STEALTHGAS INC. REPORTS FOURTH QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2017 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, February 22, 2018. STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily 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, 2017.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

 

  • Operational utilization of 97.2% in Q4 ‘17 (94.2% in Q4 ‘16).
  • Commercial off hire days reduced by about 58% on a year on year basis.
  • 65% of fleet days secured on period charters for the remainder of 2018, with a total of approximately $196 million in contracted revenues.
  • Successful delivery of two more 22K semi ref newbuild vessels, the Eco Ice and the Eco Arctic in January 2018 increasing our asset base to around $ 1.1 billion.
  • Reduction of fleet average age, following our new deliveries and the sale of older vessels from 9.6 years at the beginning of 2017 to 9.2 years to date.
  • Revenues of $38.4 million in Q4 ‘17, an increase of 2.4% compared to Q4 ‘16
  • Net income of approximately $750 thousand in Q4 ‘17 compared to $4.4 million loss in Q4 ‘16.
  • EBITDA of $14.9 million in Q4 ‘17 compared to $ 9.3 million in Q4 ‘16.
  • Low gearing as debt to assets stands at about 39%.
  • Cash on hand of about $51.8 million, with operating cash flow of $52.4 million.

 

Fourth Quarter 2017 Results:

  • Revenues for the three months ended December 31, 2017 amounted to $38.4 million, an increase of $0.9 million, or 2.4%, compared to revenues of $37.5 million for the three months ended December 31, 2016, mainly due to increased fleet operational utilization and an increase in market rates, which were partially offset by a reduced number of vessels in the fleet and lower tanker rates.
  • Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2017 were $3.9 million and $15.0 million respectively, compared to $3.7 million and $14.5 million respectively, for the three months ended December 31, 2016. The $0.2 million increase in voyage expenses was mainly attributed to a quarter on quarter increase of average bunker prices by 19%. The 3.4% increase in vessels’ operating expenses compared to the same period of 2016 was mostly due to the operation of larger vessels in the time charter and spot market (one product tanker and one 22,000 cbm LPG vessel), and increased maintenance costs for some vessels of our fleet. Inversely these were partly offset by the lower average number of vessels compared to the same quarter of 2016.
  • Drydocking costs for the three months ended December 31, 2017 and 2016 were $1.0 million and $0.4 million, respectively. The costs for the fourth quarter of 2017 corresponded to the drydocking of two vessels, while in the same period of 2016 the Company completed the drydocking of one vessel.
  • Depreciation for the three months ended December 31, 2017 was $9.7 million, a $0.2 million decrease from $9.9 million for the same period of last year. This decrease was due to the net reduction of three vessels from our fleet.
  • Included in the fourth quarter 2017 results were net losses from interest rate derivative instruments of $0.1 million compared to net losses of $0.2 million in the same period of last year. Interest paid on interest rate derivative instruments amounted to $0.1 million compared to $0.2 million in the same period of last year.
  • As a result of the above, for the three months ended December 31, 2017, the Company reported a net income of $0.7 million, compared to a net loss of $4.4 million for the three months ended December 31, 2016. The weighted average number of shares for the three months ended December 31, 2017 and 2016 was 39.8 million. Earnings per share, basic and diluted, for the three months ended December 31, 2017 amounted to $0.02 compared to loss per share of $0.11 for the same period of last year.
  • Adjusted net income was $0.8 million or $0.02 per share for the three months ended December 31, 2017 compared to adjusted net income of $1.6 million or $0.04 per share for the same period of last year.
  • EBITDA for the three months ended December 31, 2017 amounted to $14.9 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 50.9 vessels were owned by the Company during the three months ended December 31, 2017, compared to 53.7 vessels for the same period of 2016.

Twelve Months 2017 Results:

