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STEALTHGAS INC. Reports Third Quarter and Nine Months 2023 Financial and Operating Results
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STEALTHGAS INC. Reports Third Quarter and Nine Months 2023 Financial and Operating Results

ATHENS, Greece, Nov. 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 third quarter and nine months ended September 30, 2023.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • All-time record Net Income of $43.0 million for the nine-month period corresponding to a basic EPS of $1.12. Strong profitability continued for the third quarter with Net Income of $15.7 million for the three-month period corresponding to a basic EPS of $0.41, a 134% increase compared to last year.
  • Significantly increased period coverage. About 50% of fleet days for 2024 are secured on period charters, with total fleet employment days for all subsequent periods generating approximately $195 million (excl. JV vessels) in contracted revenues.
  • Expanded the share repurchase program by an additional $10 million for a total of $25 million. To date, 3.9 million shares have been repurchased, more than 10% of the outstanding shares.
  • Massively reduced debt by $149.4 million from $277.1 million as of December 31, 2022, net of deferred finance charges, to $127.7 million as of September 30, 2023.
  • Revenues at $34.7 million for Q3 23’ despite having reduced the number of vessels in the fleet from 34 vessels at the end of Q3 22’ to 27 vessels at the end of Q3 23’.

Third Quarter 2023 Results:

  • Revenues for the three months ended September 30, 2023 amounted to $34.7 million compared to revenues of $34.9 million for the three months ended September 30, 2022, a decrease of $0.2 million, or 1%, while the fleet over the corresponding periods was reduced from 34 vessels at the end of Q3 2022 to 27 vessels at the end of Q3 2023 so the vessels remaining in the fleet saw a rise in revenues due to better market conditions.
  • Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2023 were $2.4 million and $12.3 million, respectively, compared to $6.8 million and $14.1 million, respectively, for the three months ended September 30, 2022. The $4.4 million, or 65%, decrease in voyage expenses was the result of lower spot voyage days, while the $1.8 million, or 13%, decrease in vessels’ operating expenses was mainly due to the decrease in the average number of owned vessels in our fleet.
  • Drydocking costs for the three months ended September 30, 2023 and 2022 were $0.1 million and $1.8 million, respectively. Drydocking expenses during the third quarter of 2023 mainly relate to the preparation for drydocking of one vessel, compared to the drydocking of four vessels in the same period of last year.
  • Management fees for the three months ended September 30, 2023 and 2022 were $1.1 million and $1.3 million, respectively. The change is attributed to the decrease in the average number of owned vessels in our fleet.
  • General and administrative expenses for the three months ended September 30, 2023 and 2022 were $1.7 million and $0.8 million, respectively. The change is mainly attributed to the increase in stock based compensation expense.
  • Depreciation for the three months ended September 30, 2023 and 2022 was $5.5 million and $6.9 million, respectively, as the number of our vessels declined.
  • Gain on sale of vessels for the three months ended September 30, 2023 was $4.7 million which was due to the sale of two of the Company’s vessels.
  • Interest and finance costs for the three months ended September 30, 2023 and 2022, were $2.5 million and $3.5 million, respectively. The $1.0 million, or 29%, decrease from the same period of last year is mostly due to the reduction in debt outstanding despite increases in variable interest rates as well as profits from closing of swap positions due to debt prepayments.
  • Interest income for the three months ended September 30, 2023 and 2022 was $0.8 million and $0.3 million, respectively. The increase is mainly attributed to increases in interest rates over the corresponding period.
  • Equity earnings in joint ventures for the three months ended September 30, 2023 and 2022 was a gain of $0.9 million and $6.1 million, respectively. The $5.2 million decrease was mainly due to the gain from a sale of a vessel that was recorded in one of the joint ventures during the three months ended September 30, 2022.
  • As a result of the above, for the three months ended September 30, 2023, the Company reported net income of $15.7 million, compared to net income of $6.7 million for the three months ended September 30, 2022 an increase of $9.0 million, or 134%. The weighted average number of shares outstanding, basic, for the three months ended September 30, 2023 and 2022 was 37.3 million and 37.9 million, respectively.
  • Earnings per share, basic, for the three months ended September 30, 2023 amounted to $0.41 compared to earnings per share of $0.18 for the same period of last year.
  • Adjusted net income1 was $12.0 million corresponding to an Adjusted EPS1 of $0.31 for the three months ended September 30, 2023 compared to Adjusted net income of $6.1 million corresponding to an Adjusted EPS of $0.16 for the same period of last year, an increase in Adjusted net income of $5.9 million, or 97%.
  • EBITDA1 for the three months ended September 30, 2023 amounted to $22.9 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA1 to Net Income are set forth below.
  • An average of 27.6 vessels were owned by the Company during the three months ended September 30, 2023 compared to 34.0 vessels for the same period of 2022.

