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STEALTHGAS INC. Reports Third Quarter and Nine Months 2020 Financial and Operating Results

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ATHENS, Greece, Nov. 25, 2020 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ:GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2020.

OPERATIONAL AND FINANCIAL HIGHLIGHTS1

  • Fleet utilization of 96.9% - with 114 days of technical off hire, as a result of five drydockings – all completed within Q3 ‘20.
  • Fleet operational utilization of 96.0%, mainly due to 10 of our ships being in the spot market - equivalent to 21.4% of voyage days.
  • Fleet calendar days down by 4.4% year over year to 3,865 - attributed mostly to the decrease in the number of operating vessels.
  • About 68% of fleet days secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods representing approximately $80 million in contracted revenues. Period coverage for 2021 is currently 33%.
  • Delivery of  a 7,500 cbm newbuilding LPG vessel, the Eco Alice, on September 30, 2020.
  • Sale of our LPG vessel the Gas Nemesis II (2001 built), on November 2, 2020 for further trading.
  • Voyage revenues of $37.1 million in Q3 '20, an increase of $0.5 million compared to Q3 '19 mostly due to increased revenues from our LPG and Aframax time charters.
  • Net Income of $0.8 million for Q3 ‘20 corresponding to an EPS of $0.02.
  • EBITDA of $13.3 million for Q3 ‘20 compared to $14.1 million in Q3 '19.
  • Adjusted EBITDA of $15.8 million in Q3 ‘20 compared to $14.7 million in Q3 '19.
  • Low gearing, as debt to assets stands at 36.5% and year over year reduction in finance costs by $2.0 million.
  • Total cash of $42.0 million as of September 30, 2020 – following the all cash delivery payment for the Eco Alice. Related loan drawdown took place in the beginning of October 2020 thus increasing our cash base.
  • Adjusted Net Income of $3.2 million for Q3 ‘20 corresponding to an Adjusted EPS of $0.08.

_____________________________________

1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

Third Quarter 2020 Results:

  • Revenues for the three months ended September 30, 2020 amounted to $37.1 million, an increase of $0.5 million, or 1.4%, compared to revenues of $36.6 million for the three months ended September 30, 2019, following an increase of our time charter revenue stemming from small LPGs, our 22,000 semi–refrigerated LPG vessels and our aframax tanker.
  • Voyage expenses and vessels' operating expenses for the three months ended September 30, 2020 were $3.8 million and $13.8 million, respectively, compared to $4.9 million and $12.3 million, respectively, for the three months ended September 30, 2019. The $1.1 million decrease in voyage expenses, in spite of our higher exposure in the spot market, was mainly attributed to the decline of bunker costs by 20%. The 12.2% increase in vessels' operating expenses compared to the same period of 2019, is a result of two of our vessels, a small LPG and our aframax tanker, coming off bareboat as well as increased crew costs faced due to the COVID-19 pandemic.
  • Drydocking costs for the three months ended September 30, 2020 and 2019 were $2.3 million and $0.5 million, respectively. Drydocking expenses during the third quarter of 2020 relate to the drydocking of five vessels compared to the drydocking of one vessel in the same period of last year.
  • General and Administrative expenses for the three months ended September 30, 2020 amounted to $0.6 million compared to $1.1 million for the same period of last year. This decrease is mainly attributed to the fact that for the three months ended September 30, 2019 share based compensation expense was incurred, which was not the case for the three months ended September 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.
  • Depreciation for each of the three months ended September 30, 2020 and 2019 was $9.4 million.
  • Impairment loss for the three months ended September 30, 2020 was $2.5 million relating to the LPG vessel Gas Nemesis II for which the Company entered into an agreement to sell subsequent to September 30, 2020. No such loss was recorded in the same period of last year.
  • Interest and finance costs for the three months ended September 30, 2020 and 2019 were $3.1 million and $5.1 million, respectively. The $2.0 million decrease from the same period of last year is mostly due to the decline of LIBOR rates and the decrease of our indebtedness.
  • Equity income/(loss) in joint ventures for the three months ended September 30, 2020 and 2019 was income of $0.6 million and loss of $0.2 million, respectively. The $0.8 million increase from the same period of last year, is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 ‘20.
  • As a result of the above, for the three months ended September 30, 2020, the Company reported Net income of $0.8 million, compared to a net loss of $0.2 million for the three months ended September 30, 2019. The weighted average number of shares for the three months ended September 30, 2020 and 2019 was 37.9 million and 39.8 million, respectively. This decrease in the number of shares is as a result of our share buyback program and the tender offer during April 2020.
  • Earnings per share, basic and diluted, for the three months ended September 30, 2020 amounted to $0.02 compared to loss per share of $0.01 for the same period of last year.
  • Adjusted net income was $3.2 million or $0.08 per share for the three months ended September 30, 2020 compared to adjusted net income of $0.4 million or $0.01 per share for the same period of last year.
  • EBITDA for the three months ended September 30, 2020 amounted to $13.3 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
  • An average of 42 vessels were owned by the Company during the three months ended September 30, 2020 and 2019.

