CASTOR MARITIME INC.
|
|||
Dated: August 5, 2021
|
By:
|
/s/ Petros Panagiotidis
|
|
Petros Panagiotidis
Chairman, Chief Executive Officer and
Chief Financial Officer
|
Vessel Name
|
Vessel Type
|
DWT
|
Year Built
|
Country of Construction
|
Delivery date to Castor
|
|
1
|
M/V Magic P
|
Panamax
|
76,453
|
2004
|
Japan
|
February 2017
|
2
|
M/V Magic Sun
|
Panamax
|
75,311
|
2001
|
Korea
|
September 2019
|
3
|
M/V Magic Moon
|
Panamax
|
76,602
|
2005
|
Japan
|
October 2019
|
4
|
M/V Magic Rainbow
|
Panamax
|
73,593
|
2007
|
China
|
August 2020
|
5
|
M/V Magic Horizon
|
Panamax
|
76,619
|
2010
|
Japan
|
October 2020
|
6
|
M/V Magic Nova
|
Panamax
|
78,833
|
2010
|
Japan
|
October 2020
|
7
|
M/V Magic Orion
|
Capesize
|
180,200
|
2006
|
Japan
|
March 2021
|
8
|
M/V Magic Venus
|
Kamsarmax
|
83,416
|
2010
|
Japan
|
March 2021
|
9
|
M/V Magic Argo
|
Kamsarmax
|
82,338
|
2009
|
Japan
|
March 2021
|
10
|
M/V Magic Twilight
|
Kamsarmax
|
80,283
|
2010
|
Korea
|
April 2021
|
11
|
M/V Magic Thunder
|
Kamsarmax
|
83,375
|
2011
|
Japan
|
April 2021
|
12
|
M/V Magic Nebula
|
Kamsarmax
|
80,281
|
2010
|
Korea
|
May 2021
|
13
|
M/V Magic Starlight
|
Kamsarmax
|
81,048
|
2015
|
China
|
May 2021
|
14
|
M/V Magic Vela
|
Panamax
|
75,003
|
2011
|
China
|
May 2021
|
15
|
M/V Magic Eclipse
|
Panamax
|
74,940
|
2011
|
Japan
|
June 2021
|
16
|
M/T Wonder Polaris
|
Aframax/LR2
|
115,341
|
2005
|
Korea
|
March 2021
|
17
|
M/T Wonder Sirius
|
Aframax/LR2
|
115,341
|
2005
|
Korea
|
March 2021
|
18
|
M/T Wonder Vega
|
Aframax
|
106,062
|
2005
|
Korea
|
May 2021
|
19
|
M/T Wonder Avior
|
Aframax/LR2
|
106,162
|
2004
|
Korea
|
May 2021
|
20
|
M/T Wonder Mimosa
|
MR1
|
37,620
|
2006
|
Korea
|
May 2021
|
21
|
M/T Wonder Arcturus
|
Aframax/LR2
|
106,149
|
2002
|
Korea
|
May 2021
|
22
|
M/T Wonder Musica
|
Aframax/LR2
|
106,209
|
2004
|
Korea
|
June 2021
|
23 | M/T Wonder Formosa |
MR1
|
37,562 |
2006
|
Korea
|
June 2021
|
Vessel Type
|
DWT
|
Year Built
|
Country of Construction
|
Purchase Price (in million)
|
|
1
|
Kamsarmax
|
82,158
|
2013
|
Japan
|
$21.00
|
2
|
Panamax
|
74,940
|
2013
|
Japan
|
$19.06
|
3
|
Panamax
|
76,822
|
2014
|
Korea
|
$21.00
|
-
|
The levels of demand and supply of seaborne cargoes and vessel tonnage in the dry bulk and tanker shipping industries;
|
-
|
The cyclical nature of the shipping industry in general and its impact on charter rates and vessel values;
|
-
|
Utilization rates of our Fleet;
|
-
|
The employment and operation of our Fleet;
|
-
|
Management of the financial, general and administrative elements involved in the conduct of our business and ownership of our Fleet;
|
-
|
The performance of our charterers’ obligations under their charter agreements including our charterers ability to make charter payment to us;
|
-
|
Our ability to maintain solid working relationships with our existing charterers and our ability to increase the number of our charterers through the development of new working relationships;
|
-
|
The effective and efficient technical management of our Fleet by our Managers including the performance of their suppliers;
|
-
|
The vetting approvals by oil majors of our commercial and technical managers for the management of our tanker vessels;
|
-
|
Economic, regulatory, political and governmental conditions that affect shipping and the dry-bulk and tanker industries;
|
-
|
Dry-docking and special survey costs and duration, both expected and unexpected;
|
-
|
Our ability to successfully employ our vessels at economically attractive rates and our strategic decisions regarding the employment mix of our Fleet in the voyage, pool and time charter markets, as our
charters expire or are otherwise terminated;
|
-
|
Our ability to obtain equity and debt financing at acceptable and attractive terms to fund future capital expenditures;
|
-
|
Our access to capital required to acquire additional ships and/or to implement our business strategy;
|
-
|
The level of any distribution on all classes of our shares;
|
-
|
Management of our financial resources, including banking relationships and of the relationships with our various stakeholders;
|
-
|
Our borrowing levels and the finance costs related to our outstanding debt; and
|
-
|
Major outbreaks of diseases (such as COVID-19) and governmental responses thereto.