______________________________
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.

Nine Months 2023 Results:

  • Revenues for the nine months ended September 30, 2023 amounted to $109.4 million, a decrease of $0.6 million, or 0.5%, compared to revenues of $110.0 million for the nine months ended September 30, 2022, primarily due to reduction in the fleet size.
  • Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2023 were $9.9 million and $40.2 million, respectively, compared to $15.6 million and $40.3 million for the nine months ended September 30, 2022. The $5.7 million, or 37%, decrease in voyage expenses was mainly due to the decrease in spot days. The $0.1 million decrease in vessels’ operating expenses despite the reduction in fleet size was primarily the result of cost overruns in certain cost categories like spares and crew and was more pronounced during the Q1 23’ and less so during Q3 23’.
  • Drydocking costs for the nine months ended September 30, 2023 and 2022 were $2.6 million and $2.3 million, respectively. The costs for the nine months ended September 30, 2023 mainly related to the completed drydocking of three of the larger handysize vessels, while the costs for the same period of last year related to the drydocking of five vessels.
  • General and administrative expenses for the nine months ended September 30, 2023 and 2022 were $3.7 million and $2.6 million, respectively. The change is mainly attributed to the increase in stock based compensation expense.
  • Depreciation for the nine months ended September 30, 2023 was $18.1 million, a $2.9 million decrease from $21.0 million for the same period of last year, due to the decrease in the average number of our vessels.
  • Impairment loss for the nine months ended September 30, 2023 was $2.8 million relating to two vessels, for which the Company has entered into separate agreements to sell them to third parties.
    Impairment loss for the nine months ended September 30, 2022 was $0.5 million relating to one vessel, for which the Company had entered into an agreement to sell and subsequently delivered to its new owner.
  • Gain on sale of vessels for the nine months ended September 30, 2023 was $7.6 million, which was primarily due to the sale of seven of the Company’s vessels.
  • Interest and finance costs for the nine months ended September 30, 2023 and 2022 were $7.6 million and $8.7 million respectively. Despite increases in interest rates during that period, interest costs fell mainly due to the decrease of our outstanding indebtedness.
  • Interest income for the nine months ended September 30, 2023 and 2022 was $2.8 million and $0.4 million, respectively. The six fold increase is mainly attributed to increases in interest rates and in our average cash and cash equivalents including deposits over the corresponding period.
  • Equity earnings in joint ventures for the nine months ended September 30, 2023 and 2022 was a gain of $11.4 million and a gain of $9.7 million, respectively. The $1.7 million increase from the same period of last year is mainly due to a gain on sale of one of the Medium Gas carriers owned by one of our joint ventures.
  • As a result of the above, the Company reported a net income for the nine months ended September 30, 2023 of $43.0 million, compared to a net income of $26.6 million for the nine months ended September 30, 2022 an increase of $16.4 million, or 62%. The weighted average number of shares outstanding, basic, as of September 30, 2023 and 2022 was 37.8 million and 37.9 million, respectively.
  • Earnings per share, basic, for the nine months ended September 30, 2023 amounted to $1.12 compared to earnings per share, basic, of $0.70 for the same period of last year.
  • Adjusted net income was $40.0 million, or $1.04 per share, for the nine months ended September 30, 2023 compared to adjusted net income of $26.1 million, or $0.69 per share, for the same period of last year, an increase of $13.9 million, or 53%.
  • EBITDA for the nine months ended September 30, 2023 amounted to $66.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 30.1 vessels were owned by the Company during the nine months ended September 30, 2023, compared to 35.0 vessels for the same period of 2022.
  • As of September 30, 2023, cash and cash equivalents (including restricted cash) amounted to $79.8 million and total debt amounted to $127.7 million.

Fleet Update Since Previous Announcement

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

·  A three-year time charter extension for its 2018 built LPG carrier Eco Freeze, until May 2027.

·  A three-year time charter extension for its 2018 built LPG carrier Eco Ice, until Sep 2027.

·  A three-year time charter extension for its 2011 built LPG carrier Gas Myth, until Jan 2027.

·  A twelve months time charter extension for its 2007 built LPG carrier Gas Flawless, until Dec 2024.

·  A twelve months time charter extension for its 2014 built LPG carrier Eco Invictus, until Oct 2024.

