Third quarter 2020
|
Third quarter 2019
|
Nine months ended September 30, 2020
|
Nine months ended September 30, 2019
|
|||||||||||||
Voyage Revenues
|
$
|
200,222
|
$
|
248,444
|
$
|
507,218
|
$
|
572,726
|
||||||||
Net income/(loss)
|
$
|
23,251
|
$
|
5,815
|
$
|
(18,114
|
)
|
$
|
(39,700
|
)
|
||||||
Adjusted Net income / (loss) (1)
|
$
|
27,339
|
$
|
17,266
|
$
|
(12,965
|
)
|
$
|
(9,657
|
)
|
||||||
Net cash provided by operating activities
|
$
|
57,019
|
$
|
27,659
|
$
|
112,479
|
$
|
35,286
|
||||||||
EBITDA (2)
|
$
|
79,175
|
$
|
60,535
|
$
|
145,644
|
$
|
118,023
|
||||||||
Adjusted EBITDA (2)
|
$
|
79,704
|
$
|
72,199
|
$
|
147,410
|
$
|
149,360
|
||||||||
Earnings / (loss) per share basic
|
$
|
0.24
|
$
|
0.06
|
$
|
(0.19
|
)
|
$
|
(0.43
|
)
|
||||||
Adjusted earnings / (loss) per share basic (1)
|
$
|
0.28
|
$
|
0.18
|
$
|
(0.14
|
)
|
$
|
(0.10
|
)
|
||||||
Average Number of Vessels
|
116.0
|
116.1
|
116.0
|
110.2
|
||||||||||||
TCE Revenues (3)
|
$
|
137,808
|
$
|
131,329
|
$
|
335,271
|
$
|
328,210
|
||||||||
Daily Time Charter Equivalent Rate ("TCE") (3)
|
$
|
13,083
|
$
|
14,688
|
$
|
11,166
|
$
|
12,143
|
||||||||
Average daily OPEX per vessel (4)
|
$
|
4,425
|
$
|
3,719
|
$
|
4,167
|
$
|
3,917
|
||||||||
Average daily OPEX per vessel (excl. non recurring expenses) (4)
|
$
|
4,244
|
$
|
3,693
|
$
|
4,106
|
$
|
3,876
|
||||||||
Average daily Net Cash G&A expenses per vessel (5)
|
$
|
985
|
$
|
828
|
$
|
1,030
|
$
|
931
|
(1) |
Adjusted Net income / (loss) and Adjusted earnings / (loss) per share basic and diluted are non-GAAP measures. Please see the table at the end of this
release for a reconciliation to Net income / (loss), which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, as well as for the definition of each measure.
|
(2) |
EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the table at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net
Cash Provided by / (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) as well as for
the definition of each measure. To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains / (losses).
|
(3) |
Daily Time Charter Equivalent Rate (“TCE”) and TCE Revenues are non-GAAP measures. Please see the table at the end of this release for a reconciliation to
Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, as well as for the definition of each measure.
|
(4) |
Average daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days. Average daily OPEX per vessel (excl. non recurring
expenses) is calculated by dividing vessel operating expenses minus any non-recurring items (such as increased costs due to the COVID-19 pandemic or pre-delivery expenses, if any) by Ownership days. In the future we may incur expenses that
are the same as or similar to some of the adjustments.
