Results

StealthGas Inc.

08/21/2020 | Press release | Distributed by Public on 08/21/2020 07:38

STEALTHGAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2020 FINANCIAL AND OPERATING RESULTS

STEALTHGAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2020 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, August 21, 2020. 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 second quarter and six months ended June 30, 2020.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Fleet utilization of 99.7% in Q2 '20 - with only 11 days of technical off hire.
  • Fleet operational utilization of 97.1% in Q2 '20, mainly due to few of our ships being in the spot market - equivalent to 10.8% of voyage days.
  • Fleet calendar days down 6.5% quarter over quarter to 3,743, attributed to our strategic fleet contraction.
  • About 71% of fleet days are secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods representing approximately $112 million in contracted revenues. Period coverage for 2021 is currently 32%.
  • Voyage revenues of $36.3 million in Q2 '20, an increase of $2.2 million compared to Q2 '19 mostly due to the sharp rise (20%) of revenues stemming from our time charters and reduced presence in the spot market by 48% which were partly offset by the fewer chartered-in vessels.
  • Net Income of $8.9 million for Q2 '20, corresponding to an EPS of $0.23, our best quarterly performance since the first quarter of 2013.
  • EBITDA of $21.8 million in Q2 '20, compared to $14.6 million in Q2 '19.
  • Low gearing, as debt to assets stands at 37.7% and quarter over quarter reduction in finance costs by $1.7 million.
  • Total cash of $51.5 million as of June 30, 2020 - following the cash utilization for the acquisition of two new small LPG vessels from affiliates. The first vessel was delivered in June 2020 while the second vessel will be delivered in September 2020.

Second Quarter 2020 Results:

  • Revenues for the three months ended June 30, 2020 amounted to $36.3 million, an increase of $2.2 million, or 6.5%, compared to revenues of $34.1 million for the three months ended June 30, 2019, following a noticeable rise - 20% - of our time charter revenues stemming mainly from small LPGs and our 22,000 cbm semi-refrigerated vessels, due to higher rates compared to 2019, along with limited exposure in the spot market which was quite soft mostly due to the COVID-19 pandemic.
  • Voyage expenses and vessels' operating expenses for the three months ended June 30, 2020 were $2.1 million and $11.6 million respectively, compared to $4.1 million and $11.8 million respectively, for the three months ended June 30, 2019. The $2.0 million decrease in voyage expenses was mainly attributed to a 47.5% quarter-on-quarter reduction of spot days in conjuction with a noticeable decrease in bunker costs. The 1.7% decrease in vessels' operating expenses compared to the same period of 2019, is a result of the decline of our time charter and spot days, for which we incur operating expenses, by 6.5% compared to the same period of last year.
  • General and Administrative expenses for the three months ended June 30, 2020 amounted to $0.5 million compared to $0.9 million for the same period of last year. This decrease is mainly attributed to the fact that for the three months ended June 30, 2019 share based compensation expense of $0.2 million was incurred, which was not the case for the three months ended June 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.
  • Depreciation for the three months ended June 30, 2020 was $9.2 million, a $0.3 million decrease from $9.5 million for the same period of last year due to the decrease in the average number of our vessels.
  • Impairment loss for the three months ended June 30, 2020 was $0.7 million relating to two of our oldest vessels. No such loss was recorded in the same period of last year.
  • Interest and finance costs for the three months ended June 30, 2020 and 2019 were $3.7 million and $5.4 million, respectively. The $1.7 million decrease from the same period of last year is mostly due to the decline of LIBOR rates and the decrease of our indebtedness.
  • Equity income in joint ventures for the three months ended June 30, 2020 and 2019 was $1.9 million and $0.3 million respectively. The $1.6 million increase from the same period of last year, is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 '20.
  • As a result of the above, for the three months ended June 30, 2020, the Company reported Net
    income of $8.9 million, compared to a net loss of $0.2 million for the three months ended June 30, 2019. The weighted average number of shares outstanding for the three months ended June 30, 2020 and 2019 was 38.3 million and 39.8 million, respectively.
  • Earnings per share, basic and diluted, for the three months ended June 30, 2020 amounted to $0.23 compared to loss per share of $0.005 for the same period of last year.
  • Adjusted net income was $9.5 million or $0.25 earnings per share for the three months ended June 30, 2020 compared to adjusted net income of $0.2 million or $0.01 earnings per share for the same period of last year.
  • EBITDA for the three months ended June 30, 2020 amounted to $21.8 million compared to EBITDA of $14.6 million for the three months ended June 30, 2019. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
  • An average of 41.1 vessels were owned by the Company during the three months ended June 30, 2020, compared to 42.0 vessels for the same period of 2019.