|
Selected Historical Financial Data
|
Six Months Ended
June 30,
|
|||||||
STATEMENT OF INCOME
(In U.S. Dollars, except for share and per share data)
|
2020
|
2021
|
||||||
Vessel revenues, net
|
$
|
5,310,936
|
$
|
28,762,636
|
||||
Voyage expenses (including commissions to related party)
|
(259,600
|
)
|
(941,593
|
)
|
||||
Vessel operating expenses
|
(2,604,336
|
)
|
(11,266,895
|
)
|
||||
Depreciation and amortization
|
(694,372
|
)
|
(4,040,601
|
)
|
||||
Management fees - related parties
|
(273,000
|
)
|
(2,524,500
|
)
|
||||
General and administrative expenses (including related party)
|
(237,636
|
)
|
(1,459,355
|
)
|
||||
Operating income
|
$
|
1,241,992
|
$
|
8,529,692
|
||||
Interest and finance costs, net (including interest costs to related party)
|
(1,633,736
|
)
|
(840,762
|
)
|
||||
Other expenses
|
(12,724
|
)
|
(12,239
|
)
|
||||
US Source Income Taxes
|
—
|
(74,123
|
)
|
|||||
Net (Loss)/Income
|
$
|
(404,468
|
)
|
$
|
7,602,568
|
|||
(Loss)/Earnings Per Share (basic and diluted):
|
$
|
(0.50
|
)
|
$
|
0.10
|
|||
Weighted average number of shares outstanding, basic:
|
802,765
|
73,384,422
|
||||||
Weighted average number of shares outstanding, diluted:
|
802,765
|
76,203,009
|
December 31,
2020
|
June 30,
2021
|
|||||||
BALANCE SHEET DATA
|
||||||||
Total current assets
|
$
|
13,564,154
|
$
|
50,477,706
|
||||
Vessels, net
|
58,045,628
|
300,516,947
|
||||||
Other non-current assets
|
2,761,573
|
15,997,848
|
||||||
Total assets
|
$
|
74,371,355
|
$
|
366,992,501
|
||||
Total current liabilities
|
10,903,907
|
19,904,443
|
||||||
Long-term debt, net (including current portion, excluding related party)
|
13,185,866
|
44,274,049
|
||||||
Long-term debt, related party
|
5,000,000
|
5,000,000
|
||||||
Common stock
|
13,121
|
93,519
|
||||||
Total shareholders’ equity
|
$
|
52,383,619
|
$
|
309,967,419
|
||||
Common shares issued and outstanding
|
13,121,238
|
93,519,255
|
||||||
Six Months Ended
June 30,
|
||||||||
CASH FLOW DATA
|
2020
|
2021
|
||||||
Net cash (used in) /provided by operating activities
|
$
|
(390,619
|
)
|
$
|
7,212,014
|
|||
Net cash used in investing activities
|
(388,635
|
)
|
(255,124,019
|
)
|
||||
Net cash provided by financing activities
|
$
|
26,974,956
|
$
|
281,168,137
|
Selected Historical Operational Data
|
Six Months Ended
June 30,
|
|||||||
2020
|
2021
|
|||||||
FLEET PERFORMANCE DATA:
|
||||||||
Average number of vessels in operation in period (1)
|
3.0
|
11.6
|
||||||
Age of vessels in operation at end of period
|
16.6
|
13.9
|
||||||
(1) |
Represents the number of 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 days in the period.
|
Six months ended June 30,
|
||||||||
(in thousands of U.S. Dollars)
|
2020
|
2021
|
||||||
Net cash provided by / (used in) operating activities
|
$
|
(390,619
|
)
|
$
|
7,212,014
|
|||
Net cash used in investing activities
|
(388,635
|
)
|
(255,124,019
|
)
|
||||
Net cash provided by financing activities
|
26,974,956
|
281,168,137
|
||||||
Cash, cash equivalents and restricted cash at beginning of period
|
5,058,939
|
9,426,903
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
31,254,641
|
$
|
42,683,035
|
|
Page
|
Unaudited Interim Consolidated Balance Sheets as of December 31, 2020 and June 30, 2021
|
F-2
|
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) for the six months ended June 30, 2020 and 2021
|
F-3
|
Unaudited Interim Consolidated Statements of Shareholders’ Equity for the six months ended June 30, 2020 and 2021
|
F-4
|
Unaudited Interim Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2021
|
F-5
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements
|
F-6
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS
|
December 31, 2020 and June 30, 2021
|
(Expressed in U.S. Dollars – except for share data)
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
For the six months ended June 30, 2020 and 2021
|
(Expressed in U.S. Dollars – except for share data)
|
|
Six months ended June 30,
|
|||||||||||
|
Note
|
2020
|
2021
|
|||||||||
REVENUES:
|
||||||||||||
Vessel revenues (net of commissions to charterers of $282,059 and $1,001,426 respectively)
|
11 |
$
|
5,310,936
|
$
|
28,762,636
|
|||||||
Total revenues
|
5,310,936
|
28,762,636
|
||||||||||
EXPENSES:
|
||||||||||||
Voyage expenses (including $0 and $364,540
to related parties for the six months ended June 30, 2020 and 2021, respectively)
|
3,12
|
(259,600
|
)
|
(941,593
|
)
|
|||||||
Vessel operating expenses
|
12
|
(2,604,336
|
)
|
(11,266,895
|
)
|
|||||||
Management fees to related parties
|
3
|
(273,000
|
)
|
(2,524,500
|
)
|
|||||||
Depreciation and amortization
|
4,5
|
(694,372
|
)
|
(4,040,601
|
)
|
|||||||
General and administrative expenses (including $0 and $600,000 to related party for the six months ended June 30,
2020 and 2021, respectively)
|
13
|
(237,636 | ) | (1,459,355 | ) | |||||||
Total expenses
|
(4,068,944 | ) |
(20,232,944
|
)
|
||||||||
Operating income
|
1,241,992
|
8,529,692
|
||||||||||
OTHER INCOME/ (EXPENSES):
|
||||||||||||
Interest and finance costs (including $151,667 and $150,833 to related party for six months ended June 30, 2020 and 2021, respectively)
|
3,6, 14
|
(1,665,828
|
)
|
(899,003
|
)
|
|||||||
Interest income
|
32,092
|
58,241
|
||||||||||
Foreign exchange losses
|
(12,724
|
)
|
(12,239
|
)
|
||||||||
Total other expenses, net
|
(1,646,460
