☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.01 per share | GASS | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☒ | Non-accelerated filer | ☐ | Emerging growth company | ☐ |
U.S. GAAP ☒ | International Financial Reporting Standards as issued by the | Other ☐ | ||||||
International Accounting Standards Board | ☐ |
1 | ||||||
Part I | 2 | |||||
Item 1. | 2 | |||||
Item 2. | 2 | |||||
Item 3. | 2 | |||||
Item 4. | ||||||
Item 4A. | ||||||
Item 5. | ||||||
Item 6. | ||||||
Item 7. | ||||||
Item 8. | ||||||
Item 9. | ||||||
Item 10. | ||||||
Item 11. | ||||||
Item 12. | ||||||
PART II | ||||||
Item 13. | ||||||
Item 14. | ||||||
Item 15. | ||||||
Item 16A. | ||||||
Item 16B. | ||||||
Item 16C. | ||||||
Item 16D. | ||||||
Item 16E. | ||||||
Item 16F. | ||||||
Item 16G. | ||||||
Item 16H. | ||||||
Item 16I. | 95 | |||||
PART III | ||||||
Item 17. | ||||||
Item 18. | ||||||
Item 19. |
Item 1. | Identity of Directors, Senior Management and Advisers |
Item 2. | Offer Statistics and Expected Timetable |
Item 3. | Key Information |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||||
Revenues | $ | 136,539,399 | $ | 152,338,278 | $ | 164,330,202 | $ | 144,259,312 | $ | 145,003,021 | ||||||||||
Revenues—related party | 7,592,784 | 1,973,643 | — | — | — | |||||||||||||||
Total Revenues | $ | 144,132,183 | $ | 154,311,921 | $ | 164,330,202 | $ | 144,259,312 | $ | 145,003,021 |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Voyage expenses | $ | 13,618,025 | $ | 13,804,032 | $ | 18,649,258 | $ | 15,201,978 | $ | 12,259,795 | ||||||||||
Voyage expenses—related party | 1,772,240 | 1,912,505 | 2,037,917 | 1,788,543 | 1,799,209 | |||||||||||||||
Vessels’ operating expenses | 55,680,993 | 58,618,526 | 59,920,278 | 48,619,594 | 52,344,721 | |||||||||||||||
Vessels’ operating expenses-related party | 3,141,843 | 800,908 | 514,500 | 966,500 | 950,500 | |||||||||||||||
Charter hire expenses | 4,054,387 | 3,524,770 | 6,150,780 | 6,268,988 | 318,606 | |||||||||||||||
Dry-docking costs | 3,613,230 | 3,529,047 | 3,617,577 | 1,094,306 | 3,640,327 | |||||||||||||||
Management fees-related party | 7,346,180 | 7,205,490 | 7,027,195 | 5,730,910 | 5,599,351 | |||||||||||||||
General and administrative expenses | 3,110,409 | 2,898,958 | 3,046,962 | 3,706,320 | 2,301,308 | |||||||||||||||
Depreciation | 39,096,589 | 38,921,672 | 41,258,142 | 37,693,733 | 37,455,093 | |||||||||||||||
Impairment loss | 5,735,086 | 6,461,273 | 11,351,821 | 993,916 | 3,857,307 | |||||||||||||||
Other operating costs/(income) | — | 1,058,863 | (549,804 | ) | — | — | ||||||||||||||
Net (gain)/loss on sale of vessels | (118,427 | ) | 77,314 | 763,925 | 485,516 | 1,134,854 | ||||||||||||||
Total expenses | 137,050,555 | 138,813,358 | 153,788,551 | 122,550,304 | 121,661,071 | |||||||||||||||
Income from operations | 7,081,628 | 15,498,563 | 10,541,651 | 21,709,008 | 23,341,950 | |||||||||||||||
Interest and finance costs | (14,268,148 | ) | (16,661,464 | ) | (23,286,547 | ) | (20,978,065 | ) | (14,129,893 | ) | ||||||||||
Gain on deconsolidation of subsidiaries | — | — | — | 145,000 | — | |||||||||||||||
Loss on derivatives | (767,196 | ) | (403,943 | ) | (11,982 | ) | (107,550 | ) | (50,976 | ) | ||||||||||
Interest income and other income | 454,472 | 322,868 | 587,477 | 846,271 | 167,794 | |||||||||||||||
Foreign exchange (loss)/gain | (299,056 | ) | 25,739 | (107,119 | ) | (8,235 | ) | (54,374 | ) | |||||||||||
Other expenses, net | (14,879,928 | ) | (16,716,800 | ) | (22,818,171 | ) | (20,102,579 | ) | (14,067,449 | ) | ||||||||||
Equity earnings in joint ventures | — | — | — | 486,695 | 2,709,984 | |||||||||||||||
Net (loss)/income | (7,798,300 | ) | (1,218,237 | ) | (12,276,520 | ) | 2,093,124 | 11,984,485 | ||||||||||||
(Loss)/earnings per share, basic | $ | (0.20 | ) | $ | (0.03 | ) | $ | (0.31 | ) | $ | 0.05 | $ | 0.31 | |||||||
(Loss)/earnings per share, diluted | $ | (0.20 | ) | $ | (0.03 | ) | $ | (0.31 | ) | $ | 0.05 | $ | 0.31 | |||||||
Weighted (basic and diluted) average number of shares outstanding | 39,824,038 | 39,809,364 | 39,860,563 | 39,800,434 | 38,357,893 | |||||||||||||||
Dividends declared per share | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
As of December 31, | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
BALANCE SHEET DATA | ||||||||||||||||||||
Current assets, including cash | $ | 76,478,045 | $ | 62,838,725 | $ | 138,866,439 | $ | 77,932,439 | $ | 48,053,524 | ||||||||||
Total assets | 1,001,942,344 | 996,226,191 | 1,036,722,488 | 954,188,931 | 944,006,307 | |||||||||||||||
Current liabilities | 81,366,606 | 78,748,931 | 103,490,335 | 67,136,139 | 63,061,107 | |||||||||||||||
Derivative liability | 364,823 | 126,525 | 465,389 | 2,655,817 | 5,240,911 | |||||||||||||||
Total long-term debt, including current portion | 397,885,589 | 384,908,448 | 443,317,446 | 365,983,458 | 351,797,213 | |||||||||||||||
Net assets | 573,975,304 | 573,478,772 | 561,252,511 | 559,186,640 | 564,596,415 | |||||||||||||||
Capital stock | 442,850 | 442,850 | 445,496 | 445,496 | 431,836 | |||||||||||||||
Number of shares of common stock outstanding | 39,860,563 | 39,860,563 | 39,860,563 | 39,584,274 | 37,858,437 |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
OTHER FINANCIAL DATA | ||||||||||||||||||||
Net cash provided by operating activities | $ | 36,154,088 | $ | 52,354,053 | $ | 37,809,225 | $ | 30,818,599 | $ | 52,113,096 | ||||||||||
Net cash (used in)/provided by investing activities(13) | (54,074,771 | ) | (48,913,177 | ) | (78,552,902 | ) | 33,487,288 | (58,074,154 | ) | |||||||||||
Net cash (used in)/provided by financing activities | (27,213,272 | ) | (14,069,329 | ) | 57,271,476 | (61,616,546 | ) | (23,119,072 | ) | |||||||||||
FLEET DATA | ||||||||||||||||||||
Average number of vessels(1) | 53.4 | 52.6 | 50.8 | 42.6 | 41.6 | |||||||||||||||
Total voyage days for fleet(2) | 19,999 | 19,717 | 19,363 | 16,230 | 15,079 | |||||||||||||||
Total time and bareboat charter days for fleet(3) | 15,831 | 16,772 | 15,696 | 13,541 | 12,442 | |||||||||||||||
Total spot market days for fleet(4) | 4,168 | 2,945 | 3,667 | 2,689 | 2,637 | |||||||||||||||
Total calendar days for fleet(5) | 20,275 | 19,917 | 19,544 | 16,328 | 15,292 | |||||||||||||||
Fleet utilization(6) | 98.6 | % | 99.0 | % | 99.1 | % | 99.4 | % | 98.6 | % | ||||||||||
Fleet operational utilization(7) | 91.1 | % | 96.2 | % | 95.5 | % | 97.5 | % | 96.1 | % | ||||||||||
AVERAGE DAILY RESULTS | ||||||||||||||||||||
Adjusted average charter rate(8) | $ | 6,437 | $ | 7,029 | $ | 7,418 | $ | 7,842 | $ | 8,684 | ||||||||||
Vessel operating expenses(9) | 2,901 | 2,983 | 3,092 | 3,037 | 3,485 | |||||||||||||||
General and administrative expenses(10) | 153 | 146 | 156 | 227 | 150 | |||||||||||||||
Management fees(11) | 362 | 362 | 360 | 351 | 366 | |||||||||||||||
Total daily operating expenses(12) | 3,054 | 3,129 | 3,248 | $ | 3,264 | 3,635 | ||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
Voyage revenues | $ | 144,132,183 | $ | 154,311,921 | $ | 164,330,202 | $ | 144,259,312 | $ | 145,003,021 | ||||||||||
Voyage expenses | (15,390,265 | ) | (15,716,537 | ) | (20,687,175 | ) | (16,990,521 | ) | (14,059,004 | ) | ||||||||||
Charter equivalent revenues | $ | 128,741,918 | $ | 138,595,384 | $ | 143,643,027 | $ | 127,268,791 | $ | 130,944,017 | ||||||||||
Total voyage days for fleet | 19,999 | 19,717 | 19,363 | 16,230 | 15,079 | |||||||||||||||
Adjusted average charter rate | $ | 6,437 | $ | 7,029 | $ | 7,418 | $ | 7,842 | $ | 8,684 | ||||||||||
Item 4. | Information on the Company |
Name | Year Built | Vessel Size (cbm) | Vessel Type | Employment Status | Expiration of Charter(1) | |||||
Eco Arctic | 2018 | 22,363 | semi-refrigerated | Time Charter | September 2021 | |||||
Eco Ice | 2018 | 22,358 | semi-refrigerated | Time Charter | February 2022 |
Name | Year Built | Vessel Size (cbm) | Vessel Type | Employment Status | Expiration of Charter(1) | |||||
Eco Freeze | 2018 | 22,353 | semi-refrigerated | Time Charter | October 2021 | |||||
Eco Frost | 2017 | 22,359 | semi-refrigerated | Time Charter | February 2022 | |||||
Eco Blizzard | 2021 | 11,013 | fully-pressurized | Time Charter | May 2021 | |||||
Eco Alice | 2020 | 7,543 | fully-pressurized | Spot | — | |||||
Eco Nical | 2016 | 7,541 | fully-pressurized | Time Charter | June 2021 | |||||
Gas Husky | 2012 | 7,516 | fully-pressurized | Time Charter | August 2021 | |||||
Gas Esco | 2012 | 7,514 | fully-pressurized | Time Charter | June 2021 | |||||
Eco Dominator | 2016 | 7,221 | fully-pressurized | Time Charter | June 2021 | |||||
Eco Galaxy | 2015 | 7,213 | fully-pressurized | Spot | — | |||||
Eco Chios(4) | 2014 | 7,211 | fully-pressurized | Bareboat Charter | May 2022 | |||||
Eco Stream(4) | 2014 | 7,210 | fully-pressurized | Bareboat Charter | March 2022 | |||||
Gas Flawless | 2007 | 6,337 | fully-pressurized | Time Charter | June 2021 | |||||
Gas Prodigy | 2003 | 5,031 | fully-pressurized | Spot | — | |||||
Eco Enigma | 2015 | 5,025 | fully-pressurized | Time Charter | January 2022 | |||||
Eco Universe(6) | 2015 | 5,025 | fully-pressurized | Time Charter | February 2022 | |||||
Eco Czar | 2015 | 5,020 | fully-pressurized | Time Charter | April 2021 | |||||
Eco Nemesis(6) | 2015 | 5,019 | fully-pressurized | Time Charter | March 2022 | |||||
Gas Monarch | 1997 | 5,018 | fully-pressurized | Spot | — | |||||
Gas Elixir | 2011 | 5,018 | fully-pressurized | Spot | — | |||||
Gas Cerberus | 2011 | 5,018 | fully-pressurized | Spot | — | |||||
Gas Myth(6) | 2011 | 5,018 | fully-pressurized | Time Charter | January 2023 | |||||
Gas Inspiration | 2006 | 5,018 | fully-pressurized | Spot | — | |||||
Eco Invictus(6) | 2014 | 5,016 | fully-pressurized | Time Charter | November 2021 | |||||
Eco Texiana | 2020 | 5,030 | fully-pressurized | Time Charter | June 2021 | |||||
Eco Green | 2015 | 4,991 | fully-pressurized | Spot | — | |||||
Eco Dream | 2015 | 4,989 | fully-pressurized | Spot | — | |||||
Gas Spirit | 2001 | 4,112 | fully-pressurized | Time Charter | November 2021 | |||||
Eco Loyalty(7) | 2015 | 3,529 | fully-pressurized | Time Charter | February 2022 | |||||
Eco Elysium(5) | 2014 | 3,526 | fully-pressurized | Time Charter | June 2024 | |||||
Eco Royalty(7) | 2015 | 3,525 | fully-pressurized | Time Charter | February 2022 | |||||
Eco Corsair | 2014 | 3,524 | fully-pressurized | Time Charter | February 2022 | |||||
Gas Imperiale | 2008 | 3,515 | fully-pressurized | Spot | — | |||||
Gas Astrid(4) | 2009 | 3,514 | fully-pressurized | Bareboat Charter | March 2022 | |||||
Gas Exelero(4) | 2009 | 3,513 | fully-pressurized | Bareboat Charter | June 2022 | |||||
Gas Alice | 2006 | 3,513 | fully-pressurized | Time Charter | August 2021 | |||||
Gas Galaxy | 1997 | 3,312 | fully-pressurized | Time Charter | September 2022 | |||||
271,571 cbm | ||||||||||
JV LPG Vessels (8 vessels) | ||||||||||
Eco Nebula(2) | 2007 | 38,898 | fully-refrigerated | Time Charter | June 2021 | |||||
Gaschem Bremen(3) | 2010 | 35,232 | fully-refrigerated | Time Charter | August 2021 | |||||
Eco Evoluzione (ex. Gaschem Stade)(3) | 2010 | 35,214 | fully-refrigerated | Time Charter | August 2021 | |||||
Gaschem Hamburg(3),(8) | 2010 | 35,204 | fully-refrigerated | Time Charter | April 2021 | |||||
Gas Haralambos(2) | 2007 | 7,020 | fully-pressurized | Spot | — | |||||
Gas Defiance(2) | 2008 | 5,018 | fully-pressurized | Spot | — | |||||
Gas Shuriken(2) | 2008 | 5,018 | fully-pressurized | Time Charter | May 2021 | |||||
Eco Lucidity(2) | 2015 | 3,517 | fully-pressurized | Time Charter | April 2021 | |||||
165,121 cbm | ||||||||||
Total LPG Carrier Fleet: 46 vessels | 436,692 cbm |
Name | Year Built | Vessel Size (cbm) | Vessel Type | Employment Status | Expiration of Charter(1) | |||||
Eco Arctic | 2018 | 22,363 | semi-refrigerated | Time Charter | November 2022 | |||||
Eco Ice | 2018 | 22,358 | semi-refrigerated | Spot | — | |||||
Eco Freeze | 2018 | 22,353 | semi-refrigerated | Time Charter | April 2022 | |||||
Eco Frost | 2017 | 22,359 | semi-refrigerated | Time Charter | August 2022 | |||||
Eco Blizzard | 2021 | 11,013 | fully-pressurized | Time Charter | October 2022 | |||||
Eco Alice | 2020 | 7,543 | fully-pressurized | Time Charter | July 2022 | |||||
Eco Nical(4) | 2016 | 7,541 | fully-pressurized | Time Charter | October 2022 | |||||
Gas Husky | 2012 | 7,516 | fully-pressurized | Time Charter | July 2022 | |||||
Gas Esco | 2012 | 7,514 | fully-pressurized | Spot | — | |||||
Eco Dominator(6) | 2016 | 7,221 | fully-pressurized | Time Charter | March 2023 | |||||
