05/09/2022 | Press release | Distributed by Public on 05/09/2022 07:16
■ |
Revenues, net: $54.6 million for the three months ended March 31, 2022, as compared to $7.0 million for the three months ended March 31, 2021;
|
■ |
Net income: $20.0 million for the three months ended March 31, 2022, as compared to $1.1 million for the three months ended March 31, 2021;
|
■ |
Earnings per common share(1): $0.21 earnings per share for the three months ended March 31, 2022, as compared to earnings per share of $0.02 for the three months ended March 31, 2021;
|
■ |
EBITDA(2): $27.9 million for the three months ended March 31, 2022, as compared to $2.6 million for the three months ended March 31, 2021; and
|
■ |
Cash and restricted cash of $84.0 million as of March 31, 2022, as compared to $43.4 million as of December 31, 2021.
|
Dry Bulk Carriers
|
||||||||
Vessel Name
|
Type
|
DWT
|
Year
Built |
Country of Construction
|
Type of Employment
|
Daily Gross Charter Rate
|
Estimated Redelivery Date
|
|
Earliest
|
Latest
|
|||||||
Magic Orion
|
Capesize
|
180,200
|
2006
|
Japan
|
TC (1) period
|
101% of BCI5TC (2)
|
Oct-22
|
Jan-23
|
Magic Venus
|
Kamsarmax
|
83,416
|
2010
|
Japan
|
TC period
|
100% of BPI5TC
|
Apr-23
|
Jul-23
|
Magic Thunder
|
Kamsarmax
|
83,375
|
2011
|
Japan
|
TC period
|
100% of BPI5TC
|
Oct-22
|
Jan-23
|
Magic Argo
|
Kamsarmax
|
82,338
|
2009
|
Japan
|
TC period
|
103% of BPI5TC
|
Apr-23
|
Jul-23
|
Magic Perseus
|
Kamsarmax
|
82,158
|
2013
|
Japan
|
TC period
|
100% of BPI5TC
|
Oct-22
|
Jan-23
|
Magic Starlight
|
Kamsarmax
|
81,048
|
2015
|
China
|
TC period
|
$32,000 (3)
|
Sep-22
|
Mar-23
|
Magic Twilight
|
Kamsarmax
|
80,283
|
2010
|
Korea
|
TC period
|
$25,000
|
Jan-23
|
Apr-23
|
Magic Nebula
|
Kamsarmax
|
80,281
|
2010
|
Korea
|
TC period
|
$23,500
|
Sep-22
|
Nov -22
|
Magic Nova
|
Panamax
|
78,833
|
2010
|
Japan
|
TC period
|
$25,300 (4)
|
Oct-22
|
Feb-23
|
Magic Mars
|
Panamax
|
76,822
|
2014
|
Korea
|
TC period
|
$21,500 (5)
|
Νοv-22
|
Feb-23
|
Magic Phoenix
|
Panamax
|
76,636
|
2008
|
Japan
|
TC period
|
$28,100 (6)
|
Sep-22
|
Dec-22
|
Magic Horizon
|
Panamax
|
76,619
|
2010
|
Japan
|
TC trip
|
$17,500 (7)
|
Jun-22
|
Jun-22
|
Magic Moon
|
Panamax
|
76,602
|
2005
|
Japan
|
TC trip
|
$25,500
|
May-22
|
May-22
|
Magic P
|
Panamax
|
76,453
|
2004
|
Japan
|
TC period
|
$25,000
|
Sep-22
|
Oct-22
|
Magic Sun
|
Panamax
|
75,311
|
2001
|
Korea
|
Unfixed
|
N/A
|
N/A
|
N/A
|
Magic Vela
|
Panamax
|
75,003
|
2011
|
China
|
TC period
|
87.5% of BPI5TC
|
Apr-23
|
Jul-23
|
Magic Eclipse
|
Panamax
|
74,940
|
2011
|
Japan
|
TC period
|
$28,500
|
Αpr-22
|
Jul-22
|
Magic Pluto
|
Panamax
|
74,940
|
2013
|
Japan
|
TC period
|
$24,000 (8)
|
Nov-22
|
Feb-23
|
Magic Callisto
|
Panamax
|
74,930
|
2012
|
Japan
|
TC period
|
$27,000 (9)
|
Oct-22
|
Jan-23
|
Magic Rainbow
|
Panamax
|
73,593
|
2007
|
China
|
TC trip
|
$16,500
|
Jun-22
|
Jun-22
|
Aframax / LR2 Tankers
|
||||||||
Vessel Name
|
Type
|
DWT
|
Year
Built |
Country of Construction
|
Type of Employment
|
Daily Gross Charter Rate
|
Estimated Redelivery Date
|
|
Earliest
|
Latest
|
|||||||
Wonder Polaris
|
Aframax / LR2
|
115,351
|
2005
|
Korea
|
Voyage
|
$16,900 (10)
|
29-May-22 (11)
|
N/A
|
Wonder Sirius
|
Aframax / LR2
|
115,341
|
2005
|
Korea
|
Voyage
|
$15,000 (10)
|
22-May-22 (11)
|
N/A
|
Wonder Bellatrix
|
Aframax / LR2
|
115,341
|
2006
|
Korea
|
Unfixed
|
N/A
|
N/A
|
N/A
|
Wonder Musica
|
Aframax / LR2
|
106,290
|
2004
|
Korea
|
Voyage
|
$35,000 (10)
|
7-May-22 (11)
|
N/A
|
Wonder Avior
|
Aframax / LR2
|
106,162
|
2004
|
Korea
|
Voyage
|
$16,100 (10)
|
6-Jun-22 (11)
|
N/A
|
Wonder Arcturus
|
Aframax / LR2