|
)
|
(853,001
|
)
|
||||||||
Net (loss)/income and comprehensive (loss)/income, before taxes
|
$
|
(404,468
|
)
|
$
|
7,676,691
|
|||||||
US Source Income Taxes
|
— | (74,123 | ) | |||||||||
Net (loss)/income and comprehensive (loss)/income
|
$ | (404,468 | ) | $ | 7,602,568 | |||||||
(Loss)/ Earnings per common share, basic and diluted
|
10
|
$ | (0.50 | ) |
$
|
0.10
|
||||||
Weighted average number of common shares, basic
|
802,765
|
73,384,422
|
||||||||||
Weighted average number of common shares, diluted | 802,765 | 76,203,009 |
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
For the six months ended June 30, 2020 and 2021
|
(Expressed in U.S. Dollars – except for share data)
|
|
Number of shares issued
|
|||||||||||||||||||||||||||
|
Common
shares
|
Preferred
A shares
|
Preferred
B shares
|
Par
Value of
Shares
issued
|
Additional
Paid-in
capital |
Retained earnings
/(Accumulated Deficit)
|
Total
Shareholders' Equity
|
|||||||||||||||||||||
Balance, December 31, 2019
|
331,811
|
480,000
|
12,000
|
824
|
12,766,389
|
436,798
|
13,204,011
|
|||||||||||||||||||||
- Issuance of common stock pursuant to the $5.0 Million Convertible Debentures (Notes 6,7)
|
804,208 | — | — | 804 | 5,056,969 | — | 5,057,773 | |||||||||||||||||||||
- Issuance of common stock pursuant to the June Equity Offering, net of issuance costs (Note 7)
|
5,908,269 | — | — | 5,908 | 18,597,157 | — | 18,603,065 | |||||||||||||||||||||
- Beneficial conversion feature pursuant to the issuance of the $5.0 Million Convertible Debentures (Note 6)
|
— | — | — | — | 532,437 | — | 532,437 | |||||||||||||||||||||
-Net loss
|
—
|
—
|
—
|
—
|
—
|
(404,468
|
)
|
(404,468
|
)
|
|||||||||||||||||||
Balance, June 30, 2020
|
7,044,288
|
480,000
|
12,000
|
7,536
|
36,952,952
|
32,330
|
36,992,818
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Balance, December 31, 2020
|
13,121,238
|
480,000
|
12,000
|
13,613
|
53,686,741
|
(1,316,735
|
)
|
52,383,619
|
||||||||||||||||||||
- Issuance of
common stock pursuant to the registered direct offerings (Note 7)
|
42,405,770
|
—
|
—
|
42,406
|
156,824,134
|
—
|
156,866,540
|
|||||||||||||||||||||
- Issuance of common stock pursuant to warrant exercises (Note 7)
|
34,428,840
|
—
|
—
|
34,429
|
83,386,517
|
—
|
83,420,946
|
|||||||||||||||||||||
- Issuance of common stock pursuant to the ATM Program (Note 7)
|
3,563,407
|
—
|
—
|
3,563
|
9,690,183
|
—
|
9,693,746
|
|||||||||||||||||||||
-Net income
|
—
|
—
|
—
|
—
|
—
|
7,602,568
|
7,602,568
|
|||||||||||||||||||||
Balance, June 30, 2021
|
93,519,255
|
480,000
|
12,000
|
94,011
|
303,587,575
|
6,285,833
|
309,967,419
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2020 and 2021 (Expressed in U.S. Dollars)
|
1. |
Basis of Presentation and General
information:
|
Company
|
Country of incorporation
|
Vessel Name
|
DWT
|
Year Built
|
Delivery date to Castor
|
|||||
Spetses Shipping Co. (“Spetses”)
|
Marshall Islands
|
M/V Magic P
|
76,453
|
2004
|
February 2017
|
|||||
Bistro Maritime Co. (“Bistro”)
|
Marshall Islands
|
M/V Magic Sun
|
75,311
|
2001
|
September 2019
|
|||||
Pikachu Shipping Co. (“Pikachu”)
|
Marshall Islands
|
M/V Magic Moon
|
76,602
|
2005
|
October 2019
|
|||||
Bagheera Shipping Co. (“Bagheera”) | Marshall Islands | M/V Magic Rainbow | 73,593 | 2007 | August 2020 | |||||
Pocahontas Shipping Co. (“Pocahontas”) | Marshall Islands | M/V Magic Horizon | 76,619 | 2010 | October 2020 | |||||
Jumaru Shipping Co. (“Jumaru”) | Marshall Islands | M/V Magic Nova | 78,833 | 2010 | October 2020 | |||||
Super Mario Shipping Co. (“Super Mario”) |
Marshall Islands
|
M/V Magic Venus
|
83,416
|
2010
|
March 2021
|
|||||
Pumba Shipping Co. (“Pumba”) | Marshall Islands | M/V Magic Orion | 180,200 | 2006 | March 2021 | |||||
Kabamaru Shipping Co. (“Kabamaru”) | Marshall Islands | M/V Magic Argo | 82,338 | 2009 | March 2021 | |||||
Luffy Shipping Co. (“Luffy”) | Marshall Islands | M/V Magic Twilight | 80,283 | 2010 | April 2021 | |||||
Liono Shipping Co. (“Liono”) | Marshall Islands | M/V Magic Thunder | 83,375 | 2011 | April 2021 | |||||
Stewie Shipping Co. (“Stewie”) |
Marshall Islands
|
M/V Magic Vela
|
75,003
|
2011 |
May 2021
|
|||||
Snoopy Shipping Co. (“Snoopy”) | Marshall Islands | M/V Magic Nebula | 80,281 | 2010 | May 2021 | |||||
Mulan Shipping Co. (“Mulan”) | Marshall Islands | M/V Magic Starlight | 81,048 | 2015 | May 2021 | |||||
Cinderella Shipping Co. (“Cinderella”) | Marshall Islands | M/V Magic Eclipse | 74,940 | 2011 | June 2021 | |||||
Rocket Shipping Co. (“Rocket”) | Marshall Islands | M/T Wonder Polaris | 115,341 | 2005 | March 2021 | |||||
Gamora Shipping Co. (“Gamora”) | Marshall Islands | M/T Wonder Sirius | 115,341 | 2005 | March 2021 | |||||
Starlord Shipping Co. (“Starlord”) | Marshall Islands | M/T Wonder Vega | 106,062 | 2005 | May 2021 | |||||
Hawkeye Shipping Co. (“Hawkeye”) | Marshall Islands | M/T Wonder Avior | 106,162 | 2004 | May 2021 | |||||
Elektra Shipping Co. (“Elektra”) | Marshall Islands | M/T Wonder Arcturus | 106,149 | 2002 | May 2021 | |||||
Vision Shipping Co. (“Vision”) | Marshall Islands | M/T Wonder Mimosa |
37,620
|
2006
|
May 2021
|
|||||
Colossus Shipping Co. (“Colossus”) | Marshall Islands | M/T Wonder Musica | 106,209 | 2004 | June 2021 | |||||
Xavier Shipping Co. (“Xavier”) | Marshall Islands | M/T Wonder Formosa | 37,562 |
2006
|
June 2021 |
1.
