate to a fixed rate for a period of between 3 and 12 months based on the Capesize FFA for
the selected period.
|
(3) |
Chartered by a major European utility and energy company and delivered on August 4, 2019 for a period of minimum 33 to maximum 37 months with an optional period of 11-13 months. The daily charter hire is based on the BCI plus a net
daily scrubber premium of $3,735 until May 2021. In addition, the Company has the option to convert to a fixed rate for a period of between three and 12 months, based on the prevailing Capesize FFA for the
selected period.
|
(4) |
Chartered by Glencore and was delivered to the charterer on November 29, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI
plus a net daily scrubber premium of $2,055.
|
(5) |
Chartered by Glencore and was delivered to the charterer on December 19, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The
daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055.
|
(6) |
Chartered by Glencore and delivered to the charterer on May 15, 2020 for a period of about 36 to about 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter
hire is based on the BCI.
|
(7) |
Chartered by Pacbulk Shipping and delivered to the charterer on April 23, 2020 initially for a period of about 10 to about 14 months. Upon expiration of the current T/C period, in June 2021, the
vessel will commence the second extension period up to minimum January 1, 2022 to maximum April 30, 2022. The daily charter hire is based on the BCI. In addition, the Company has the option to convert to a
fixed rate, based on the prevailing Capesize FFA for the selected period.
|
(8) |
Chartered by Anglo American, a leading global mining company, and expected to be delivered to the charterer on towards the beginning of June 2021 for a period of minimum 12 to maximum 15 months
from the delivery date. The daily charter hire is based on the BCI. In addition, the Company has the option to convert to a fixed rate for a period of minimum three and maximum 12 months, based on the
prevailing Capesize FFA for the selected period.
|
(9) |
Chartered by Pacbulk Shipping and expected to be delivered to the charterer towards the end of March 2021 for a period of about 10 to about 14 months from the delivery date. The daily charter
hire is based on the BCI. In addition, the Company has the option to convert to a fixed rate based on the prevailing Capesize FFA for the selected period.
|
(10) |
Expected delivery in June 2021.
|
(11) |
Expected delivery in April 2021.
|
(12) |
Expected delivery in May 2021.
|
Q4 2020
|
Q4 2019
|
FY 2020
|
FY 2019
|
|
Ownership days (1)
|
1,012
|
920
|
3,807
|
3,650
|
Available days (2)
|
1,012
|
838
|
3,755
|
3,417
|
Operating days (3)
|
1,010
|
835
|
3,747
|
3,393
|
Fleet utilization (4)
|
99.8%
|
90.8%
|
98.4%
|
93.0%
|
TCE (5)
|
$16,511
|
$22,935
|
$11,950
|
$14,694
|
Daily Vessel Operating Expenses (6)
|
$6,087
|
$5,584
|
$5,709
|
$5,172
|
(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 under sale and lease back transactions.
|
(2) |
Available days are the number of ownership days less the aggregate number of days that the vessels are off-hire due to dry-dockings, special and intermediate surveys, or lay-up days.
|
(3) |
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.
|
(4) |
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.
|
(5) |
TCE 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, 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 the Company’s vessels and in evaluating their financial performance. The Company’s
calculation of TCE may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE.
|
Q4 2020
|
Q4 2019
|
FY 2020
|
FY 2019
|
|
Net revenues from vessels
|
21,313
|
27,769
|
63,345
|
86,499
|
Less: Voyage expenses
|
4,637
|
8,618
|
18,567
|
36,641
|
Net operating revenues
|
16,676
|
19,151
|
44,778
|
49,858
|
Operating days
|
1,010
|
835
|
3,747
|
3,393
|
TCE
|
16,511
|
22,935
|
11,950
|
14,694
|
(6) |
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 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.