|
(5) |
Average daily Net Cash G&A expenses per vessel is calculated by (1) deducting the Management fee Income (if any), from, and (2) adding the Management
fee expense to, the General and Administrative expenses (net of stock-based compensation expense) and (3) then dividing the result by the sum of Ownership days and Charter-in days. Please see the table at the end of this release for a
reconciliation to General and administrative expenses, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
|
Third quarter 2020
|
Third quarter 2019
|
Nine months ended September 30, 2020
|
Nine months ended September 30, 2019
|
|||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Voyage revenues
|
$
|
200,222
|
$
|
248,444
|
$
|
507,218
|
$
|
572,726
|
||||||||
Total revenues
|
200,222
|
248,444
|
507,218
|
572,726
|
||||||||||||
|
||||||||||||||||
Expenses:
|
||||||||||||||||
Voyage expenses
|
(43,637
|
)
|
(67,575
|
)
|
(158,709
|
)
|
(158,904
|
)
|
||||||||
Charter-in hire expense
|
(13,165
|
)
|
(48,545
|
)
|
(27,218
|
)
|
(92,987
|
)
|
||||||||
Vessel operating expenses
|
(47,222
|
)
|
(39,741
|
)
|
(132,445
|
)
|
(117,874
|
)
|
||||||||
Dry docking expenses
|
(1,360
|
)
|
(16,682
|
)
|
(22,243
|
)
|
(45,384
|
)
|
||||||||
Depreciation
|
(36,171
|
)
|
(32,206
|
)
|
(106,129
|
)
|
(91,987
|
)
|
||||||||
Management fees
|
(4,601
|
)
|
(4,613
|
)
|
(13,803
|
)
|
(12,801
|
)
|
||||||||
Loss on bad debt
|
-
|
-
|
-
|
(1,250
|
)
|
|||||||||||
General and administrative expenses
|
(9,321
|
)
|
(9,706
|
)
|
(24,312
|
)
|
(26,768
|
)
|
||||||||
Gain/(Loss) on forward freight agreements and bunker swaps
|
(3,073
|
)
|
(587
|
)
|
16,459
|
6,796
|
||||||||||
Impairment loss
|
-
|
-
|
-
|
(3,411
|
)
|
|||||||||||
Other operational loss
|
(316
|
)
|
(110
|
)
|
(926
|
)
|
(110
|
)
|
||||||||
Other operational gain
|
1,887
|
15
|
2,541
|
186
|
||||||||||||
Gain/(Loss) on sale of vessels
|
-
|
(70
|
)
|
-
|
(770
|
)
|
||||||||||
|
||||||||||||||||
Operating income/(loss)
|
43,243
|
28,624
|
40,433
|
27,462
|
||||||||||||
|
||||||||||||||||
Interest and finance costs
|
(15,740
|
)
|
(22,411
|
)
|
(54,121
|
)
|
(66,237
|
)
|
||||||||
Interest and other income/(loss)
|
(435
|
)
|
(90
|
)
|
(3
|
)
|
1,006
|
|||||||||
Loss on debt extinguishment
|
(3,797
|
)
|
(330
|
)
|
(4,415
|
)
|
(1,949
|
)
|
||||||||
Total other expenses, net
|
(19,972
|
)
|
(22,831
|
)
|
(58,539
|
)
|
(67,180
|
)
|
||||||||
|
||||||||||||||||
Income/(Loss) before equity in investee
|
23,271
|
5,793
|
(18,106
|
)
|
(39,718
|
)
|
||||||||||
|
||||||||||||||||
Equity in income/(loss) of investee
|
(6
|
)
|
33
|
33
|
88
|
|||||||||||
|
||||||||||||||||
Income/(Loss) before taxes
|
$
|
23,265
|
$
|
5,826
|
$
|
(18,073
|
)
|
$
|
(39,630
|
)
|
||||||
|
||||||||||||||||
Income taxes
|
(14
|
)
|
(11
|
)
|
(41
|
)
|
(70
|
)
|
||||||||
|
||||||||||||||||
Net income/(loss)
|
$
|
23,251
|
$
|
5,815
|
$
|
(18,114
|
)
|
$
|
(39,700
|
)
|
||||||
|
||||||||||||||||
Earnings/(loss) per share, basic and diluted