|
Basis of Presentation and General information (continued):
|
2. |
Significant Accounting Policies and
Recent Accounting Pronouncements:
|
3. |
Transactions with Related Parties:
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
|
2020
|
2021
|
||||||
Management fees-related parties
|
||||||||
Management fees – Pavimar (a)
|
$
|
273,000
|
$
|
1,782,000
|
||||
Management fees – Castor Ships (c) |
—
|
742,500
|
||||||
|
||||||||
Included in Voyage expenses
|
||||||||
Charter hire commissions – Castor Ships (c)
|
$
|
—
|
$
|
364,540
|
||||
|
||||||||
Included in Interest and finance costs
|
||||||||
Interest expenses (b) – Thalassa
|
$
|
151,667
|
$
|
150,833
|
||||
Included in General and administrative expenses | ||||||||
Administration fees – Castor Ships (c) | $ |
—
|
$
|
600,000
|
||||
Included in Vessels’ cost | ||||||||
Sale & purchase commission – Castor Ships (c) | $ |
—
|
$
|
2,426,800
|
|
December 31, 2020
|
June 30, 2021
|
||||||
Assets:
|
||||||||
Working capital advances granted to Pavimar (a) – current
|
$
|
1,559,132
|
$
|
1,831,311
|
||||
Working capital advances granted to Pavimar (a) – non-current |
—
|
1,104,394
|
||||||
Liabilities:
|
||||||||
Related party debt (b) – Thalassa
|
$
|
5,000,000
|
$
|
5,000,000
|
||||
Accrued loan interest (b) – Thalassa |
405,000
|
555,833
|
||||||
Voyage commissions & management fees due to Castor Ships (c)
|
1,941
|
97,445
|
||||||
Management fees due to Pavimar (a)
|
—
|
101,400
|
(a) |
Pavimar:
|
3.
|
Transactions with Related Parties (continued):
|
3.
|
Transactions with Related Parties (continued):
|
4. |
Deferred charges, net:
|
|
Dry-docking
costs
|
|||
Balance December 31, 2020
|
$
|
2,061,573
|
||
Additions
|
1,250,632
|
|||
Amortization
|
(353,681
|
)
|
||
Balance June 30, 2021
|
$
|
2,958,524
|
5. |
Vessels, net/ Advances for vessel acquisitions:
|
Vessel Cost
|
Accumulated depreciation
|
Net Book Value
|
||||||||||
Balance December 31, 2020
|
60,906,094
|
(2,860,466
|
)
|
58,045,628
|
||||||||
— Acquisitions, improvements and other vessel costs
|
213,027,388
|
—
|
213,027,388
|
|||||||||
— Transfers from Advances for vessel acquisitions
|
33,130,851
|
— |
33,130,851
|
|||||||||
— Period depreciation
|
— |
(3,686,920
|
)
|
(3,686,920
|
)
|
|||||||
Balance June 30, 2021
|
307,064,333
|
(6,547,386
|
)
|
300,516,947
|
5.
|
Vessels, net/ Advances for vessel acquisitions (continued):
|
Vessel Cost
|
||||
Balance December 31, 2020
|
$
|
—
|
||
— Advances for vessel acquisitions and other vessel pre-delivery costs
|
42,373,858
|
|||
—Transfer to Vessels, net (a)
|
(33,130,851
|
)
|
||
Balance June 30, 2021
|
$
|
9,243,007
|
6. |
Long-Term Debt:
|
|
|
Year/Period Ended
|
|||||||
Loan facilities |
Borrowers- Issuers
|
December 31,
2020
|
June 30,
2021
|
||||||
$11.0 Million Term Loan Facility (a)
|
Spetses- Pikachu
|
$
|
9,400,000
|
$
|
8,600,000
|
||||
$4.5 Million Term Loan Facility (b)
|
Bistro
|
4,050,000
|
3,750,000
|
||||||
$15.3 Million Term Loan Facility (c) |
Pocahontas- Jumaru
|
— | 14,819,000 | ||||||
$18.0 Million Term Loan Facility (d) | Rocket- Gamora | — | 18,000,000 | ||||||
Total long-term debt
|
|
$
|
13,450,000
|
$
|
45,169,000
|
||||
Less: Deferred financing costs
|
|
(264,134
|
)
|
(894,951
|
)
|
||||
Total long-term debt, net of deferred finance costs
|
|
$
|
13,185,866
|
44,274,049
|
|||||
|
|
||||||||
Presented:
|
|
||||||||
Current portion of long-term debt
|
|
$
|
2,200,000
|
$
|
7,484,000
|
||||
Less: Current portion of deferred finance costs
|
|
(97,963
|
)
|
(330,590
|
)
|
||||
Current portion of long-term debt, net of deferred finance costs
|
|
$
|
2,102,037
|
$
|
7,153,410
|
||||
|
|
||||||||
Non-Current portion of long-term debt
|
|
11,250,000
|
37,685,000
|
||||||
Less: Non-Current portion of deferred finance costs
|
|
(166,171
|
)
|
(564,361
|
)
|
||||
Non-Current portion of long-term debt, net of deferred finance costs
|
|
$
|
11,083,829
|
$
|
37,120,639
|
||||
|
|
||||||||
Debt instruments from related party
|
|
||||||||
$5.0 Million Term Loan Facility (Note 3(b))
|
Castor
|
5,000,000
|
5,000,000
|
||||||
Total long-term debt from related party, current
|
|
$
|
5,000,000
|
$
|
5,000,000
|
a. |
$11.0 Million Term Loan Facility:
|
b. |
$4.5 Million Term Loan Facility:
|
6.
|
Long-Term Debt (continued):
|
c.
|
$15.3 Million Term Loan Facility |
d.
|
$18.0 Million Term Loan Facility |
6.