  • Revenues for the twelve months ended December 31, 2017, amounted to $154.3 million, an increase of $10.2 million, or 7.1%, compared to revenues of $144.1 million for the twelve months ended December 31, 2016, primarily due to improved market conditions and improved operational utilization.
  • Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2017 were $15.7 million and $59.4 million respectively, compared to $15.4 million and $58.8 million for the twelve months ended December 31, 2016. The $0.3 million increase in voyage expenses was mainly due to the higher bunker prices prevailing in 2017 compared to the same period of 2016. The $0.6 million increase in vessels’ operating expenses was mainly due to increased maintenance costs for some vessels in the fleet.
  • Drydocking Costs for the twelve months ended December 31, 2017 and 2016 were $3.5 million and $3.6 million, respectively, representing the costs of 7 and 10 vessels drydocked in the corresponding perio In 2017 the Company faced increased drydocking costs due to the trading areas of some of the vessels due for drydock.
  • Depreciation for the twelve months ended December 31, 2017, was $38.9 million, a $0.2 million decrease from $39.1 million for the same period of last year.
  • Included in the 2017 results, were net losses from interest rate derivative instruments of $0.4 million compared to net losses of $0.8 million in the same period of last year. Interest paid on interest rate swap arrangements amounted to $0.4 million compared to $ 1.1 million in the same period of last year. In 2017, the gains in change in fair value of the interest rate derivative instruments was nil compared to gains of $0.3 million in the same period of last year.
  • The Company recorded an impairment loss of $6.5 million in 2017 for seven of its oldest vessels, four of which were sold in 2017.
  • As a result of the above, the Company reported a net loss of $1.2 million for the twelve months ended December 31, 2017, compared to a net loss of $7.8 million for the twelve months ended December 31, 2016. The weighted average number of shares outstanding for the twelve months ended December 31, 2017 and 2016 was 39.8 million. Loss per share for the twelve months ended December 31, 2017 amounted to $0.03, compared to loss per share of $0.20 for the same period of last year.
  • Adjusted net income was $5.4 million, or $0.14 per share, for the twelve months ended December 31, 2017 compared to adjusted net loss of $2.2 million, or $0.05 per share, for the same period of last year.
  • EBITDA for the twelve months ended December 31, 2017 amounted to $54.5 million. Reconciliations of Adjusted Net (Loss)/Income, EBITDA and Adjusted EBITDA to Net Loss are set forth below. An average of 52.6 vessels were owned by the Company during the twelve months ended December 31, 2017, compared to 53.4 vessels for the same period of 2016.
  • As of December 31, 2017, cash and cash equivalents amounted to $51.8 million and total debt amounted to $384.9 million. During the twelve months ended December 31, 2017 debt repayments amounted to $56.3 million.

Fleet Update Since Previous Announcement

The Company announced the following chartering arrangements:  

  • A two year time charter for its 2018 built LPG carrier, the Eco Arctic, with a major trading house until February 2020.
  • A two year time charter for its 2018 built LPG carrier, the Eco Ice, with a major trading house until February 2020.
  • A three months’ time charter for its 2017 built LPG carrier, the Eco Frost, to an oil major until May 2018.
  • A two months’ time charter for its 2008 built LPG carrier, the Gas Imperiale, to an international trading house until April 2018.
  • A three months’ consecutive voyage charter for its 1995 built LPG carrier, the Gas Marathon, to an international petrochemical company until June 2018.
  • A six months’ consecutive voyage charter extension for its 2001 built chartered-in LPG carrier, the Gas Cathar, to an international petrochemical company until December 2018.
  • A three months’ consecutive voyage charter extension for its 2001 built chartered-in LPG carrier, the Gas Premiership, to an international petrochemical company until October 2018.
  • A six months’ consecutive voyage charter extension for its 2015 built LPG carrier, the Eco Galaxy, to an international petrochemical company until December 2018.

With these charters, the Company has contracted revenues of approximately $196 million. Total anticipated voyage days of our fleet are 65% covered for the remainder of 2018.

Board Chairman Michael Jolliffe Commented

The fourth quarter of 2017 was mixed. On the one hand we are pleased that our core market of small LPGs shows clear signs of improvement, which should continue to leverage our earnings. In this market we achieved an outstanding fleet operational utilization of 97.2%. On the other hand the sale of four of our older vessels and the weakening of the tanker market affected our revenue growth, somewhat obscuring the improved revenues for our core fleet. Nevertheless, excluding impairment charges, our annual results demonstrated clear improvements both in revenues and profitability. In addition with the delivery of our two 22K semi ref newbuildings in January 2018, our asset base increased to $ 1.1 billion.

We have numerous charters which commenced at the beginning of 2018, and several vessels yet to fix, all of these in a better market environment, reflecting the benefits of our chartering policy.

In terms of strategy, we intend, in the upcoming year, to take advantage of the positive market momentum of the small LPG market. We will focus our efforts on capitalizing our dynamic fleet of the past couple of years by placing strong emphasis on taking advantage of the unique and improving supply and demand fundamentals of our core segment. With assets currently  $1.1 billion, low gearing  and capex of around $ 31.2 million of which equity is only $1 million – we are looking forward to an exciting 2018.

Conference Call details:

On February 22, 2018 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.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers:

866-548-4713 (US Toll Free Dial In) or 0800 279 7204 (UK Toll Free Dial In).

