Form 20-F | ☒ | Form 40-F | ☐ |
Date: May 28, 2024 | ||
UNITED MARITIME CORPORATION
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||
By:
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/s/ Stamatios Tsantanis
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Name:
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Stamatios Tsantanis
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Title:
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Chief Executive Officer
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Highlights
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|||||||||
(in million USD except LPS)
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Q1 2024
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Q1 2023
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|||||||
Net Revenues
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$
|
10.6
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$
|
2.8
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|||||
Net Loss
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$
|
(1.3
|
)
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$
|
(4.9
|
)
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|||
Adjusted Net Loss1
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$
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(1.1
|
)
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$
|
(3.7
|
)
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|||
EBITDA1
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$
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3.5
|
$
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(2.7
|
)
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||||
Adjusted EBITDA1
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$
|
3.7
|
$
|
(1.5
|
)
|
||||
Loss per share Basic & Diluted
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$
|
(0.15
|
)
|
$
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(0.64
|
)
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|||
Adjusted Loss per share Basic1 & Diluted1
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$
|
(0.13
|
)
|
$
|
(0.48
|
)
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■ |
Quarterly cash dividend of $0.075 per share declared for Q1 2024
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■ |
Total cash dividends of $11.4 million, or $1.45 per share, declared since November 2022, representing approximately 46% of United’s market capitalization2
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■ |
Agreement to acquire a 2016-built Japanese Kamsarmax3
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■ |
Agreement to sell a 2010-built Chinese Kamsarmax at a profit
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■ |
A new $18.0 million sale and leaseback arrangement – aggregate financings of $31.8 million year-to-date
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Vessel Name
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Sector
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Capacity
(DWT)
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Year Built
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Yard
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Employment
Type
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Minimum
T/C
expiration
|
Maximum
T/C
expiration(1)
|
|
Goodship
|
Dry Bulk / Capesize
|
177,536
|
2005
|
Mitsui
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T/C Index Linked(2)
|
Aug-24
|
Nov-24
|
|
Tradership
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Dry Bulk / Capesize
|
176,925
|
2006
|
Namura
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T/C Index Linked(2)
|
Jan-25
|
Jun-25
|
|
Gloriuship
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Dry Bulk / Capesize
|
171,314
|
2004
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Hyundai
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Time Charter Trip
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N/A
|
N/A
|
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Oasea(3)
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Dry Bulk / Kamsarmax
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82,217
|
2010
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Tsuneishi
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Time Charter Trip
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N/A
|
N/A
|
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Cretansea
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Dry Bulk / Kamsarmax
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81,508
|
2009
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Universal
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T/C Index Linked(2)
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Apr-24
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Jul-24
|
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Chrisea(4)
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Dry Bulk / Panamax
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78,173
|
2013
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Shin Kurushima
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T/C Index Linked(2)
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May-25
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Sep-25
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Synthesea(5)
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Dry Bulk / Panamax
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78,020
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2015
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Sasebo
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T/C Index Linked(2)
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Oct-24
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Dec-24
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Exelixsea
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Dry Bulk / Panamax
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76,361
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2011
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Oshima
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T/C Index Linked(2)
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Jul-24
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Nov-24
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Total/Average age
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922,054
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14.9 years
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(1) |
The latest redelivery dates do not include any additional optional periods.
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(2) |
“T/C” refers to a time charter agreement. Under these index-linked T/Cs, the Company has the option to convert the index-linked rate to fixed for a period of minimum two months, based on the prevailing FFA Rates for the selected period,
and has done so for certain vessels as part of its freight hedging strategy, as described below under “Second Quarter 2024 TCE Rate Guidance.”
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(3) |
The vessel is expected to be delivered to her new owners in June 2024.
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(4) |
The vessel is technically and commercially operated by the Company on the basis of an 18-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter in favour of the
Company.
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(5) |
The vessel is technically and commercially operated by the Company on the basis of a 12-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter in favour of the
Company.
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Vessel Name
|
Sector
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Capacity (DWT)
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Year Built
|
Yard
|
|
tbr Nisea
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Dry Bulk / Kamsarmax
|
82,235
|
2016
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Oshima
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Q1 2024
|
Q1 2023
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||
Ownership days (1)
|
728
|
305
|
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Operating days (2)
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659
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245
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Fleet utilization (3)
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90.5%
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80.3%
|
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TCE rate (4)
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$15,165
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$10,294
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Daily Vessel Operating Expenses (5)
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$7,085
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$7,764
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(1) |
Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the
amount of revenues and the amount of expenses that the Company recorded during a period.
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(2) |
Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Operating days include the days that our vessels are on ballast voyages without
having finalized agreements for their next employment.
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(3) |
Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period.
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(4) |
TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil)
expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from
vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful
information to investors regarding our financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the
TCE rate.
