Press Releases

STEALTHGAS INC. Reports Fourth Quarter and an All Time Record Twelve Months 2022 Financial and Operating Results






ATHENS, Greece, Feb. 21, 2023 (GLOBE NEWSWIRE) — STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2022.

OPERATIONAL AND FINANCIAL HIGHLIGHTS1

  • Entered into a number of medium to long term charters increasing forward coverage. About 55% of fleet days are secured on period charters for 2023, with total fleet employment days for all subsequent periods generating approximately $105 million (excl. JV vessels) in contracted revenues.
     
  • Revenues at $42.7 million for Q4 22’ and $152.8 million for FY 22’ despite having reduced the number of vessels in the fleet from 37 vessels at the end of Q4 2021 to 34 vessels at the end of Q4 2022. The highest quarterly revenue number in the last five years.
     
  • Decrease of $15.9 million (or 13.2%) in voyage expenses, operating expenses and depreciation in aggregate from FY 21’ to FY 22’.
     
  • Net Income of $7.7 million for Q4 22’ corresponding to an EPS of $0.20 and $34.3 million for FY 22’ corresponding to an EPS of $0.90, setting a new record in annual profits.
     
  • Total cash, including short-term investments and restricted cash, of $95.7 million as of December 31, 2022 compared to $45.7 million as of December 31, 2021, an increase of 109.4%.
     
  • Entered into sale agreements for three of the oldest vessels in the fleet, the Gas Prodigy, the Gas Spirit and the Gas Galaxy. All vessels were unencumbered and the sale proceeds will be reflected in the first quarter 2023.

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

Fourth Quarter 2022 Results:

  • Revenues for the three months ended December 31, 2022 amounted to $42.7 million compared to revenues of $36.1 million for the three months ended December 31, 2021 while the fleet over the corresponding periods was reduced from 37 vessels at the end of Q4 2021 to 34 vessels at the end of Q4 2022. The vessels remaining in the fleet earned higher revenues compared to the same period in the prior year due to improved market conditions.
  • Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2022 were $6.5 million and $14.6 million, respectively, compared to $4.8 million and $15.1 million, respectively, for the three months ended December 31, 2021. The $1.7 million increase in voyage expenses is attributed to the higher number of vessels in the spot market and particularly from increases in bunker expenses due to the rise in oil prices. The $0.5 million decrease in vessels’ operating expenses compared to the same period of 2021 is due to fewer vessels in the fleet.
  • Drydocking costs for the three months ended December 31, 2022 and 2021, were $0.6 million and $0.9 million, respectively. Drydocking expenses during the fourth quarter of 2022 mainly relate to the drydocking of two vessels.
  • Depreciation for the three months ended December 31, 2022 and 2021 was $6.8 million and $8.6 million, respectively, as the number of our vessels declined following the spin-off of four tanker vessels in the fourth quarter of 2021.
  • Impairment loss for the three months ended December 31, 2022 was $2.6 million related to the agreed sale of three vessels with deliveries in the first quarter of 2023, while the impairment loss for the same period of last year of $41.5 million was mainly related to the spin-off transaction of four tanker vessels.
  • Interest and finance costs for the three months ended December 31, 2022 and 2021 were $3.4 million and $3.1 million, respectively. The $0.3 million increase from the same period of last year is due to the increase in interest rates despite a reduction in the debt outstanding during the period.
  • Interest income for the three months ended December 31, 2022 and 2021 was $0.7 million and $0.02 million, respectively. The increase is mainly attributed to short-term investments of $51.5 million during the three months ended December 31, 2022.
  • Equity earnings in joint ventures for the three months ended December 31, 2022 and 2021, was a gain of $1.2 million and $1.7 million, respectively. The $0.5 million decrease from the same period of last year is mainly due to the sale of a vessel during the third quarter of 2022 by one of the joint ventures.
  • As a result of the above, for the three months ended December 31, 2022, the Company reported net income of $7.7 million, compared to a net loss of $38.7 million for the three months ended December 31, 2021. The weighted average number of shares outstanding for the three months ended December 31, 2022 and 2021 was 38.0 million and 37.9 million, respectively.
  • Earnings per share, basic and diluted, for the three months ended December 31, 2022 amounted to $0.20 compared to loss per share of $1.02 for the same period of last year.
  • Adjusted net income was $10.6 million corresponding to an Adjusted EPS of $0.28 for the three months ended December 31, 2022 compared to Adjusted net income of $2.8 million corresponding to an Adjusted EPS of $0.07 for the same period of last year.
  • EBITDA for the three months ended December 31, 2022 amounted to $17.2 million. An average of 34.0 vessels were owned by the Company during the three months ended December 31, 2022 compared to 39.7 vessels for the same period of 2021.