Access Code: 5628899.                                                            

In case of any problems with the above numbers, please dial+1 323-794-2093 (US Toll Dial In), +44 (0)330 336 9105 (Standard International Dial In).                                                         

Access Code: 5628899                      

 
A telephonic replay of the conference call will be available until  March 1, 2018 by dialing +1 719-457-0820 (US Local Dial In), +44 (0) 207 660 0134  (UK Local Dial In).

Access Code: 5628899

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 primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry.  StealthGas Inc. currently has a fleet of 54 vessels. The fleet comprises of  50 LPG carriers, including two chartered in LPG vessels, with a total capacity of 302,492 cubic meters (cbm) and  three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). The Company has agreed to acquire a further 1 LPG carrier with expected delivery in April 2018. Giving effect to the delivery of these acquisitions, StealthGas Inc.’s fleet will be composed of 51 operating LPG carriers with a total capacity of 324,492 cubic meters (cbm). StealthGas Inc.’s shares are listed on the NASDAQ Global Select Market and trade under the symbol “GASS”.

 

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 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, 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 and Fleet Deployment                        

For information on our fleet and further information:

Visit our website at www.stealthgas.com

Company Contact:

Fenia Sakellaris

STEALTHGAS INC.

011-30-210-6250-001
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Fleet Data:

The following key indicators highlight the Company’s operating performance during the fourth quarters and twelve month periods ended December 31, 2016 and December 31, 2017.

 

FLEET DATA

Q4 2016

Q4 2017

12M 2016

12M 2017

Average number of vessels (1)

53.7

50.9

53.4

52.6

Period end number of owned vessels in fleet

53

50

53

50

Total calendar days for fleet (2)

5,123

4,870

20,275

19,917

Total voyage days for fleet (3)

5,078

4,822

19,999

19,717

Fleet utilization (4)

99.1%

99.0%

98.6%

99.0%

Total charter days for fleet (5)

4,307

4,231

15,831

16,772

Total spot market days for fleet (6)

771

591

4,168

2,945

Fleet operational utilization (7)

94.2%

97.2%

91.1%

96.2%

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/(Loss), EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income/(loss) represents net (loss)/income before loss on derivatives excluding net swap interest paid, share based compensation, impairment loss and (loss)/gain on sale of vessels. EBITDA represents net (loss)/income before interest and finance costs including net swap interest paid, interest income and other income/(expenses) and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, loss on derivatives, excluding net swap interest paid, impairment loss and (loss)/gain on sale of vessels. EBITDA, adjusted EBITDA, adjusted net income/(loss) and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income/(loss) and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries.  In evaluating Adjusted EBITDA and Adjusted net income/(loss), 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/(loss) and adjusted EPS are included herein because they are a basis, upon which we assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide additional information on fleet operational results. We also believe that EBITDA represents useful information for investors regarding a company's ability to service and/or incur indebtedness.

 

(Expressed in United States Dollars,
except number of shares)

Fourth Quarter Ended December 31st,

Twelve Months Period Ended December 31st,

 

2016

2017

2016

2017

Net (Loss)/Income - Adjusted Net Income/(Loss)

       

Net (loss)/income

(4,382,706)

748,305

(7,798,300)

(1,218,237)

Loss on derivatives

156,149

98,332

767,196

403,943

Less swap interest paid

(164,042)

(101,922)

(1,098,585)

(431,315)

Loss/(gain) on sale of vessels, net

175,364

4,521

(118,427)

77,314

Impairment loss

5,735,086

--

5,735,086

6,461,273

Share based compensation

67,202

20,344

340,377

129,245

Adjusted Net income/(loss)

1,587,053

769,580

(2,172,653)

5,422,223

         

Net (Loss)/Income – EBITDA

       

Net (loss)/income

(4,382,706)

748,305

(7,798,300)

(1,218,237)

Plus interest and finance costs incl. swap interest paid

3,895,049

4,588,248

15,366,733

17,092,779

Less interest income and other expenses

(76,770)

(88,189)

(454,472)

(322,868)

Plus depreciation

9,881,333

9,661,797

39,096,589

38,921,672

EBITDA

9,316,906

14,910,161

46,210,550

54,473,346

         

Net (Loss)/Income - Adjusted  EBITDA

       

Net (loss)/income

(4,382,706)

748,305

(7,798,300)

(1,218,237)

Loss on derivatives

156,149

98,332

767,196

403,943

Loss/(gain) on sale of vessels, net

175,364

4,521

(118,427)

77,314

Impairment loss

5,735,086

--

5,735,086

6,461,273

Share based compensation

67,202

20,344

340,377

129,245

Plus interest and finance costs

3,731,007

4,486,326

14,268,148

16,661,464

Less interest income and other expenses

(76,770)

