Exhibit 99.1
DIANA SHIPPING INC.
INDEX TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
DIANA SHIPPING INC.
CONSOLIDATED BALANCE SHEETS
June 30, 2021 (unaudited) and December 31, 2020
(Expressed in thousands of U.S. Dollars – except for share and per share data)
| June 30, 2021 |
| December 31, 2020 | |||
ASSETS |
|
|
|
| ||
CURRENT ASSETS: |
|
|
|
| ||
Cash and cash equivalents | $ | | $ | | ||
Accounts receivable, trade |
| |
| | ||
Due from related parties (Notes 2 and 6) |
| |
| | ||
Inventories |
| |
| | ||
Prepaid expenses and other assets |
| |
| | ||
Vessel held for sale (Note 3) |
| |
| | ||
Total current assets |
| |
| | ||
FIXED ASSETS: |
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|
|
| ||
Vessels, net (Note 3) |
| |
| | ||
Property and equipment, net (Note 4) |
| |
| | ||
Total fixed assets |
| |
| | ||
OTHER NON-CURRENT ASSETS: |
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|
|
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Restricted cash (Note 5) |
| |
| | ||
Other non-current assets |
| |
| | ||
Deferred charges, net (Note 3) |
| |
| | ||
Total assets | $ | | $ | | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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|
|
| ||
CURRENT LIABILITIES: |
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|
|
| ||
Current portion of long-term debt, net of deferred financing costs, current (Note 5) | $ | | $ | | ||
Accounts payable, trade and other |
| |
| | ||
Due to related parties (Note 2) |
| |
| | ||
Accrued liabilities |
| |
| | ||
Deferred revenue |
| |
| | ||
Total current liabilities |
| |
| | ||
Long-term debt, net of current portion and deferred financing costs, non-current (Note 5) |
| |
| | ||
Other non-current liabilities |
| |
| | ||
Commitments and contingencies (Note 6) |
|
| ||||
STOCKHOLDERS’ EQUITY: |
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|
|
| ||
Preferred stock (Note 7(a)) |
| |
| | ||
Common stock, $ |
| |
| | ||
Additional paid-in capital |
| |
| | ||
Accumulated other comprehensive income |
| |
| | ||
Accumulated deficit |
| ( |
| ( | ||
Total stockholders’ equity |
| |
| | ||
Total liabilities and stockholders’ equity | $ | | $ | |
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
F-2
DIANA SHIPPING INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
For the six months ended June 30, 2021 and 2020
(Expressed in thousands of U.S. Dollars – except for share and per share data)
| 2021 |
| 2020 | |||
REVENUES: |
|
|
|
| ||
Time charter revenues | $ | | $ | | ||
EXPENSES: |
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|
|
| ||
Voyage expenses |
| |
| | ||
Vessel operating expenses |
| |
| | ||
Depreciation and amortization of deferred charges |
| |
| | ||
General and administrative expenses |
| |
| | ||
Management fees to related party (Note 2) |
| |
| | ||
Vessel impairment charges (Note 3) |
| — |
| | ||
Loss on sale of vessels (Note 3) |
| |
| | ||
Other income |
| ( |
| ( | ||
Operating income/(loss) | $ | | $ | ( | ||
OTHER INCOME / (EXPENSES): |
|
|
|
| ||
Interest expense and finance costs (Note 8) |
| ( |
| ( | ||
Interest income |
| |
| | ||
Loss on extinguishment of debt (Note 5) |
| ( |
| — | ||
Loss from equity method investment (Note 2) |
| ( |
| ( | ||
Total other expenses, net | $ | ( | $ | ( | ||
Net income/(loss) | $ | | $ | ( | ||
Dividends on series B preferred shares (Notes 7 and 9) |
| ( |
| ( | ||
Net loss attributed to common stockholders | $ | ( | $ | ( | ||
Loss per common share, basic and diluted (Note 9) | $ | ( | $ | ( | ||
Weighted average number of common shares, basic and diluted (Note 9) |
| |
| |
F-3
DIANA SHIPPING INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
For the six months ended June 30, 2021 and 2020
(Expressed in thousands of U.S. Dollars)
|
| 2021 |
| 2020 | ||
Net income/(loss) | $ | | $ | ( | ||
Other comprehensive loss (Actuarial loss) |
| — |
| ( | ||
Comprehensive income/(loss) | $ | | $ | ( |
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
F-4
DIANA SHIPPING INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the six months ended June 30, 2021 and 2020
(Expressed in thousands of U.S. Dollars – except for share and per share data)
Preferred Stock | Preferred Stock | Preferred Stock | ||||||||||||||||||||||||||||||
Series B | Series C | Series D | Common Stock | |||||||||||||||||||||||||||||
Additional | Other | |||||||||||||||||||||||||||||||
Par | # of | Par | # of | Par | Par | Paid-in | Comprehensive | Accumulated | ||||||||||||||||||||||||
| # of Shares |
| Value |
| Shares |
| Value |
| Shares |
| Value |
| # of Shares |
| Value |
| Capital |
| Income |
| Deficit |
| Total Equity | |||||||||
BALANCE, December 31, 2019 | | $ | | | $ | — | — | $ | — | | $ | | $ | | $ | | $ | ( | $ | | ||||||||||||
Net loss |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( | ||||||||
Issuance of restricted stock and compensation cost (Note 7(f)) |