|
$
|
0.24
|
$
|
0.06
|
$
|
(0.19
|
)
|
$
|
(0.43
|
)
|
||||||
Weighted average number of shares outstanding, basic
|
96,209,666
|
94,188,543
|
95,935,654
|
93,040,799
|
||||||||||||
Weighted average number of shares outstanding, diluted
|
96,370,925
|
94,276,144
|
95,935,654
|
93,040,799
|
(Expressed in thousands of U.S. dollars)
|
||||||||
ASSETS
|
September 30, 2020
|
December 31, 2019
|
||||||
Cash and cash equivalents and resticted cash, current
|
$
|
219,124
|
125,241
|
|||||
Other current assets
|
123,744
|
140,801
|
||||||
TOTAL CURRENT ASSETS
|
342,868
|
266,042
|
||||||
Vessels and other fixed assets, net
|
2,910,837
|
2,965,527
|
||||||
Restricted cash, non current
|
3,021
|
1,021
|
||||||
Other non-current assets
|
2,404
|
6,081
|
||||||
TOTAL ASSETS
|
$
|
3,259,130
|
$
|
3,238,671
|
||||
Current portion of long-term debt and lease financing
|
$
|
220,172
|
$
|
202,495
|
||||
Other current liabilities
|
99,748
|
108,436
|
||||||
TOTAL CURRENT LIABILITIES
|
319,920
|
310,931
|
||||||
Long-term debt and lease financing non-current (net of unamortized deferred finance fees of $21,079 and $19,034, respectively)
|
1,363,141
|
1,330,420
|
||||||
Senior Notes (net of unamortized deferred finance fees of $871 and $1,179, respectively)
|
49,129
|
48,821
|
||||||
Other non-current liabilities
|
6,750
|
4,459
|
||||||
TOTAL LIABILITIES
|
$
|
1,738,940
|
$
|
1,694,631
|
||||
SHAREHOLDERS' EQUITY
|
1,520,190
|
1,544,040
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
3,259,130
|
$
|
3,238,671
|
Nine months ended September 30, 2020
|
Nine months ended September 30, 2019
|
|||||||
Net cash provided by / (used in) operating activities
|
$
|
112,479
|
$
|
35,286
|
||||
|
||||||||
Vessel acquisitions and Advances for vessels under construction
|
-
|
(203,473
|
)
|
|||||
Capital expenditures for vessel modifications/upgrades
|
(62,213
|
)
|
(100,842
|
)
|
||||
Proceeds from sale of vessels
|
-
|
44,188
|
||||||
Insurance Proceeds
|
3,992
|
6,727
|
||||||
Net cash provided by / (used in) investing activities
|
(58,221
|
)
|
(253,400
|
)
|
||||
Proceeds from vessels' new debt
|
539,464
|
620,423
|
||||||
Working capital facility
|
29,766
|
-
|
||||||
Ordinary vessels' debt repayment
|
(137,298
|
)
|
(114,703
|
)
|
||||
Debt prepayment due to sale or refinancing
|
(379,489
|
)
|
(353,913
|
)
|
||||
Financing fees
|
(6,014
|
)
|
(9,925
|
)
|
||||
Repurchase of common shares
|
-
|
(20,523
|
)
|
|||||
Dividend payments
|
(4,804
|
)
|
-
|
|||||
Net cash provided by / (used in) financing activities
|
41,625
|
121,359
|
|
Third quarter 2020
|
Third quarter 2019
|
Nine months ended September 30, 2020
|
Nine months ended September 30, 2019
|
||||||||||||
Average number of vessels (1)
|
116.0
|
116.1
|
116.0
|
110.2
|
||||||||||||
Number of vessels (2)
|
116
|
118
|
116
|
118
|
||||||||||||
Average age of operational fleet (in years) (3)
|
9.0
|
8.2
|
9.0
|
8.2
|
||||||||||||
Ownership days (4)
|
10,672
|
10,685
|
31,784
|
30,096
|