Eco Galaxy | 2015 | 7,213 | fully-pressurized | Time Charter | December 2022 | |||||
Eco Chios | 2014 | 7,211 | fully-pressurized | Bareboat Charter | May 2022 | |||||
Eco Stream | 2014 | 7,210 | fully-pressurized | Spot | — | |||||
Gas Flawless | 2007 | 6,337 | fully-pressurized | Time Charter | April 2022 | |||||
Gas Prodigy | 2003 | 5,031 | fully-pressurized | Time Charter | April 2022 | |||||
Eco Enigma | 2015 | 5,025 | fully-pressurized | Time Charter | January 2023 | |||||
Eco Universe(6) | 2015 | 5,025 | fully-pressurized | Time Charter | February 2023 | |||||
Eco Czar | 2015 | 5,020 | fully-pressurized | Time Charter | June 2022 | |||||
Eco Nemesis(6) | 2015 | 5,019 | fully-pressurized | Time Charter | March 2023 | |||||
Gas Monarch(7) | 1997 | 5,018 | fully-pressurized | Spot | — | |||||
Gas Elixir | 2011 | 5,018 | fully-pressurized | Spot | — | |||||
Gas Cerberus | 2011 | 5,018 | fully-pressurized | Time Charter | April 2022 | |||||
Gas Myth(6) | 2011 | 5,018 | fully-pressurized | Time Charter | January 2023 | |||||
Eco Invictus(6) | 2014 | 5,016 | fully-pressurized | Time Charter | November 2022 | |||||
Eco Texiana | 2020 | 5,030 | fully-pressurized | Time Charter | July 2022 | |||||
Eco Green(6) | 2015 | 4,991 | fully-pressurized | Time Charter | June 2022 | |||||
Eco Dream | 2015 | 4,989 | fully-pressurized | Time Charter | June 2022 | |||||
Gas Spirit | 2001 | 4,112 | fully-pressurized | Time Charter | April 2022 | |||||
Eco Elysium(5) | 2014 | 3,526 | fully-pressurized | Time Charter | June 2024 | |||||
Eco Royalty(6) | 2015 | 3,525 | fully-pressurized | Time Charter | February 2023 | |||||
Eco Corsair | 2014 | 3,524 | fully-pressurized | Time Charter | February 2023 | |||||
Gas Astrid | 2009 | 3,514 | fully-pressurized | Bareboat Charter | April 2022 | |||||
Gas Exelero | 2009 | 3,513 | fully-pressurized | Bareboat Charter | June 2022 | |||||
Gas Alice(6) | 2006 | 3,513 | fully-pressurized | Time Charter | August 2023 | |||||
Gas Galaxy | 1997 | 3,312 | fully-pressurized | Time Charter | September 2022 | |||||
259,508 cbm | ||||||||||
JV LPG Vessels (7 vessels) | ||||||||||
Eco Nebula(2) | 2007 | 38,898 | fully-refrigerated | Time Charter | July 2022 | |||||
Gaschem Bremen(3) | 2010 | 35,232 | fully-refrigerated | Time Charter | March 2023 | |||||
Eco Evoluzione (ex. Gaschem Stade)(3) | 2010 | 35,214 | fully-refrigerated | Time Charter | August 2022 | |||||
Gas Haralambos(2)(6) | 2007 | 7,020 | fully-pressurized | Time Charter | June 2022 | |||||
Gas Defiance(2) | 2008 | 5,018 | fully-pressurized | Time Charter | May 2022 | |||||
Gas Shuriken(2) | 2008 | 5,018 | fully-pressurized | Time Charter | December 2022 | |||||
Eco Lucidity(2)(6) | 2015 | 3,517 | fully-pressurized | Time Charter | December 2022 | |||||
129,918 cbm | ||||||||||
Total LPG Carrier Fleet: 42 vessels | 389,426 cbm |
(1) | Earliest date charters could expire. |
(2) | JV vessel owned by a joint venture established in 2019 in which we own a 50.1% equity interest. |
(3) | JV vessel owned by a joint venture established in 2020 in which we own a 51% equity interest. |
(4) | Charterer has the option to |
(5) | Charterer has option to extend charter for an additional three-year period. |
(6) | Charterer has option to extend charter for an additional year. |
(7) |
Name | Year Built | Vessel Size (dwt) | Vessel Type | Employment Status | Expiration of Charter(1) | |||||||||
Magic Wand (ex. Navig8 Fidelity) | 2008 | 47,000 | MR product carrier | Time Charter | March 2022 | |||||||||
Clean Thrasher | 2008 | 47,000 | MR product carrier | Time Charter | August 2021 | |||||||||
Falcon Maryam (ex.Stealth Bahla) | 2009 | 46,000 | MR product carrier | Bareboat Charter | September 2021 | |||||||||
Stealth Berana (ex. Spike) | 2010 | 115,804 | Aframax oil tanker | Time Charter | September 2021 | |||||||||
255,804 dwt |
Item 4A. | Unresolved Staff Comments |
Item 5. | Operating and Financial Review and Prospects |
particular voyage. Under a bareboat charter, the charterer is responsible for all vessel operating expenses and voyage expenses incurred during the term of the charter. Under a voyage or spot charter, we are responsible for both the vessel operating expenses and the voyage expenses incurred in performing the charter. |
of, and demand for, LPG carrier capacity. From the last quarter of 2011 until the third quarter of 2014, LPG carrier market conditions generally improved from low levels with higher LPG carrier charter rates and utilization levels, however, the impact of the dramatic decline in oil prices on demand for LPG adversely affected LPG carrier charter rates and utilization levels from the fourth quarter of 2014 until the latter part of 2017, particularly in the smaller vessel classes. In 2017, there were increases in oil prices and in the second half of 2017 some limited improvement in LPG carrier charter rates and utilization levels which continued in 2018 and until the beginning of 2020, when the broader shipping market was globally affected by the outbreak of the COVID-19 virus and the resulting disruptions to the international shipping industry and energy demand, have and could continue to negatively affect small and medium range LPG carrier charter rates. |
Percentage difference between our average 2020 rates as compared with the base rates for the vessels | 5-year historicalaverage rate | 3-year historicalaverage rate | 1-year historicalaverage rate | |||||||||||||||||||||||||||||
of less than twenty years of age | of twenty years of age and above | No. of vessels | Amount ($ million) | No. of vessels | Amount ($ million) | No. of vessels | Amount ($ million) | |||||||||||||||||||||||||
LPG Carriers | 1.55 | % | 5.52 | % | 1 | 0.7 | 1 | 0.7 | 2 | 2.8 | ||||||||||||||||||||||
Product Carriers | -20.45 | % | — | 3 | 34.6 | 3 | 34.6 | 3 | 34.6 | |||||||||||||||||||||||
Aframax Tanker | 0.33 | % | — | — | — | — | — | — | — |
Percentage difference between our average 2021 rates as compared with the base rates for the vessels | 5-year historicalaverage rate | 3-year historicalaverage rate | 1-year historicalaverage rate | |||||||||||||||||||||||||||||
of less than twenty years of age | of twenty years of age and above | No. of vessels | Amount ($ million) | No. of vessels | Amount ($ million) | No. of vessels | Amount ($ million) | |||||||||||||||||||||||||
LPG Carriers | 0.59 | % | -1.86 | % | — | — | — | — | 1 | 1.8 |
Year Ended December 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
INCOME STATEMENT DATA | ||||||||||||
Revenues | $ | 144,259,312 | $ | 145,003,021 | $ | 150,204,527 | ||||||
Revenues—related party | — | — | — | |||||||||
Total Revenues | $ | 144,259,312 | $ | 145,003,021 | $ | 150,204,527 | ||||||
Operating expenses: | ||||||||||||
Voyage expenses | 15,201,978 | 12,259,795 | 20,342,186 | |||||||||
Voyage expenses—related party | 1,788,543 | 1,799,209 | 1,867,100 | |||||||||
Vessels’ operating expenses | 48,619,594 | 52,344,721 | 60,443,813 | |||||||||
Vessels’ operating expenses—related party | 966,500 | 950,500 | 1,065,750 | |||||||||
Charter hire expenses | 6,268,988 | 318,606 | — | |||||||||
Dry-docking costs | 1,094,306 | 3,640,327 | 5,285,490 | |||||||||
Management fees | 5,730,910 | 5,599,351 | 5,831,900 | |||||||||
General and administrative expenses | 3,706,320 | 2,301,308 | 4,337,013 | |||||||||
Depreciation | 37,693,733 | 37,455,093 | 37,125,903 | |||||||||
Impairment loss | 993,916 | 3,857,307 | 44,616,214 | |||||||||
Other operating costs | — | — | — | |||||||||
Net loss on sale of vessels | 485,516 | 1,134,854 | 304,210 | |||||||||
Total expenses | 122,550,304 | 121,661,071 | 181,219,579 | |||||||||
Income/(Loss) from operations | 21,709,008 | 23,341,950 | (31,015,052 | ) | ||||||||
Interest and finance costs | (20,978,065 | ) | (14,129,893 | ) | (12,678,101 | ) | ||||||
Gain on deconsolidation on subsidiaries | 145,000 | — | — | |||||||||
(Loss)/Gain on derivatives | (107,550 | ) | (50,976 | ) | 240,153 | |||||||
Interest income | 846,271 | 167,794 | 26,379 | |||||||||
Foreign exchange loss | (8,235 | ) | (54,374 | ) | (23,288 | ) | ||||||
Other expenses, net | (20,102,579 | ) | (14,067,449 | ) | (12,434,857 | ) | ||||||
Equity earnings in joint ventures | 486,695 | 2,709,984 | 8,326,701 | |||||||||
Net income/(loss) | 2,093,124 | 11,984,485 | (35,123,208 | ) |
Year Ended December 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
FLEET DATA | ||||||||||||
Average number of vessels(1) | 42.6 | 41.6 | 41.3 | |||||||||
Total voyage days for fleet(2) | 16,230 | 15,079 | 14,786 | |||||||||
Total time and bareboat charter days for fleet(3) | 13,541 | 12,442 | 11,714 | |||||||||
Total spot market days for fleet(4) | 2,689 | 2,637 | 3,072 | |||||||||
Total calendar days for fleet(5) | 16,328 | 15,292 | 15,071 | |||||||||
Fleet utilization(6) | 99.4 | % | 98.6 | % | 98.1 | % | ||||||
Fleet operational utilization(7) | 97.5 | % | 96.1 | % | 94.9 | % | ||||||
AVERAGE DAILY RESULTS | ||||||||||||
Adjusted average charter rate(8) | $ | 7,842 | $ | 8,684 | $ | 8,657 | ||||||
Vessel operating expenses(9) | 3,037 | 3,485 | 4,081 | |||||||||
General and administrative expenses | 227 | 150 | 288 | |||||||||
Management fees(11) | 351 | 366 | 387 | |||||||||
Total daily operating expenses(12) | $ | 3,264 | $ | 3,635 | $ | 4,369 | ||||||
(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) | Our total voyage days for our fleet reflect the total days the vessels we operated were in our possession for the relevant periods, net of off-hire days associated with major repairs, drydockings or special or intermediate surveys. |
(3) | Total time and bareboat charter days for fleet are the number of voyage days the vessels in our fleet operated on time or bareboat charters for the relevant period. |
(4) | Total spot market charter days for fleet are the number of voyage days the vessels in our fleet operated on spot market charters for the relevant period. |
(5) | Total calendar days 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. |
(6) | 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. |
(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. |
(8) | Adjusted average charter rate is a measure of the average daily revenue performance of a vessel on a per voyage basis. We determine the adjusted average charter rate by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage and are payable by us under a spot charter (which would otherwise be paid by the charterer under a time or bareboat charter contract), as well as commissions or any voyage costs incurred while the vessel is idle. Charter equivalent revenues and adjusted average charter rate are non-GAAP measures which provide additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure, because they assist Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. They are also standard shipping industry performance measures used primarily to compareperiod-to-period |
expenses, unlike spot charters and time charters; Reconciliation of charter equivalent revenues as reflected in the consolidated statements of operations and calculation of adjusted average charter rate follow: |
Year Ended December 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Voyage revenues | $ | 144,259,312 | $ | 145,003,021 | $ | 150,204,527 | ||||||
Voyage expenses | (16,990,521 | ) | (14,059,004 | ) | (22,209,286 | ) | ||||||
Charter equivalent revenues | $ | 127,268,791 | $ | 130,944,017 | $ | 127,995,241 | ||||||
Total voyage days for fleet | 16,230 | 15,079 | 14,786 | |||||||||
Adjusted average charter rate | $ | 7,842 | $ | 8,684 | $ | 8,657 | ||||||
(9) | Vessel operating expenses, including related party vessel operating expenses, consist of crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period. |
(10) | Daily general and administrative expenses are calculated by dividing total general and administrative expenses by fleet calendar days for the relevant period. |
(11) | Management fees are based on a fixed rate management fee of $440 per day for each vessel in our fleet under spot or time charter and a fixed rate fee of $125 per day for each of the vessels operating on bareboat charter. In addition to these fees there is also a fixed daily fee of $280 charged to four LPG vessels for which some services are currently provided by third party managers. Daily management fees are calculated by dividing total management fees by fleet calendar days for the relevant period. |