|
Long-Term Debt (continued):
|
Twelve-month period ending June 30,
|
Amount
|
|||
2022
|
$
|
12,484,000
|
||
2023
|
6,784,000
|
|||
2024
|
6,784,000
|
|||
2025
|
24,117,000
|
|||
Total long-term debt (including related party debt)
|
$
|
50,169,000
|
7. |
Equity Capital Structure:
|
7.
|
Equity Capital Structure (continued):
|
7.
|
Equity Capital Structure (continued):
|
7.
|
Equity Capital Structure (continued):
|
8. |
Financial Instruments and Fair Value
Disclosures:
|
◾ |
Cash and cash equivalents,
restricted cash, trade accounts receivable, amounts due from related party and trade accounts payable: The carrying values reported in the accompanying unaudited interim consolidated balance sheets for those financial instruments are reasonable estimates of their fair values due to their short-term maturity nature. Cash
and cash equivalents and restricted cash, current are considered Level 1 items as they represent liquid assets with short term maturities. The carrying value approximates the fair market value for interest bearing cash classified as
restricted cash, non-current and is considered Level 1 item of the fair value hierarchy. The carrying value of these instruments is separately reflected in the accompanying unaudited interim consolidated balance sheets.
|
◾ |
Long-term debt: The secured credit facilities discussed in Note 6, have a recorded value which is a
reasonable estimate of their fair value due to their variable interest rate and are thus considered Level 2 items in accordance with the fair value hierarchy as LIBOR rates are observable at commonly quoted intervals for the full terms of
the loans. The fair value of the fixed interest bearing $5.0 Million Term Loan Facility, discussed in Note 3, determined through
Level 2 inputs of the fair value hierarchy (quoted prices for identical or similar assets and liabilities in markets that are not active), approximates its recorded value as of June 30, 2021.
|
9. |
Commitments and contingencies:
|
9.
|
Commitments and contingencies (continued):
|
(a) |
Commitments under Contracts for BWMS
Installation
|
(b) |
Commitments under long-term lease
contracts
|
Twelve-month period ending June 30,
|
Amount
|
|||
2022
|
$
|
25,815,300
|
||
Total
|
$
|
25,815,300
|
10. |
Earnings/ (Loss) Per Share:
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
|
2020
|
2021
|
||||||
Net (loss)/ income and comprehensive (loss)/income
|
$
|
(404,468
|
)
|
$
|
7,602,568
|
|||
Less: Cumulative dividends on Series A Preferred Shares
|
—
|
—
|
||||||
Net (loss)/income and comprehensive (loss)/ income available to common shareholders
|
(404,468
|
)
|
7,602,568
|
|||||
Weighted average number of common shares outstanding, basic
|
802,765
|
73,384,422
|
||||||
Plus: Dilutive effect of warrants
|
—
|
2,818,587
|
||||||
Weighted average number of common shares outstanding, diluted
|
802,765
|
76,203,009
|
||||||
(Loss)/Earnings per common share, basic and diluted
|
$
|
(0.50
|
)
|
$
|
0.10
|
11. |
Vessel Revenues:
|
|
Six
months ended
June 30,
|
Six
months ended
June 30,
|
||||||
|
2020
|
2021
|
||||||
Time charter revenues
|
5,310,936
|
27,635,487
|
||||||
Voyage charter revenues
|
—
|
693,471
|
||||||
Pool revenues
|
—
|
433,678
|
||||||
Total Vessel revenues
|
$
|
5,310,936
|
$
|
28,762,636
|
12. |
Vessel Operating and Voyage Expenses:
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
Vessel Operating Expenses
|
2020
|
2021
|
||||||
Crew & crew related costs
|
$
|
1,291,082
|
$
|
6,236,241
|
||||
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling
|
848,575
|
2,650,534
|
||||||
Lubricants
|
130,009
|
881,925
|
||||||
Insurances
|
193,912
|
850,984
|
||||||
Tonnage taxes
|
53,840
|
187,345
|
||||||
Other
|
86,918
|
459,866
|
||||||
Total Vessel operating expenses
|
$
|
2,604,336
|
$
|
11,266,895
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
Voyage expenses
|
2020
|
2021
|
||||||
Brokerage commissions
|
$
|
66,585
|
$
|
359,254
|
||||
Brokerage commissions- related party
|
55,281
|
364,540
|
||||||
Port & other expenses
|
122,469
|
461,219
|
||||||
Bunkers consumption
|
—
|
866,090
|
||||||
Loss/(Gain) on bunkers
|
15,265
|
(1,109,510
|
)
|
|||||
Total Voyage expenses
|
$
|
259,600
|
$
|
941,593
|
13. |
General
and Administrative
Expenses:
|
Six months ended
June 30,
|
Six months ended
June 30,
|
|||||||
2020
|
2021
|
|||||||
Audit fees
|
$
|
48,640
|
$
|
144,624
|
||||
Chief Executive and Chief Financial Officer and directors' compensation
|
16,000 |
24,000
|
||||||
Other professional fees
|
172,996
|
690,731
|
||||||
Administration fees-related party (Note 3(c))
|
— |
600,000
|
||||||
Total
|
$
|
237,636
|
$
|
1,459,355
|
14. |
Interest and Finance Costs:
|
Six months ended
June 30,
|
Six months ended
June 30,
|
|||||||
2020
|
2021
|
|||||||
Interest on long-term debt
|
$
|
374,556
|
$
|
580,018
|
||||
Interest on long-term debt – related party (Note 3 (b))
|
151,667
|
150,833
|
||||||
Interest on convertible debt – non cash
|
57,773
|
-
|
||||||
Amortization and write-off of deferred finance charges
|
541,441
|
125,234
|
||||||
Amortization and write-off of convertible notes beneficial conversion features
|
532,437
|
—
|
||||||
Other finance charges
|
7,954
|
42,918
|
||||||
Total
|
$
|
1,665,828
|
$
|
899,003
|
|
15.