·  A twelve months time charter extension for its 2021 built LPG carrier Eco Blizzard, until Oct 2024.

·  A six months time charter extension for its 2016 built LPG carrier Eco Nical, until Apr 2024.

·  A six months time charter extension for its 2016 built LPG carrier Eco Alice, until Mar 2024.

·  A six months time charter for its 2018 built LPG carrier Eco Arctic, until Mar 2024.

·  A twelve months time charter for its LPG carrier Eco Oracle, to be delivered in Jan 2024.

·  A twelve months time charter for its LPG carrier Eco Wizard, to be delivered in Jan 2024.

As of November 2023, the Company has total contracted revenues of approximately $195 million.

For the remainder of the year 2023, the Company has about 85% of fleet days secured under period contracts, and 50% for the year 2024.

On October 6, 2023, the 40,000 cbm vessel newbuilding Eco Sorcerer was delivered in Korea to our joint venture. The vessel has been deployed on a twelve-month time charter.

Board Chairman Michael Jolliffe Commented

2023 has turned out to be a tremendous year for gas shipping overall and especially for StealthGas. So far for the first nine months of 2023 we have reported our strongest performance on record, with a basic EPS of $1.12. For the third quarter, in what normally would be a seasonally weak quarter, we reported net income of $15.7 million, the second-best quarter on record, only surpassed by the first quarter of this year. As the market is firming we took advantage of the momentum and entered into a number of long period charters some with durations as long as three years thus securing part of our future revenues. We have thus extended the duration of our contract coverage to over 50% for 2024.

Also part of our strategy is deleveraging, and so far during this year we have more than halved our outstanding debt, repaying $151 million and greatly reducing our interest rate expenses in the process while at the same time keeping 15 out of the 27 vessels debt-free. At the same time we sought to expand the repurchase of shares with an additional $10 million as we used the initial $15 million, and during a short period of time we have so far repurchased over 10% of the outstanding shares with the aim to return value to our shareholders. The market remains firm as we are entering the seasonally stronger winter months and is buoyant for the larger sized vessels, in what we hope will prove a well-timed diversification of the fleet with the addition of larger sized vessels. We believe we are well positioned to benefit from strong markets and to continue to generate shareholder value.

Conference Call details:

On November 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/BIc9d639270b9242e791b8bf60598acfb3

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 33 LPG carriers, including six Joint Venture vessels in the water, and two 40,000 cbm newbuilding Medium Gas Carriers to be delivered by the end of Q1 2024. These LPG vessels have a total capacity of 397,747 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 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 any resurgence of the COVID-19 pandemic, 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, the conflict in Israel and Gaza, 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 September 30, 2022 and September 30, 2023.

FLEET DATA Q3 2022 Q3 2023 9M 2022 9M 2023
Average number of vessels (1) 34.0   27.6   35.0   30.1  
Period end number of owned vessels in fleet 34   27   34   27  
Total calendar days for fleet (2) 3,128   2,537   9,559   8,214  
Total voyage days for fleet (3) 3,028   2,529   9,420   8,125  
Fleet utilization (4) 96.8%   99.7%   98.5%   98.9%  
Total charter days for fleet (5) 2,185   2,351   7,814   7,337  
Total spot market days for fleet (6) 843   178   1,606   788  
Fleet operational utilization (7) 87.9%   96.9%   92.5%   96.6%  

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 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 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)
Third Quarter Ended
September 30th,
Nine Months Period Ended
September 30th,
  2022   2023   2022   2023  
Net Income – Adjusted Net Income        
Net income 6,733,657   15,740,616   26,552,524   43,047,783  
Less gain on derivatives (713,507 ) (197,247 ) (1,779,309 ) (493,355 )
(Less)/Plus swap interest (paid)/received (8,844 ) 217,754   (90,425 ) 607,042  
(Less)/Plus (gain)/loss on sale of vessels, net   (4,719,796 ) 408,637   (7,645,781 )
Plus impairment loss     529,532   2,816,873  
Plus share based compensation 85,529   920,688   525,260   1,649,189  
Adjusted Net Income 6,096,835   11,962,015   26,146,219   39,981,751  
         
Net income – EBITDA        
Net income 6,733,657   15,740,616   26,552,524   43,047,783  
Plus interest and finance costs 3,549,687   2,481,489   8,668,720   7,612,283  
Less interest income (306,815 ) (834,799 ) (378,193 ) (2,759,952 )
Plus depreciation 6,929,887   5,549,825   20,982,015   18,141,842  
EBITDA 16,906,416   22,937,131   55,825,066   66,041,956  
         