(88,189)

(454,472)

(322,868)

Plus depreciation

9,881,333

9,661,797

39,096,589

38,921,672

Adjusted EBITDA

15,286,665

14,931,436

51,836,197

61,113,806

         

EPS - Adjusted EPS

       

Net (loss)/income

(4,382,706)

748,305

(7,798,300)

(1,218,237)

Adjusted net income/(loss)

1,587,053

769,580

(2,172,653)

5,422,223

Weighted average number of shares

39,770,911

39,828,589

39,824,038

39,809,364

EPS - Basic and Diluted

(0.11)

0.02

(0.20)

(0.03)

Adjusted EPS

0.04

0.02

(0.05)

0.14


StealthGas Inc.

Unaudited Consolidated Statements of Operations

(Expressed in United States Dollars, except number of shares)

 

Fourth Quarter Ended December 31st,

 

Twelve Months Period Ended December 31st,

 

 

2016

 

2017

 

2016

 

2017

               

Revenues

             

Revenues

36,453,737

 

38,428,090

 

136,539,399

 

152,338,278

Revenues - related party

1,019,509

 

  --

 

7,592,784

 

1,973,643

Total revenues

37,473,246

 

38,428,090

 

144,132,183

 

154,311,921

               

Expenses

             

Voyage expenses

3,249,859

 

3,444,751

 

13,618,025

 

13,804,032

Voyage expenses - related party

457,125

 

474,805

 

1,772,240

 

1,912,505

Charter hire expenses

967,942

 

886,988

 

4,054,387

 

3,524,770

Vessels' operating expenses

14,115,701

 

15,003,464

 

55,680,993

 

58,618,526

Vessels' operating expenses - related party

387,924

 

17,216

 

3,141,843

 

800,908

Drydocking costs

445,001

 

989,258

 

3,613,230

 

3,529,047

Management fees - related party

1,851,150

 

1,737,080

 

7,346,180

 

7,205,490

General and administrative expenses

814,793

 

666,348

 

3,110,409

 

2,898,958

Depreciation

9,881,333

 

9,661,797

 

39,096,589

 

38,921,672

Impairment loss

5,735,086

 

  --

 

5,735,086

 

6,461,273

Net loss/(gain) on sale of vessels

175,364

 

4,521

 

(118,427)

 

77,314

Other operating costs

  --

 

275,000

 

  --

 

1,058,863

Total expenses

38,081,278

 

33,161,228

 

137,050,555

 

138,813,358

 

             

(Loss)/Income from operations

(608,032)

 

5,266,862

 

7,081,628

 

15,498,563

               

Other (expenses)/income

             

Interest and finance costs

(3,731,007)

 

(4,486,326)

 

(14,268,148)

 

(16,661,464)

Loss on derivatives

(156,149)

 

(98,332)

 

(767,196)

 

(403,943)

Interest income

76,770

 

88,189

 

454,472

 

322,868

Foreign exchange gain/(loss)

35,712

 

(22,088)

 

(299,056)

 

25,739

Other expenses, net

(3,774,674)

 

(4,518,557)

 

(14,879,928)

 

(16,716,800)

               

Net (loss)/income

(4,382,706)

 

748,305

 

(7,798,300)

 

(1,218,237)

               

(Loss) / Earnings per share

             

- Basic and diluted

(0.11)

 

0.02

 

(0.20)

 

(0.03)

Weighted average number of shares

             

-Basic and diluted

39,770,911

 

39,828,589

 

39,824,038

 

39,809,364

                   


StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

         

December 31,

         

2016

 

2017

Assets

           

Current assets

         
 

Cash and cash equivalents

 

64,993,923

 

51,754,131

 

Receivables from related party

 

115,599

 

  --

 

Trade and other receivables

 

3,918,031

 

3,853,992

 

Claims receivable

   

  --

 

15,951

 

Inventories

   

2,809,123

 

2,762,299

 

Advances and prepayments

 

1,278,357

 

1,221,029

 

Restricted cash

   

3,363,012

 

3,231,323

Total current assets

   

76,478,045

 

62,838,725

Non-current assets

         
 

Advances for vessels under construction and acquisitions

55,785,801

 

61,577,818

 

Vessels, net

   

863,699,739

 

862,061,906

 

Other receivables

   

  --

 

243,075

 

Restricted cash

   

5,174,710

 

7,917,738

 

Deferred finance charges

540,414

 

941,760

 

Fair value of derivatives

     

263,635

 