|
Subsequent Events:
|
◾ |
Revenues, net: $21.8 million for the three months ended June 30, 2021, as compared to $2.6 million for the three months ended June 30, 2020;
|
◾ |
Net income/loss: Net income of $6.5 million for the three months ended June 30, 2021, as compared to net loss of $0.1 million for the three months ended June 30, 2020;
|
◾ |
Earnings/Loss per common share(1): $0.07 earnings per share for the three months ended June 30, 2021, as compared to loss per
share of $0.12 for the three months ended June 30, 2020;
|
◾ |
EBITDA(2): $10.0 million for the three months ended June 30, 2021, as compared to $1.0 million for the three months ended June
30, 2020;
|
◾ |
Cash and restricted cash of $42.7 million as of June 30, 2021, as compared to $9.4 million as of December 31, 2020;
|
◾ |
During the second quarter of 2021 and as of the date of this press release, we have taken successful delivery of 12 vessels consisting of 4 Kamsarmax and 2 Panamax dry bulk carriers as well as 1 Aframax, 3
Aframax / LR2 and 2 MR1 tankers. We expect three remaining acquisitions to conclude in the third quarter of this year, subject to customary closing conditions. On a fully delivered basis, Castor will own a diversified fleet of 26 vessels with
an aggregate capacity of 2.2 million dwt, having more than quadrupled its fleet size since December 31, 2020;
|
◾ |
On June 14, 2021, we received written notice from the Nasdaq Stock Market (“Nasdaq”) that the Company has regained compliance with the Nasdaq’s minimum bid price requirement for continued listing on the Nasdaq
Capital Market; and
|
◾ |
In June 2021, we entered into an at-the-market (“ATM”) sales agreement for the offer and sale from time to time of our common shares, having an aggregate offering amount of up to $300.0 million.
|
◾ |
Revenues, net: $28.8 million for the six months ended June 30, 2021, as compared to $5.3 million for the six months ended June 30, 2020;
|
◾ |
Net income/loss: Net income of $7.6 million for the six months ended June 30, 2021, as compared to net loss of $0.4 million for the six months ended June 30, 2020;
|
◾ |
Earnings/Loss per common share(1): $0.10 earnings per share for the six months ended June 30, 2021, as compared to loss per
share of $0.50 for the six months ended June 30, 2020; and
|
◾ |
EBITDA(2): $12.6 million for the six months ended June 30, 2021, as compared to $1.9 million for the six months ended June 30,
2020.
|
Vessel Name
|
Vessel Type
|
DWT
|
Year Built
|
Country of
Construction
|
Purchase Price
(in million) |
Delivery
Date in
2021
|
||||
Dry Bulk Carriers
|
||||||||||
Magic Twilight
|
Kamsarmax
|
80,283
|
2010
|
Korea
|
$14.80
|
9 April
|
||||
Magic Thunder
|
Kamsarmax
|
83,375
|
2011
|
Japan
|
$16.85
|
13 April
|
||||
Magic Vela
|
Panamax
|
75,003
|
2011
|
China
|
$14.50
|
12 May
|
||||
Magic Nebula
|
Kamsarmax
|
80,281
|
2010
|
Korea
|
$15.45
|
20 May
|
||||
Magic Starlight
|
Kamsarmax
|
81,048
|
2015
|
China
|
$23.50
|
23 May
|
||||
Magic Eclipse
|
Panamax
|
74,940
|
2011
|
Japan
|
$18.48
|
7 June
|
||||
Tankers
|
||||||||||
Wonder Vega
|
Aframax
|
106,062
|
2005
|
Korea
|
$14.80
|
21 May
|
||||
Wonder Avior
|
Aframax/LR2
|
106,162
|
2004
|
Korea
|
$12.00
|
27 May
|
||||
Wonder Mimosa
|
MR1
|
37,620
|
2006
|
Korea
|
$7.25
|
31 May
|
||||
Wonder Arcturus
|
Aframax/LR2
|
106,149
|
2002
|
Korea
|
$10.00
|
31 May
|
||||
Wonder Musica
|
Aframax/LR2
|
106,209
|
2004
|
Korea
|
$12.00
|
15 June
|
||||
Wonder Formosa
|
MR1
|
37,562
|
2006
|
Korea
|
$8.00
|
22 June
|
Vessel Type
|
DWT
|
Year
Built
|
Country of
Construction
|
Purchase Price
(in million) |
|||||
Dry Bulk Carriers
|
|||||||||
Kamsarmax
|
82,158
|
2013
|
Japan
|
$21.00
|
|||||
Panamax
|
74,940
|
2013
|
Japan
|
$19.06
|
|||||
Panamax
|
76,822
|
2014
|
Korea
|
$21.00
|
Vessel Name
|
Type/
Country of Construction
|
DWT
|
Year
Built
|
Type of Employment
|
Daily Gross
Charter Rate
|
Estimated Redelivery Date (Earliest/ Latest)
|
||||||||||||
Magic P
|
Panamax dry bulk carrier / Japan
|
76,453
|
2004
|
Time charter
period
|
$12,750
|
August 2021
|
November 2021
|
|||||||||||
Magic Sun
|
Panamax dry bulk carrier / Korea
|
75,311
|
2001
|
Time charter
period
|
$10,200
|
August 2021
|
October 2021
|
|||||||||||
Magic Moon
|
Panamax dry bulk carrier / Japan
|
76,602
|
2005
|
Time charter
period |
$10,500
|
July 2021
|
September 2021
|
|||||||||||
Magic Rainbow
|
Panamax dry bulk carrier / China
|
73,593
|
2007
|
Time charter
period
|
$25,000
|
January 2022
|
March 2022
|
|||||||||||
Magic Horizon
|
Panamax dry bulk carrier / Japan
|
76,619
|
2010
|
Time charter
period |
$11,000
|
August 2021
|
December 2021
|
|||||||||||
Magic Nova
|
Panamax dry bulk carrier / Japan
|
78,833
|
2010
|
Time charter
period
|
$10,400
|
April 2021
|
August 2021
|
|||||||||||
Magic Venus
|
Kamsarmax dry bulk carrier / Japan
|
83,416
|
2010