Nine Months 2020 Results:

  • Revenues for the nine months ended September 30, 2020 amounted to $107.7 million, a decrease of $1.4 million, or 1.3%, compared to revenues of $109.1 million for the nine months ended September 30, 2019, primarily due to the reduction of our calendar days by 7.7% as a result of the decrease in the average number of our owned vessels by 1.7 vessels, along with a 86.9% reduction in the calendar days of our charter-in vessels.
  • Voyage expenses and vessels' operating expenses for the nine months ended September 30, 2020 were $8.7 million and $38.6 million, respectively, compared to $12.9 million and $37.0 million for the nine months ended September 30, 2019. The $4.2 million decrease in voyage expenses was mainly due to the 26.7% (or 555 days) reduction of spot days and the 10% reduction in bunker costs. The $1.6 million increase in vessels' operating expenses is mostly due to fewer vessels on bareboat and increased crew costs faced due to the COVID-19 pandemic.
  • Drydocking costs for the nine months ended September 30, 2020 and 2019 were $2.7 million and $0.7 million, respectively. The costs for the nine months ended September 30, 2020 mainly related to the drydocking of five  vessels, while the costs for the same period of last year related to the docking survey of one small LPG and the drydocking of a second LPG vessel.
  • General and Administrative expenses for the nine months ended September 30, 2020 amounted to $1.6 million compared to $3.1 million for the same period of last year. This derease is mainly attributed to the fact that for the nine months ended September 30, 2019 share based compensation expense was incurred, which was not the case for the nine months ended September 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.
  • Depreciation for the nine months ended September 30, 2020, was $28.0 million, a $0.4 million decrease from $28.4 million for the same period of last year, due to the decrease in the average number of our vessels.
  • Impairment loss for the nine months ended September 30, 2020 was $3.1 million relating to two of its oldest vessels and one vessel for which the Company entered into an agreement to sell subsequent to September 30, 2020. No such loss was recorded in the same period of last year.
  • Interest and finance costs for the nine months ended September 30, 2020 and 2019 were $11.0 million and $16.5 million respectively. The $5.5 million decrease from the same period of last year is mostly due to the decline of LIBOR rates particularly in the second quarter of 2020, along with the decrease of our indebtedness.
  • Equity income in joint ventures for the nine months ended September 30, 2020 and 2019 was $3.2 million and $0.3 million, respectively. The $2.9 million increase from the same period of last year is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 ‘20.
  • As a result of the above, the Company reported net income for the nine months ended September 30, 2020 of $12.7 million, compared to net income of $1.6 million for the nine months ended September 30, 2019. The weighted average number of shares outstanding as of September 30, 2020 and 2019 was 38.5 million and 39.8 million, respectively. Earnings per share for the nine months ended September 30, 2020 amounted to $0.33 compared to earnings per share of $0.04 for the same period of last year.
  • Adjusted net income was $15.8 million, or $0.41 per share, for the nine months ended September 30, 2020 compared to adjusted net income of $2.8 million, or $0.07 per share, for the same period of last year.
  • EBITDA for the nine months ended September 30, 2020 amounted to $51.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 41.4 vessels were owned by the Company during the nine months ended September 30, 2020, compared to 43.1 vessels for the same period of 2019.
  • As of September 30, 2020, cash and cash equivalents amounted to $27.6 million and total debt amounted to $346.8 million. During the nine months ended September 30, 2020 debt repayments amounted to $31.2 million.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements:  

  • A  two year time charter for its 1997 built LPG carrier, the Gas Galaxy, to a Major International Chemical Producer until September 2022.

  • A one year time charter extension for its 2001 built LPG carrier, the Gas Spirit, to an International LPG Trader until November 2021.

  • A six month  time charter extension for its 2020 built LPG carrier, the Eco Texiana, to an International LPG Trader until June 2021.

  • A six month  time charter extension for its 2018 built LPG carrier, the Eco Freeze, to an International LPG Trader until April 2021.

  • A two month  time charter for its 2008 built LPG carrier, the Gas Imperiale, to a Major International Trading House until November 2020.