Net income – Adjusted EBITDA        
Net income 6,733,657   15,740,616   26,552,524   43,047,783  
Less gain on derivatives (713,507 ) (197,247 ) (1,779,309 ) (493,355 )
(Less)/Plus (gain)/loss on sale of vessels, net   (4,719,796 ) 408,637   (7,645,781 )
Plus impairment loss     529,532   2,816,873  
Plus share based compensation 85,529   920,688   525,260   1,649,189  
Plus interest and finance costs 3,549,687   2,481,489   8,668,720   7,612,283  
Less interest income (306,815 ) (834,799 ) (378,193 ) (2,759,952 )
Plus depreciation 6,929,887   5,549,825   20,982,015   18,141,842  
Adjusted EBITDA 16,278,438   18,940,776   55,509,186   62,368,882  
         
EPS – Adjusted EPS        
Net income 6,733,657   15,740,616   26,552,524   43,047,783  
Adjusted net income 6,096,835   11,962,015   26,146,219   39,981,751  
Weighted average number of shares, basic 37,924,542   37,332,943   37,891,672   37,815,107  
EPS – Basic 0.18   0.41   0.70   1.12  
Adjusted EPS 0.16   0.31   0.69   1.04  
                 

StealthGas Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)

          Quarters Ended
September 30,
  Nine Month Periods Ended
September 30,
          2022     2023     2022     2023  
                   
Revenues                    
  Revenues     34,885,398     34,653,846     110,031,503     109,388,521  
                       
Expenses                    
  Voyage expenses     6,342,084     1,951,151     14,295,103     8,550,984  
  Voyage expenses – related party   431,035     426,428     1,354,552     1,353,380  
  Vessels’ operating expenses   13,862,097     12,102,515     39,560,293     39,516,125  
  Vessels’ operating expenses – related party 259,500     199,000     774,450     703,000  
  Drydocking costs     1,770,727     62,409     2,347,352     2,614,010  
  Management fees – related party   1,338,145     1,072,119     3,910,830     3,483,120  
  General and administrative expenses   820,599     1,652,958     2,588,510     3,673,358  
  Depreciation     6,929,887     5,549,825     20,982,015     18,141,842  
  Impairment loss             529,532     2,816,873  
  Net (gain)/loss on sale of vessels       (4,719,796 )   408,637     (7,645,781 )
Total expenses     31,754,074     18,296,609     86,751,274     73,206,911  
                       
Income from operations     3,131,324     16,357,237     23,280,229     36,181,610  
                       
Other (expenses)/income                  
  Interest and finance costs   (3,549,687 )   (2,481,489 )   (8,668,720 )   (7,612,283 )
  Gain on derivatives     713,507     197,247     1,779,309     493,355  
  Interest income 306,815     834,799     378,193     2,759,952  
  Foreign exchange gain/(loss)     38,352     (29,894 )   83,057     (162,893 )
Other expenses, net     (2,491,013 )   (1,479,337 )   (6,428,161 )   (4,521,869 )
                       
Income before equity in earnings of investees 640,311     14,877,900     16,852,068     31,659,741  
Equity earnings in joint ventures   6,093,346     862,716     9,700,456     11,388,042  
Net Income     6,733,657     15,740,616     26,552,524     43,047,783  
                       
Earnings per share                  
– Basic & Diluted     0.18     0.41     0.70     1.12  
                       
Weighted average number of shares                
– Basic     37,924,542     37,332,943     37,891,672     37,815,107  
– Diluted     37,924,542     37,436,333     37,891,672     37,855,518  
 


StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)

            December 31,   September 30,
            2022     2023  
                 
Assets              
Current assets            
  Cash and cash equivalents     55,770,823     73,216,142  
  Short term investments     26,500,000      
  Trade and other receivables     4,630,536     3,754,076  
  Other current assets       270,514     43,224  
  Claims receivable       182,141     55,475  
  Inventories       3,064,011     1,844,197  
  Advances and prepayments     681,413     1,669,215  
  Restricted cash       2,519,601     667,458  
  Vessel held for sale       11,107,182     34,879,925  
Total current assets       104,726,221     116,129,712  
                 
Non current assets            
  Advances for vessel acquisitions     23,400,000     23,400,000  
  Operating lease right-of-use assets         124,268  
  Vessels, net       628,478,453     509,862,136  
  Other receivables       162,872     44,046  
  Restricted cash       10,864,520     5,916,169  
  Investments in joint ventures     46,632,720     38,742,762  
  Deferred finance charges     165,666     1,015,456  
  Fair value of derivatives         7,102,855     2,711,898  
Total non current assets     716,807,086     581,816,735  
Total assets       821,533,307     697,946,447  
                 