|
Time charter
period
|
$18,500
|
August 2021
|
October 2021
|
|||||||||||
Magic Orion
|
Capesize dry bulk carrier / Japan
|
180,200
|
2006
|
Time charter
trip |
$39,500
|
September
2021
|
September
2021 |
|||||||||||
Magic Argo
|
Kamsarmax dry bulk carrier / Japan
|
82,338
|
2009
|
Time charter
trip |
$33,000
|
September
2021
|
September
2021
|
|||||||||||
Magic Twilight
|
Kamsarmax dry bulk carrier / Korea
|
80,283
|
2010
|
Time charter
period
|
$21,000
|
November
2021
|
January 2022
|
|||||||||||
Magic Thunder
|
Kamsarmax dry bulk carrier / Japan
|
83,375
|
2011
|
Unfixed
|
N/A
|
N/A
|
N/A
|
|||||||||||
Magic Vela
|
Panamax dry bulk carrier / China
|
75,003
|
2011
|
Time charter
trip
|
$25,500
|
August 2021
|
August 2021
|
|||||||||||
Magic Nebula
|
Kamsarmax dry bulk carrier / Korea
|
80,281
|
2010
|
Time charter trip
|
$25,500 +
$550,000 Ballast
Bonus
|
August 2021
|
August 2021
|
|||||||||||
Magic Starlight
|
Kamsarmax dry bulk carrier / China
|
81,048
|
2015
|
Time charter
period
|
114% of BPI Index
|
September
2022
|
March 2023
|
Magic Eclipse
|
Panamax dry bulk carrier / Japan
|
74,940
|
2011
|
Time charter
trip
|
$26,500
|
September
2021
|
September 2021
|
||||||||||
Wonder Polaris
|
Aframax/LR2 tanker / Korea
|
115,341
|
2005
|
Time charter
period |
$15,000 +
profit sharing
|
February 2022
|
February 2023
|
||||||||||
Wonder Sirius
|
Aframax/LR2 tanker / Korea
|
115,341
|
2005
|
Time charter
period |
$15,000 +
profit sharing
|
February 2022
|
February 2023
|
||||||||||
Wonder Vega
|
Aframax tanker / Korea
|
106,062
|
2005
|
Tanker Pool (1)
|
N/A
|
N/A
|
N/A
|
||||||||||
Wonder Avior
|
Aframax/LR2 tanker / Korea
|
106,162
|
2004
|
Voyage
|
$11,280(2)
|
28 August
2021 (3)
|
N/A
|
||||||||||
Wonder Mimosa
|
MR1 tanker / Korea
|
37,620
|
2006
|
Tanker Pool (4)
|
N/A
|
N/A
|
N/A
|
||||||||||
Wonder Arcturus
|
Aframax/LR2 tanker / Korea
|
106,149
|
2002
|
Voyage
|
$5,500(2)
|
7 August
2021 (3)
|
N/A
|
||||||||||
Wonder Musica
|
Aframax/LR2 tanker / Korea
|
106,209
|
2004
|
Voyage
|
$5,000(2)
|
9 August
2021 (3)
|
N/A
|
||||||||||
Wonder Formosa
|
MR1 tanker /Korea
|
37,562
|
2006
|
Tanker Pool (4)
|
N/A
|
N/A
|
N/A
|
(1) |
The vessel is currently participating in an unaffiliated tanker pool specializing in the employment of Aframax tanker vessels
|
(2) |
For vessels that are employed on the voyage/spot market, the daily gross charter rate is considered as the TCE on the basis of the expected completion date.
|
(3) |
Estimated completion date of the voyage.
|
(4) |
The vessel is currently participating in an unaffiliated tanker pool specializing in the employment of Handysize tanker vessels.
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
(expressed in U.S. dollars)
|
June 30, 2021 (unaudited)
|
June 30, 2020 (unaudited)
|
June 30, 2021 (unaudited)
|
June 30, 2020 (unaudited)
|
||||||||||||
Vessel revenues, net
|
$
|
21,789,783
|
$
|
2,585,659
|
$
|
28,762,636
|
$
|
5,310,936
|
||||||||
Operating income
|
$
|
7,038,253
|
$
|
659,851
|
$
|
8,529,692
|
1,241,992
|
|||||||||
Net income/ (loss)
|
$
|
6,475,508
|
$
|
(144,600
|
)
|
$
|
7,602,568
|
$
|
(404,468
|
)
|
||||||
EBITDA(1)
|
$
|
9,987,330
|
$
|
1,018,366
|
$
|
12,558,054
|
$
|
1,923,640
|
||||||||
Earnings/(Loss) per common share
|
$
|
0.07
|
$
|
(0.12
|
)
|
$
|
0.10
|
$
|
(0.50
|
)
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
(expressed in U.S. dollars except for operational data)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Ownership days (1) (7)
|
1,477
|
273
|
2,105
|
546
|
||||||||||||
Available days (2)(7)
|
1,420
|
273
|
2,030
|
488
|
||||||||||||
Operating days (3) (7)
|
1,380
|
273
|
1,978
|
488
|
||||||||||||
Daily TCE rate(4)
|
$
|
14,381
|
$
|
9,090
|
$
|
13,705
|
$
|
10,351
|
||||||||
Fleet Utilization (5)
|
97
|
%
|
100
|
%
|
97
|
%
|
100
|
%
|
||||||||
Daily vessel operating expenses (6)
|
$
|
5,390
|
$
|
4,452
|
$
|
5,352
|
$
|
4,770
|
(1) |
Ownership days are the total number of calendar days in a period during which we owned our vessels.
|
(2) |
Available days are the Ownership days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.
|
(3) |
Operating days are the Available days in a period after subtracting off-hire and idle days.
|
(4) |
Daily TCE rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B of this press release for the definition and reconciliation of this measure to the most directly comparable financial
measure calculated and presented in accordance with U.S. GAAP.
|
(5) |
Fleet utilization is calculated by dividing the Operating days during a period by the number of Available days during that period.
|
(6) |
Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership days for such period.
|
(7) |
Our definitions of days (i.e. Ownership days, Available days, Operating days) may not be comparable to that reported by other companies.