(12) | Total operating expenses, or “TOE”, is a measurement of our total expenses associated with operating our vessels. TOE is the sum of vessel operating expenses and general and administrative expenses. Daily TOE is calculated by dividing TOE by fleet calendar days for the relevant time period. |
Payments due by period (in thousands) | ||||||||||||||||||||
Total | Less than 1 year (2022) | 1-3 years(2023-2024) | 3-5 years(2025-2026) | More than 5 years (After January 1, 2027) | ||||||||||||||||
Long-term debt obligations | 303,167 | 39,639 | 61,214 | 154,656 | 47,658 | |||||||||||||||
Interest on principal amounts outstanding(1) | 35,224 | 6,951 | 16,415 | 10,378 | 1,479 | |||||||||||||||
Interest on interest rate swap arrangements outstanding(1) | 1,390 | 1,233 | 566 | (192 | ) | (216 | ) | |||||||||||||
Management fees(2) | 8,025 | 5,350 | 2,675 | — | — | |||||||||||||||
Executive fees | 524 | 524 | — | — | — | |||||||||||||||
Total | 348,330 | 53,697 | 80,870 | 164,842 | 48,921 | |||||||||||||||
(1) | Based on assumed 3M LIBOR rates (or replacement benchmark rate) of 0.52% for 2022, 1.31% for 2023, 1.60% for 2024, 1.65% for 2025, 1.63% for 2026 and 1.71% thereafter and the effect of our interest rate swap arrangements. |
(2) | Based on our management agreement with Stealth Maritime, we pay $125 per vessel per day for vessels on bareboat charter and $440 per vessel per day for vessels not on bareboat charter for our existing fleet (apart from four vessels for which some services are currently provided by third party managers, where a fixed daily fee of $280 is charged by Stealth Maritime). We also pay 1.25% of the gross freight, demurrage and charter hire collected from employment of our ships and 1% of the contract price of any vessels bought or sold on our behalf. The initial term of our management agreement with Stealth Maritime expired in June 2010, but is extended on a year-to-year |
Year Ended December 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Net cash provided by operating activities | $ | 30,818,599 | $ | 52,113,096 | $ | 41,038,681 | ||||||
Net cash provided by/(used in) investing activities | 33,487,288 | (58,074,154 | ) | (19,247,631 | ) | |||||||
Net cash used in financing activities | (61,616,546 | ) | (23,119,072 | ) | (29,130,715 | ) |
Credit Facility Issue Date | Outstanding Principal Amount (in millions) | Maturity | Installment Frequency | Installment Amount (in millions) | Balloon (in millions) | Mortgaged Vessels | ||||||||||||||||
May 28, 2019 | $ | 9.08 | Apr 2024 | Quarterly | $ | 0.32 | $ | 4.60 | Gas Astrid, Gas Exelero | |||||||||||||
December 14, 2018 | $ | 9.69 | Dec 2023 | Quarterly | $ | 0.55 | $ | 3.09 | Stealth Berana, | |||||||||||||
$ | 7.90 | Dec 2023 | Quarterly | $ | 0.20 | $ | 5.48 | Eco Invictus | ||||||||||||||
August 6, 2019 | $ | 18.60 | Mar 2024 | Quarterly | $ | 0.83 | $ | 7.88 | Gas Elixir Gas Cerberus Gas Myth | |||||||||||||
July 5, 2019 | $ | 18.26 | July 2026 | Quarterly | $ | 0.79 | $ | 0.0 | Gas Husky Gas Esco | |||||||||||||
March 29, 2019 | $ | 13.70 | Dec 2022 | Quarterly | $ | 1.13 | $ | 4.63 | Gas Alice, Gas Inspiration, Gas Imperiale | |||||||||||||
Clean Thrasher | ||||||||||||||||||||||
August 7, 2019 | $ | 7.96 | Mar 2021 | Semi-Annual | $ | 0.63 | $ | 7.33 | Eco Stream | |||||||||||||
$ | 7.96 | Jun 2021 | Semi-Annual | $ | 0.63 | $ | 7.33 | Eco Chios | ||||||||||||||
$ | 9.50 | Jul 2022 | Semi-Annual | $ | 0.54 | $ | 7.33 | Eco Galaxy | ||||||||||||||
June 20, 2014 | $ | 6.17 | Jan 2023 | Quarterly | $ | 0.17 | $ | 4.64 | Eco Corsair | |||||||||||||
$ | 6.60 | Jan 2023 | Quarterly | $ | 0.19 | $ | 4.93 | Eco Elysium | ||||||||||||||
July 29, 2014 | $ | 7.13 | Jul 2023 | Quarterly | $ | 0.26 | $ | 4.23 | Eco Enigma | |||||||||||||
$ | 7.13 | Jul 2023 | Quarterly | $ | 0.26 | $ | 4.23 | Eco Universe | ||||||||||||||
July 4, 2014 | $ | 7.11 | Aug 2021 | Quarterly | $ | 0.20 | $ | 6.50 | Eco Czar | |||||||||||||
$ | 7.11 | Sep 2021 | Quarterly | $ | 0.20 | $ | 6.50 | Eco Nemesis | ||||||||||||||
August 6, 2019 | $ | 10.75 | Sep 2022 | Quarterly | $ | 0.25 | $ | 9.00 | Eco Dream | |||||||||||||
$ | 10.75 | Sep 2022 | Quarterly | $ | 0.25 | $ | 9.00 | Eco Green | ||||||||||||||
$ | 10.95 | Feb 2023 | Quarterly | $ | 0.25 | $ | 8.74 | Eco Nical | ||||||||||||||
$ | 11.19 | Jun 2023 | Quarterly | $ | 0.25 | $ | 8.74 | Eco Dominator | ||||||||||||||
December 24, 2015 | $ | 7.47 | Dec 2022 | Quarterly | $ | 0.19 | $ | 5.97 | Eco Royalty | |||||||||||||
$ | 7.47 | Dec 2022 | Quarterly | $ | 0.19 | $ | 5.97 | Eco Loyalty | ||||||||||||||
December 7, 2017 | $ | 6.60 | Dec 2022 | Quarterly | $ | 0.33 | $ | 4.00 | Magic Wand | |||||||||||||
$ | 7.41 | Dec 2022 | Quarterly | $ | 0.36 | $ | 4.50 | Stealth Bahla | ||||||||||||||
May 18, 2016 | $ | 25.39 | May 2025 | Quarterly | $ | 0.51 | $ | 16.25 | Eco Frost | |||||||||||||
$ | 27.45 | Dec 2025 | Quarterly | $ | 0.52 | $ | 16.57 | Eco Ice | ||||||||||||||
March 1, 2017 | $ | 28.55 | Jan 2026 | Quarterly | $ | 0.63 | $ | 15.23 | Eco Arctic | |||||||||||||
$ | 28.97 | Apr 2026 | Quarterly | $ | 0.63 | $ | 15.11 | Eco Freeze | ||||||||||||||
June 19, 2020 | $ | 11.12 | June 2026 | Quarterly | $ | 0.19 | $ | 6.90 | Eco Texiana | |||||||||||||
April 30, 2020 | $ | 15.60 | Nov 2026 | Quarterly | $ | 0.22 | $ | 10.62 | Eco Alice |
Credit Facility Issue Date | Outstanding Principal Amount (in millions) | Maturity | Installment Frequency | Installment Amount (in millions) | Balloon (in millions) | Mortgaged Vessels | ||||||||||||||
December 14, 2018 | $ | 7.08 | Dec 2023 | Quarterly | $ | 0.20 | $ | 5.48 | Eco Invictus | |||||||||||
July 5, 2019 | $ | 15.08 | July 2026 | Quarterly | $ | 0.79 | $ | 0.0 | Gas Husky Gas Esco | |||||||||||
March 29, 2019 | $ | 3.04 | Dec 2022 | Quarterly | $ | 0.38 | $ | 1.54 | Gas Alice Gas Inspiration | |||||||||||
January 11, 2021 | $ | 7.19 | Jan 2026 | Quarterly | $ | 0.24 | $ | 3.09 | Eco Stream | |||||||||||
$ | 7.19 | Jan 2026 | Quarterly | $ | 0.24 | $ | 3.09 | Eco Chios | ||||||||||||
$ | 8.30 | Jan 2026 | Quarterly | $ | 0.24 | $ | 4.30 | Eco Galaxy | ||||||||||||
July 29, 2014 | $ | 6.07 | Jul 2023 | Quarterly | $ | 0.26 | $ | 4.23 | Eco Enigma | |||||||||||
$ | 6.07 | Jul 2023 | Quarterly | $ | 0.26 | $ | 4.23 | Eco Universe | ||||||||||||
January 19, 2021 | $ | 6.61 | Jan 2028 | Quarterly | $ | 0.17 | $ | 2.41 | Eco Czar | |||||||||||
$ | 6.61 | Jan 2028 | Quarterly | $ | 0.17 | $ | 2.41 | Eco Nemesis | ||||||||||||
$ | 6.59 | Jan 2028 | Quarterly | $ | 0.17 | $ | 2.39 | Eco Corsair | ||||||||||||
$ | 6.59 | Jan 2028 | Quarterly | $ | 0.17 | $ | 2.39 | Eco Elysium | ||||||||||||
$ | 7.17 | Jan 2028 | Quarterly | $ | 0.18 | $ | 2.79 | Eco Royalty | ||||||||||||
$ | 7.17 | Jan 2028 | Quarterly | $ | 0.18 | $ | 2.79 | Eco Loyalty | ||||||||||||
May 18, 2016 | $ | 23.36 | May 2025 | Quarterly | $ | 0.51 | $ | 16.25 | Eco Frost | |||||||||||
$ | 25.38 | Dec 2025 | Quarterly | $ | 0.52 | $ | 16.57 | Eco Ice | ||||||||||||
March 1, 2017 | $ | 26.00 | Jan 2026 | Quarterly | $ | 0.63 | $ | 15.23 | Eco Arctic | |||||||||||
$ | 26.45 | Apr 2026 | Quarterly | $ | 0.63 | $ | 15.11 | Eco Freeze | ||||||||||||
June 19, 2020 | $ | 10.35 | June 2026 | Quarterly | $ | 0.19 | $ | 6.90 | Eco Texiana | |||||||||||
April 30, 2020 | $ | 14.73 | Nov 2026 | Quarterly | $ | 0.22 | $ | 10.62 | Eco Alice | |||||||||||
$ | 18.06 | Feb 2027 | Quarterly | $ | 0.26 | $ | 12.83 | Eco Blizzard | ||||||||||||
August 5, 2021 | $ | 5.85 | Aug 2026 | Quarterly | $ | 0.27 | $ | 0.71 | Gas Elixir | |||||||||||
$ | 10.22 | Aug 2026 | Quarterly | $ | 0.25 | $ | 5.42 | Eco Dream | ||||||||||||
$ | 11.28 | Aug 2026 | Quarterly | $ | 0.27 | $ | 6.10 | Eco Nical | ||||||||||||
$ | 11.29 | Aug 2026 | Quarterly | $ | 0.26 | $ | 6.30 | Eco Dominator | ||||||||||||
$ | 5.88 | Aug 2026 | Quarterly | $ | 0.25 | $ | 1.20 | Gas Myth | ||||||||||||
$ | 5.86 | Aug 2026 | Quarterly | $ | 0.27 | $ | 0.75 | Gas Cerberus | ||||||||||||
$ | 3.84 | Aug 2026 | Quarterly | $ | 0.18 | $ | 0.37 | Gas Astrid | ||||||||||||
$ | 3.84 | Aug 2026 | Quarterly | $ | 0.18 | $ | 0.37 | Gas Exelero |
Payments due by period (in thousands) | ||||||||||||||||||||
Total | Less than 1 year (2021) | 1-3 years(2022-2023) | 3-5 years(2024-2025) | More than 5 years (After January 1, 2026) | ||||||||||||||||
Long-term debt obligations | $ | 353,529 | $ | 41,162 | $ | 138,165 | $ | 88,244 | $ | 85,958 | ||||||||||
Interest on principal amounts outstanding(1) | $ | 35,437 | $ | 8,229 | $ | 14,026 | $ | 10,513 | $ | 2,669 | ||||||||||
Interest on interest rate swap arrangements outstanding(1) | $ | 4,499 | $ | 1,703 | $ | 2,164 | $ | 632 | — | |||||||||||
Management fees(2) | $ | 8,882 | $ | 5,921 | $ | 2,961 | — | — | ||||||||||||
Vessel purchase commitments | $ | 23,152 | $ | 23,152 | — | — | — | |||||||||||||
Executive fees | $ | 586 | $ | 586 | — | — | — | |||||||||||||
Total | $ | 426,085 | $ | 80,753 | $ | 157,316 | $ | 99,389 | $ | 88,627 | ||||||||||
Item 6. | Directors, Senior Management and Employees |
Name | Age | Positions | Year Became Director | Year Director’s Current Term Expires | Age | Positions | Year Became Director | Year Director’s Current Term Expires | ||||||||||||||||||||
Harry N. Vafias | 43 | Chief Executive, President, Chief Financial Officer and Class III Director | 2004 | 2021 | 44 | Chief Executive, President, Chief Financial Officer and Class III Director | 2004 | 2024 | ||||||||||||||||||||
Michael G. Jolliffe | 71 | Chairman of the Board, Class II Director | 2004 | 2022 | 72 | Chairman of the Board, Class II Director | 2004 | 2022 | ||||||||||||||||||||
Markos Drakos | 61 | Class I Director | 2006 | 2023 | 62 | Class I Director | 2006 | 2023 | ||||||||||||||||||||
John Kostoyannis | 55 | Class II Director | 2010 | 2022 | 56 | Class II Director | 2010 | 2022 |
Item 7. | Major Shareholders and Related Party Transactions |
Shares of Common Stock Beneficially Owned | Shares of Common Stock Beneficially Owned | |||||||||||||||
Name of Beneficial Owner | Number | Percentage | Number | Percentage | ||||||||||||
Principal Stockholders | ||||||||||||||||
Flawless Management Inc.(1) | 7,105,453 | 18.8 | % | 7,105,453 | 18.6 | % | ||||||||||
Glendon Capital Management L.P.(2) | 6,498,794 | 17.2 | % | 6,498,794 | 17.0 | % | ||||||||||
MSDC Management, L.P.(3) | 3,516,652 | 9.3 | % | 3,516,652 | 9.2 | % | ||||||||||
Russell Investments Group, Ltd.(4) | 2,780,001 | 7.3 | % | |||||||||||||
Redwood Capital Management, LLC(5) | 2,404,887 | 6.4 | % | |||||||||||||
Redwood Capital Management, LLC(4) | 2,404,887 | 6.3 | % | |||||||||||||
TowerView LLC(5) | 2,160,465 | 5.7 | % | |||||||||||||
Renaissance Technologies LLC(6) | 2,300,800 | 6.1 | % | 2,013,302 | 5.3 | % | ||||||||||
Executive Officers and Directors | ||||||||||||||||
Harry N. Vafias | 7,774,243 | 20.5 | % | 8,375,069 | 21.9 | % | ||||||||||
Michael G. Jolliffe | 32,430 | * | * | * | ||||||||||||
Markos Drakos | 18,214 | * | * | * | ||||||||||||
John Kostoyannis | 7,296 | * | * | * | ||||||||||||
All executive officers and directors as a group (four persons) | 7,832,183 | 20.7 | % | 8,459,009 | 22.1 | % |
* | Less than 1%. |
(1) |
(2) | Based on filings made by Glendon Capital Management L.P. with the SEC. According to these filings, these shares are directly owned by Glendon Opportunities Fund, L.P. (the “Fund”), Altair Global Credit Opportunities Fund LLC (the “Sub-Advised Fund”) and a separately managed account. According to these filings, (i) the Fund is beneficial owner of over 10% of the issuer’s securities on an individual basis, (ii) theSub-Advised Fund and the separately managed account do not own 10% of the issuer’s securities on an individual basis and (iii) Glendon Capital Management LP is the investment manager to the Fund and the separately managed account and the investmentsub-adviser to theSub-Advised Fund, and may be deemed to beneficially own these securities under the Securities Exchange Act of 1934. |
(3) | According to Amendment No. 3 to a Schedule 13G jointly filed by and on behalf of each of MSDC Management, L.P. (“MSDC”) and MSD Credit Opportunity Master Fund, L.P. with the SEC on February 12, 2021, MSDC is the investment manager of, and may be deemed to beneficially own 3,516,652 shares of common stock beneficially owned by, MSD Credit Opportunity Master Fund, L.P. and has sole voting power and joint dispositive power with respect to all such shares. |
(4) | According to |
(5) | According to a Schedule 13G filed by TowerView LLC on November 12, 2021. |
(6) | According to Amendment No. |
(7) | Includes 125,000 shares subject to stock options which are scheduled to vest on May 26, 2022, and excludes 125,000 shares subject to stock options which are scheduled to vest on May 26, 2023. |