|
Q4 2020
|
Q4 2019
|
FY 2020
|
FY 2019
|
|
Vessel operating expenses
|
6,206
|
5,137
|
22,347
|
18,980
|
Less: Pre-delivery expenses
|
46
|
-
|
611
|
104
|
Vessel operating expenses before pre-delivery expenses
|
6,160
|
5,137
|
21,736
|
18,876
|
Ownership days
|
1,012
|
920
|
3,807
|
3,650
|
Daily Vessel Operating Expenses
|
6,087
|
5,584
|
5,709
|
5,172
|
Q4 2020
|
Q4 2019
|
FY 2020
|
FY 2019
|
|
Net (loss) / income
|
(2,319)
|
3,098
|
(18,356)
|
(11,698)
|
Add: Net interest and finance cost
|
6,677
|
5,623
|
23,217
|
23,632
|
Add: Depreciation and amortization
|
3,897
|
3,199
|
15,040
|
11,860
|
Add: Taxes
|
-
|
22
|
-
|
54
|
EBITDA
|
8,255
|
11,942
|
19,901
|
23,848
|
Q4 2020
|
Q4 2019
|
FY 2020
|
FY 2019
|
|
Interest and finance costs, net
|
(6,677)
|
(5,623)
|
(23,217)
|
(23,632)
|
Add: Amortization of deferred finance charges
|
219
|
104
|
757
|
978
|
Add: Amortization of convertible note beneficial conversion feature
|
1,645
|
1,021
|
5,518
|
3,713
|
Add: Amortization of other deferred charges
|
120
|
1,455
|
550
|
3,907
|
Add: Cash interest waived - related party
|
-
|
-
|
-
|
1,164
|
Add: Fair value of units – related party
(one-off expenses relating to the financial restructuring)
|
596
|
-
|
596
|
-
|
Cash interest and finance costs
|
(4,097)
|
(3,043)
|
(15,796)
|
(13,870)
|
Add: Restructuring expenses
|
1,012
|
-
|
1,012
|
-
|
Cash interest and finance costs, net of restructuring expenses
|
(3,085)
|
(3,043)
|
(14,784)
|
(13,870)
|
December 31, 2020
|
December 31, 2019*
|
|||||
ASSETS
|
||||||
Cash and cash equivalents, restricted cash and term deposits
|
23,651
|
14,554
|
||||
Vessels, net
|
256,737
|
253,781
|
||||
Other assets
|
14,857
|
14,216
|
||||
TOTAL ASSETS
|
295,245
|
282,551
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||
Long-term debt and other financial liabilities
|
169,762
|
207,303
|
||||
Convertible notes
|
14,516
|
14,608
|
||||
Other liabilities
|
15,273
|
30,782
|
||||
Stockholders’ equity
|
95,694
|
29,858
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
295,245
|
282,551
|
Three months ended
December 31,
|
Twelve months ended
December 31,
|
||||||||||
2020
|
2019
|
2020
|
2019*
|
||||||||
Revenues:
|
|||||||||||
Vessel revenues
|
22,182
|
28,758
|
65,682
|
89,523
|
|||||||
Commissions
|
(869
|
)
|
(989
|
)
|
(2,337
|
)
|
(3,024
|
)
|
|||
Vessel revenue, net
|
21,313
|
27,769
|
63,345
|
86,499
|
|||||||
Expenses:
|
|||||||||||
Voyage expenses
|
(4,637
|
)
|
(8,618
|
)
|
(18,567
|
)
|
(36,641
|
)
|
|||
Vessel operating expenses
|
(6,206
|
)
|
(5,137
|
)
|
(22,347
|
)
|
(18,980
|
)
|
|||
Management fees
|
(279
|
)
|
(247
|
)
|
(1,052
|
)
|
(989
|
)
|
|||
General and administrative expenses
|
(1,925
|
)
|
(1,798
|
)
|
(6,607
|
)
|
(5,989
|
)
|
|||
Depreciation and amortization
|
(3,897
|
)
|
(3,199
|
)
|
(15,040
|
)
|
(11,860
|
)
|
|||
Operating income / (loss)
|
4,369
|
8,770
|
(268
|
)
|
12,040
|
||||||
Other expenses:
|
|||||||||||
Interest and finance costs, net
|
(6,677
|
)
|
(5,623
|
)
|
(23,217
|
)
|
(23,632
|
)
|
|||
Gain on debt refinancing
|
(6
|
)
|
-
|
5,144
|
-
|
||||||
Other, net
|
(5
|
)
|
(49
|
)
|
(15
|
)
|
(106
|
)
|
|||
Total other expenses, net:
|
(6,688
|
)
|
(5,672
|
)
|
(18,088
|
)
|
(23,738
|
)
|
|||
Net (loss) / income
|
(2,319
|
)
|
3,098
|
(18,356
|
)
|
(11,698
|
)
|
||||
Net (loss) / income per common share, basic
|
(0.03
|
)
|
1.85
|
(0.55
|
)
|
(12.21
|
)
|
||||
Weighted average number of common shares outstanding, basic
|
67,904,450
|
1,674,709
|
33,436,278
|
958,297
|