Twelve Months 2022 Results:

  • Revenues for the twelve months ended December 31, 2022, amounted to $152.8 million, an increase of $2.6 million, or 1.7%, compared to revenues of $150.2 million for the twelve months ended December 31, 2021. Improving market conditions pushed revenues higher despite a reduction in the fleet size.
  • Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2022 were $22.2 million and $54.9 million, respectively, compared to $22.2 million and $61.5 million for the twelve months ended December 31, 2021. While voyage expenses remained flat, the $6.6 million decrease in vessels’ operating expenses is primarily due to the reduction in fleet size.
  • Drydocking costs for the twelve months ended December 31, 2022 and 2021 were $3.0 million and $5.3 million, respectively. The costs for the twelve months ended December 31, 2022 mainly related to the drydocking of five vessels while the costs for the same period of last year related to the drydocking of eight vessels.
  • Depreciation for the twelve months ended December 31, 2022, was $27.8 million, a $9.3 million decrease from $37.1 million for the same period of last year, due to the decrease in the average number of our vessels.
  • Impairment loss for the twelve months ended December 31, 2022 was $3.2 million and related to four vessels, for which the Company had entered into sale agreements – two were delivered to their new owners in the first quarter of 2023, while the last one will be delivered to its new owners in March 2023. Impairment loss for the twelve months ended December 31, 2021 was $44.6 million; of which $40.2 million was attributable to the spin-off transaction while the remaining $4.4 million related to four vessels, one older vessel and three vessels for which the Company had entered into separate agreements to sell them to third parties.
  • Loss on sale of vessels for the twelve months ended December 31, 2022 and 2021 was $0.4 million and $0.3 million, respectively. The increase was primarily due to the sale of three of the Company’s vessels in 2022 compared to one vessel sold within 2021.
  • Interest and finance costs for the twelve months ended December 31, 2022 and 2021 were $12.1 million and $12.7 million, respectively. The $0.6 million decrease from the same period of last year is mostly due to the decrease of our indebtedness, partially offset by higher prevailing interest rates.
  • Interest income for the twelve months ended December 31, 2022 and 2021 was $1.1 million and $0.03 million, respectively. The increase is mainly attributed to short-term investments of $122.5 million during the twelve months ended December 31, 2022.
  • Equity earnings in joint ventures for the twelve months ended December 31, 2022 and 2021 was a gain of $10.9 million and a gain of $8.3 million, respectively. The $2.6 million increase from the same period of last year is primarily due to a gain on sale of one of the Medium Gas carriers owned by one of our joint ventures and the improved profitability resulting from the operation of both of our joint ventures.
  • As a result of the above, the Company reported net income for the twelve months ended December 31, 2022 of $34.3 million, compared to a net loss of $35.1 million for the twelve months ended December 31, 2021. The weighted average number of shares outstanding as of December 31, 2022 and 2021 was 38.0 million and 37.9 million, respectively. Earnings per share for the twelve months ended December 31, 2022 amounted to $0.90 compared to loss per share of $0.93 for the same period of last year.
  • Adjusted net income was $36.7 million, or $0.97 per share, for the twelve months ended December 31, 2022 compared to adjusted net income of $10.2 million, or $0.27 per share, for the same period of last year.
  • EBITDA for the twelve months ended December 31, 2022 amounted to $73.0 million. An average of 34.8 vessels were owned by the Company during the twelve months ended December 31, 2022, compared to 41.3 vessels for the same period of 2021.
  • As of December 31, 2022, cash and cash equivalents including short-term investments amounted to $82.3 million and total debt net of deferred finance charges amounted to $277.1 million.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements (of three or more months duration):  

  • A three years time charter extension for its 2015 built LPG carrier Eco Universe, until Mar 2026.
  • A twelve months time charter extension for its 2018 built LPG carrier Eco Freeze, until Jun 2024.
  • A twelve months time charter extension for its 2016 built LPG carrier Eco Dominator, until Mar 2024.
  • A twelve months time charter extension for its 2015 built LPG carrier Eco Nemesis, until Mar 2024.
  • A twelve months consecutive voyage charters for its 2015 built LPG carrier Eco Dream, until Dec 2023.
  • A six or twelve months time charter for its 2015 built LPG carrier Eco Czar, until Jun 2023 or Dec 2023, option to be declared.
  • A three months time charter for its 2009 built LPG carrier Gas Astrid, until Mar 2023.
  • A three months time charter for its 2011 built LPG carrier Gas Cerberus, until Feb 2023.