Six Months 2020 Results:

  • Revenues for the six months ended June 30, 2020, amounted to $70.6 million, a decrease of $1.9 million, or 2.6%, compared to revenues of $72.5 million for the six months ended June 30, 2019, primarily due to the reduction of our calendar days by 9.3% as a result of the decrease in the average number of our vessels by 2.6 vessels, along with fewer charter-in vessels.
  • Voyage expenses and vessels' operating expenses for the six months ended June 30, 2020 were $4.9 million and $24.8 million, respectively, compared to $7.9 million and $24.7 million for the six months ended June 30, 2019. The $3.0 million decrease in voyage expenses was mainly due to the 45.7% (or 608 days) reduction of spot days. The $0.1 million increase in vessels' operating expenses is mostly due to the unforseen technical damage of one vessel which occurred within the first quarter of 2020.
  • Depreciation for the six months ended June 30, 2020, was $18.6 million, a $0.3 million decrease from $18.9 million for the same period of last year, due to the decrease in the average number of our vessels.
  • Impairment loss for the six months ended June 30, 2020 was $0.7 million relating to two of its oldest vessels. No such loss was recorded in the same period of last year.
  • Interest and finance costs for the six months ended June 30, 2020 and 2019 were $7.9 million and $11.4 million respectively. The $3.5 million decrease from the same period of last year, is mostly due to the decline of LIBOR rates particularly in the second quarter of 2020, along with the decrease of our indebtedness.
  • Equity income in joint ventures for the six months ended June 30, 2020 and 2019 was $2.5 million and $0.5 million respectively. The $2.0 million increase from the same period of last year, is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 '20.
  • As a result of the above, the Company reported a net income for the six months ended June 30, 2020 of $11.9 million, compared to a net income of $1.8 million for the six months ended June 30, 2019. The weighted average number of shares outstanding for the six months ended June 30, 2020 and 2019 was 38.9 million and 39.9 million respectively. Earnings per share for the six months ended June 30, 2020 amounted to $0.31 compared to earnings per share of $0.04 for the same period of last year.
  • Adjusted net income was $12.6 million, or $0.32 per share, for the six months ended June 30, 2020 compared to adjusted net income of $2.3 million, or $0.06 per share, for the same period of last year.
  • EBITDA for the six months ended June 30, 2020 amounted to $38.3 million compared to EBITDA of $31.7 million for the six months ended June 30, 2019. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. An average of 41.1 vessels were owned by the Company during the six months ended June 30, 2020, compared to 43.7 vessels for the same period of 2019.
  • As of June 30, 2020, cash and cash equivalents amounted to $36.6 million and total debt amounted to $357.1 million. During the six months ended June 30, 2020 debt repayments amounted to $20.7 million.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following five chartering arrangements:

  • A one year time charter for its 2018 built 22,000 cbm semi- refrigerated vessel, the Eco Arctic, to an International LPG trader until September 2021.
  • A six months time charter for its 2020 built LPG carrier, the Eco Texiana, to an International LPG Trader until December 2020.
  • § A six months time charter for its 2012 built LPG carrier, the Gas Esco, to an International LPG Trader until December 2020.
  • § A three months time charter extension for its 2018 built semi-refrigerated vessel, the Eco Freeze, to an International LPG Trader until September 2020.
  • § A three months time charter for its 2016 built LPG carrier, the Eco Nical, to an International LPG Trader until September 2020.

With these charters, the Company has total contracted revenues of approximately $112 million. Total anticipated voyage days of our fleet is 71% covered for the remainder of 2020 and currently, 32% for 2021.

Including the time charters of our JV arrangements, total contracted revenues amount to $133 million.