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Q1 2024
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Q1 2023
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|||||||
Vessel revenue, net
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10,598
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2,821
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||||||
Less: Voyage expenses
|
604
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299
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||||||
Time charter equivalent revenues
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9,994
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2,522
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||||||
Operating days
|
659
|
245
|
||||||
TCE rate
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$
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15,165
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$
|
10,294
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(5) |
Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses, excluding
pre-delivery costs of acquired vessels, by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles
the Company’s vessel operating expenses to daily vessel operating expenses.
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Q1 2024
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Q1 2023
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|||||||
Vessel operating expenses
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5,158
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3,111
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||||||
Less: Pre-delivery expenses
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-
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743
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||||||
Vessel operating expenses before pre-delivery expenses
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5,158
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2,368
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||||||
Ownership days
|
728
|
305
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||||||
Daily Vessel Operating Expenses
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$
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7,085
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$
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7,764
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Q1 2024
|
Q1 2023
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||||||||
Net loss
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(1,340
|
)
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(4,887
|
)
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|||||
Interest and finance costs, net
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2,031
|
970
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|||||||
Depreciation and amortization
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2,810
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1,226
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|||||||
EBITDA
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3,501
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(2,691
|
)
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||||||
Stock based compensation
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190
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1,218
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|||||||
Loss on extinguishment of debt
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22
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-
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|||||||
Adjusted EBITDA
|
3,713
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(1,473
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)
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Q1 2024
|
Q1 2023
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||||||||
Net loss
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(1,340
|
)
|
(4,887
|
)
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|||||
Stock based compensation
|
190
|
1,218
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|||||||
Loss on extinguishment of debt
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22
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-
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|||||||
Adjusted net loss
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(1,128
|
)
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(3,669
|
)
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|||||
Adjusted net loss – common stockholders, basic and diluted
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(1,128
|
)
|
(3,729
|
)
|
|||||
Adjusted loss per common share, basic and diluted
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(0.13
|
)
|
(0.48
|
)
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|||||
Weighted average number of common shares outstanding, basic and diluted
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8,688,498
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7,766,681
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Operating
Days
|
TCE Rate
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||||||||
TCE - fixed rate (index-linked conversions)
|
455
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$
|
17,639
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||||||
TCE - fixed rate
|
117
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$
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15,742
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||||||
TCE – index-linked
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124
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$
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17,272
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||||||
Total / Average
|
696
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$
|
17,256
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March
31, 2024
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December
31, 2023*
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|||||||
ASSETS
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||||||||
Cash and cash equivalents and restricted cash
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9,756
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14,501
|
||||||
Vessels, net and, Right-of-use assets
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150,213
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152,525
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||||||
Other assets
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17,011
|
7,779
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||||||
TOTAL ASSETS
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176,980
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174,805
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||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs
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93,535
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95,954
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||||||
Other liabilities
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19,462
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12,982
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||||||
Stockholders’ equity
|
63,983
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65,869
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||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
176,980
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174,805
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Three months
ended
March 31,
2024
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Three months
ended
March 31,
2023
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|||||||
Vessel Revenue, net
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10,598
|
2,821
|
||||||
Expenses:
|
||||||||
Voyage expenses
|
(604
|
)
|
(299
|
)
|
||||
Vessel operating expenses
|
(5,158
|
)
|
(3,111
|
)
|
||||
Management fees
|
(592
|
)
|
(232
|
)
|
||||
General and administrative expenses
|
(778
|
)
|
(1,819
|
)
|
||||
Depreciation and amortization
|
(2,810
|
)
|
(1,226
|
)
|
||||
Operating income / (loss)
|
656
|
(3,866
|
)
|
|||||
Other income / (expenses):
|
||||||||
Interest and finance costs
|
(2,123
|
)
|
(1,179
|
)
|
||||
Interest and other income
|
92
|
209
|
||||||
Loss on extinguishment of debt
|
(22
|
)
|
-
|
|||||
Other, net
|
57
|
(51
|
)
|
|||||
Total other expenses, net:
|
(1,996
|
)
|
(1,021
|
)
|
||||
Net loss
|
(1,340
|
)
|
(4,887
|
)
|
||||
Net loss attributable to common stockholders
|
(1,340
|
)
|
(4,947
|
)
|
||||
Net loss per common share, basic and diluted
|
(0.15
|
)
|
(0.64
|
)
|
||||
Weighted average number of common shares outstanding, basic and diluted
|
8,688,498
|
7,766,681
|
Three months ended
March 31, 2024
|
Three months ended
March 31, 2023
|
|||||||
Net cash provided by / (used in) operating activities
|
2,296
|
(4,060
|
)
|
|||||
Net cash used in investing activities
|
(3,750
|
)
|
(52,135
|
)
|
||||
Net cash (used in) / provided by financing activities
|
(3,291
|
)
|
6,264
|