As of February 2023, the Company has total contracted revenues of approximately $105 million.

For the remainder of the year 2023, the Company has about 55% of fleet days secured under period contracts, with contracted revenues of approximately $80 million.

In addition, the following chartering arrangements were concluded on the joint venture vessels:

  • A twelve months time charter for the 2008 built LPG carrier the Gas Shuriken, until Dec 2023.
  • A six months time charter for the 2008 built LPG carrier the Gas Defiance, until Jul 2023.

The Company also announced the sale of three of its oldest vessels, the 2003 built Gas Prodigy, the 2001 built Gas Spirit and the 1997 built Gas Galaxy to third parties. The deliveries of Gas Prodigy and Gas Spirit were successfully concluded in January 2023, and the Gas Galaxy is expected to be delivered in March 2023. All vessels were unencumbered and the sale proceeds will be reflected in the cashflow results of Q1 23’. At the end of Q4 22’ the Gas Prodigy and the Gas Spirit were accounted for as “Held for Sale” and the Company recognized an impairment loss of $2.6 million related to the forthcoming sales.

Subsequent Events

The scheduled delivery of our two contracted 40,000 cbm Medium Gas Carriers has been revised, due to shipyard delays, to Q4 2023 and Q1 2024, respectively.

The third 40,000 cbm Medium Gas Carrier belonging to the joint-venture has also had its scheduled delivery revised to Q4 2023. 

CEO Harry Vafias Commented

I am very pleased to report best ever annual profit for StealthGas. In a difficult environment with rising interest rates and a smaller fleet, we managed to earn total net income of $34.3 million or $0.90 per share. Our adjusted EPS for Q4 22’ was 4 times higher than the adjusted EPS for Q4 21’, our total cash doubled from $45.7 million at prior year end to $95.7 million at December 31, 2022, while our total assets were $821.5 million at December 31, 2022 with only $303.6 million in total liabilities! These results give us the energy we all need to continue to push for more noteworthy results and to strengthen the Company and our balance sheet even further!

Conference Call details:

On February 21, 2023 at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

Online Registration:
https://register.vevent.com/register/BI9c0269cab09849a59a121c958bdd641c

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

About STEALTHGAS INC.

StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 38 LPG carriers, including six Joint Venture vessels in the water, and three 40,000 cbm newbuilding Medium Gas Carriers (one owned through Joint Venture) to be delivered by the end of Q12024. These LPG vessels have a total capacity of 456,367 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

Visit our website at www.stealthgas.com

Forward-Looking Statements

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

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

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

Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2021 and December 31, 2022.

FLEET DATA Q4 2021 Q4 2022 12M 2021 12M 2022
Average number of vessels (1) 39.74   34.00   41.29   34.76  
Period end number of owned vessels in fleet 37   34   37   34  
Total calendar days for fleet (2) 3,656   3,128   15,071   12,687  
Total voyage days for fleet (3) 3,594   3,118   14,786   12,538  
Fleet utilization (4) 98.3 % 99.7 % 98.1 % 98.8 %
Total charter days for fleet (5) 3,107   2,522   11,714   10,336  
Total spot market days for fleet (6) 487   596   3,072   2,202  
Fleet operational utilization (7) 96.1 % 96.5 % 94.9 % 93.5 %

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

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

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

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

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

(Expressed in United States Dollars,
except number of shares)
Fourth Quarter Ended
December 31st,
Twelve Months Period Ended
December 31st,
  2021 2022 2021 2022
Net (loss)/income – Adjusted Net Income        
Net (loss)/income (38,732,353 ) 7,700,841   (35,123,208 ) 34,253,365  
Less/Plus (gain)/loss on derivatives (222,365 ) 80,847   (240,153 ) (1,698,462 )
Plus swap interest received   91,486     1,061  
Plus net loss on sale of vessels, net     304,210   408,637  
Plus impairment loss 41,519,823   2,637,502   44,616,214   3,167,034  
Plus share based compensation 256,586   85,528   610,788   610,788  
Adjusted Net Income 2,821,691   10,596,204   10,167,851   36,742,423  
         
Net (loss)/income – EBITDA        
Net (loss)/income (38,732,353 ) 7,700,841   (35,123,208 ) 34,253,365  
Plus interest and finance costs 3,149,967   3,407,580   12,678,101   12,076,300  
Less interest income (23,400 ) (720,596 ) (26,379 ) (1,098,789 )
Plus depreciation 8,638,329   6,832,886   37,125,903   27,814,901  
EBITDA (26,967,457 ) 17,220,711   14,654,417   73,045,777  
         