Item 8. | Financial Information |
Item 9. | The Offer and Listing |
Item 10. | Additional Information |
Item 11. | Quantitative and Qualitative Disclosures About Market Risk |
Effective Date | Termination Date | Notional Amount on Effective Date (in millions) | Fixed Rate (StealthGas pays) | Floating Rate (StealthGas Receives) | Fair Value December 31, 2020 (in millions) | Notional Amount December 31, 2020 (in millions) | Estimated Notional Amount December 31, 2021 (in millions) | Effective Date | Termination Date | Notional Amount on Effective Date (in millions) | Fixed Rate (StealthGas pays) | Floating Rate (StealthGas Receives) | Fair Value December 31, 2021 (in millions) | Notional Amount December 31, 2021 (in millions) | Estimated Notional Amount December 31, 2022 (in millions) | |||||||||||||||||||||||||||||||||||||
Swap 1 | November 4, 2015 | August 4, 2021 | $ | 11.2 | 1.52 | % | 3 month U.S. dollar LIBOR | $ | (0.07 | ) | $ | 7.11 | $ | — | August 16, 2017 | May 16, 2025 | $ | 16.0 | 2.12 | % | 3 month U.S. dollar LIBOR | $ | (0.36 | ) | $ | 11.7 | $ | 10.7 | ||||||||||||||||||||||||
Swap 2 | December 3, 2015 | September 3, 2021 | $ | 11.2 | 1.55 | % | 3 month U.S. dollar LIBOR | $ | (0.07 | ) | $ | 7.11 | $ | — | April 10, 2018 | December 11, 2025 | $ | 32.6 | 2.74 | % | 3 month U.S. dollar LIBOR | $ | (1.40 | ) | $ | 25.4 | $ | 23.3 | ||||||||||||||||||||||||
Swap 3 | August 16, 2017 | May 16, 2025 | $ | 16.0 | 2.12 | % | 3 month U.S. dollar LIBOR | $ | (0.86 | ) | $ | 12.70 | $ | 11.68 | February 16, 2019 | February 16, 2024 | $ | 14.5 | 2.89 | % | 3 month U.S. dollar LIBOR | $ | (0.49 | ) | $ | 11.7 | $ | 10.7 | ||||||||||||||||||||||||
Swap 4 | March 12, 2018 | December 11, 2022 | $ | 21.6 | 2.74 | % | 3 month U.S. dollar LIBOR | $ | (0.60 | ) | $ | 14.01 | $ | 11.26 | January 21, 2021 | January 21, 2028 | $ | 14.2 | 0.73 | % | 3 month U.S. dollar LIBOR | $ | (0.29 | ) | $ | 13.2 | $ | 11.8 | ||||||||||||||||||||||||
Swap 5 | April 10, 2018 | December 11, 2025 | $ | 32.6 | 2.74 | % | 3 month U.S. dollar LIBOR | $ | (2.68 | ) | $ | 27.45 | $ | 25.38 | January 21, 2021 | January 21, 2028 | $ | 14.2 | 0.73 | % | 3 month U.S. dollar LIBOR | $ | (0.29 | ) | $ | 13.2 | $ | 11.9 | ||||||||||||||||||||||||
Swap 6 | February 16, 2019 | February 16, 2024 | $ | 14.5 | 2.89 | % | 3 month U.S. dollar LIBOR | $ | (0.96 | ) | $ | 12.70 | $ | 11.68 | January 21, 2021 | January 21, 2028 | $ | 15.4 | 0.74 | % | 3 month U.S. dollar LIBOR | $ | (0.32 | ) | $ | 14.3 | $ | 13.0 | ||||||||||||||||||||||||
Total | $ | (5.24 | ) | $ | 81.08 | $ | 60.00 | $ | (3.15 | ) | $ | 89.5 | $ | 81.4 |
Item 12. | Description of Securities Other than Equity Securities |
Item 13. | Defaults, Dividend Arrearages and Delinquencies |
Item 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds |
Item 15. | Controls and Procedures |
Item 16A. | Audit Committee Financial Expert |
Item 16B. | Code of Ethics |
Item 16C. | Principal Accountant Fees and Services |
2020 | 2019 | |||||||
Audit fees | $ | 381 | $ | 359 | ||||
Assurance/audit related fees | — | — | ||||||
Tax fees | — | — | ||||||
All other fees | — | — | ||||||
Total | $ | 381 | $ | 359 |
2021 | 2020 | |||||||
Audit fees | $ | 450 | $ | 381 | ||||
Assurance/audit related fees | — | — | ||||||
Tax fees | — | — | ||||||
All other fees | — | — | ||||||
Total | $ | 450 | $ | 381 |
Item 16D. | Exemptions from the Listing Standards for Audit Committees |
Item 16E. | Purchases of Equity Securities by the Issuer and Affiliated Purchasers |
Period | Total Number of Shares Purchased (a) | Average Price Paid Per Share (b) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (c) | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (d) | ||||||||||||
May 24 to 31, 2019 | 18,442 | $ | 3.38 | 18,442 | $ | 9,937,575 | ||||||||||
June 04 to 28, 2019 | 58,789 | 3.35 | 77,231 | 9,740,500 | ||||||||||||
July 2 to 30, 2019 | 54,883 | 3.74 | 132,114 | 9,535,495 | ||||||||||||
August 1 to 30, 2019 | 81,534 | 3.44 | 213,648 | 9,254,962 | ||||||||||||
September 03 to 30, 2019 | 96,946 | 3.11 | 310,594 | 8,953,145 | ||||||||||||
October 01 to 31, 2019 | 89,392 | 3.30 | 399,986 | 8,657,759 | ||||||||||||
November 01 to 29, 2019 | 25,380 | 3.40 | 425,366 | 8,571,457 | ||||||||||||
December 02 to 31, 2019 | 115,544 | 3.54 | 540,910 | 8,162,383 | ||||||||||||
January 02 to 31, 2020 | 190,879 | 3.30 | 731,789 | 7,533,071 | ||||||||||||
February 21 to 28, 2020 | 33,890 | 2.84 | 765,679 | 7,436,666 | ||||||||||||
March 02 to 27, 2020 | 135,023 | 2.12 | 900,702 | 7,150,148 |
Item 16F. | Change in Registrant’s Certifying Accountant |
Item 16G. | Corporate Governance |
Item 16H. | Mine Safety Disclosures |
Item 16I. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. |
Item 17. | Financial Statements |
Item 18. | Financial Statements |
Item 19. | Exhibits |
Number | Description | |
1.1 | ||
1.2 | ||
2.1 | ||
4.1 | ||
4.2 | ||
4.3 | ||
4.4 | ||
8 | ||
12.1 | ||
12.2 | ||
13.1 | ||
13.2 | ||
15.1 | ||
15.2 | ||
15.3 | ||
101.INS | Inline XBRL Instance Document | |
101.SCH | Inline XBRL Taxonomy Extension Schema | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
(1) | Previously filed as Exhibit 3.1 to the Company’s Registration Statement on Form F-1 (FileNo. 333-127905) filed with the SEC and hereby incorporated by reference to such Registration Statement. |
(2) | Previously filed as Exhibit 99.1 to a Report on Form 6-K filed with the SEC on December 24, 2014. |
(3) | Previously filed as Exhibit 4.1 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2006 filed with the SEC on June 5, 2007. |
(4) | Previously filed as Exhibit 10.2 to the Company’s Registration Statement on Form F-1 (FileNo. 333-127905) filed with the SEC and hereby incorporated by reference to such Registration Statement. |
(5) | Previously filed as Exhibit 4.4 to the Company’s Registration Statement on Form S-8 (FileNo. 333-207168) filed with the SEC on September 28, 2015. |
STEALTHGAS INC. | ||
By: | /s/ Harry N. Vafias | |
Name: | Harry N. Vafias | |
Title: | President and Chief Executive Officer |
Pages | ||||
F-2 | ||||
F-4 | ||||
F-5 | ||||
F-6 | ||||
F-7 | ||||
F-8 | ||||
F-10 |
December 31, | December 31, | |||||||||||||||||||||||
Note | 2019 | 2020 | Note | 2020 | 2021 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | 68,465,342 | 38,242,411 | 38,242,411 | 31,304,151 | ||||||||||||||||||||
Receivables from related party | 3 | — | 63,767 | |||||||||||||||||||||
Trade and other receivables | 4,217,101 | 3,602,764 | 3,602,764 | 2,117,636 | ||||||||||||||||||||
Other current assets | 16 | 118,246 | 309,608 | 16 | 309,608 | 298,984 | ||||||||||||||||||
Claims receivable | 314,217 | 120,547 | 120,547 | 62,652 | ||||||||||||||||||||
Inventories | 4 | 2,447,703 | 3,687,098 | 4 | 3,687,098 | 2,772,532 | ||||||||||||||||||
Advances and prepayments | 749,681 | 782,125 | 782,125 | 637,881 | ||||||||||||||||||||
Restricted cash | 1,589,768 | 1,308,971 | 1,308,971 | 2,198,775 | ||||||||||||||||||||
Fair value of derivatives | 12 | 30,381 | — | |||||||||||||||||||||
Vessel held for sale | 6 | — | 12,250,000 | |||||||||||||||||||||
Total current assets | 77,932,439 | 48,053,524 | 48,053,524 | 51,706,378 | ||||||||||||||||||||
Non current assets | ||||||||||||||||||||||||
Advances for vessel under construction | 3 5, | 2,988,903 | 6,539,115 | 3,5 | 6,539,115 | 0— | ||||||||||||||||||
Operating lease right-of-use | 20 | 473,132 | 0 | 20 | 0 | 104,168 | ||||||||||||||||||
Vessels, net | 3 6, | 835,152,403 | 832,335,059 | 3,6 | 832,335,059 | 681,337,153 | ||||||||||||||||||
Other receivables | 286,915 | 26,427 | 26,427 | — | ||||||||||||||||||||
Restricted cash | 12,065,222 | 13,488,820 | 13,488,820 | 12,197,611 | ||||||||||||||||||||
Investments in joint ventures | 7 | 25,250,173 | 43,177,657 | 7 | 43,177,657 | 53,323,032 | ||||||||||||||||||
Deferred finance charges | — | 385,705 | 385,705 | — | ||||||||||||||||||||
Fair value of derivatives | 12 | 39,744 | — | |||||||||||||||||||||
Total non current assets | 876,256,492 | 895,952,783 | 895,952,783 | 746,961,964 | ||||||||||||||||||||
Total assets | 954,188,931 | 944,006,307 | 944,006,307 | 798,668,342 | ||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Payable to related parties | 3 | 7,043,121 | 4,659,861 | 3 | 4,659,861 | 1,491,705 | ||||||||||||||||||
Trade accounts payable | 9,032,690 | 9,974,751 | 9,974,751 | 8,592,124 | ||||||||||||||||||||
Accrued liabilities | 8 | 6,002,079 | 3,773,499 | 8 | 3,773,499 | 3,842,879 | ||||||||||||||||||
Operating lease liabilities | 20 | 473,132 | — | 20 | — | 104,168 | ||||||||||||||||||
Customer deposits | 10 | 968,000 | 968,000 | 10 | 968,000 | — | ||||||||||||||||||
Deferred income | 9 | 2,843,994 | 2,995,657 | 9 | 2,995,657 | 5,666,285 | ||||||||||||||||||
Fair value of derivatives | 12 | 37,567 | 141,447 | 12 | 141,447 | — | ||||||||||||||||||
Current portion of long-term debt | 11 | 40,735,556 | 40,547,892 | 11 | 40,547,892 | 31,836,619 | ||||||||||||||||||
Current portion of long-term debt associated with vessel held for sale | 11 | — | 7,173,988 | |||||||||||||||||||||
Total current liabilities | 67,136,139 | 63,061,107 | 63,061,107 | 58,707,768 | ||||||||||||||||||||
Non current liabilities | 0 | 0 | ||||||||||||||||||||||
Fair value of derivatives | 12 | 2,618,250 | 5,099,464 | 12 | 5,099,464 | 3,151,880 | ||||||||||||||||||
Deferred income | 9 | — | 76,949 | |||||||||||||||||||||
Long-term debt | 11 | 325,247,902 | 311,249,321 | 11 | 311,249,321 | 261,960,975 | ||||||||||||||||||
Total non current liabilities | 327,866,152 | 316,348,785 | 316,348,785 | 265,189,804 | ||||||||||||||||||||
Total liabilities | 395,002,291 | 379,409,892 | 379,409,892 | 323,897,572 | ||||||||||||||||||||
Commitments and contingencies | 19 | 19 | 0 | 0 | ||||||||||||||||||||
Stockholders’ equity | ||||||||||||||||||||||||
Capital stock, 5,000,000 preferred shares authorized and 0 outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized 44,549,729 shares issued and 39,584,274 shares outstanding at December 31, 2019 and 43,183,684 shares issued and 37,858,437 shares outstanding at December 31, 2020 with a par value of $0.01 per share | 13 | 445,496 | 431,836 | |||||||||||||||||||||
Treasury stock, 4,965,455 at December 31, 2019 and 5,325,247 shares at December 31, 2020 with a par value of $0.01 per share | 13 | (24,361,145 | ) | (25,373,380 | ) | |||||||||||||||||||
Capital stock, 5,000,000 preferred shares authorized and 0 outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized 43,183,684 shares issued and 37,858,437 shares outstanding at December 31, 2020 and 43,527,428 shares issued and 38,202,181 shares outstanding at December 31, 2021 with a par value of $0.01 per share | 13 | 431,836 | 435,274 | |||||||||||||||||||||
Treasury stock, 5,325,247 at both December 31, 2020 and December 31, 2021 with a par value of $0.01 per share | 13 | (25,373,380 | ) | (25,373,380 | ) | |||||||||||||||||||
Additional paid-in capital | 13 | 502,419,122 | 499,564,087 | 13 | 499,564,087 | 443,009,334 | ||||||||||||||||||
Retained earnings | 82,942,210 | 94,926,695 | 94,926,695 | 59,803,487 | ||||||||||||||||||||
Accumulated other comprehensive loss | (2,259,043 | ) | (4,952,823 | ) | (4,952,823 | ) | (3,103,945 | ) | ||||||||||||||||
Total stockholders’ equity | 559,186,640 | 564,596,415 | 564,596,415 | 474,770,770 | ||||||||||||||||||||
Total liabilities and stockholders’ equity | 954,188,931 | 944,006,307 | 944,006,307 | 798,668,342 | ||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
Note | 2018 | 2019 | 2020 | Note | 2019 | 2020 | 2021 | |||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||
Revenues | 164,330,202 | 144,259,312 | 145,003,021 | 144,259,312 | 145,003,021 | 150,204,527 | ||||||||||||||||||||||||||
Total revenues | 16 | 164,330,202 | 144,259,312 | 145,003,021 | 16 | 144,259,312 | 145,003,021 | 150,204,527 | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Voyage expenses | 18,649,258 | 15,201,978 | 12,259,795 | 15,201,978 | 12,259,795 | 20,342,186 | ||||||||||||||||||||||||||
Voyage expenses – related party | 3 | 2,037,917 | 1,788,543 | 1,799,209 | 3 | 1,788,543 | 1,799,209 | 1,867,100 | ||||||||||||||||||||||||
Charter hire expenses | 20 | 6,150,780 | 6,268,988 | 318,606 | 20 | 6,268,988 | 318,606 | 0 | ||||||||||||||||||||||||
Vessels’ operating expenses | 17 | 59,920,278 | 48,619,594 | 52,344,721 | 17 | 48,619,594 | 52,344,721 | 60,443,813 | ||||||||||||||||||||||||