|
(In U.S. dollars except for number of share data)
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
REVENUES
|
||||||||||||||||
Vessel revenues, net
|
$
|
21,789,783
|
$
|
2,585,659
|
$
|
28,762,636
|
$
|
5,310,936
|
||||||||
EXPENSES
|
||||||||||||||||
Voyage expenses -including commissions to related party
|
(1,368,565
|
)
|
(104,093
|
)
|
(941,593
|
)
|
(259,600
|
)
|
||||||||
Vessel operating expenses
|
(7,960,638
|
)
|
(1,215,266
|
)
|
(11,266,895
|
)
|
(2,604,336
|
)
|
||||||||
General and administrative expenses (including related party fees)
|
(720,124
|
)
|
(109,253
|
)
|
(1,459,355
|
)
|
(237,636
|
)
|
||||||||
Management fees -related parties
|
(1,750,150
|
)
|
(136,500
|
)
|
(2,524,500
|
)
|
(273,000
|
)
|
||||||||
Depreciation and amortization
|
(2,952,053
|
)
|
(360,696
|
)
|
(4,040,601
|
)
|
(694,372
|
)
|
||||||||
Operating income
|
$
|
7,038,253
|
$
|
659,851
|
$
|
8,529,692
|
$
|
1,241,992
|
||||||||
Interest and finance costs, net (including related party interest costs)
|
(485,646
|
)
|
(802,270
|
)
|
(840,762
|
)
|
(1,633,736
|
)
|
||||||||
Other expenses, net
|
(2,976
|
)
|
(2,181
|
)
|
(12,239
|
)
|
(12,724
|
)
|
||||||||
US source income taxes
|
(74,123
|
)
|
—
|
(74,123
|
)
|
—
|
||||||||||
Net income/(loss)
|
$
|
6,475,508
|
$
|
(144,600
|
)
|
$
|
7,602,568
|
$
|
(404,468
|
)
|
||||||
Earnings/(loss) per common share (basic and diluted)
|
$
|
0.07
|
$
|
(0.12
|
)
|
$
|
0.10
|
$
|
(0.50
|
)
|
||||||
Weighted average number of common shares outstanding, basic
|
88,933,581
|
1,222,427
|
73,384,422
|
802,765
|
(Expressed in U.S. Dollars—except for number of share data)
|
Six Months Ended June 30,
|
|||||||
2021
|
2020
|
|||||||
Cash flows (used in)/provided by Operating Activities:
|
||||||||
Net income/(loss)
|
$
|
7,602,568
|
$
|
(404,468
|
)
|
|||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) Operating activities:
|
||||||||
Vessels’ depreciation and amortization of deferred dry-docking costs
|
4,040,601
|
694,372
|
||||||
Amortization and write-off of deferred finance charges
|
125,234
|
541,441
|
||||||
Amortization of other deferred charges
|
53,449
|
112,508
|
||||||
Deferred revenue amortization
|
(157,076
|
)
|
(430,994
|
)
|
||||
Interest settled in common stock
|
—
|
57,773
|
||||||
Amortization and write-off of convertible notes beneficial conversion feature
|
—
|
532,437
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable trade
|
(1,496,824
|
)
|
(705,003
|
)
|
||||
Inventories
|
(2,836,214
|
)
|
(47,380
|
)
|
||||
Due from/to related parties
|
(1,179,669
|
)
|
288,538
|
|||||
Prepaid expenses and other assets
|
(901,228
|
)
|
(260,596
|
)
|
||||
Dry-dock costs paid
|
(1,288,364
|
)
|
(509,976
|
)
|
||||
Other deferred charges
|
(196,347
|
)
|
—
|
|||||
Accounts payable
|
515,337
|
(179,960
|
)
|
|||||
Accrued liabilities
|
1,365,569
|
(17,290
|
)
|
|||||
Deferred revenue
|
1,564,978
|
(62,021
|
)
|
|||||
Net Cash provided by/(used in) Operating Activities
|
7,212,014
|
(390,619
|
)
|
|||||
Cash flows used in Investing Activities:
|
||||||||
Vessel acquisitions and other vessel improvements
|
(245,945,567
|
)
|
(388,635
|
)
|
||||
Advances for vessel acquisitions
|
(9,178,452
|
)
|
—
|
|||||
Net cash used in Investing Activities
|
(255,124,019
|
)
|
(388,635
|
)
|
||||
Cash flows provided by Financing Activities:
|
||||||||
Gross proceeds from issuance of common stock and warrants
|
262,516,826
|
20,671,500
|
||||||
Common stock issuance expenses
|
(12,311,638
|
)
|
(1,637,559
|
)
|
||||
Proceeds from long-term debt
|
33,290,000
|
9,500,000
|
||||||
Repayment of long-term debt
|
(1,571,000
|
)
|
(950,000
|
)
|
||||
Payment of deferred financing costs
|
(756,051
|
)
|
(608,985
|
)
|
||||
Net cash provided by Financing Activities
|
281,168,137
|
26,974,956
|
||||||
Net increase in cash, cash equivalents, and restricted cash
|
33,256,132
|
26,195,702
|
||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
9,426,903
|
5,058,939
|
||||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
42,683,035
|
$
|
31,254,641
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(In U.S. dollars, except for Available Days)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Vessel revenues, net
|
$
|
21,789,783
|
$
|
2,585,659
|
$
|
28,762,636
|
$
|
5,310,936
|
||||||||
Voyage expenses -including commissions from related party
|
(1,368,565
|
)
|
(104,093
|
)
|
(941,593
|
)
|
(259,600
|
)
|
||||||||
TCE revenues
|
$
|
20,421,218
|
$
|
2,481,566
|
$
|
27,821,043
|
$
|
5,051,336
|
||||||||
Available Days
|
1,420
|
273
|
2,030
|
488
|
||||||||||||
TCE rate
|
$
|
14,381
|
$
|
9,090
|
$
|
13,705
|
$
|
10,351
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
(In U.S. dollars)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Net Income/(Loss)
|
$
|
6,475,508
|
$
|
(144,600
|
)
|
$
|
7,602,568
|
$
|
(404,468
|
)
|
||||||
Depreciation and amortization
|
2,952,053
|
360,696
|
4,040,601
|
694,372
|
||||||||||||
Interest and finance costs, net (including amortization of deferred financing costs and beneficial conversion feature, as applicable)
|
485,646
|
802,270
|
840,762
|
1,633,736
|
||||||||||||
US source income taxes
|
74,123
|
—
|
74,123
|
—
|
||||||||||||
EBITDA
|
$
|
9,987,330
|
$
|
1,018,366
|
$
|
12,558,054
|
$
|
1,923,640
|