Net (loss)/income – Adjusted EBITDA        
Net (loss)/income (38,732,353 ) 7,700,841   (35,123,208 ) 34,253,365  
Less/Plus (gain)/loss on derivatives (222,365 ) 80,847   (240,153 ) (1,698,462 )
Plus net loss on sale of vessels, net     304,210   408,637  
Plus impairment loss 41,519,823   2,637,502   44,616,214   3,167,034  
Plus share based compensation 256,586   85,528   610,788   610,788  
Plus interest and finance costs 3,149,967   3,407,580   12,678,101   12,076,300  
Less interest income (23,400 ) (720,596 ) (26,379 ) (1,098,789 )
Plus depreciation 8,638,329   6,832,886   37,125,903   27,814,901  
Adjusted EBITDA 14,586,587   20,024,588   59,945,476   75,533,774  
         
EPS – Adjusted EPS        
Net (loss)/income (38,732,353 ) 7,700,841   (35,123,208 ) 34,253,365  
Adjusted net income 2,821,691   10,596,204   10,167,851   36,806,262  
Weighted average number of shares – basic 37,858,437   38,030,309   37,858,437   37,961,560  
Weighted average number of shares – diluted 37,858,437   38,030,759   37,858,437   37,961,673  
EPS – Basic and Diluted (1.02 ) 0.20   (0.93 ) 0.90  
Adjusted EPS 0.07   0.28   0.27   0.97  
                 

 
StealthGas Inc.
Unaudited Consolidated Statements of Operations
(Expressed in United States Dollars, except for number of shares)
 
    Quarters Ended
December 31,
Twelve Month Periods Ended
December 31,
    2021   2022   2021   2022
           
Revenues                
Revenues   36,053,396     42,729,385     150,204,527     152,760,888  
                 
Expenses                
Voyage expenses   4,349,018     6,011,304     20,342,186     20,306,407  
Voyage expenses – related party   448,803     516,519     1,867,100     1,871,071  
Vessels’ operating expenses   14,833,968     14,349,035     60,443,813     53,909,328  
Vessels’ operating expenses – related party 256,500     261,000     1,065,750     1,035,450  
Drydocking costs   853,546     607,223     5,285,490     2,954,575  
Management fees – related party   1,413,996     1,332,160     5,831,900     5,242,990  
General and administrative expenses 1,286,731     815,631     4,337,013     3,404,141  
Depreciation   8,638,329     6,832,886     37,125,903     27,814,901  
Impairment loss   41,519,823     2,637,502     44,616,214     3,167,034  
Net loss on sale of vessels           304,210     408,637  
Total expenses   73,600,714     33,363,260     181,219,579     120,114,534  
                 
(Loss)/Income from operations   (37,547,318 )   9,366,125     (31,015,052 )   32,646,354  
                 
Other (expenses)/income                
Interest and finance costs   (3,149,967 )   (3,407,580 )   (12,678,101 )   (12,076,300 )
Gain/(loss) on derivatives   222,365     (80,847 )   240,153     1,698,462  
Interest income 23,400     720,596     26,379     1,098,789  
Foreign exchange gain/(loss)   30,604     (59,684 )   (23,288 )   23,373  
Other expenses, net   (2,873,598 )   (2,827,515 )   (12,434,857 )   (9,255,676 )
                 
(Loss)/Income before equity in earnings of investees (40,420,916 )   6,538,610     (43,449,909 )   23,390,678  
Equity earnings in joint ventures   1,688,563     1,162,231     8,326,701     10,862,687  
Net (Loss)/Income   (38,732,353 )   7,700,841     (35,123,208 )   34,253,365  
                 
(Loss)/Earnings per share                
– Basic & Diluted   (1.02 )   0.20     (0.93 )   0.90  
                 
Weighted average number of shares              
– Basic   37,858,437     38,030,309     37,858,437     37,961,560  
-Diluted   37,858,437     38,030,759     37,858,437     37,961,673  
                 

 
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
 
    December 31,   December 31,
    2021   2022
         
Assets        
Current assets        
Cash and cash equivalents   31,304,151     55,770,823  
Short-term investments       26,500,000  
Receivables from related party   63,767      
Trade and other receivables   2,117,636     4,630,536  
Other current assets   298,984     270,514  
Claims receivable   62,652     182,141  
Inventories   2,772,532     3,064,011  
Advances and prepayments   637,881     681,413  
Restricted cash   2,198,775     2,519,601  
Assets held for sale   12,250,000     11,107,182  
Total current assets   51,706,378     104,726,221  
         