Vessels’ operating expenses – related party | 3,17 | 514,500 | 966,500 | 950,500 | 3,17 | 966,500 | 950,500 | 1,065,750 | ||||||||||||||||||||||||
Dry-docking costs | 3,617,577 | 1,094,306 | 3,640,327 | 1,094,306 | 3,640,327 | 5,285,490 | ||||||||||||||||||||||||||
Management fees – related party | 3 | 7,027,195 | 5,730,910 | 5,599,351 | 3 | 5,730,910 | 5,599,351 | 5,831,900 | ||||||||||||||||||||||||
General and administrative expenses (including $1,294,722, $1,205,683 and $1,084,961 to related party) | 3 | 3,046,962 | 3,706,320 | 2,301,308 | ||||||||||||||||||||||||||||
General and administrative expenses (including $1,205,683, $1,084,961 and $1,126,112 to related party) | 3 | 3,706,320 | 2,301,308 | 4,337,013 | ||||||||||||||||||||||||||||
Depreciation | 6 | 41,258,142 | 37,693,733 | 37,455,093 | 6 | 37,693,733 | 37,455,093 | 37,125,903 | ||||||||||||||||||||||||
Impairment loss | 3,6,12 | 11,351,821 | 993,916 | 3,857,307 | 3,6,12 | 993,916 | 3,857,307 | 44,616,214 | ||||||||||||||||||||||||
Net loss on sale of vessels | 3,6 | 763,925 | 485,516 | 1,134,854 | 3,6 | 485,516 | 1,134,854 | 304,210 | ||||||||||||||||||||||||
Other operating income | (549,804 | ) | — | — | ||||||||||||||||||||||||||||
Total expenses | 153,788,551 | 122,550,304 | 121,661,071 | 122,550,304 | 121,661,071 | 181,219,579 | ||||||||||||||||||||||||||
Income from operations | 10,541,651 | 21,709,008 | 23,341,950 | |||||||||||||||||||||||||||||
Income/(Loss) from operations | 21,709,008 | 23,341,950 | (31,015,052 | ) | ||||||||||||||||||||||||||||
Other (expenses)/income | ||||||||||||||||||||||||||||||||
Interest and finance costs | (23,286,547 | ) | (20,978,065 | ) | (14,129,893 | ) | (20,978,065 | ) | (14,129,893 | ) | (12,678,101 | ) | ||||||||||||||||||||
Gain on deconsolidation of subsidiaries | — | 145,000 | — | 145,000 | — | — | ||||||||||||||||||||||||||
Loss on derivatives | 12 | (11,982 | ) | (107,550 | ) | (50,976 | ) | |||||||||||||||||||||||||
Loss/(gain) on derivatives | 12 | (107,550 | ) | (50,976 | ) | 240,153 | ||||||||||||||||||||||||||
Interest income and other income | 587,477 | 846,271 | 167,794 | 846,271 | 167,794 | 26,379 | ||||||||||||||||||||||||||
Foreign exchange loss | (107,119 | ) | (8,235 | ) | (54,374 | ) | (8,235 | ) | (54,374 | ) | (23,288 | ) | ||||||||||||||||||||
Other expenses, net | (22,818,171 | ) | (20,102,579 | ) | (14,067,449 | ) | (20,102,579 | ) | (14,067,449 | ) | (12,434,857 | ) | ||||||||||||||||||||
(Loss)/Income before equity in earnings of investees | (12,276,520 | ) | 1,606,429 | 9,274,501 | ||||||||||||||||||||||||||||
Income/(Loss) before equity in earnings of investees | 1,606,429 | 9,274,501 | (43,449,909 | ) | ||||||||||||||||||||||||||||
Equity earnings in joint ventures | 7 | — | 486,695 | 2,709,984 | 7 | 486,695 | 2,709,984 | 8,326,701 | ||||||||||||||||||||||||
Net (Loss)/Income | (12,276,520 | ) | 2,093,124 | 11,984,485 | ||||||||||||||||||||||||||||
Net Income/(Loss) | 2,093,124 | 11,984,485 | (35,123,208 | ) | ||||||||||||||||||||||||||||
(Loss)/Earnings per share | ||||||||||||||||||||||||||||||||
Earnings/(Loss) per share | ||||||||||||||||||||||||||||||||
– Basic and diluted | 15 | (0.31 | ) | 0.05 | 0.31 | 15 | 0.05 | 0.31 | (0.93 | ) | ||||||||||||||||||||||
Weighted average number of shares | ||||||||||||||||||||||||||||||||
– Basic and diluted | 39,860,563 | 39,800,434 | 38,357,893 | 39,800,434 | 38,357,893 | 37,858,437 | ||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
Note | 2018 | 2019 | 2020 | Note | 2019 | 2020 | 2021 | |||||||||||||||||||||||||
Net (loss)/income | (12,276,520 | ) | 2,093,124 | 11,984,485 | ||||||||||||||||||||||||||||
Net income/(loss) | 2,093,124 | 11,984,485 | (35,123,208 | ) | ||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income | ||||||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||||||
Effective portion of changes in fair value of interest swap contracts | 12 | 56,084 | (2,848,056 | ) | (2,632,826 | ) | 12 | (2,848,056 | ) | (2,632,826 | ) | 2,114,488 | ||||||||||||||||||||
Reclassification adjustment | 12 | — | (84,966 | ) | (60,954 | ) | 12 | (84,966 | ) | (60,954 | ) | (265,610 | ) | |||||||||||||||||||
Total other comprehensive income/(loss) | 56,084 | (2,933,022 | ) | (2,693,780 | ) | |||||||||||||||||||||||||||
Total other comprehensive (loss)/income | (2,933,022 | ) | (2,693,780 | ) | 1,848,878 | |||||||||||||||||||||||||||
Total comprehensive (loss)/income | (12,220,436 | ) | (839,898 | ) | 9,290,705 | (839,898 | ) | 9,290,705 | (33,274,330 | ) | ||||||||||||||||||||||
Capital stock | Treasury stock | Capital stock | Treasury stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | Number | Additional | Accumulated | Number | Number | Additional | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of | of | Paid-in | Other | of | of | Paid-in | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Retained | Comprehensive | Shares | Amount | Shares | Amount | Capital | Retained | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Note 13) | (Note 13) | (Note 13) | (Note 13) | (Note 13) | Earnings | Income / (loss) | Total | (Note 13) | (Note 13) | (Note 13) | (Note 13) | (Note 13) | Earnings | Income / (loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 44,285,108 | 442,850 | (4,424,545 | ) | (22,523,528 | ) | 501,471,768 | 93,469,787 | 617,895 | 573,478,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2019 | 44,549,729 | 445,496 | (4,424,545 | ) | (22,523,528 | ) | 501,807,478 | 80,849,086 | 673,979 | 561,252,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change – ASC 606 | — | — | — | — | — | (344,181 | ) | — | (344,181 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2018 | 44,285,108 | 442,850 | (4,424,545 | ) | (22,523,528 | ) | 501,471,768 | 93,125,606 | 617,895 | 573,134,591 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares and stock based compensation | 264,621 | 2,646 | — | — | 335,710 | — | — | 338,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss for the year | — | — | — | — | — | (12,276,520 | ) | 56,084 | (12,220,436 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 44,549,729 | 445,496 | (4,424,545 | ) | (22,523,528 | ) | 501,807,478 | 80,849,086 | 673,979 | 561,252,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | 611,644 | — | — | 611,644 | — | — | — | — | 611,644 | — | — | 611,644 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock repurchase | — | — | (540,910 | ) | (1,837,617 | ) | — | — | — | (1,837,617 | ) | — | — | (540,910 | ) | (1,837,617 | ) | — | — | — | (1,837,617 | ) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss for the year | — | — | — | — | — | 2,093,124 | (2,933,022 | ) | (839,898 | ) | — | — | — | — | — | 2,093,124 | (2,933,022 | ) | (839,898 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 44,549,729 | 445,496 | (4,965,455 | ) | (24,361,145 | ) | 502,419,122 | 82,942,210 | (2,259,043 | ) | 559,186,640 | 44,549,729 | 445,496 | (4,965,455 | ) | (24,361,145 | ) | 502,419,122 | 82,942,210 | (2,259,043 | ) | 559,186,640 | ||||||||||||||||||||||||||||||||||||||||||
Stock repurchase | — | — | (359,792 | ) | (1,012,235 | ) | — | — | — | (1,012,235 | ) | — | — | (359,792 | ) | (1,012,235 | ) | — | — | — | (1,012,235 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock repurchase and cancellation | (1,366,045 | ) | (13,660 | ) | — | — | (2,855,035 | ) | — | — | (2,868,695 | ) | (1,366,045 | ) | (13,660 | ) | — | — | (2,855,035 | ) | — | — | (2,868,695 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income for the year | — | — | — | — | — | 11,984,485 | (2,693,780 | ) | 9,290,705 | — | — | — | — | — | 11,984,485 | (2,693,780 | ) | 9,290,705 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 43,183,684 | 431,836 | (5,325,247 | ) | (25,373,380 | ) | 499,564,087 | 94,926,695 | (4,952,823 | ) | 564,596,415 | 43,183,684 | 431,836 | (5,325,247 | ) | (25,373,380 | ) | 499,564,087 | 94,926,695 | (4,952,823 | ) | 564,596,415 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares and stock based compensation | 343,744 | 3,438 | — | — | 607,350 | — | — | 610,788 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of net assets (Note 1) | — | — | — | — | (57,162,103 | ) | — | — | (57,162,103 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss for the year | — | — | — | — | — | (35,123,208 | ) | 1,848,878 | (33,274,330 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 43,527,428 | 435,274 | (5,325,247 | ) | (25,373,380 | ) | 443,009,334 | 59,803,487 | (3,103,945 | ) | 474,770,770 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2018 | 2019 | 2020 | 2019 | 2020 | 2021 | |||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net (loss)/income for the year | (12,276,520 | ) | 2,093,124 | 11,984,485 | ||||||||||||||||||||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||||||||||||||||||||||||
Net income/(loss) for the year | 2,093,124 | 11,984,485 | (35,123,208 | ) | ||||||||||||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||||||||||||||||||||||
Depreciation | 41,258,142 | 37,693,733 | 37,455,093 | 37,693,733 | 37,455,093 | 37,125,903 | ||||||||||||||||||
Amortization of deferred finance charges | 858,582 | 885,191 | 698,364 | 885,191 | 698,364 | 1,157,804 | ||||||||||||||||||
Amortization of deferred gain on sale and leaseback of vessels | (190,087 | ) | 0 | |||||||||||||||||||||
Amortization of operating lease right-of-use | — | 1,572,943 | 473,132 | 1,572,943 | 473,132 | 89,638 | ||||||||||||||||||
Share based compensation | 338,356 | 611,644 | 0 | 611,644 | 0 | 610,788 | ||||||||||||||||||
Change in fair value of derivatives | (28,252 | ) | 255,650 | (38,561 | ) | 255,650 | (38,561 | ) | (240,153 | ) | ||||||||||||||
Equity earnings in joint ventures | — | (486,695 | ) | (2,709,984 | ) | (486,695 | ) | (2,709,984 | ) | (8,326,701 | ) | |||||||||||||
Impairment loss | 11,351,821 | 993,916 | 3,857,307 | 993,916 | 3,857,307 | 44,616,214 | ||||||||||||||||||
Net loss on sale of vessels | 763,925 | 485,516 | 1,134,854 | 485,516 | 1,134,854 | 304,210 | ||||||||||||||||||
Gain on deconsolidation of subsidiaries | — | (145,000 | ) | 0 | (145,000 | ) | 0 | 0 | ||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
(Increase)/decrease in | ||||||||||||||||||||||||
Trade and other receivables | 531,796 | (1,506,590 | ) | 874,825 | (1,506,590 | ) | 874,825 | (977,005 | ) | |||||||||||||||
Other current assets | 159,363 | 16,055 | (191,362 | ) | 16,055 | (191,362 | ) | 10,624 | ||||||||||||||||
Claims receivable | 15,951 | (1,307,763 | ) | 193,670 | (1,307,763 | ) | 193,670 | 57,895 | ||||||||||||||||
Inventories | (302,873 | ) | 617,468 | (1,239,395 | ) | 617,468 | (1,239,395 | ) | 644,079 | |||||||||||||||
Changes in operating lease liabilities | — | (1,572,943 | ) | (473,132 | ) | (1,572,943 | ) | (473,132 | ) | (89,638 | ) | |||||||||||||
Advances and prepayments | 131,490 | 339,858 | (32,444 | ) | 339,858 | (32,444 | ) | (100,482 | ) | |||||||||||||||
Increase/(decrease) in | ||||||||||||||||||||||||
Balances with related parties | (6,278,982 | ) | (5,845,771 | ) | 1,617,032 | (5,845,771 | ) | 1,617,032 | (3,231,923 | ) | ||||||||||||||
Trade accounts payable | 381,941 | (1,316,668 | ) | 761,193 | (1,316,668 | ) | 761,193 | 262,569 | ||||||||||||||||
Accrued liabilities | 339,009 | (217,409 | ) | (2,403,644 | ) | (217,409 | ) | (2,403,644 | ) | 557,086 | ||||||||||||||
Deferred income | 755,563 | (2,347,660 | ) | 151,663 | (2,347,660 | ) | 151,663 | 3,690,981 | ||||||||||||||||
Net cash provided by operating activities | 37,809,225 | 30,818,599 | 52,113,096 | 30,818,599 | 52,113,096 | 41,038,681 | ||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Insurance proceeds | 0 | 993,546 | 0 | 993,546 | 0 | 0 | ||||||||||||||||||
Proceeds from sale of interests in subsidiaries | — | 20,720,975 | 0 | 20,720,975 | 0 | 0 | ||||||||||||||||||
Vessels’ acquisitions and advances for vessels under construction | (108,295,690 | ) | (2,988,903 | ) | (48,121,422 | ) | (2,988,903 | ) | (48,121,422 | ) | (25,224,746 | ) | ||||||||||||
Proceeds from sale of vessels, net | 29,742,788 | 18,721,123 | 5,264,768 | 18,721,123 | 5,264,768 | 7,795,790 | ||||||||||||||||||
Investment in joint ventures | — | (11,322,600 | ) | (41,998,500 | ) | (11,322,600 | ) | (41,998,500 | ) | (3,348,675 | ) | |||||||||||||
Return of investments from joint ventures | — | 7,363,147 | 26,781,000 | 7,363,147 | 26,781,000 | 1,530,000 | ||||||||||||||||||
Advances to joint ventures | — | (5,083,919 | ) | (29,245 | ) | (5,083,919 | ) | (29,245 | ) | 0 | ||||||||||||||
Advances from joint ventures | — | 5,083,919 | 29,245 | 5,083,919 | 29,245 | 0 | ||||||||||||||||||