|
106,149
|
2002
|
Korea
|
Voyage
|
$11,600 (10)
|
15-May-22 (11)
|
N/A
|
Wonder Vega
|
Aframax
|
106,062
|
2005
|
Korea
|
Tanker Pool (12)
|
N/A
|
N/A
|
N/A
|
Handysize Tankers
|
||||||||
Vessel Name
|
Type
|
DWT
|
Year
Built |
Country of Construction
|
Type of Employment
|
Daily Gross Charter Rate
|
Estimated Redelivery Date
|
|
Earliest
|
Latest
|
|||||||
Wonder Mimosa
|
Handysize
|
36,718
|
2006
|
Korea
|
Tanker Pool (13)
|
N/A
|
N/A
|
N/A
|
Wonder Formosa
|
Handysize
|
36,660
|
2006
|
Korea
|
Tanker Pool (13)
|
N/A
|
N/A
|
N/A
|
(1) |
TC stands for time charter.
|
(2) |
The benchmark vessel used in the calculation of the average of the Baltic Capesize Index ("BCI") 5TC routes ("BCI5TC") is a non-scrubber fitted 180,000mt dwt vessel (Capesize) with specific age, speed - consumption, and design characteristics.
|
(3) |
The vessels' daily gross charter rate is equal to 114% of the Baltic Panamax Index 4TC routes ("BPI4TC"). In accordance with the prevailing charter party, on 19/10/2021 owners converted the index-linked rate to fixed from 01/01/2022 until 30/09/2022, at a rate of $32,000 per day. Upon completion of said period, the rate will be converted back to index linked. The benchmark vessel used in the calculation of the average of the BPI4TC routes is a non-scrubber fitted 74,000mt dwt vessel (Panamax) with specific age, speed - consumption, and design characteristics.
|
(4) |
The vessels' daily gross charter rate is equal to 92% of BPI5TC. In accordance with the prevailing charter party, on 17/02/2022 owners converted the index-linked rate to fixed from 01/03/2022 until 30/09/2022, at a rate of $25,300 per day. Upon completion of said period, the rate will be converted back to index linked.
|
(5) |
The vessels' daily gross charter rate is equal to 91% of BPI5TC. In accordance with the prevailing charter party, on 20/01/2022 owners converted the index-linked rate to fixed from 01/02/2022 until 30/09/2022, at a rate of $21,500 per day. Upon completion of said period, the rate will be converted back to index linked.
|
(6) |
The vessels' daily gross charter rate is equal to 102% of BPI4TC. In accordance with the prevailing charter party, on 03/03/2022 owners converted the index-linked rate to fixed from 01/04/2022 until 30/09/2022, at a rate of $28,100 per day. Upon completion of said period, the rate will be converted back to index linked.
|
(7) |
Upon completion of current fixture, the vessel is fixed in direct continuation for a time charter period of minimum 12 months up to maximum 15 months, at a gross charter rate equal to 103% of BPI4TC.
|
(8) |
The vessels' daily gross charter rate is equal to 91% of BPI5TC. In accordance with the prevailing charter party, on 08/02/2022 owners converted the index-linked rate to fixed from 01/03/2022 until 30/09/2022, at a rate of $24,000 per day. Upon completion of said period, the rate will be converted back to index linked.
|
(9) |
The vessels' daily gross charter rate is equal to 101% of BPI4TC. In accordance with the prevailing charter party, on 22/02/2022 owners converted the index-linked rate to fixed from 01/03/2022 until 30/09/2022, at a rate of $27,000 per day. Upon completion of said period, the rate will be converted back to index linked.
|
(10) |
For vessels that are employed on the voyage/spot market, the gross daily charter rate is considered as the Daily TCE Rate on the basis of the expected completion date.
|
(11) |
Estimated completion date of the voyage.
|
(12) |
The vessel is currently participating in an unaffiliated tanker pool specializing in the employment of Aframax tanker vessels.