Non current assets        
Advances for vessel acquisitions       23,400,000  
Operating lease right-of-use assets   104,168      
Vessels, net   681,337,153     628,478,453  
Other receivables       162,872  
Restricted cash   12,197,611     10,864,520  
Investments in joint ventures   53,323,032     46,632,720  
Deferred finance charges     165,666  
Fair value of derivatives       7,102,855  
Total non current assets   746,961,964     716,807,086  
Total assets   798,668,342     821,533,307  
         
Liabilities and Stockholders’ Equity        
Current liabilities        
Payable to related parties   1,491,705     2,476,663  
Trade accounts payable   8,592,124     11,838,243  
Accrued and other liabilities   3,842,879     6,923,992  
Operating lease liabilities   104,168      
Deferred income   5,666,285     5,234,978  
Current portion of long-term debt   31,836,619     30,083,806  
Current portion of long-term debt associated with vessel held for sale 7,173,988      
Total current liabilities   58,707,768     56,557,682  
         
Non current liabilities        
Fair value of derivatives   3,151,880      
Deferred income   76,949     21,451  
Long-term debt   261,960,975     247,028,823  
Total non current liabilities   265,189,804     247,050,274  
Total liabilities   323,897,572     303,607,956  
         
Commitments and contingencies        
         
Stockholders’ equity        
Capital stock 435,274     435,274  
Treasury stock   (25,373,380 )   (25,373,380 )
Additional paid-in capital   443,009,334     443,620,122  
Retained earnings   59,803,487     94,056,852  
Accumulated other comprehensive (loss)/income (3,103,945 )   5,186,483  
Total stockholders’ equity   474,770,770     517,925,351  
Total liabilities and stockholders’ equity 798,668,342     821,533,307  
           

 
StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
 
    Twelve Month Periods Ended
December 31,
    2021   2022
Cash flows from operating activities        
Net (loss)/income for the year   (35,123,208 )   34,253,365  
         
Adjustments to reconcile net (loss)/income to net cash        
  provided by operating activities:        
Depreciation   37,125,903     27,814,901  
Amortization of deferred finance charges   1,157,804     855,472  
Amortization of operating lease right-of-use assets   89,638     104,168  
Share based compensation   610,788     610,788  
Change in fair value of derivatives   (240,153 )   (1,964,307 )
Equity earnings in joint ventures   (8,326,701 )   (10,862,687 )
Dividends received from joint ventures       9,486,900  
Impairment loss   44,616,214     3,167,034  
Net loss on sale of vessels   304,210     408,637  
         
Changes in operating assets and liabilities:        
(Increase)/decrease in        
Trade and other receivables   (977,005 )   (2,675,772 )
Other current assets   10,624     28,470  
Claims receivable   57,895     (500,249 )
Inventories   644,079     (819,065 )
Changes in operating lease liabilities   (89,638 )   (104,168 )
Advances and prepayments   (100,482 )   (43,532 )
Increase/(decrease) in        
Balances with related parties   (3,231,923 )   2,185,408  
Trade accounts payable   262,569     3,328,208  
Accrued liabilities   557,086     1,775,447  
Deferred income   3,690,981     (486,805 )
Net cash provided by operating activities   41,038,681     66,562,213  
         
Cash flows from investing activities        
Insurance proceeds       380,760  
Advances for vessels acquisitions and improvement of vessels   (25,224,746 )   (24,230,937 )
Proceeds from sale of vessels, net   7,795,790     25,027,379  
Increase in short-term investments       (26,500,000 )
Investment in joint ventures   (3,348,675 )    
Return of investments from joint ventures   1,530,000     8,066,100  
Net cash used in investing activities   (19,247,631 )   (17,256,698 )
         
Cash flows from financing activities        
Deferred finance charges paid   (1,463,766 )   (534,600 )
Advances from joint ventures       4,428,713  
Advances to joint ventures       (5,565,396 )
Customer deposits paid   (600,000 )    
Loan repayments   (173,012,428 )   (83,579,825 )
Proceeds from long-term debt   150,650,000     59,400,000  
Cash retained by Imperial Petroleum Inc. at spin-off   (4,704,521 )    
Net cash used in financing activities   (29,130,715 )   (25,851,108 )
         
Net (decrease)/increase in cash, cash equivalents and restricted cash   (7,339,665 )   23,454,407  
Cash, cash equivalents and restricted cash at beginning of year   53,040,202     45,700,537  
Cash, cash equivalents and restricted cash at end of year   45,700,537     69,154,944  
Cash breakdown        
Cash and cash equivalents   31,304,151     55,770,823  
Restricted cash, current   2,198,775     2,519,601  
Restricted cash, non current   12,197,611     10,864,520  
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 45,700,537     69,154,944  


Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More