Net cash (used in)/provided by investing activities | (78,552,902 | ) | 33,487,288 | (58,074,154 | ) | |||||||||||||||||||
Net cash provided by/(used in) investing activities | 33,487,288 | (58,074,154 | ) | (19,247,631 | ) | |||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Stock repurchase | — | (1,837,617 | ) | (3,880,930 | ) | (1,837,617 | ) | (3,880,930 | ) | 0 | ||||||||||||||
Deferred finance charges paid | (503,265 | ) | (477,201 | ) | (538,004 | ) | (477,201 | ) | (538,004 | ) | (1,463,766 | ) | ||||||||||||
Advances from joint ventures | — | 4,958,250 | 1,841,380 | 4,958,250 | 1,841,380 | 0 | ||||||||||||||||||
Advances to joint ventures | — | — | (5,841,672 | ) | — | (5,841,672 | ) | 0 | ||||||||||||||||
Customer deposits paid | (1,220,700 | ) | (368,000 | ) | 0 | (368,000 | ) | 0 | (600,000 | ) | ||||||||||||||
Loan repayments | (56,717,059 | ) | (97,371,978 | ) | (41,804,846 | ) | (97,371,978 | ) | (41,804,846 | ) | (173,012,428 | ) | ||||||||||||
Proceeds from long-term debt | 115,712,500 | 33,480,000 | 27,105,000 | 33,480,000 | 27,105,000 | 150,650,000 | ||||||||||||||||||
Cash retained by Imperial at spin-off | — | — | (4,704,521 | ) | ||||||||||||||||||||
Net cash provided by/(used in) financing activities | 57,271,476 | (61,616,546 | ) | (23,119,072 | ) | |||||||||||||||||||
Net cash used in financing activities | (61,616,546 | ) | (23,119,072 | ) | (29,130,715 | ) | ||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | 16,527,799 | 2,689,341 | (29,080,130 | ) | 2,689,341 | (29,080,130 | ) | (7,339,665 | ) | |||||||||||||||
Cash and cash equivalents and restricted cash at beginning of year | 62,903,192 | 79,430,991 | 82,120,332 | 79,430,991 | 82,120,332 | 53,040,202 | ||||||||||||||||||
Cash and cash equivalents and restricted cash at end of year | 79,430,991 | 82,120,332 | 53,040,202 | 82,120,332 | 53,040,202 | 45,700,537 | ||||||||||||||||||
December 31, | ||||||||||||
2018 | 2019 | 2020 | ||||||||||
Cash breakdown | ||||||||||||
Cash and cash equivalents | 64,498,442 | 68,465,342 | 38,242,411 | |||||||||
Restricted cash, current | 3,002,490 | 1,589,768 | 1,308,971 | |||||||||
Restricted cash, non-current | 11,930,059 | 12,065,222 | 13,488,820 | |||||||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 79,430,991 | 82,120,332 | 53,040,202 | |||||||||
Supplemental Cash Flow Information: | ||||||||||||
Cash paid during the year for interest, net of amounts capitalized | 21,087,903 | 20,768,672 | 12,905,065 | |||||||||
Non cash investing activity – Vessels, net | — | — | 206,820 | |||||||||
Non cash investing activity – Vessels under construction | 63,752 | 63,752 | 180,400 | |||||||||
Non cash financing activity – Deferred finance charges | — | — | 32,464 | |||||||||
December 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Cash breakdown | ||||||||||||
Cash and cash equivalents | 68,465,342 | 38,242,411 | 31,304,151 | |||||||||
Restricted cash, current | 1,589,768 | 1,308,971 | 2,198,775 | |||||||||
Restricted cash, non-current | 12,065,222 | 13,488,820 | 12,197,611 | |||||||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 82,120,332 | 53,040,202 | 45,700,537 | |||||||||
Supplemental Cash Flow Information: | ||||||||||||
Cash paid during the year for interest, net of amounts capitalized | 20,768,672 | 12,905,065 | 8,607,590 | |||||||||
Non cash investing activity – Vessels | 63,752 | 387,220 | 217,570 | |||||||||
Non cash financing activity – Deferred finance charges | — | 32,464 | 0 | |||||||||
Distribution of net assets of Imperial Petroleum Inc. to stockholders (Note 1) | — | — | 57,162,103 | |||||||||
Year ended December 31, | ||||||||||||
Charterer | 2019 | 2020 | 2021 | |||||||||
A | 12 | % | 15 | % | — | |||||||
B | 10 | % | — | — | ||||||||
C | 10 | % | 10 | % | — |
December 3, 2021 | ||||
Cash, including restricted cash | 4,704,521 | |||
Trade and other receivables | 2,488,560 | |||
Inventories | 270,489 | |||
Advances and prepayments | 244,725 | |||
Vessels, net (after impairment of $40,185,873) | 80,500,000 | |||
Trade accounts payable | (1,618,146 | ) | ||
Accrued and other liabilities | (312,642 | ) | ||
Deferred income | (943,404 | ) | ||
Customer deposits | (368,000 | ) | ||
Debt | (27,804,000 | ) | ||
Net assets of Imperial distributed to stockholders | 57,162,103 |
Year ended December 31, | ||||||||||||||
Location in statement of operations | 2018 | 2019 | 2020 | |||||||||||
Management fees | Management fees – related party | 7,027,195 | 5,730,910 | 5,599,351 | ||||||||||
Brokerage commissions | Voyage expenses – related party | 2,037,917 | 1,788,543 | 1,799,209 | ||||||||||
Superintendent fees | Vessels’ operating expenses – related party | 137,000 | 104,000 | 38,000 | ||||||||||
Crew management fees | Vessels’ operating expenses – related party | 377,500 | 862,500 | 912,500 | ||||||||||
Commissions - vessels sold | Net loss on sale of vessels | 184,000 | 109,000 | 54,000 | ||||||||||
Commissions - vessels sold | Impairment loss | 212,650 | — | — | ||||||||||
Executive compensation | General and administrative expenses | 1,210,036 | 1,118,491 | 994,840 | ||||||||||
Rental expense | General and administrative expenses | 84,686 | 87,192 | 90,121 |
Year ended December 31, | ||||||||||||||
Location in statement of operations | 2019 | 2020 | 2021 | |||||||||||
Management fees | Management fees – related party | 5,730,910 | 5,599,351 | 5,831,900 | ||||||||||
Brokerage commissions | Voyage expenses – related party | 1,788,543 | 1,799,209 | 1,867,100 | ||||||||||
Superintendent fees | Vessels’ operating expenses – related party | 104,000 | 38,000 | 117,000 | ||||||||||
Crew management fees | Vessels’ operating expenses – related party | 862,500 | 912,500 | 948,750 | ||||||||||
Commissions - vessels sold | Net loss on sale of vessels | 109,000 | 54,000 | 81,000 | ||||||||||
Commissions - vessel held for sale | Impairment loss | 0 | 0 | 125,000 | ||||||||||
Executive compensation | General and administrative expenses | 1,118,491 | 994,840 | 1,028,386 | ||||||||||
Rental expense | General and administrative expenses | 87,192 | 90,121 | 97,726 |
December 31, | ||||||||||||||
Location in balance sheet | 2018 | 2019 | 2020 | |||||||||||
Commissions - vessels purchased | Vessels, net | 1,598,858 | — | 435,000 | ||||||||||
Supervision fees | Vessels, net | 1,790,789 | — | 0 | ||||||||||
Supervision fees | Advances for vessel under construction | — | — | 210,970 |
December 31, | ||||||||||||||
Location in balance sheet | 2019 | 2020 | 2021 | |||||||||||
Commissions - vessels purchased | Vessels, net | — | 435,000 | 289,347 | ||||||||||
Supervision fees | Advances for vessel under construction/Vessels, net | — | 210,970 | 236,521 |
December 31, | December 31, | |||||||||||||||
2019 | 2020 | 2020 | 2021 | |||||||||||||
Bunkers | 1,112,667 | 2,152,601 | 2,152,601 | 1,120,372 | ||||||||||||
Lubricants | 1,335,036 | 1,534,497 | 1,534,497 | 1,652,160 | ||||||||||||
Total | 2,447,703 | 3,687,098 | 3,687,098 | 2,772,532 | ||||||||||||
Balance, December 31, 2019 | 2,988,903 | |||
Advance for vessel under construction | 2,891,283 | |||
Capitalized interest | 168,344 | |||
Supervision fees (Note 3) | 210,970 | |||
Other capitalized expenses | 279,615 | |||
Balance, December 31, 2020 | 6,539,115 | |||
Advance for vessel under construction | 23,152,125 | |||
Supervision fees (Note 3) | 236,521 | |||
Commissions - vessels purchased (Note 3) | 289,347 | |||
Capitalized interest | 20,060 | |||
Other capitalized expenses | 129,729 | |||
Transfer to vessels. Net (Note 6) | (30,366,897 | ) | ||
Balance, December 31, 2021 | 0 |
Vessel cost | Accumulated Depreciation | Net Book Value | ||||||||||
Balance, December 31, 2018 | 1,105,413,815 | (220,665,124 | ) | 884,748,691 | ||||||||
Impairment loss | (3,250,000 | ) | 2,256,084 | (993,916 | ) | |||||||
Disposal | (14,561,832 | ) | 3,653,193 | (10,908,639 | ) | |||||||
Depreciation for the year | — | (37,693,733 | ) | (37,693,733 | ) | |||||||
Balance, December 31, 2019 | 1,087,601,983 | (252,449,580 | ) | 835,152,403 | ||||||||
Additions | 44,894,678 | — | 44,894,678 | |||||||||
Impairment loss | (14,511,735 | ) | 10,654,428 | (3,857,307 | ) | |||||||
Disposals | (6,500,000 | ) | 100,378 | (6,399,622 | ) | |||||||
Depreciation for the year | — | (37,455,093 | ) | (37,455,093 | ) | |||||||
Balance, December 31, 2020 | 1,111,484,926 | (279,149,867 | ) | 832,335,059 | ||||||||
Vessel cost | Accumulated Depreciation | Net Book Value | ||||||||||
Balance, December 31, 2019 | 1,087,601,983 | (252,449,580 | ) | 835,152,403 | ||||||||
Additions | 44,894,678 | — | 44,894,678 | |||||||||
Impairment loss | (14,511,735 | ) | 10,654,428 | (3,857,307 | ) | |||||||
Disposals | (6,500,000 | ) | 100,378 | (6,399,622 | ) | |||||||
Depreciation for the year | — | (37,455,093 | ) | (37,455,093 | ) | |||||||
Balance, December 31, 2020 | 1,111,484,926 | (279,149,867 | ) | 832,335,059 | ||||||||
Transfer from Advances for vessel under construction and acquisitions (Note 5) | 30,366,897 | — | 30,366,897 | |||||||||
Other additions | 1,227,314 | — | 1,227,314 | |||||||||
Impairment loss | (169,553,060 | ) | 124,936,846 | (44,616,214 | ) | |||||||
Disposals | (8,100,000 | ) | 0 | (8,100,000 | ) | |||||||
Transfer to Vessel held for sale | (12,250,000 | ) | — | (12,250,000 | ) | |||||||
Spin-off of tankers (Note 1) | (80,500,000 | ) | — | (80,500,000 | ) | |||||||
Depreciation for the year | — | (37,125,903 | ) | (37,125,903 | ) | |||||||
Balance, December 31, 2021 | 872,676,077 | (191,338,924 | ) | 681,337,153 | ||||||||
December 31, 2019 | ||||||||||||||||||||
Spacegas Inc. | Financial Power Inc. | Cannes View Inc. | Colorado Oil and Gas Inc | Frost Investments Corp Inc. | ||||||||||||||||
Current assets | 2,237,644 | 1,745,681 | 2,560,065 | 2,265,263 | 13,693,747 | |||||||||||||||
Non-current assets | 13,221,364 | 13,229,810 | 14,532,274 | 12,801,053 | 20,396,424 | |||||||||||||||
Current liabilities | 1,426,128 | 1,583,998 | 1,702,293 | 2,488,495 | 2,653,152 | |||||||||||||||
Long-term liabilities | 5,530,995 | 5,530,995 | 7,792,274 | 6,818,237 | 10,757,210 | |||||||||||||||
Revenues | 3,362,478 | 3,281,896 | 2,707,338 | 2,032,648 | 2,047,026 | |||||||||||||||
Operating income/(loss) | 1,122,467 | 477,559 | 872,331 | (85,071 | ) | (370,748 | ) | |||||||||||||
Net income/(loss) | 854,885 | 212,498 | 627,671 | (303,415 | ) | (420,191 | ) |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Spacegas Inc. | Financial Power Inc. | Cannes View Inc. | Colorado Oil and Gas Inc | Frost Investments Corp Inc. | MGC Aggressive Holdings Inc. | Spacegas Inc. | Financial Power Inc. | Cannes View Inc. | Colorado Oil and Gas Inc | Frost Investments Corp Inc. | MGC Agressive Holdings Inc. | |||||||||||||||||||||||||||||||||||||
Current assets | 2,163,484 | 2,359,816 | 1,267,542 | 1,126,697 | 10,831,800 | 5,096,668 | 2,163,484 | 2,359,816 | 1,267,542 | 1,126,697 | 10,831,800 | 5,096,668 | ||||||||||||||||||||||||||||||||||||
Non-current assets | 12,559,048 | 12,575,608 | 13,801,972 | 12,335,790 | 19,464,419 | 82,809,937 | 12,559,048 | 12,575,608 | 13,801,972 | 12,335,790 | 19,464,419 | 82,809,937 | ||||||||||||||||||||||||||||||||||||
Current liabilities | 1,118,776 | 1,491,243 | 1,440,769 | 2,688,747 | 2,575,067 | 8,315,433 | 1,118,776 | 1,491,243 | 1,440,769 | 2,688,747 | 2,575,067 | 8,315,433 | ||||||||||||||||||||||||||||||||||||
Long-term liabilities | 4,855,255 | 4,855,255 | 7,050,860 | 6,169,497 | 9,384,573 | 40,958,366 | 4,855,255 | 4,855,255 | 7,050,860 | 6,169,497 | 9,384,573 | 40,958,366 | ||||||||||||||||||||||||||||||||||||
Revenues | 3,222,037 | 3,481,799 | 2,764,359 | 2,704,455 | 6,866,426 | 18,409,814 | 3,222,037 | 3,481,799 | 2,764,359 | 2,704,455 | 6,866,426 | 18,409,814 | ||||||||||||||||||||||||||||||||||||
Operating income/(loss) | 451,895 | 935,869 | (645,197 | ) | (817,717 | ) | 3,122,539 | 4,869,260 | 451,895 | 935,869 | (645,197 | ) | (817,717 | ) | 3,122,539 | 4,869,260 | ||||||||||||||||||||||||||||||||
Net income/(loss) | 246,616 | 728,428 | (1,019,886 | ) | (1,155,342 | ) | 2,656,770 | 3,882,812 | 246,616 | 728,428 | (1,019,886 | ) | (1,155,342 | ) | 2,656,770 | 3,882,812 |
December 31, 2021 | ||||||||||||||||||||||||
Spacegas Inc. | Financial Power Inc. | Cannes View Inc. | Colorado Oil and Gas Inc | Frost Investments Corp Inc. | MGC Agressive Holdings Inc. | |||||||||||||||||||
Current assets | 2,347,954 | 3,112,192 | 1,630,592 | 1,017,765 | 13,208,202 | 23,228,225 | ||||||||||||||||||
Non-current assets | 11,900,116 | 11,924,795 | 13,071,670 | 11,870,528 | 18,532,414 | 56,221,031 | ||||||||||||||||||