645,169

Total non-current assets

 

925,464,299

 

933,387,466

Total assets

   

1,001,942,344

 

996,226,191

Liabilities and Stockholders' Equity

       

Current liabilities

         
 

Payable to related party

 

7,890,933

 

14,209,624

 

Trade accounts payable

 

8,728,267

 

10,509,465

 

Accrued and other liabilities

 

5,299,479

 

5,880,479

 

Customer deposits

   

  --

 

1,820,700

 

Deferred income

   

4,621,438

 

4,362,056

 

Deferred income - related party

 

232,774

 

--

 

Current portion of long-term debt

 

54,593,715

 

41,966,607

Total current liabilities

   

81,366,606

 

78,748,931

Non-current liabilities

         
 

Fair value of derivatives

 

364,823

 

126,525

 

Customer deposits

   

2,556,700

 

736,000

 

Deferred gain on sale and leaseback of vessels

385,127

 

190,087

 

Deferred income

1,910

 

4,035

 

Long-term debt

   

343,291,874

 

342,941,841

Total non-current liabilities

 

346,600,434

 

343,998,488

Total liabilities

   

427,967,040

 

422,747,419

               

Commitments and contingencies

     

 

Stockholders' equity

         
 

Capital stock

442,850

 

442,850

 

Treasury stock

   

(22,523,528)

 

(22,523,528)

 

Additional paid-in capital

 

501,342,523

 

501,471,768

 

Retained earnings

   

94,688,024

 

93,469,787

 

Accumulated other comprehensive income

25,435

 

617,895

Total stockholders' equity

 

573,975,304

 

573,478,772

Total liabilities and stockholders' equity

1,001,942,344

 

996,226,191


StealthGas Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

 

 

 

 

December 31st,

 
         

 

   

2016

 

2017

Cash flows from operating activities

             
 

Net loss for the year

       

(7,798,300)

 

(1,218,237)

Adjustments to reconcile net loss to net cash

           

  provided by operating activities:

             
 

Depreciation

         

39,096,589

 

38,921,672

 

Amortization of deferred finance charges

     

715,587

 

690,842

 

Amortization of deferred gain on sale and leaseback of vessels

     

(195,574)

 

(195,040)

 

Share based compensation

       

340,377

 

129,245

 

Change in fair value of derivatives

       

(331,387)

 

(27,372)

 

Impairment loss

         

5,735,086

 

6,461,273

 

(Gain)/loss on sale of vessels

       

(118,427)

 

77,314

Changes in operating assets and liabilities:

           
 

(Increase)/decrease in

             
 

Trade and other receivables

       

825,838

 

(179,036)

 

Claims receivable

         

(610,810)

 

(235,705)

 

Inventories

         

117,744

 

46,824

 

Advances and prepayments

       

(28,955)

 

57,328

 

Increase/(decrease) in

             
 

Balances with related parties

       

(1,185,024)

 

6,434,290

 

Trade accounts payable

       

462,215

 

1,299,686

 

Accrued liabilities

         

(303,460)

 

581,000

 

Deferred income

         

(567,411)

 

(490,031)

Net cash provided by operating activities

   

 

36,154,088

 

52,354,053

Cash flows from investing activities

             
 

Insurance proceeds

         

610,810

 

219,754

 

Vessels’ acquisitions and advances for vessels under construction

     

(56,215,758)

 

(60,612,867)

 

Proceeds from sale of vessels, net

       

1,530,177

 

11,479,936

Net cash used in investing activities

   

 

(54,074,771)

 

(48,913,177)

Cash flows from financing activities

             
 

Stock repurchase

         

(2,070,306)

 

--

 

Deferred finance charges paid

       

(712,614)

 

(815,256)

 

Loan repayments

         

(55,630,352)

 

(56,254,073)

 

Proceeds from long-term debt

       

31,200,000

 

43,000,000

Net cash used in financing activities

   

 

(27,213,272)

 

(14,069,329)

                     
                     

Net decrease in cash, cash equivalents and restricted cash

     

(45,133,955)

 

(10,628,453)

Cash, cash equivalents and restricted cash at beginning of year

     

118,665,600

 

73,531,645

Cash, cash equivalents and restricted cash at end of year

   

 

73,531,645

 

62,903,192

 

Cash breakdown

                   
   

Cash and cash equivalents

   

64,993,923

 

51,754,131

   

Restricted cash, current

   

3,363,012

 

3,231,323

   

Restricted cash, non-current

   

5,174,710

 

7,917,738

 

Total cash, cash equivalents and restricted cash

shown in the statements of cash flows

73,531,645

 

62,903,192