||||||||||||
Available days (5)
|
10,515
|
8,919
|
29,941
|
26,905
|
||||||||||||
Charter-in days (6)
|
349
|
2,372
|
1,075
|
5,581
|
||||||||||||
Daily Time Charter Equivalent Rate (7)
|
$
|
13,083
|
$
|
14,688
|
$
|
11,166
|
$
|
12,143
|
||||||||
Average daily OPEX per vessel (8)
|
$
|
4,425
|
$
|
3,719
|
$
|
4,167
|
$
|
3,917
|
||||||||
Average daily OPEX per vessel (excl. non recurring expenses) (8)
|
$
|
4,244
|
$
|
3,693
|
$
|
4,106
|
$
|
3,876
|
||||||||
Average daily Net Cash G&A expenses per vessel (9)
|
$
|
985
|
$
|
828
|
$
|
1,030
|
$
|
931
|
||||||||
(Expressed in thousands of U.S. dollars)
|
Third quarter 2020
|
Third quarter 2019
|
Nine months ended September 30, 2020
|
Nine months ended September 30, 2019
|
||||||||||||
Net cash provided by/(used in) operating activities
|
$
|
57,019
|
$
|
27,659
|
$
|
112,479
|
$
|
35,286
|
||||||||
Net decrease / (increase) in current assets
|
10,769
|
15,479
|
(22,229
|
)
|
56,020
|
|||||||||||
Net increase / (decrease) in operating liabilities, excluding current portion of long term debt
|
(4,063
|
)
|
(539
|
)
|
6,777
|
(22,164
|
)
|
|||||||||
Impairment loss
|
-
|
-
|
-
|
(3,411
|
)
|
|||||||||||
Loss on debt extinguishment
|
(3,797
|
)
|
(330
|
)
|
(4,415
|
)
|
(1,949
|
)
|
||||||||
Stock – based compensation
|
(3,062
|
)
|
(3,513
|
)
|
(4,278
|
)
|
(6,370
|
)
|
||||||||
Amortization of deferred finance charges
|
(2,090
|
)
|
(1,448
|
)
|
(5,753
|
)
|
(4,023
|
)
|
||||||||
Unrealized gain/(loss) on derivative financial instruments
|
-
|
149
|
-
|
-
|
||||||||||||
Unrealized gain / (loss) on forward freight agreements and bunker swaps
|
2,539
|
408
|
2,479
|
(579
|
)
|
|||||||||||
Total other expenses, net
|
19,973
|
22,831
|
58,539
|
67,180
|
||||||||||||
Gain/(Loss) on hull and machinery claims
|
1,879
|
(135
|
)
|
1,971
|
(105
|
)
|
||||||||||
Loss on bad debt
|
-
|
-
|
-
|
(1,250
|
)
|
|||||||||||
Income tax
|
14
|
11
|
41
|
70
|
||||||||||||
Gain/(Loss) on sale of vessels
|
-
|
(70
|
)
|
-
|
(770
|
)
|
||||||||||
Equity in income/(loss) of investee
|
(6
|
)
|
33
|
33
|
88
|
|||||||||||
EBITDA
|
$
|
79,175
|
$
|
60,535
|
$
|
145,644
|
$
|
118,023
|
||||||||
|
Equity in (income)/loss of investee
|
6
|
(33
|
)
|
(33
|
)
|
(88
|
)
|
|||||||||
Unrealized (gain)/loss on forward freight agreements and bunker swaps
|
(2,539
|
)
|
(408
|
)
|
(2,479
|
)
|
579
|
|||||||||
(Gain)/Loss on sale of vessels
|
-
|
70
|
-
|
770
|
||||||||||||
Accelerated dry docking expenses due in 2020
|
-
|
8,522
|
-
|
19,045
|
||||||||||||
Stock-based compensation
|
3,062
|
3,513
|
4,278
|
6,370
|
||||||||||||
Loss on bad debt
|
-
|
-
|
-
|
1,250
|
||||||||||||
Impairment loss
|
-
|
-
|
-
|
3,411
|
||||||||||||
Adjusted EBITDA
|
$
|
79,704
|
$
|
72,199
|
$
|
147,410
|
$
|
149,360
|
Third quarter 2020
|
Third quarter 2019
|
Nine months ended September 30, 2020
|
Nine months ended September 30, 2019
|
|||||||||||||
Net income / (loss)
|
$
|
23,251
|
$
|
5,815
|
$
|
(18,114
|
)
|
$
|
(39,700
|
)
|
||||||