Current liabilities | 1,426,492 | 1,506,835 | 1,687,929 | 3,231,113 | 2,247,545 | 5,357,705 | ||||||||||||||||||
Long-term liabilities | 4,178,256 | 4,178,256 | 6,307,812 | 5,519,327 | 8,008,092 | 22,799,849 | ||||||||||||||||||
Revenues | 3,023,283 | 3,464,824 | 4,227,682 | 3,154,728 | 7,162,657 | 17,468,871 | ||||||||||||||||||
Operating income/(loss) | 26,559 | 893,121 | 396,337 | (216,091 | ) | 3,509,152 | 13,857,864 | |||||||||||||||||
Net (loss)/income | (105,179 | ) | 762,975 | 128,636 | (466,393 | ) | 3,148,404 | 12,918,760 |
December 31, | December 31, | |||||||||||||||
2019 | 2020 | 2020 | 2021 | |||||||||||||
Interest on long-term debt | 2,790,621 | 1,887,414 | 1,887,414 | 1,883,321 | ||||||||||||
Administrative expenses | 205,184 | 209,553 | 209,553 | 210,930 | ||||||||||||
Vessel operating and voyage expenses | 3,006,274 | 1,676,532 | 1,676,532 | 1,748,628 | ||||||||||||
Total | 6,002,079 | 3,773,499 | 3,773,499 | 3,842,879 | ||||||||||||
(a) | On October 12, 2015 an amount of $736,000 was received from the bareboat charterer of Product carrier “Clean Thrasher” (ex. “Stealth Falcon”) which is equal to three-months hire. On May 30, 2019 the amount of $368,000 was paid to the bareboat charterers. The remaining amount of $368,000 was kept as a guarantee for another vessel chartered to the same |
(b) | On February 21, 2015 an amount of $1,820,700 was received from the bareboat charterer of Aframax tanker “Stealth Berana” (ex. “Spike”) which is equal to five-months hire. An amount of $1,220,700 was returned to the charterer at the end of the bareboat charter on March 7, 2018. The remaining amount of $600,000 was kept as a guarantee for the new bareboat charter which commenced on March 7, 2018. The bareboat charter ended during 2020 |
Term Loans | Term Loans | Drawn Amount | December 31, 2019 | 2020 | Term Loans | Drawn Amount | December 31, 2020 | 2021 | ||||||||||||||||||||
Issue Date/ Refinancing Date | Maturity Date | Maturity Date | ||||||||||||||||||||||||||
December 14, 2018 | December 18, 2023 | 14,094,184 | 11,894,184 | 9,694,184 | November 10, 2021 | 14,094,184 | 9,694,184 | 0 | ||||||||||||||||||||
May 28, 2019 | April 16, 2024 | 11,000,000 | 10,360,000 | 9,080,000 | August 6, 2021 | 11,000,000 | 9,080,000 | 0 | ||||||||||||||||||||
August 6, 2019 | March 1, 2024 | 27,675,000 | 21,900,000 | 18,600,000 | August 6, 2021 | 27,675,000 | 18,600,000 | 0 | ||||||||||||||||||||
July 5, 2019 | July 11, 2026 | 22,230,000 | 21,436,071 | 18,260,357 | July 11, 2026 | 22,230,000 | 18,260,357 | 15,084,643 | ||||||||||||||||||||
March 29, 2019 | December 29, 2022 | 25,458,432 | 18,237,048 | 13,701,816 | December 29, 2022 | 25,458,432 | 13,701,816 | 3,039,647 | ||||||||||||||||||||
August 7, 2019 | July 31, 2022 | 50,225,000 | 29,025,000 | 25,420,000 | ||||||||||||||||||||||||
January 11, 2021 | January 14, 2026 | 50,225,000 | 25,420,000 | 22,675,000 | ||||||||||||||||||||||||
December 14, 2018 | December 18, 2023 | 9,480,000 | 8,680,000 | 7,880,000 | December 18, 2023 | 9,480,000 | 7,880,000 | 7,080,000 | ||||||||||||||||||||
June 20, 2014 | January 8, 2023 | 20,925,000 | 14,180,000 | 12,760,000 | January 21, 2021 | 20,925,000 | 12,760,000 | �� | 0 | |||||||||||||||||||
August 6, 2019 | June 30, 2023 | 67,200,000 | 47,595,000 | 43,635,000 | August 6, 2021 | 67,200,000 | 43,635,000 | 0 | ||||||||||||||||||||
December 24, 2015 | December 14, 2022 | 22,400,000 | 16,426,688 | 14,933,360 | January 25, 2021 | 22,400,000 | 14,933,360 | 0 | ||||||||||||||||||||
July 4, 2014 | September 3, 2021 | 22,750,000 | 15,843,750 | 14,218,750 | ||||||||||||||||||||||||
January 19, 2021 | January 21, 2028 | 43,800,000 | 14,218,750 | 40,731,975 | ||||||||||||||||||||||||
July 29, 2014 | July 7, 2023 | 25,350,000 | 16,371,875 | 14,259,375 | July 7, 2023 | 25,350,000 | 14,259,375 | 12,146,875 | ||||||||||||||||||||
December 7, 2017 | December 11, 2022 | 22,275,000 | 16,765,000 | 14,010,000 | November 10, 2021 | 22,275,000 | 14,010,000 | 0 | ||||||||||||||||||||
May 18, 2016 | December 31, 2025 | 65,650,000 | 56,945,940 | 52,842,620 | December 31, 2025 | 65,650,000 | 52,842,620 | 48,739,300 | ||||||||||||||||||||
March 1, 2017 | April 17, 2026 | 70,787,500 | 62,568,747 | 57,512,495 | April 17, 2026 | 70,787,500 | 57,512,495 | 52,456,243 | ||||||||||||||||||||
June 17, 2020 | June 19, 2026 | 11,505,000 | 0 | 11,121,500 | June 19, 2026 | 11,505,000 | 11,121,500 | 10,354,500 | ||||||||||||||||||||
April 30, 2020 | October 7, 2026 | 15,600,000 | 0 | 15,600,000 | November 7, 2026 | 15,600,000 | 15,600,000 | 14,733,333 | ||||||||||||||||||||
April 30, 2020 | February 4, 2027 | 18,850,000 | 0 | 18,064,582 | ||||||||||||||||||||||||
August 5, 2021 | August 6, 2026 | 60,000,000 | 0 | 58,060,931 | ||||||||||||||||||||||||
Total | 368,229,303 | 353,529,457 | 353,529,457 | 303,167,029 | ||||||||||||||||||||||||
Current portion of long-term debt | Current portion of long-term debt | 41,421,346 | 41,161,686 | Current portion of long-term debt | 41,161,686 | 32,464,732 | ||||||||||||||||||||||
Current portion of long-term debt associated with vessel held for sale | Current portion of long-term debt associated with vessel held for sale | 0 | 7,173,988 | |||||||||||||||||||||||||
Long-term debt | 326,807,957 | 312,367,771 | 312,367,771 | 263,528,309 | ||||||||||||||||||||||||
Total debt | 368,229,303 | 353,529,457 | 353,529,457 | 303,167,029 | ||||||||||||||||||||||||
Current portion of deferred finance charges | Current portion of deferred finance charges | 685,790 | 613,794 | Current portion of deferred finance charges | 613,794 | 628,113 | ||||||||||||||||||||||
Deferred finance charges non-current | Deferred finance charges non-current | 1,560,055 | 1,118,450 | Deferred finance charges non-current | 1,118,450 | 1,567,334 | ||||||||||||||||||||||
Total deferred finance charges | Total deferred finance charges | 2,245,845 | 1,732,244 | Total deferred finance charges | 1,732,244 | 2,195,447 | ||||||||||||||||||||||
Total debt | 368,229,303 | 353,529,457 | 353,529,457 | 303,167,029 | ||||||||||||||||||||||||
Less: Total deferred finance charges | Less: Total deferred finance charges | 2,245,845 | 1,732,244 | Less: Total deferred finance charges | 1,732,244 | 2,195,447 | ||||||||||||||||||||||
Total debt, net of deferred finance charges | Total debt, net of deferred finance charges | 365,983,458 | 351,797,213 | Total debt, net of deferred finance charges | 351,797,213 | 300,971,582 | ||||||||||||||||||||||
Less: Current portion of long-term debt, net of current portion of deferred finance charges | Less: Current portion of long-term debt, net of current portion of deferred finance charges | 40,735,556 | 40,547,892 | Less: Current portion of long-term debt, net of current portion of deferred finance charges | 40,547,892 | 31,836,619 | ||||||||||||||||||||||
Less: Current portion of long-term debt, associated with vessel held for sale | Less: Current portion of long-term debt, associated with vessel held for sale | 0 | 7,173,988 | |||||||||||||||||||||||||
Long-term debt | Long-term debt | 311,249,321 | 261,960,975 | |||||||||||||||||||||||||
325,247,902 | 311,249,321 | |||||||||||||||||||||||||||
December 31, | Amount | |||
2021 | 41,161,686 | |||
2022 | 72,773,038 | |||
2023 | 65,392,513 | |||
2024 | 34,928,954 | |||
2025 | 53,314,974 | |||
Thereafter | 85,958,292 | |||
Total | 353,529,457 | |||
December 31, | Amount | |||
202 2 | 39,638,720 | |||
202 3 | 30,607,086 | |||
202 4 | 30,607,086 | |||
202 5 | 62,933,106 | |||
202 6 | 91,723,313 | |||
Thereafter | 47,657,718 | |||
Total | 303,167,029 | |||
Effective Date | Termination Date | Fixed Rate (Company pays) | Floating Rate (Company Receives) | Fair Value Asset/ (Liability) December 31, 2019 | Notional Amount December 31, 2019 | Fair Value Asset/ (Liability) December 31, 2020 | Notional Amount December 31, 2020 | |||||||||||||||||||
Swap 1 | September 30, 2015 | September 30, 2020 | 2.60 | % | 3 month U.S. dollar LIBOR | $ | (37,567 | ) | $ | 6,816,917 | — | — | ||||||||||||||
Swap 2 | September 30, 2015 | September 30, 2020 | 1.69 | % | 3 month U.S. dollar LIBOR | $ | 4,938 | $ | 6,816,917 | — | — | |||||||||||||||
Swap 3 | October 2, 2015 | October 2, 2020 | 1.54 | % | 3 month U.S. dollar LIBOR | $ | 25,443 | $ | 8,600,000 | — | — | |||||||||||||||
Swap 4 | November 4, 2015 | August 4, 2021 | 1.52 | % | 3 month U.S. dollar LIBOR | $ | 22,838 | $ | 7,921,875 | $ | (69,821 | ) | $ | 7,109,375 | ||||||||||||
Swap 5 | December 3, 2015 | September 3, 2021 | 1.55 | % | 3 month U.S. dollar LIBOR | $ | 16,906 | $ | 7,921,875 | $ | (71,626 | ) | $ | 7,109,375 | ||||||||||||
Swap 6 | August 16, 2017 | May 16, 2025 | 2.12 | % | 3 month U.S. dollar LIBOR | $ | (249,020 | ) | $ | 13,711,250 | $ | (857,234 | ) | $ | 12,695,750 | |||||||||||
Swap 7 | March 12, 2018 | December 11, 2022 | 2.74 | % | 3 month U.S. dollar LIBOR | $ | (419,160 | ) | $ | 16,765,000 | $ | (598,572 | ) | $ | 14,010,000 | |||||||||||
Swap 8 | April 10, 2018 | December 11, 2025 | 2.74 | % | 3 month U.S. dollar LIBOR | $ | (1,369,934 | ) | $ | 29,524,000 | $ | (2,682,391 | ) | $ | 27,452,000 | |||||||||||
Swap 9 | February 16, 2019 | February 16, 2024 | 2.89 | % | 3 month U.S. dollar LIBOR | $ | (580,136 | ) | $ | 13,711,250 | $ | (961,267 | ) | $ | 12,695,750 | |||||||||||
Total | $ | (2,585,692 | ) | $ | 111,789,084 | $ | (5,240,911 | ) | $ | 81,072,250 |
Effective Date | Termination Date | Fixed Rate (Company pays) | Floating Rate (Company Receives) | Fair Value Asset/ (Liability) December 31, 2020 | Notional Amount December 31, 2020 | Fair Value Asset/ (Liability) December 31, 2021 | Notional Amount December 31, 2021 | |||||||||||||||||||
Swap 1 | November 4, 2015 | August 4, 2021 | 1.52 | % | 3 month U.S. dollar LIBOR | $ | (69,821 | ) | $ | 7,109,375 | — | — | ||||||||||||||
Swap 2 | December 3, 2015 | September 3, 2021 | 1.55 | % | 3 month U.S. dollar LIBOR | $ | (71,626 | ) | $ | 7,109,375 | — | — | ||||||||||||||
Swap 3 | August 16, 2017 | May 16, 2025 | 2.12 | % | 3 month U.S. dollar LIBOR | $ | (857,234 | ) | $ | 12,695,750 | $ | (358,988 | ) | $ | 11,680,250 | |||||||||||
Swap 4 | March 12, 2018 | December 11, 2022 | 2.74 | % | 3 month U.S. dollar LIBOR | $ | (598,572 | ) | $ | 14,010,000 | 0 | 0 | ||||||||||||||
Swap 5 | April 10, 2018 | December 11, 2025 | 2.74 | % | 3 month U.S. dollar LIBOR | $ | (2,682,391 | ) | $ | 27,452,000 | $ | (1,398,025 | ) | $ | 25,380,000 | |||||||||||
Swap 6 | February 16, 2019 | February 16, 2024 | 2.89 | % | 3 month U.S. dollar LIBOR | $ | (961,267 | ) | $ | 12,695,750 | $ | (486,439 | ) | $ | 11,680,250 | |||||||||||
Swap 7 | January 21, 2021 | January 21, 2028 | 0.73 | % | 3 month U.S. dollar LIBOR | 0 | 0 | $ | (293,862 | ) | $ | 13,210,750 | ||||||||||||||
Swap 8 | January 21, 2021 | January 21, 2028 | 0.73 | % | 3 month U.S. dollar LIBOR | 0 | 0 | $ | (292,709 | ) | $ | 13,173,250 | ||||||||||||||
Swap 9 | January 21, 2021 | January 21, 2028 | 0.74 | % | 3 month U.S. dollar LIBOR | 0 | 0 | $ | (321,857 | ) | $ | 14,347,975 | ||||||||||||||
Total | $ | (5,240,911 | ) | $ | 81,072,250 | $ | (3,151,880 | ) | $ | 89,472,475 |
Derivatives designated as hedging instruments | Balance Sheet Location | December 31, | ||||||||||||||||
2019 | 2020 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||
Interest Rate Swap Agreements | Non current assets — Fair value of derivatives | 39,744 | — | — | — | |||||||||||||
Interest Rate Swap Agreements | Current liabilities — Fair value of derivatives | — | — | — | 141,447 | |||||||||||||
Interest Rate Swap Agreements | Non current liabilities — Fair value of derivatives | — | 2,618,250 | — | 5,099,464 | |||||||||||||
Total derivatives designated as hedging instruments | 39,744 | 2,618,250 | — | 5,240,911 | ||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | December 31, | ||||||||||||||||
2020 | 2021 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||
Interest Rate Swap Agreements | Current liabilities — Fair value of derivatives | — | 141,447 | — | — | |||||||||||||
Interest Rate Swap Agreements | Non current liabilities — Fair value of derivatives | — | 5,099,464 | — | 3,151,880 | |||||||||||||
Total derivatives designated as hedging instruments | — | 5,240,911 | — | 3,151,880 | ||||||||||||||
Derivatives not designated as hedging instruments | Balance Sheet Location | December 31, | ||||||||||||||||
2019 | 2020 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||
