Dated: November 9, 2021
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By:
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/s/ Andreas Michalopoulos
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Andreas Michalopoulos
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Chief Executive Officer
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Corporate Contact:
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Andreas Michalopoulos
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Chief Executive Officer, Director and Secretary
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Telephone: + 30-216-600-2400
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Email: amichalopoulos@pshipping.com
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Website: www.pshipping.com
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Investor and Media Relations:
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Edward Nebb
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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: enebb@optonline.net
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Summary of Selected Financial & Other Data (Continuing and Discontinued Operations1 )
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||||||||||||||||
For the three months ended September 30,
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For the nine months ended September 30,
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|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
|
||||||||||||||||
Revenue
|
$
|
9,331
|
$
|
9,543
|
$
|
26,844
|
$
|
39,078
|
||||||||
Voyage expenses
|
5,037
|
2,843
|
15,053
|
11,311
|
||||||||||||
Vessel operating expenses
|
2,784
|
2,814
|
8,563
|
9,133
|
||||||||||||
Net income / (loss)
|
(2,156
|
)
|
389
|
(7,656
|
)
|
6,325
|
||||||||||
Net income / (loss) attributable to common stockholders
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(2,156
|
)
|
389
|
(7,656
|
)
|
7,825
|
||||||||||
Earnings / (Loss) per common share, basic
|
(0.43
|
)
|
0.08
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(1.52
|
)
|
1.62
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||||||||||
Earnings / (Loss) per common share, diluted
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(0.43
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)
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0.08
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(1.52
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)
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1.59
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||||||||||
FLEET DATA
|
||||||||||||||||
Average number of vessels
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5.0
|
4.6
|
5.0
|
4.8
|
||||||||||||
Number of vessels
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5.0
|
4.0
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5.0
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4.0
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||||||||||||
Ownership days
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460
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419
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1,365
|
1,304
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||||||||||||
Available days
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460
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419
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1,324
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1,304
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||||||||||||
Operating days (2)
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416
|
393
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1,121
|
1,194
|
||||||||||||
Fleet utilization
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90.4
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%
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93.8
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%
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84.7
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%
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91.6
|
%
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||||||||
AVERAGE DAILY RESULTS
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||||||||||||||||
Time charter equivalent (TCE) rate (3)
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$
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9,335
|
$
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15,990
|
$
|
8,906
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$
|
21,294
|
||||||||
Daily vessel operating expenses (4)
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$
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6,052
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$
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6,716
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$
|
6,273
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$
|
7,004
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(1) |
Discontinued Operations refer to our container vessels segment that we disposed of in 2020.
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(2) |
Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire. The specific calculation counts as on-hire the days of the
ballast leg of the spot voyages, as long as a charter party is in place. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.
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(3) |
Time charter equivalent rates, or TCE rates, are defined as revenue (voyage, time charter and pool revenue), less voyage expenses during a period divided by the number of our available days
during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance
measure used primarily to compare daily earnings generated by vessels despite changes in the mix of charter types (i.e., voyage (spot) charters, time charters and bareboat charters).
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(4) |
Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and
consumable stores, lubricant costs, tonnage taxes, regulatory fees, environmental costs, lay-up expenses and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.
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Fleet Employment Profile (As of November 9, 2021)
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|||||||||
Performance Shipping Inc.’s fleet is employed as follows:
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|||||||||
Vessel
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Built
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Capacity
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Builder
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Gross Rate (USD Per Day)
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Com 1
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Charterers
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Delivery Date to Charterers
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Redelivery Date to Owners 2
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Aframax Tanker Vessels
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|||||||||
1
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BLUE MOON
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2011
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104,623 DWT
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Sumitomo Heavy Industries Marine & Engineering Co., LTD.
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$28,000
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5.00%
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Aramco Trading Company, Saudi Arabia
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19-Jun-20
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19-Nov-21 - 18-Jan-22
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2
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BRIOLETTE
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2011
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104,588 DWT
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Sumitomo Heavy Industries Marine & Engineering Co., LTD.