|
(13) |
The vessel is currently participating in an unaffiliated tanker pool specializing in the employment of Handysize tanker vessels.
|
Three Months Ended
|
||||||||
(Expressed in U.S. dollars)
|
March 31, 2022 (unaudited)
|
March 31, 2021 (unaudited)
|
||||||
Vessel revenues, net
|
$
|
54,641,313
|
$
|
6,972,853
|
||||
Operating income
|
$
|
21,824,411
|
$
|
1,491,439
|
||||
Net income
|
$
|
19,976,288
|
$
|
1,127,060
|
||||
EBITDA (1)
|
$
|
27,904,951
|
$
|
2,570,724
|
||||
Earnings per common share
|
$
|
0.21
|
$
|
0.02
|
Three Months Ended
March 31,
|
||||||||
(Expressed in U.S. dollars except for operational data)
|
2022
|
2021
|
||||||
Ownership Days (1) (7)
|
2,606
|
628
|
||||||
Available Days (2)(7)
|
2,606
|
615
|
||||||
Operating Days (3) (7)
|
2,584
|
603
|
||||||
Daily TCE rate(4)
|
$
|
17,809
|
$
|
12,032
|
||||
Fleet Utilization (5)
|
99
|
%
|
98
|
%
|
||||
Daily vessel operating expenses (6)
|
$
|
5,896
|
$
|
5,265
|
|
(1) |
Ownership Days are the total number of calendar days in a period during which we owned a vessel.
|
|
(2) |
Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.
|
|
(3) |
Operating Days are the Available Days in a period after subtracting off-hire and idle days.
|
|
(4) |
Daily TCE rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B of this press release for the definition and reconciliation of this measure to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
|
|
(5) |
Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period.
|
|
(6) |
Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period.
|
|
(7) |
Our definitions of days (i.e., Ownership Days, Available Days, Operating Days) may not be comparable to those reported by other companies.
|
(In U.S. dollars except for number of share data)
|
Three Months Ended March 31,
|
|||||||
2022
|
2021
|
|||||||
REVENUES
|
||||||||
Vessel revenues, net
|
$
|
54,641,313
|
$
|
6,972,853
|
||||
EXPENSES
|
||||||||
Voyage expenses -including commissions to related party
|
(8,230,771
|
)
|
426,972
|
|||||
Vessel operating expenses
|
(15,364,118
|
)
|
(3,306,257
|
)
|
||||
General and administrative expenses (including related party fees)
|
(921,707
|
)
|
(739,231
|
)
|
||||
Management fees -related parties
|
(2,218,500
|
)
|
(774,350
|
)
|
||||
Depreciation and amortization
|
(6,081,806
|
)
|
(1,088,548
|
)
|
||||
Operating income
|
$
|
21,824,411
|
$
|
1,491,439
|
||||
Interest and finance costs, net (including related party interest costs) (1)
|
(1,608,015
|
)
|
(355,116
|
)
|
||||
Other expenses, net
|
(1,266
|
)
|
(9,263
|
)
|
||||
US source income taxes
|
(238,842
|
)
|
-
|
|||||
Net income
|
$
|
19,976,288
|
$
|
1,127,060
|
||||
Earnings per common share (basic and diluted) (2)
|
$
|
0.21
|
$
|
0.02
|
||||
Weighted average number of common shares outstanding, basic (2):
|
94,610,088
|
57,662,495
|
||||||
Weighted average number of common shares outstanding, diluted (2):
|
94,610,088
|
63,281,613
|
March 31,
2022
|
December 31,
2021
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
73,347,813
|
$
|
37,173,736
|
||||
Restricted cash
|
2,903,805
|
2,382,732
|
||||||
Due from related party
|
850,958
|
-
|
||||||
Other current assets
|
26,359,849
|
15,443,620
|
||||||
Total current assets
|
103,462,425
|
55,000,088
|
||||||
NON-CURRENT ASSETS:
|
||||||||
Vessels, net
|
411,961,978
|
393,965,929
|
||||||
Advances for vessel acquisition
|
-
|
2,368,165
|
||||||
Restricted cash
|
7,710,000
|
3,830,000
|
||||||
Due from related party
|
-
|
810,437
|
||||||
Other non-currents assets
|
5,764,220
|
6,938,823
|
||||||
Total non-current assets, net
|
425,436,198
|
407,913,354
|
||||||
Total assets
|
528,898,623
|
462,913,442
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt, net
|
29,853,634
|
16,091,723
|
||||||
Due to related parties
|
426,941
|
4,507,569
|
||||||
Other current liabilities
|
13,261,426
|
13,430,104
|
||||||
Total current liabilities
|
43,542,001
|
34,029,396
|
||||||
NON-CURRENT LIABILITIES:
|
||||||||
Long-term debt, net