With these charters, the Company has total contracted revenues of approximately $80 million. Total anticipated voyage days of our fleet is 68% covered for the remainder of 2020 and currently, 33% for 2021.

Board Chairman Michael Jolliffe Commented

In the third quarter of 2020, StealthGas marked a quite satisfactory performance given that we operated in a rather difficult market. With the COVID-19 pandemic still persisting our market has been heavily affected. Due to imposed lockdowns we witnessed a decline in demand for LPG, and charterers sentiment has been affected thus making them reluctant to take forward positions on period contracts. Adding to this, regulations pertaining to crew safety and crew changes have added to our costs- and will continue to do so up until the COVID-19 pandemic subsides. Nevertheless our Company not only achieved strong revenues but managed to end the quarter with  profitable results. We feel confident that we can successfully navigate in our market even during testing times. In addition, we further acknowledge that had our market not been hit by the COVID-19 pandemic, it seems we would have had a far better run this year.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers:  +1 866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free Dial In).

Access Code: 8289180

In case of any problems with the above numbers, please dial +1 6467871226 (US Toll Dial In),   +44 (0) 203 0095709 (Standard International Dial In).                                                          
Access Code: 8289180

A telephonic replay of the conference call will be available until December 2, 2020 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).
Access Code: 8289180

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About STEALTHGAS INC.

StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry.  StealthGas Inc. has a fleet of 51 vessels. The fleet is comprised of 47 LPG carriers, including eight Joint Venture vessels and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in the first quarter of 2021. These LPG vessels have a total capacity of 439,989 cubic meters (cbm). The Company also owns three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). StealthGas Inc.'s shares are listed on the Nasdaq Global Select Market and trade under the symbol "GASS."

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC's operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment                        
For information on our fleet and further information:
Visit our website at www.stealthgas.com

Company Contact:
Fenia Sakellaris
STEALTHGAS INC.
011-30-210-6250-001
E-mail: info@stealthgas.com

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

FLEET DATA Q3 2019 Q3 2020 9M 2019 9M 2020
Average number of vessels (1) 41.97   42.01   43.10   41.38  
Period end number of owned vessels in fleet 41   43   41   43  
Total calendar days for fleet (2) 4,045   3,865   12,376   11,419  
Total voyage days for fleet (3) 4,005   3,746   12,321   11,266  
Fleet utilization (4) 99.0 % 96.9 % 99.6 % 98.7 %
Total charter days for fleet (5) 3,257   2,945   10,242   9,742  
Total spot market days for fleet (6) 748   801   2,079   1,524  
Fleet operational utilization (7) 98.0 % 96.0 % 97.4 % 97.0 %

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days (excluding commercially idle days) by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net (loss)/income before loss/(gain) on derivatives excluding swap interest received/(paid), net loss on sale of vessels, gain on deconsolidation of subsidiaries, impairment loss and share based compensation. EBITDA represents net (loss)/income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net (loss)/income before interest and finance costs, interest income, depreciation, share based compensation, impairment loss, loss/(gain) on derivatives, net loss on sale of vessels and gain on deconsolidation of subsidiaries.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries.  In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

(Expressed in United States Dollars,
except number of shares)
Third Quarter Ended
September 30th,
Nine Months Period Ended
September 30th,
  2019   2020   2019   2020  
Net (Loss)/Income - Adjusted Net Income        
Net (loss)/income (227,767 ) 788,496   1,561,843   12,724,522  
Less/Plus (gain)/loss on derivatives (14,389 ) (18,899 ) 126,402   21,411  
Plus/Less swap interest received/(paid) 52,100   (54,047 ) 132,052   (64,690 )
Plus net loss on sale of vessels 492,989   --   485,516   --  
Less gain on deconsolidation of subsidiaries --   --   (145,000 ) --  
Plus impairment loss --   2,489,333   --   3,142,412  
Plus share based compensation 140,548   --   611,644   --  
Adjusted Net Income 443,481   3,204,883   2,772,457   15,823,655  
         
Net (loss)/income – EBITDA        
Net (loss)/income (227,767 ) 788,496   1,561,843   12,724,522  
Plus interest and finance costs 5,123,454   3,069,385   16,506,372   10,993,227  
Less interest income   (226,577 ) (1,591 ) (675,156 ) (153,079 )
Plus depreciation 9,423,444   9,430,419   28,371,811   27,998,487  
EBITDA 14,092,554   13,286,709   45,764,870   51,563,157  
         