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Spot
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-
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-
|
-
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- - -
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3
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P. FOS
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2007
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115,577 DWT
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Sasebo Heavy Industries Co. Ltd
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Spot
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-
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-
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-
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- - -
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4
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P. KIKUMA
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2007
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115,915 DWT
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Samsung Heavy Industries Co Ltd.
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Spot
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-
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-
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-
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- - -
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5
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P. YANBU
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2011
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105,391 DWT
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Sumitomo Heavy Industries Marine & Engineering Co., LTD.
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Pool
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-
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-
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-
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- - -
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(1) Total commission paid to third parties.
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(2) Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular
charterparty.
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For the three months ended September 30,
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For the nine months ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
REVENUE:
|
||||||||||||||||
Revenue
|
$
|
9,331
|
$
|
9,543
|
$
|
26,844
|
$
|
39,078
|
||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
5,037
|
2,843
|
15,053
|
11,311
|
||||||||||||
Vessel operating expenses
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2,784
|
2,814
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8,563
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9,133
|
||||||||||||
Depreciation and amortization of deferred charges
|
1,908
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1,588
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5,561
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4,267
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||||||||||||
Management fees
|
-
|
76
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-
|
347
|
||||||||||||
General and administrative expenses
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1,304
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1,721
|
4,313
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6,127
|
||||||||||||
Impairment losses
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-
|
-
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-
|
339
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||||||||||||
Gain on vessels' sale
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-
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(345
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)
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-
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(319
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)
|
||||||||||
Provision for credit losses
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5
|
21
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(15
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)
|
152
|
|||||||||||
Foreign currency losses
|
11
|
16
|
79
|
24
|
||||||||||||
Operating income / (loss)
|
$
|
(1,718
|
)
|
$
|
809
|
$
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(6,710
|
)
|
$
|
7,697
|
||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest and finance costs
|
(441
|
)
|
(433
|
)
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(1,362
|
)
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(1,470
|
)
|
||||||||
Interest income
|
3
|
13
|
16
|
98
|
||||||||||||
Other income
|
-
|
-
|
400
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-
|
||||||||||||
Total other expenses, net
|
$
|
(438
|
)
|
$
|
(420
|
)
|
$
|
(946
|
)
|
$
|
(1,372
|
)
|
||||
Net income / (loss)
|
$
|
(2,156
|
)
|
$
|
389
|
$
|
(7,656
|
)
|
$
|
6,325
|
||||||
Gain from repurchase of preferred shares
|
-
|
-
|
-
|
1,500
|
||||||||||||
Net income / (loss) attributable to common stockholders
|
$
|
(2,156
|
)
|
$
|
389
|
(7,656
|
)
|
7,825
|
||||||||
Earnings / (Loss) per common share, basic
|
$
|
(0.43
|
)
|
$
|
0.08
|
$
|
(1.52
|
)
|
$
|
1.62
|
||||||
Earnings / (Loss) per common share, diluted
|
$
|
(0.43
|
)
|
$
|
0.08
|
$
|
(1.52
|
)
|
$
|
1.59
|
||||||
Weighted average number of common shares, basic
|
5,032,333
|
4,922,239
|
5,024,144
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4,845,009
|
||||||||||||
Weighted average number of common shares, diluted
|
5,032,333
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4,922,239
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5,024,144
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4,919,898
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||||||||||||
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
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|||||||||
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net income / (loss)
|
$
|
(2,156
|
)
|
$
|
389
|
$
|
(7,656
|
)
|
$
|
6,325
|
||||||
Comprehensive income/ (loss)
|
$
|
(2,156
|
)
|
$
|
389
|
$
|
(7,656
|
)
|
$
|
6,325
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(Expressed in thousands of US Dollars)
|
||||||||
September 30, 2021
|
December 31, 2020**
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Cash and cash equivalents
|
$
|
12,272
|
$
|
21,378
|
||||
Property held for sale
|
878
|
-
|
||||||
Vessels, net
|
123,796
|
128,108
|
||||||
Other fixed assets, net
|
178
|
1,135
|
||||||
Other assets
|
9,576
|
7,233
|
||||||
Total assets
|
$
|
146,700
|
$
|
157,854
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Long-term debt, net of unamortized deferred financing costs
|
$
|
51,842
|
$
|
57,666
|
||||
Other liabilities
|
5,470
|
3,391
|
||||||
Total stockholders' equity
|
89,388
|
96,797
|
||||||
Total liabilities and stockholders' equity
|
$
|
146,700
|
$
|
157,854
|
||||
* *The balance sheet data as of December 31, 2020 has been derived from the audited consolidated financial statements at that date.