|
122,445,964
|
85,949,676
|
||||||
Total non-current liabilities
|
122,445,964
|
85,949,676
|
||||||
Total liabilities
|
165,987,965
|
119,979,072
|
||||||
SHAREHOLDERS' EQUITY
|
||||||||
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 94,610,088 shares issued and outstanding as at March 31, 2022 and December 31, 2021 (2)
|
94,610
|
94,610
|
||||||
Series B Preferred Shares- 12,000 shares issued and outstanding as at March 31, 2022 and December 31, 2021
|
12
|
12
|
||||||
Additional paid-in capital
|
303,658,153
|
303,658,153
|
||||||
Retained Earnings
|
59,157,883
|
39,181,595
|
||||||
Total shareholders' equity
|
362,910,658
|
342,934,370
|
||||||
Total liabilities and shareholders' equity
|
$
|
528,898,623
|
$
|
462,913,442
|
(Expressed in U.S. Dollars-except for number of share data)
|
Three Months Ended March 31,
|
|||||||
2022
|
2021
|
|||||||
Cash flows provided by Operating Activities:
|
||||||||
Net income
|
$
|
19,976,288
|
$
|
1,127,060
|
||||
Adjustments to reconcile net income to net cash provided by Operating activities:
|
||||||||
Depreciation and amortization
|
6,081,806
|
1,088,548
|
||||||
Amortization of deferred finance charges
|
218,277
|
47,603
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable trade, net
|
(4,567,826
|
)
|
(264,402
|
)
|
||||
Inventories
|
(4,183,723
|
)
|
(62,006
|
)
|
||||
Due from/to related parties
|
(4,121,149
|
)
|
(1,589,006
|
)
|
||||
Prepaid expenses and other assets
|
(1,230,788
|
)
|
(718,165
|
)
|
||||
Dry-dock costs paid
|
(537,430
|
)
|
(1,045,204
|
)
|
||||
Other deferred charges
|
(183,893
|
)
|
-
|
|||||
Accounts payable
|
2,364,526
|
1,156,948
|
||||||
Accrued liabilities
|
744,984
|
163,609
|
||||||
Deferred revenue
|
(1,497,300
|
)
|
533,572
|
|||||
Net cash provided by Operating Activities
|
13,063,772
|
438,557
|
||||||
Cash flows used in Investing Activities:
|
||||||||
Vessel acquisitions and other vessel improvements
|
(22,462,747
|
)
|
(75,598,034
|
)
|
||||
Advances for vessel acquisition
|
-
|
(8,600,659
|
)
|
|||||
Net cash used in Investing Activities
|
(22,462,747
|
)
|
(84,198,693
|
)
|
||||
Cash flows provided by Financing Activities:
|
||||||||
Gross proceeds from issuance of common stock and warrants
|
-
|
127,453,446
|
||||||
Common stock issuance expenses
|
(65,797
|
)
|
(3,313,039
|
)
|
||||
Proceeds from long-term debt
|
55,000,000
|
15,290,000
|
||||||
Repayment of long-term debt
|
(4,259,500
|
)
|
(550,000
|
)
|
||||
Payment of deferred financing costs
|
(700,578
|
)
|
(307,800
|
)
|
||||
Net cash provided by Financing Activities
|
49,974,125
|
138,572,607
|
||||||
Net increase in cash, cash equivalents, and restricted cash
|
40,575,150
|
54,812,471
|
||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
43,386,468
|
9,426,903
|
||||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
83,961,618
|
$
|
64,239,374
|
(1) |
Includes interest and finance costs and interest income, if any.
|
(2) |
All numbers of share and earnings per share amounts in these unaudited condensed financial statements have been retroactively adjusted to reflect the reverse stock split effected on May 28, 2021.
|
Three Months Ended
March 31,
|
||||||||
(In U.S. dollars, except for Available Days)
|
2022
|
2021
|
||||||
Vessel revenues, net
|
$
|
54,641,313
|
$
|
6,972,853
|
||||
Voyage expenses -including commissions from related party
|
(8,230,771
|
)
|
426,972
|
|||||
TCE revenues
|
$
|
46,410,542
|
$
|
7,399,825
|
||||
Available Days
|
2,606
|
615
|
||||||
Daily TCE Rate
|
$
|
17,809
|
$
|
12,032
|
Three Months Ended
March 31,
|
||||||||
(In U.S. dollars)
|
2022
|
2021
|
||||||
Net Income
|
$
|
19,976,288
|
$
|
1,127,060
|
||||
Depreciation and amortization
|
6,081,806
|
1,088,548
|
||||||
Interest and finance costs, net (including related party interest costs) (1)
|
1,608,015
|
355,116
|
||||||
US source income taxes
|
238,842
|
-
|
||||||
EBITDA
|
$
|
27,904,951
|
$
|
2,570,724
|
(1) |
Includes interest and finance costs and interest income, if any.
|