Net (loss)/income - Adjusted  EBITDA        
Net (loss)/income (227,767 ) 788,496   1,561,843   12,724,522  
Less/Plus (gain)/loss on derivatives (14,389 ) (18,899 ) 126,402   21,411  
Plus net loss on sale of vessels 492,989   --   485,516   --  
Less gain on deconsolidation of subsidiaries --   --   (145,000 ) --  
Plus impairment loss --   2,489,333   --   3,142,412  
Plus share based compensation 140,548   --   611,644   --  
Plus interest and finance costs 5,123,454   3,069,385   16,506,372   10,993,227  
Less interest income (226,577 ) (1,591 ) (675,156 ) (153,079 )
Plus depreciation 9,423,444   9,430,419   28,371,811   27,998,487  
Adjusted EBITDA 14,711,702   15,757,143   46,843,432   54,726,980  
         
EPS - Adjusted EPS        
Net (loss)/income (227,767 ) 788,496   1,561,843   12,724,522  
Adjusted net income 443,481   3,204,883   2,772,457   15,823,655  
Weighted average number of shares 39,792,047   37,858,437   39,830,876   38,525,594  
EPS - Basic and Diluted (0.01 ) 0.02   0.04   0.33  
Adjusted EPS 0.01   0.08   0.07   0.41  
                 

StealthGas Inc.
Unaudited Consolidated Statements of Operations
(Expressed in United States Dollars, except for number of shares)

    Quarters Ended
September 30,
  Nine Month Periods Ended
September 30,
    2019     2020     2019     2020  
           
Revenues              
  Revenues 36,568,295     37,079,960     109,094,614     107,708,562  
                 
Expenses              
  Voyage expenses 4,475,319     3,350,502     11,524,998     7,409,136  
  Voyage expenses - related party 454,950     458,863     1,355,178     1,332,033  
  Charter hire expenses 1,469,915       --     5,034,969     318,606  
  Vessels' operating expenses 12,083,979     13,588,561     36,271,225     37,937,668  
  Vessels' operating expenses - related party 238,000     247,000     726,500     697,000  
  Drydocking costs 548,393     2,302,754     734,017     2,703,931  
  Management fees - related party 1,432,040     1,434,930     4,346,720     4,106,010  
  General and administrative expenses 1,079,027     573,200     3,103,635     1,643,825  
  Depreciation 9,423,444     9,430,419     28,371,811     27,998,487  
  Impairment loss   --     2,489,333       --     3,142,412  
  Net loss on sale of vessels 492,989       --     485,516       --  
Total expenses 31,698,056     33,875,562     91,954,569     87,289,108  
                 
Income from operations 4,870,239     3,204,398     17,140,045     20,419,454  
                 
Other (expenses) / income              
  Interest and finance costs (5,123,454 )   (3,069,385 )   (16,506,372 )   (10,993,227 )
  Gain on deconsolidation of subsidiaries   --       --     145,000     --  
  Gain/(Loss) on derivatives 14,389     18,899     (126,402 )   (21,411 )
  Interest income 226,577     1,591     675,156     153,079  
  Foreign exchange loss (9,500 )   (5,762 )   (19,057 )   (2,392 )
Other expenses, net (4,891,988 )   (3,054,657 )   (15,831,675 )   (10,863,951 )
                 
Income before equity in income of investees (21,749 )   149,741     1,308,370     9,555,503  
Equity (loss)/income in joint ventures (206,018 )   638,755     253,473     3,169,019  
Net (Loss)/Income (227,767 )   788,496     1,561,843     12,724,522  
                 
(Loss)/Earnings per share              
- Basic & Diluted (0.01 )   0.02     0.04     0.33  
                 
Weighted average number of shares              
- Basic & Diluted 39,792,047     37,858,437     39,830,876     38,525,594  
                       

StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)

    December 31,   September 30,
    2019     2020  
         
Assets      
Current assets      
  Cash and cash equivalents 68,465,342     27,585,637  
  Trade and other receivables 4,217,101     3,555,893  
  Other current assets 118,246     298,594  
  Claims receivable 314,217     154,652  
  Inventories 2,447,703     3,172,426  
  Advances and prepayments 749,681     698,019  
  Restricted cash 1,589,768     976,785  
  Fair value of derivatives 30,381     --  
Total current assets 77,932,439     36,442,006  
         
Non-current assets      
  Advances for vessel under construction 2,988,903     6,275,970  
  Operating lease right-of-use assets 473,132     22,627  
  Vessels, net 835,152,403     848,855,175  
  Other receivables 286,915     89,873  
  Restricted cash 12,065,222     13,397,078  
  Investments in joint ventures 25,250,173     43,636,692  
  Deferred finance charges   --     491,869  
  Fair value of derivatives 39,744     --  
Total non current assets 876,256,492     912,769,284  
Total assets 954,188,931     949,211,290  
         
