PERFORMANCE SHIPPING INC.
(Registrant)
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Dated: June 30, 2022
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/s/ Andreas Michalopoulos
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By: 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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For the three months ended March 31,
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2022
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2021
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|||||||
(unaudited)
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(unaudited)
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STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
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Revenue
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$
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8,568
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$
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8,397
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Voyage expenses
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3,380
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4,936
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Vessel operating expenses
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3,327
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2,878
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Net loss
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(2,080
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)
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(2,853
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)
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Net loss attributable to common stockholders
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(11,478
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)
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(2,853
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)
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Loss per common share, basic and diluted
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(3.43
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)
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(0.57
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)
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FLEET DATA
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Average number of vessels
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5.0
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5.0
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Number of vessels
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5.0
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5.0
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Ownership days
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450
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450
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Available days
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420
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450
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Operating days (2)
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400
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373
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Fleet utilization
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95.2
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%
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82.9
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%
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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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12,352
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$
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7,691
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Daily vessel operating expenses (4)
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$
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7,393
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$
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6,396
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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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Vessel
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Year of Build
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Capacity
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Builder
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Charter Type
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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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Spot
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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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Pool
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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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Pool
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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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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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For the three months ended March 31,
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2022
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2021
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REVENUE:
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Revenue
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$
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8,568
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$
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8,397
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EXPENSES:
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Voyage expenses
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3,380
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4,936
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Vessel operating expenses
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3,327
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2,878
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Depreciation and amortization of deferred charges
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2,013
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1,816
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General and administrative expenses
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1,508
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1,503
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Provision for credit losses and write offs
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22
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7
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Foreign currency losses / (gains)
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(46
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)
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51
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Operating loss
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$
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(1,636
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)
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$
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(2,794
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)
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OTHER INCOME / (EXPENSES):
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Interest and finance costs
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(445
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)
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(467
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)
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Interest income
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1
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8
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Other income
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-
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400
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Total other expenses, net
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$
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(444
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)
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$
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(59
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)
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Net loss
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$
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(2,080
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)
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$
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(2,853
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)
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Deemed dividend on Series B preferred stock upon exchange of common stock
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(9,271
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)
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-
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Dividends on Series B preferred stock
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(127
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)
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-
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Net loss attributable to common stockholders
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$
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(11,478
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)
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$
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(2,853
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)
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Loss per common share, basic and diluted
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$
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(3.43
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)
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$
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(0.57
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)
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Weighted average number of common shares, basic and diluted
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3,345,664
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5,007,493
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UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUING AND DISCONTINUED OPERATIONS)
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For the three months ended March 31,
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2022
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2021
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Net loss
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$
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(2,080
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)
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$
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(2,853
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)
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Comprehensive loss
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$
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(2,080
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)
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$
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(2,853
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)
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March 31, 2022
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December 31, 2021*
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ASSETS
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(unaudited)
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Cash and cash equivalents
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$
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8,186
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$
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9,574
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Vessels, net
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122,408
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123,036
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Other fixed assets, net
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125
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151
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Other assets
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15,389
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12,163
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Total assets
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$
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146,108
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$
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144,924
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Long-term bank debt, net of unamortized deferred financing costs
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$
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47,953
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$
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49,898
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Related party financing, net of unamortized deferred financing costs
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4,813
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-
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Other liabilities
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7,192
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7,677
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Total stockholders' equity
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86,150
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87,349
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Total liabilities and stockholders' equity
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$
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146,108
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$
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144,924
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For the three months ended March 31,
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2022
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2021
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(unaudited)
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(unaudited)
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Net Cash used in Operating Activities
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$
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(3,863
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)
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$
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(1,383
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)
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Net Cash used in Investing Activities
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$
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(1,161
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)
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$
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(253
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)
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Net Cash provided by / (used in) Financing Activities
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$
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3,636
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$
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(1,978
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)
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For the three months ended March 31, 2022
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Revenue
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$
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8,568
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Less, Voyage expenses
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$
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(3,380
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)
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Less, Vessel operating expenses
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$
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(3,327
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)
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Less, General and administrative expenses
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$
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(1,441
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)
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Less, Greater of (I) or (II):
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Interest and finance costs
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$
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(445
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)
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Plus, Repayment of long-term bank debt
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$
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(1,978
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)
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Total (I)
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$
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(2,423
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)
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Or
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Replacement reserve (II)
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$
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(1,714
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)
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Less, Maintenance reserve
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(438
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)
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Quarterly Cash Flow (A)
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$
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(2,441
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)
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Cash and cash equivalents
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$
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8,186
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Less, Minimum Cash Threshold
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$
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12,500
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Quarter-End Excess Cash (B)
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$
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(4,314
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)
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Quarterly Cash Flow Test (A) >0, AND
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Not eligible for dividend
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Quarter-End Excess Cash Test (B) >0
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Not eligible for dividend
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Cash Available for Dividend, lower (A) or (B)
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$
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-
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Payout ratio
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50
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%
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Quarterly Dividend
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$
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-
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(1) |
General and administrative expenses, for the purpose of calculating dividends, exclude non-cash items.
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(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.
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(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.
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