Liabilities and Stockholders’ Equity          
Current liabilities            
  Payable to related parties     2,476,663     2,119,288  
  Trade accounts payable     11,838,243     9,112,796  
  Accrued liabilities       6,923,992     4,468,024  
  Operating lease liabilities         96,062  
  Deferred income       5,234,978     3,839,245  
  Current portion of long-term debt     30,083,806     16,614,811  
Total current liabilities       56,557,682     36,250,226  
                 
Non current liabilities            
  Operating lease liabilities         28,206  
  Deferred income       21,451     109,734  
  Long-term debt       247,028,823     111,077,917  
Total non current liabilities     247,050,274     111,215,857  
Total liabilities       303,607,956     147,466,083  
                 
Commitments and contingencies          
                 
Stockholders’ equity            
  Capital stock       435,274     445,104  
  Treasury stock       (25,373,380 )   (34,189,223 )
  Additional paid-in capital     443,620,122     446,006,981  
  Retained earnings       94,056,852     137,104,635  
  Accumulated other comprehensive income   5,186,483     1,112,867  
Total stockholders’ equity     517,925,351     550,480,364  
Total liabilities and stockholders’ equity   821,533,307     697,946,447  
 


StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)

              Nine Month Periods Ended
September 30,
              2022     2023  
Cash flows from operating activities            
  Net income for the period       26,552,524     43,047,783  
                   
Adjustments to reconcile net income to net cash          
provided by operating activities:            
  Depreciation         20,982,015     18,141,842  
  Amortization of deferred finance charges     698,877     1,263,253  
  Amortization of operating lease right-of-use assets     63,026     70,636  
  Share based compensation       525,260     1,649,189  
  Change in fair value of derivatives       (1,869,734 )   317,341  
  Equity earnings in joint ventures       (9,700,456 )   (11,388,042 )
  Dividends received from joint ventures       9,486,900     14,589,215  
  Impairment loss         529,532     2,816,873  
  Loss/(Gain) on sale of vessels       408,637     (7,645,781 )
                   
Changes in operating assets and liabilities:          
  (Increase)/decrease in              
  Trade and other receivables       (1,312,432 )   995,286  
  Other current assets         (138,561 )   227,290  
  Claims receivable         (500,249 )    
  Inventories         (2,786,366 )   1,500,675  
  Changes in operating lease liabilities       (63,026 )   (70,636 )
  Advances and prepayments       (631,944 )   (987,802 )
  Increase/(decrease) in              
  Balances with related parties       3,617,682     (354,739 )
  Trade accounts payable       3,449,280     (2,653,718 )
  Accrued liabilities         1,353,075     (1,206,302 )
  Deferred income         (665,410 )   (1,307,450 )
Net cash provided by operating activities       49,998,630     59,004,913  
                   
Cash flows from investing activities            
  Insurance proceeds         282,787     126,666  
  Advances for vessels acquisitions       (23,400,000 )    
  Proceeds from sale of vessels, net       23,887,379     80,109,781  
  Acquisition and improvement of vessels         (780,217 )   (71,729 )
  Maturity in short term investments       8,066,100     26,500,000  
  Advances to joint ventures           (2,636 )
  Return of investments from joint ventures         4,688,785  
Net cash provided by investing activities       8,056,049     111,350,867  
                   
Cash flows from financing activities            
  Additional paid-in capital           747,500  
  Stock repurchase             (8,815,843 )
  Deferred finance charges paid       (534,600 )   (988,166 )
  Advances from joint ventures       3,129,801      
  Advances to joint ventures       (4,266,484 )    
  Loan repayments         (75,913,139 )   (150,654,446 )
  Proceeds from long-term debt       59,400,000      
Net cash used in financing activities       (18,184,422 )   (159,710,955 )
                   
Net increase in cash, cash equivalents and restricted cash     39,870,257     10,644,825  
Cash, cash equivalents and restricted cash at beginning of year     45,700,537     69,154,944  
Cash, cash equivalents and restricted cash at end of period     85,570,794     79,799,769  
Cash breakdown              
  Cash and cash equivalents       72,660,000     73,216,142  
  Restricted cash, current       2,335,892     667,458  
  Restricted cash, non current       10,574,902     5,916,169  
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 85,570,794     79,799,769  

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