Liabilities and Stockholders' Equity      
Current liabilities      
  Payable to related parties 7,043,121     11,953,765  
  Trade accounts payable 9,032,690     11,004,310  
  Accrued and other liabilities 6,002,079     4,421,585  
  Operating lease liabilities 473,132     22,627  
  Customer deposits 968,000     968,000  
  Deferred income 2,843,994     3,434,370  
  Fair value of derivatives 37,567     211,564  
  Current portion of long-term debt 40,735,556     68,973,364  
Total current liabilities 67,136,139     100,989,585  
         
Non current liabilities      
  Fair value of derivatives 2,618,250     5,526,367  
  Long-term debt 325,247,902     277,860,624  
Total non current liabilities 327,866,152     283,386,991  
Total liabilities 395,002,291     384,376,576  
         
Commitments and contingencies      
         
Stockholders' equity      
  Capital stock 445,496     431,836  
  Treasury stock (24,361,145 )   (25,373,380 )
  Additional paid-in capital 502,419,122     499,564,087  
  Retained earnings 82,942,210     95,666,732  
  Accumulated other comprehensive loss (2,259,043 )   (5,454,561 )
Total stockholders' equity 559,186,640     564,834,714  
Total liabilities and stockholders' equity 954,188,931     949,211,290  
           

StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)

    Nine Month Periods Ended
September 30,
    2019     2020  
Cash flows from operating activities      
  Net income for the period 1,561,843     12,724,522  
         
Adjustments to reconcile net income to net cash      
  provided by operating activities:      
  Depreciation 28,371,811     27,998,487  
  Amortization of deferred finance charges 704,265     529,971  
  Amortization of operating lease right-of-use assets 1,171,221     450,505  
  Share based compensation 611,644       --  
  Change in fair value of derivatives 258,454     (43,279 )
  Equity income in joint ventures (253,473 )   (3,169,019 )
  Impairment loss   --     3,142,412  
  Net loss on sale of vessels 485,516       --  
  Gain on deconsolidation of subsidiaries (145,000 )     --  
         
Changes in operating assets and liabilities:      
  (Increase)/decrease in      
  Trade and other receivables (209,104 )   858,250  
  Other current assets 77,671     (180,348 )
  Claims receivable (1,307,764 )   159,565  
  Inventories 1,082,352     (724,723 )
  Changes in operating lease liabilities (1,171,221 )   (450,505 )
  Advances and prepayments 222,725     51,662  
  Increase/(decrease) in      
  Balances with related parties (8,909,006 )   8,915,017  
  Trade accounts payable (699,722 )   1,898,448  
  Accrued liabilities (142,396 )   (1,781,467 )
  Deferred income (1,611,954 )   590,376  
Net cash provided by operating activities 20,097,862     50,969,874  
         
Cash flows from investing activities      
  Insurance proceeds 683,225     --  
  Proceeds from sale of interests in subsidiaries 20,720,975     --  
  Proceeds from sale of vessels, net 18,721,124     --  
  Vessels' acquisitions and advances for vessels under construction (2,948,303 )   (47,914,966 )
  Investment in joint ventures (10,220,400 )   (41,998,500 )
  Return of investments by joint ventures 7,363,147     26,781,000  
  Advances to joint ventures (2,908,354 )   (29,245 )
  Advances from joint ventures 1,714,898     29,245  
Net cash provided by/(used in) investing activities 33,126,312     (63,132,466 )
         
Cash flows from financing activities      
  Stock repurchase (1,046,854 )   (3,880,930 )
  Deferred finance charges paid (477,201 )   (462,259 )
  Advances from joint ventures 2,604,223     1,837,299  
  Advances to joint ventures --     (5,841,672 )
  Customer deposits paid (368,000 )   --  
  Loan repayments (87,287,891 )   (31,155,678 )
  Proceeds from long-term debt 33,480,000     11,505,000  
Net cash used in financing activities (53,095,723 )   (27,998,240 )
Net increase/(decrease) in cash, cash equivalents and restricted cash 128,451     (40,160,832 )
Cash, cash equivalents and restricted cash at beginning of year 79,430,991     82,120,332  
Cash, cash equivalents and restricted cash at end of period 79,559,442     41,959,500  
  Cash breakdown      
  Cash and cash equivalents 66,147,291     27,585,637  
  Restricted cash, current 1,218,712     976,785  
  Restricted cash, non current 12,193,439     13,397,078  
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 79,559,442     41,959,500  
           


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