Board Chairman Michael Jolliffe Commented

In spite of the global turmoil the COVID-19 pandemic has brought on, StealthGas exerted a very strong performance in the second quarter of 2020 - marking the best quarterly results we have seen over the last seven years. The pillars of our success were principally our strong period coverage secured ahead of the imposed lockdowns, our stable operating cost base and the lowering of our finance costs.

Our conservative strategy of striving to secure our fleet on period charters paid off in that we had concluded several period charters at competitive rates prior to the COVID-19 pandemic outbreak and hence were shielded from any market deterioration while at the same time managed to improve largely upon our profitability.

We proved that we have a strong fleet, solid financial position and efficient strategy, which instills us with confidence in this uncertain market we are facing. Our performance was also a proof against our share price levels, which we deem as an unfair reflection of StealthGas's dynamics.

Going forward we will strategically navigate the tides of the COVID-19 pandemic, pursuing the best course of action amidst what may prove to be difficult market conditions.

Conference Call details:

On August 21, 2020 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: +1 866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free Dial In).

Access Code: 4165149


In case of any problems with the above numbers, please dial +1 6467871226 (US Toll Dial In), +44 (0) 203 0095709 (Standard International Dial In).

Access Code: 4165149


A telephonic replay of the conference call will be available until August 28, 2020 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).

Access Code: 4165149

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. has a fleet of 52 vessels. The fleet is comprised of 48 LPG carriers, including eight Joint Venture vessels, a 7,500 cbm newbuilding LPG carrier scheduled to be delivered in September 2020 and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in 2021. These LPG vessels have a total capacity of 444,057 cubic meters (cbm). The Company also owns 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, or impact or duration of the COVID-19 pandemic 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 impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, 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.

011-30-210-6250-001
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Fleet Data:

The following key indicators highlight the Company's operating performance during the periods ended June 30, 2019 and June 30, 2020.

FLEET DATA

Q2 2019

Q2 2020

6M 2019

6M 2020

Average number of vessels (1)

42.0

41.1

43.7

41.1

Period end number of owned vessels in fleet

42

42

42

42

Total calendar days for fleet (2)

4,004

3,743

8,331

7,554

Total voyage days for fleet (3)

3,994

3,732

8,316

7,520

Fleet utilization (4)

99.8%

99.7%

99.8%

99.5%

Total charter days for fleet (5)

3,226

3,329

6,985

6,797

Total spot market days for fleet (6)

768

403

1,331

723

Fleet operational utilization (7)

95.3%

97.1%

97.1%

97.5%

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 Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net (loss)/income before loss/(gain) on derivatives excluding swap interest received/(paid), net gain on sale of vessel, gain on deconsolidation of subsidiaries, impairment loss and share based compensation. EBITDA represents net (loss)/income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, impairment loss, loss/(gain) on derivatives, net gain on sale of vessels and gain on deconsolidation of subsidiaries. Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, 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 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.

(Expressed in United States Dollars,
except number of shares)

Second Quarter Ended June 30th,

Six Months Period Ended June 30th,

2019

2020

2019

2020

Net (Loss)/Income - Adjusted Net Income

Net (loss)/income

(179,256)

8,923,308

1,789,610

11,936,026

Plus loss/(gain) on derivatives

118,094

(28,385)

140,791

40,310

Less swap interest received/(paid)

29,100

(16,266)

79,952

(10,643)

Less net gain on sale of vessel

--

--

(7,473)

--

Less gain on deconsolidation of subsidiaries

--

--

(145,000)

--

Plus impairment loss

--

653,079

--

653,079

Plus share based compensation

236,849

--

471,096

--

Adjusted Net Income

204,787

9,531,736

2,328,976

12,618,772

Net (loss)/income - EBITDA

Net (loss)/income

(179,256)

8,923,308

1,789,610

11,936,026

Plus interest and finance costs

5,400,047

3,690,645

11,382,918

7,923,842

Less interest income

(144,146)

(38,528)

(448,579)

(151,488)

Plus depreciation

9,474,181

9,246,107

18,948,367

18,568,068

EBITDA

14,550,826

21,821,532

31,672,316

38,276,448

Net (loss)/income - Adjusted EBITDA

Net (loss)/income

(179,256)