Interest Rate Swap Agreements | Current assets — Fair value of derivatives | 30,381 | — | — | — | |||||||||||||
Interest Rate Swap Agreements | Current liabilities — Fair value of derivatives | — | 37,567 | — | — | |||||||||||||
Total derivatives not designated as hedging instruments | 30,381 | 37,567 | — | — | ||||||||||||||
Derivatives not designated as hedging instruments | Location of Gain/(Loss) Recognized | Year Ended December 31, | Location of Gain/(Loss) Recognized | Year Ended December 31, | ||||||||||||||||||||||||
2018 | 2019 | 2020 | 2019 | 2020 | 2021 | |||||||||||||||||||||||
Interest Rate Swap — Reclassification from OCI | Loss on derivatives | — | 84,966 | 60,954 | Loss on derivatives | 84,966 | 60,954 | 265,610 | ||||||||||||||||||||
Interest Rate Swap — Change in Fair Value | Loss on derivatives | — | (327,147 | ) | 7,186 | Loss on derivatives | (327,147 | ) | 7,186 | — | ||||||||||||||||||
Interest Rate Swap — Realized income/(expense) | Loss on derivatives | — | 134,631 | (119,116 | ) | Loss on derivatives | 134,631 | (119,116 | ) | (25,457 | ) | |||||||||||||||||
Total loss on derivatives | — | (107,550 | ) | (50,976 | ) | |||||||||||||||||||||||
Total loss/(gain) on derivatives | (107,550 | ) | (50,976 | ) | 240,153 | |||||||||||||||||||||||
Derivatives designated as hedging instruments | Location of (Loss)/Gain Recognized | Year Ended December 31, | ||||||||||||
2018 | 2019 | 2020 | ||||||||||||
Interest Rate Swap — Loss reclassified from OCI (Effective portion) | Loss on derivatives | (11,982 | ) | — | — | |||||||||
Interest Rate Swap — Income/(Loss) reclassified from OCI (Effective portion) | Interest and finance costs | — | 67,424 | (1,190,400 | ) | |||||||||
Total loss on derivatives | (11,982 | ) | 67,424 | (1,190,400 | ) | |||||||||
Derivatives designated as hedging instruments | Location of (Loss)/Gain Recognized | Year Ended December 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||||
Interest Rate Swap — Realized Income/(Loss) | Interest and finance costs | 67,424 | (1,190,400 | ) | (2,183,187 | ) | ||||||||
Total loss on derivatives | 67,424 | (1,190,400 | ) | (2,183,187 | ) | |||||||||
Unrealized Gain / (Loss) on cash flow hedges | ||||
Balance, January 1, | ||||
673,979 | ||||
Effective portion of changes in fair value of interest swap contracts | (2,848,056 | ) | ||
Reclassification adjustment | (84,966 | ) | ||
Balance, December 31, 2019 | (2,259,043 | ) | ||
Effective portion of changes in fair value of interest swap contracts | (2,632,826 | ) | ||
Reclassification adjustment | (60,954 | ) | ||
Balance, December 31, 2020 | (4,952,823 | ) | ||
Effective portion of changes in fair value of interest swap contracts | 2,114,488 | |||
Reclassification adjustment | (265,610 | ) | ||
Balance, December 31, 2021 | (3,103,945 | ) | ||
Fair Value as of December 31, 2019 | Fair Value Measurements Using | |||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets/(Liabilities): | ||||||||||||||||
Interest Rate Swap Agreements | 70,125 | — | 70,125 | — | ||||||||||||
Interest Rate Swap Agreements | (2,655,817 | ) | — | (2,655,817 | ) | — | ||||||||||
Total | (2,585,692 | ) | — | (2,585,692 | ) | — | ||||||||||
Fair Value as of December 31, 2020 | Fair Value Measurements Using | |||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets/(Liabilities): | ||||||||||||||||
Interest Rate Swap Agreements | (5,240,911 | ) | — | (5,240,911 | ) | — | ||||||||||
Total | (5,240,911 | ) | — | (5,240,911 | ) | — | ||||||||||
Fair Value as of December 31, 2020 | Fair Value Measurements Using | Fair Value as of December 31, 2021 | Fair Value Measurements Using | |||||||||||||||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||
Assets/(Liabilities): | ||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements | (5,240,911 | ) | — | (5,240,911 | ) | — | (3,151,880 | ) | — | (3,151,880 | ) | — | ||||||||||||||||||||
Total | (5,240,911 | ) | — | (5,240,911 | ) | — | (3,151,880 | ) | — | (3,151,880 | ) | — | ||||||||||||||||||||
Fair Value as of December 31, 2019 | Fair Value Measurements Using | |||||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Impairment Loss | ||||||||||||||||
Long-lived assets held and used | 6,000,000 | — | 6,000,000 | — | (993,916 | ) | ||||||||||||||
Total | 6,000,000 | — | 6,000,000 | — | (993,916) |
Fair Value as of June 30, 2020 | Fair Value Measurements Using | |||||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Impairment Loss | ||||||||||||||||
Long-lived assets held and used | 3,000,000 | — | 3,000,000 | — | (305,607 | ) | ||||||||||||||
Total | 3,000,000 | — | 3,000,000 | — | (305,607) |
Fair Value as of December 31, 2020 | Fair Value Measurements Using | |||||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Impairment Loss | ||||||||||||||||
Long-lived assets held and used | 3,500,000 | — | 3,500,000 | — | (714,895 | ) | ||||||||||||||
Total | 3,500,000 | — | 3,500,000 | — | (714,895) |
Fair Value as of December 31, 2020 | Fair Value Measurements Using | |||||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Impairment Loss | ||||||||||||||||
Long-lived assets held and used | 3,500,000 | — | 3,500,000 | — | (714,895 | ) | ||||||||||||||
Total | 3,500,000 | — | 3,500,000 | — | (714,895) |
Fair Value as of June 30, 2021 | Fair Value Measurements Using | |||||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Impairment Loss | ||||||||||||||||
Long-lived assets held for sale | 12,500,000 | — | 12,500,000 | — | (1,125,243 | ) | ||||||||||||||
Long-lived assets held and used | 3,250,000 | — | 3,250,000 | — | (49,977 | ) | ||||||||||||||
Total | 15,750,000 | — | 15,750,000 | — | (1,175,220) |
Fair Value as of December 31, 2021 | Fair Value Measurements Using | |||||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Impairment Loss | ||||||||||||||||
Long-lived assets held and used | 12,650,000 | — | 12,650,000 | — | (1,333,950 | ) | ||||||||||||||
Total | 12,650,000 | — | 12,650,000 | — | (1,333,950) |
Number of restricted shares | Weighted average grant date fair value per non-vested share | |||||||
Non-vested, January 1, 2021 | 0 | 0 | ||||||
Granted | 343,744 | 2.99 | ||||||
Non-vested, December 31, 2021 | 343,744 | 2.99 | ||||||
December 31, 2021 | ||||||||
Option shares # | Weighted-Average Exercise Price $ | |||||||
Outstanding – beginning of year | — | — | ||||||
Granted | 250,000 | 2.99 | ||||||
Exercised | — | — | ||||||
Outstanding – end of year | 250,000 | 2.99 | ||||||
Exercisable – end of year | — | |||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2018 | 2019 | 2020 | 2019 | 2020 | 2021 | |||||||||||||||||||
Numerator | ||||||||||||||||||||||||
Net (loss)/income | (12,276,520 | ) | 2,093,124 | 11,984,485 | ||||||||||||||||||||
Net income/(loss) | 2,093,124 | 11,984,485 | (35,123,208 | ) | ||||||||||||||||||||
Less: Undistributed earnings allocated to non-vested shares | 0 | (8,922 | ) | 0 | (8,922 | ) | 0 | 0 | ||||||||||||||||
Net (loss)/income attributable to common shareholders, basic | (12,276,520 | ) | 2,084,202 | 11,984,485 | ||||||||||||||||||||
Net income/(loss) attributable to common shareholders, basic | 2,084,202 | 11,984,485 | (35,123,208 | ) | ||||||||||||||||||||
Denominator | ||||||||||||||||||||||||
Weighted average number of shares outstanding, basic and diluted | 39,860,563 | 39,800,434 | 38,357,893 | 39,800,434 | 38,357,893 | 37,858,437 | ||||||||||||||||||
(Loss)/earnings per share, basic and diluted | (0.31 | ) | 0.05 | 0.31 | ||||||||||||||||||||
Earnings/( Loss) per share, basic and diluted | 0.05 | 0.31 | (0.93 | ) | ||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
2018 | 2019 | 2020 | 2019 | 2020 | 2021 | |||||||||||||||||||
Time charter revenues | 104,099,818 | 97,249,537 | 101,837,425 | 97,249,537 | 101,837,425 | 105,966,167 | ||||||||||||||||||
Bareboat revenues | 24,646,311 | 21,764,102 | 16,876,956 | 21,764,102 | 16,876,956 | 9,624,684 | ||||||||||||||||||
Voyage charter revenues | 34,266,082 | 24,018,198 | 25,161,401 | 24,018,198 | 25,161,401 | 33,813,496 | ||||||||||||||||||
Other income | 1,317,991 | 1,227,475 | 1,127,239 | 1,227,475 | 1,127,239 | 800,180 | ||||||||||||||||||
Total | 164,330,202 | 144,259,312 | 145,003,021 | 144,259,312 | 145,003,021 | 150,204,527 | ||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
Vessels’ Operating Expenses | 2018 | 2019 | 2020 | 2019 | 2020 | 2021 | ||||||||||||||||||
Crew wages and related costs | 36,628,082 | 30,874,618 | 32,073,496 | 30,874,618 | 32,073,496 | 38,454,397 | ||||||||||||||||||
Insurance | 2,068,485 | 2,162,523 | 1,889,041 | 2,162,523 | 1,889,041 | 2,196,444 | ||||||||||||||||||
Repairs and maintenance | 7,359,816 | 5,677,033 | 6,590,006 | 5,677,033 | 6,590,006 | 7,282,481 | ||||||||||||||||||
Spares and consumable stores | 8,907,211 | 7,783,902 | 7,990,022 | 7,783,902 | 7,990,022 | 9,123,975 | ||||||||||||||||||
Miscellaneous expenses | 5,471,184 | 3,088,018 | 4,752,656 | 3,088,018 | 4,752,656 | 4,452,266 | ||||||||||||||||||
Total | 60,434,778 | 49,586,094 | 53,295,221 | 49,586,094 | 53,295,221 | 61,509,563 | ||||||||||||||||||
December 31 | Amount | |||
2021 | 23,152,125 | |||
Total | 23,152,125 | |||
Description | Location in balance sheet | December 31, 2019 | December 31, 2020 | |||||||
Non current assets: | ||||||||||
Chartered-in contract greater than 12 months | Operating lease right-of-use | $ | 386,388 | $ | — | |||||
Office leases | Operating lease right-of-use | 86,744 | — | |||||||
$ | 473,132 | $ | — | |||||||
Liabilities: | ||||||||||
Chartered-in contract greater than 12 months | Current portion of operating lease liabilities | $ | 386,388 | $ | — | |||||
Office leases | Current portion of operating lease liabilities | 86,744 | — | |||||||
Lease liabilities - current portion | $ | 473,132 | $ | — | ||||||
Description | Location in balance sheet | December 31, 2020 | December 31, 2021 | |||||||
Non current assets: | ||||||||||
Office leases | Operating lease right-of-use | $ | — | $ | 104,168 | |||||
$ | — | $ | 104,168 | |||||||
Liabilities: | ||||||||||
Office leases | Current portion of operating lease liabilities | $ | — | $ | 104,168 | |||||
Lease liabilities - current portion | $ | — | $ | 104,168 | ||||||
Description | Location in statement of operations | 2019 | 2020 | Location in statement of operations | 2019 | 2020 | 2021 | |||||||||||||||||
Lease expense for chartered-in contracts 12 months or less | Charter hire expenses | $ | 4,708,988 | — | Charter hire expenses | $ | 4,708,988 | — | — | |||||||||||||||
Lease expense for chartered-in contracts greater than 12 months | Charter hire expenses | 1,560,000 | 318,606 | Charter hire expenses | 1,560,000 | 318,606 | — | |||||||||||||||||
Total charter hire expenses | 6,268,988 | 318,606 | Total charter hire expenses | 6,268,988 | 318,606 | — | ||||||||||||||||||
Lease expense for office leases | General and administrative expenses | 87,192 | 90,121 | General and administrative expenses | 87,192 | 90,121 | 97,726 | |||||||||||||||||
Sub lease income from chartered-in contracts greater than 12 months * | Revenues | 3,091,390 | 860,227 | Revenues | 3,091,390 | 860,227 | — |
* | The sub-lease income represents only time charter revenue earned on thechartered-in contracts greater than 12 months. There is additional revenue of $482,879 earned from voyage charters on the samechartered-in contract which is recorded in Revenues in our consolidated statement of operations for the year ended December 31, 2019 chartered-in contracts 12 months or less which is included in Revenues in our consolidated statements of operations for the year ended December 31, 2019. No such contracts existed for the |
Year | Chartered-in contracts greater than 12 months | Office leases | Total Operating leases | Office leases | Total Operating leases | |||||||||||||||
Discount rate upon adoption | 5.6 | % | 5.6 | % | 5.6 | % | 5.6 | % | 5.6 | % | ||||||||||
2020 (undiscounted lease payments) | $ | 390,000 | $ | 88,140 | $ | 478,140 | ||||||||||||||
2022 (undiscounted lease payments) | $ | 107,520 | $ | 107,520 | ||||||||||||||||
390,000 | 88,140 | 478,140 | 107,520 | 107,520 | ||||||||||||||||
Present value of lease liability | 386,388 | 86,744 | 473,132 | 104,168 | 104,168 | |||||||||||||||
Lease liabilities - short term | 386,388 | 86,744 | 473,132 | 104,168 | 104,168 | |||||||||||||||
Total lease liabilities | 386,388 | 86,744 | 473,132 | 104,168 | 104,168 | |||||||||||||||
Discount based on incremental borrowing rate (Difference between undiscounted lease payments and present value of lease liability) | $ | 3,612 | $ | 1,396 | $ | 5,008 | $ | 3,352 | $ | 3,352 |