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OTHER FINANCIAL DATA (CONTINUING AND DISCONTINUED OPERATIONS)
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||||||||||||||||
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net Cash provided by / (used in) Operating Activities
|
$
|
207
|
$
|
2,289
|
$
|
(1,333
|
)
|
$
|
12,295
|
|||||||
Net Cash provided by / (used in) Investing Activities
|
$
|
(969
|
)
|
$
|
5,298
|
$
|
(1,840
|
)
|
$
|
(17,911
|
)
|
|||||
Net Cash provided by / (used in) Financing Activities
|
$
|
(1,977
|
)
|
$
|
(2,453
|
)
|
$
|
(5,933
|
)
|
$
|
16,441
|
DIVIDEND CALCULATIONS
|
||||
(Expressed in thousands of U.S. Dollars)
|
||||
For the three months ended September 30, 2021
|
||||
Revenue
|
$
|
9,331
|
||
Less, Voyage expenses
|
$
|
(5,037
|
)
|
|
Less, Vessel operating expenses
|
$
|
(2,784
|
)
|
|
Less, General and administrative expenses
|
$
|
(1,284
|
)
|
|
Less, Greater of (I) or (II):
|
||||
Interest and finance costs
|
$
|
(441
|
)
|
|
Plus, Repayment of long-term bank debt
|
$
|
(1,977
|
)
|
|
Total (I)
|
$
|
(2,418
|
)
|
|
Or
|
||||
Replacement reserve (II)
|
$
|
(1,714
|
)
|
|
Less, Maintenance reserve
|
(438
|
)
|
||
Quarterly Cash Flow (A)
|
$
|
(2,630
|
)
|
|
Cash and cash equivalents
|
$
|
12,272
|
||
Less, Minimum Cash Threshold
|
$
|
16,500
|
||
Quarter-End Excess Cash (B)
|
$
|
(4,228
|
)
|
|
Quarterly Cash Flow Test (A) >0, AND
|
Not eligible for dividend
|
|||
Quarter-End Excess Cash Test (B) >0
|
Not eligible for dividend
|
|||
Cash Available for Dividend, lower (A) or (B)
|
$
|
-
|
||
Payout ratio
|
50
|
%
|
||
Quarterly Dividend
|
$
|
-
|
||
(1) |
General and administrative expenses, for the purpose of calculating dividends, exclude non-cash items.
|
(2) |
Replacement reserves reflect the aggregate annual amount of cash that the Company retains to fund the replacement of each of its vessels. In addition to the replacement reserve retained and
reinvested at a certain annual rate or equivalent debt repayment, the Company estimates at the specific expected replacement date to utilize funds from the proceeds of the scrap value of the vessels and the assumption of a modest level of
debt to purchase the replacement vessel assuming such replacement is for a ten-year-old vessel at the ten-year historical mid-cycle value.
|
(3) |
Maintenance reserves are based on an estimated cost for the drydock, intermediate and special surveys of the vessels in our fleet over the recurring statutory five-year survey period. They
are used, instead of actual maintenance costs when incurred, for purposes of calculating the quarterly dividend to remove the additional cash flow variability during quarters that drydocks occur.
|