8,923,308

1,789,610

11,936,026

Plus loss/(gain) on derivatives

118,094

(28,385)

140,791

40,310

Less net gain on sale of vessel

--

--

(7,473)

--

Less gain on deconsolidation of subsidiaries

--

--

(145,000)

--

Plus impairment loss

--

653,079

--

653,079

Plus share based compensation

236,849

--

471,096

--

Plus interest and finance costs

5,400,047

3,690,645

11,382,918

7,923,842

Less interest income

(144,146)

(38,528)

(448,579)

(151,488)

Plus depreciation

9,474,181

9,246,107

18,948,367

18,568,068

Adjusted EBITDA

14,905,769

22,446,226

32,131,730

38,969,837

EPS - Adjusted EPS

Net (loss)/income

(179,256)

8,923,308

1,789,610

11,936,026

Adjusted net income

204,787

9,531,736

2,328,976

12,618,772

Weighted average number of shares

39,840,783

38,323,793

39,850,618

38,862,838

EPS - Basic and Diluted

(0.00)

0.23

0.04

0.31

Adjusted EPS

0.01

0.25

0.06

0.32

StealthGas Inc.

Unaudited Consolidated Statements of Operations

(Expressed in United States Dollars, except for number of shares)

Quarters Ended June 30,

Six Month Periods Ended June 30,

2019

2020

2019

2020

Revenues

Revenues

34,083,501

36,251,844

72,526,319

70,628,602

Expenses

Voyage expenses

3,721,160

1,667,365

7,049,679

4,058,634

Voyage expenses - related party

423,591

447,486

900,228

873,170

Charter hire expenses

1,467,505

(3,757)

3,565,054

318,606

Vessels' operating expenses

11,519,876

11,343,561

24,187,246

24,349,107

Vessels' operating expenses - related party

239,500

224,500

488,500

450,000

Drydocking costs

--

232,381

185,624

401,177

Management fees - related party

1,399,195

1,335,070

2,914,680

2,671,080

General and administrative expenses

902,521

502,949

2,024,608

1,070,625

Depreciation

9,474,181

9,246,107

18,948,367

18,568,068

Impairment loss

--

653,079

--

653,079

Net gain on sale of vessel

--

--

(7,473)

--

Total expenses

29,147,529

25,648,741

60,256,513

53,413,546

Income from operations

4,935,972

10,603,103

12,269,806

17,215,056

Other (expenses)/income

Interest and finance costs

(5,400,047)

(3,690,645)

(11,382,918)

(7,923,842)

Gain on deconsolidation of subsidiaries

--

--

145,000

--

Loss/(gain) on derivatives

(118,094)

28,385

(140,791)

(40,310)

Interest income

144,146

38,528

448,579

151,488

Foreign exchange gain/(loss)

7,231

2,418

(9,557)

3,370

Other expenses, net

(5,366,764)

(3,621,314)

(10,939,687)

(7,809,294)

Income before equity in income of investees

(430,792)

6,981,789

1,330,119

9,405,762

Equity income in joint ventures

251,536

1,941,519

459,491

2,530,264

Net (Loss)/Income

(179,256)

8,923,308

1,789,610

11,936,026

(Loss)/Earnings per share

- Basic & Diluted

(0.00)