Amortization of fair value of above/below market acquired time charter agreements, net
|
(233
|
)
|
(328
|
)
|
(951
|
)
|
(1,514
|
)
|
||||||||
Loss on bad debt
|
-
|
-
|
-
|
1,250
|
||||||||||||
Stock – based compensation
|
3,062
|
3,513
|
4,278
|
6,370
|
||||||||||||
Unrealized (gain) / loss on forward freight agreements and bunker swaps
|
(2,539
|
)
|
(408
|
)
|
(2,479
|
)
|
579
|
|||||||||
Accelerate dry docking expenses due in 2020
|
-
|
8,522
|
-
|
19,045
|
||||||||||||
(Gain) / loss on sale of vessels
|
-
|
70
|
-
|
770
|
||||||||||||
Impairment loss
|
-
|
-
|
-
|
3,411
|
||||||||||||
Loss on debt extinguishment
|
3,792
|
115
|
4,334
|
220
|
||||||||||||
Equity in income/(loss) of investee
|
6
|
(33
|
)
|
(33
|
)
|
(88
|
)
|
|||||||||
Adjusted Net income / (loss)
|
$
|
27,339
|
$
|
17,266
|
$
|
(12,965
|
)
|
$
|
(9,657
|
)
|
||||||
Weighted average number of shares outstanding, basic
|
96,209,666
|
94,188,543
|
95,935,654
|
93,040,799
|
||||||||||||
Weighted average number of shares outstanding, diluted
|
96,370,925
|
94,276,144
|
95,935,654
|
93,040,799
|
||||||||||||
Adjusted Earnings / (Loss) Per Share, basic and diluted
|
$
|
0.28
|
$
|
0.18
|
$
|
(0.14
|
)
|
$
|
(0.10
|
)
|
|
Third quarter 2020
|
Third quarter 2019
|
Nine months ended September 30, 2020
|
Nine months ended September 30, 2019
|
||||||||||||
Voyage revenues
|
$
|
200,222
|
$
|
248,444
|
$
|
507,218
|
$
|
572,726
|
||||||||
Less:
|
||||||||||||||||
Voyage expenses
|
(43,637
|
)
|
(67,575
|
)
|
(158,709
|
)
|
(158,904
|
)
|
||||||||
Charter-in hire expense
|
(13,165
|
)
|
(48,545
|
)
|
(27,218
|
)
|
(92,987
|
)
|
||||||||
Realized gain/(loss) on FFAs/bunker swaps
|
(5,612
|
)
|
(995
|
)
|
13,980
|
7,375
|
||||||||||
Time Charter equivalent revenues
|
$
|
137,808
|
$
|
131,329
|
$
|
335,271
|
$
|
328,210
|
||||||||
Amortization of fair value of below/above market acquired time charter agreements, net
|
(233
|
)
|
(328
|
)
|
(951
|
)
|
(1,514
|
)
|
||||||||
Adjusted Time Charter equivalent revenues
|
$
|
137,575
|
$
|
131,001
|
$
|
334,320
|
$
|
326,696
|
||||||||
Available days
|
10,515
|
8,919
|
29,941
|
26,905
|
||||||||||||
Daily Time Charter Equivalent Rate ("TCE")
|
$
|
13,083
|
$
|
14,688
|
$
|
11,166
|
$
|
12,143
|
||||||||
|
|
Third quarter 2020
|
Third quarter 2019
|
Nine months ended September 30, 2020
|
Nine months ended September 30, 2019
|
||||||||||||
General and administrative expenses
|
$
|
9,321
|
$
|
9,706
|
$
|
24,312
|
$
|
26,768
|
||||||||
Plus:
|
||||||||||||||||
Management fees
|
4,601
|
4,613
|
13,803
|
12,801
|
||||||||||||
Less:
|
||||||||||||||||
Stock – based compensation
|
(3,062
|
)
|
(3,513
|
)
|
(4,278
|
)
|
(6,370
|
)
|
||||||||
Net Cash G&As expenses
|
$
|
10,860
|
$
|
10,806
|
$
|
33,837
|
$
|
33,199
|
||||||||
Ownership days
|
10,672
|
10,685
|
31,784
|
30,096
|
||||||||||||
Charter-in days
|
349
|
2,372
|
1,075
|
5,581
|
||||||||||||
Average daily Net Cash G&A expenses per vessel
|
$
|
985
|
$
|
828
|
$
|
1,030
|
$
|
931
|