0.23

0.04

0.31

Weighted average number of shares

-Basic & Diluted

39,840,783

38,323,793

39,850,618

38,862,838

StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

December 31,

June 30,

2019

2020

Assets

Current assets

Cash and cash equivalents

68,465,342

36,637,082

Trade and other receivables

4,217,101

2,836,752

Other current assets

118,246

98,177

Claims receivable

314,217

326,267

Inventories

2,447,703

2,921,908

Advances and prepayments

749,681

1,252,393

Restricted cash

1,589,768

1,286,840

Fair value of derivatives

30,381

--

Total current assets

77,932,439

45,359,419

Non current assets

Advances for vessels under construction and acquisitions

2,988,903

9,315,869

Operating lease right-of-use assets

473,132

44,965

Vessels, net

835,152,403

836,002,931

Other receivables

286,915

155,307

Restricted cash

12,065,222

13,559,697

Investments in joint ventures

25,250,173

42,997,937

Deferred finance charges

--

403,831

Fair value of derivatives

39,744

--

Total non current assets

876,256,492

902,480,537

Total assets

954,188,931

947,839,956

Liabilities and Stockholders' Equity

Current liabilities

Payable to related parties

7,043,121

1,431,444

Trade accounts payable

9,032,690

9,612,786

Accrued and other liabilities

6,002,079

4,874,382

Operating lease liabilities

473,132

44,965

Customer deposits

968,000

968,000

Deferred income

2,843,994

3,946,499

Fair value of derivatives

37,567

78,868

Current portion of long-term debt

40,735,556

56,189,137

Total current liabilities

67,136,139

77,146,081

Non current liabilities

Fair value of derivatives

2,618,250

5,978,573

Long-term debt

325,247,902

300,915,648

Total non current liabilities

327,866,152

306,894,221

Total liabilities

395,002,291

384,040,302

Commitments and contingencies

Stockholders' equity

Capital stock

445,496

431,836

Treasury stock

(24,361,145)

(25,373,380)

Additional paid-in capital

502,419,122

499,564,087

Retained earnings

82,942,210

94,878,236

Accumulated other comprehensive loss

(2,259,043)

(5,701,125)

Total stockholders' equity

559,186,640

563,799,654

Total liabilities and stockholders' equity

954,188,931

947,839,956

StealthGas Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

Six Month Periods Ended June 30,

2019

2020

Cash flows from operating activities

Net income for the period

1,789,610

11,936,026

Adjustments to reconcile net income to net cash

provided by operating activities:

Depreciation

18,948,367

18,568,068

Amortization of deferred finance charges

476,249

355,763

Amortization of operating lease right-of-use assets

775,770

428,167

Share based compensation

471,096

--

Change in fair value of derivatives

220,743

29,667

Equity income in joint ventures

(459,491)

(2,530,264)

Impairment loss

--

653,079

Net gain on sale of vessel

(7,473)

--

Gain on deconsolidation of subsidiaries

(145,000)

--

Changes in operating assets and liabilities:

(Increase)/decrease in

Trade and other receivables

773,627

1,511,957

Other current assets

(196,634)

20,069

Claims receivable

(966,718)

(12,050)

Inventories

(54,950)

(474,205)

Changes in operating lease liabilities

(775,770)

(428,167)

Advances and prepayments

85,228

(502,712)

Increase/(decrease) in

Balances with related parties

(9,683,892)

(1,625,469)

Trade accounts payable

1,356,417

181,778

Accrued liabilities

(183,308)

(1,187,028)

Deferred income

(629,079)

1,102,505

Net cash provided by operating activities

11,794,792

28,027,184

Cash flows from investing activities

Insurance proceeds

317,936

--

Proceeds from sale of interests in subsidiaries

20,720,975

--

Proceeds from sale of vessels, net

8,302,457

--

Vessels' acquisitions and advances for vessels under construction

(2,908,064)

(26,000,323)

Investment in joint ventures

(1,022,000)

(41,998,500)

Return of investments by joint ventures

--

26,781,000

Advances to joint ventures

(1,268,223)

(29,245)

Advances from joint ventures

3,280,385

29,245

Net cash provided by/(used in) investing activities

27,423,466

(41,217,823)

Cash flows from financing activities

Stock repurchase

(259,500)

(3,880,930)

Deferred finance charges paid

(254,901)

(373,263)

Advances from joint ventures

--

1,837,299

Advances to joint ventures

--

(5,823,507)

Customer deposits paid

(368,000)

--

Loan repayments

(48,960,430)

(20,710,673)

Proceeds from long-term debt

11,250,000

11,505,000

Net cash used in financing activities

(38,592,831)

(17,446,074)

Net increase/(decrease) in cash, cash equivalents and restricted cash

625,427

(30,636,713)

Cash, cash equivalents and restricted cash at beginning of year

79,430,991

82,120,332

Cash, cash equivalents and restricted cash at end of period

80,056,418

51,483,619

Cash breakdown

Cash and cash equivalents

65,836,973

36,637,082

Restricted cash, current

1,673,587

1,286,840

Restricted cash, non current

12,545,858

13,559,697

Total cash, cash equivalents and restricted cash shown in the statements of cash flows

80,056,418

51,483,619