| — |
| — |
| — |
| — |
| — |
| — |
| |
| |
| |
| — |
| — |
| | ||||||||
Dividends on series B preferred stock (Note 7(b)) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( | ||||||||
Shares repurchased (Note 7(e)) |
| — |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( |
| ( |
| — |
| — |
| ( | ||||||||
Actuarial loss |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ( |
| — |
| ( | ||||||||
BALANCE, June 30, 2020 |
| | $ | |
| | $ | — |
| — | $ | — |
| | $ | | $ | | $ | | $ | ( | $ | | ||||||||
BALANCE, December 31, 2020 |
| | $ | |
| | $ | — |
| — | $ | — |
| | $ | | $ | | $ | | $ | ( | $ | | ||||||||
Net income |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| |
| | ||||||||
Issuance of preferred stock (Note 7(d)) |
| — |
| — |
| — |
| — |
| |
| — |
|
|
| |
|
|
|
|
| | ||||||||||
Issuance of restricted stock and compensation cost (Note 7(f)) |
| — |
| — |
| — |
| — |
| — |
| — |
| |
| |
| |
| — |
| — |
| | ||||||||
Dividends on series B preferred stock (Note 7(b)) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( | ||||||||
Shares repurchased (Note 7(e)) |
| — |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( |
| ( |
| — |
| — |
| ( | ||||||||
BALANCE, June 30, 2021 |
| | $ | |
| | $ | — |
| | $ | — |
| | $ | | $ | | $ | | $ | ( | $ | |
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
F-5
DIANA SHIPPING INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2021 and 2020
(Expressed in thousands of U.S. Dollars)
| 2021 |
| 2020 | |||
Cash Flows from Operating Activities: |
|
|
|
| ||
Net income/(loss) | $ | | $ | ( | ||
Adjustments to reconcile net income/(loss) to net cash from operating activities: |
|
|
|
| ||
Depreciation and amortization of deferred charges |
| |
| | ||
Asset Impairment loss (Note 3) |
| — |
| | ||
Amortization of financing costs (Note 8) |
| |
| | ||
Compensation cost on restricted stock (Note 7(f)) |
| |
| | ||
Actuarial loss |
| — |
| ( | ||
Loss on sale of vessels (Note 3) |
| |
| | ||
Loss on extinguishment of debt (Note 5) |
| |
| — | ||
Loss from related party investments (Note 2) |
| |
| | ||
(Increase) / Decrease in: |
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|
|
| ||
Accounts receivable, trade |
| |
| | ||
Due from related parties |
| ( |
| ( | ||
Inventories |
| |
| | ||
Prepaid expenses and other assets |
| |
| | ||
Other non-current assets |
| ( |
| | ||
Increase / (Decrease) in: |
|
|
|
| ||
Accounts payable, trade and other |
| |
| ( | ||
Due to related parties |
| |
| ( | ||
Accrued liabilities, net of accrued preferred dividends |
| ( |
| ( | ||
Deferred revenue |
| |
| | ||
Other non-current liabilities |
| |
| | ||
Drydock costs |
| ( |
| ( | ||
Net cash provided by Operating Activities | $ | | $ | | ||
Cash Flows from Investing Activities: |
|
|
|
| ||
Payments for vessel improvements (Note 3) |
| ( |
| ( | ||
Proceeds from sale of vessels, net of expenses (Note 3) |
| |
| | ||
Proceeds from sale of related party investment (Note 2) |
| — |
| | ||
Payments to joint venture (Note 2) |
| ( |
| — | ||
Investment in time deposits |
| — |
| ( | ||
Payments to acquire furniture and fixtures (Note 4) |
| ( |
| ( | ||
Net cash provided by/(used in) Investing Activities | $ | | $ | ( | ||
Cash Flows from Financing Activities: |
|
|
|
| ||
Proceeds from issuance of long-term debt (Note 5) |
| |
| — | ||
Proceeds from issuance of preferred stock (Note 7(d)) |
| |
| — | ||
Payments of dividends, preferred stock (Note 7(b)) |
| ( |
| ( | ||
Payments for repurchase of common stock (Note 7(e)) |
| ( |
| ( | ||
Payments of financing costs |
| ( |
| ( | ||
Repayments of long-term debt |
| ( |
| ( | ||
Net cash provided by/(used in) Financing Activities | $ | | $ | ( | ||
Net increase/(decrease) in cash, cash equivalents and restricted cash |
| |
| ( | ||
Cash, cash equivalents and restricted cash at beginning of the period |
| |
| | ||
Cash, cash equivalents and restricted cash at end of the period | $ | | $ | | ||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
|
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Cash and cash equivalents | $ | | $ | | ||
Restricted cash |
| |
| | ||
Cash, cash equivalents and restricted cash | $ | | $ | | ||
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
| ||
Non-cash investments (Note 3) | $ | | $ | | ||
Interest paid | $ | | $ | |
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
F-6
1.Basis of Presentation and General Information and Recent Accounting Pronouncements
The accompanying unaudited interim consolidated financial statements include the accounts of Diana Shipping Inc., or DSI and its wholly-owned and beneficially-owned subsidiaries (collectively, the “Company”). DSI was formed on
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2020 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 12, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2021.
The consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
The Company is engaged in the ocean transportation of dry bulk cargoes worldwide mainly through the ownership of dry bulk carrier vessels. The Company operates its own fleet through Diana Shipping Services S.A. (or “DSS”), a wholly-owned subsidiary and through Diana Wilhelmsen Management Limited, or DWM, a
The outbreak of the COVID-19 virus has had a negative effect on the global economy and has adversely impacted the international dry-bulk shipping industry into which the Company operates. The Company reviewed and evaluated its revenue concertation risk, the recoverability of its Accounts receivable, trade and sensitized its future undiscounted cash flows on its impairment testing. As the situation continues to evolve, it is difficult to predict the long-term impact of the pandemic on the industry. The Company is constantly monitoring the developing situation, as well as its charterers’ response to the severe market disruption and is making necessary preparations to address and mitigate, to the extent possible, the impact of COVID-19 to the Company.
Significant Accounting Policies and Recent Accounting Pronouncements:
A discussion of the Company’s significant accounting policies can be found in Note 2 of the Company’s Consolidated Financial Statements included in the Annual Report on Form 20-F for the year ended December 31, 2021. There have been no material changes to these policies in the six months ended June 30, 2021, except for as discussed below:
New Accounting Pronouncements - Not Yet Adopted
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. As of June 30, 2021, the Company has not made any contract modifications to replace the reference rate to any of its agreements and has not evaluated the effects of this standard on its consolidated financial position, results of operations, and cash flows.
F-7
2.Transactions with related parties
DWM provided management services to certain vessels of the Company’s fleet through DSS and since May 2021, directly. For the management services outsourced to DWM, DSS paid a fixed monthly fee per vessel and a percentage of those vessels’ gross revenues. Since May 2021 the vessels pay directly to DWM a fixed monthly fee per vessel and a percentage of their gross revenues. For the six months ended June 30, 2021 and 2020, management fees to DWM amounted to $
F-8
3.Vessels
In 2020, the Company through separate wholly-owned subsidiaries entered into Memoranda of Agreement to sell to unaffiliated third parties the vessel Coronis, for a sale price of $
On March 16, 2021, the Company through a separate wholly-owned subsidiary entered into a Memorandum of Agreement to sell to an unaffiliated third party the vessel Naias, for a sale price of $
Vessel improvements mainly relate to the implementation of ballast water treatment and other works necessary for the vessels to comply with new regulations and be able to navigate to additional ports. During the six months ended June 30, 2021, such expenditures amounted to $
The amounts reflected in Vessels, net in the accompanying consolidated balance sheets are analyzed as follows:
Accumulated | |||||||||
| Vessel Cost |
| Depreciation |
| Net Book Value | ||||
Balance, December 31, 2020 | $ | | $ | ( | $ | | |||
- Additions for improvements |
| |
| — |
| | |||
- Additions reclassified from other non-current assets |
| |
|
| | ||||
- Transfer to held for sale |
| ( |
| |
| ( | |||
- Depreciation for the period |
| — |
| ( |
| ( | |||
Balance, June 30, 2021 | $ | | $ | ( | $ | |
4.Property and equipment, net
The amounts in the accompanying consolidated balance sheets are analyzed as follows:
Property and | Accumulated | ||||||||
| Equipment |
| Depreciation |
| Net Book Value | ||||
Balance, December 31, 2020 | $ | | $ | ( | $ | | |||
- Additions in property and equipment |
| |
| — |
| | |||
- Depreciation for the period |
| — |
| ( |
| ( | |||
Balance, June 30, 2021 | $ | | $ | ( | $ | |
F-9
5.Long-term debt, current and non-current
The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows:
| June 30, 2021 |
| December 31, 2020 | |||
8.375% Senior Unsecured Bond |
| |
| — | ||
9.5% Senior Unsecured Bond |
| |
| | ||
Secured Term Loans |
| |
| | ||
Total debt outstanding | $ | | $ | | ||
Less related deferred financing costs |
| ( |
| ( | ||
Total debt, net of deferred financing costs | $ | | $ | | ||
Less: Current portion of long term debt, net of deferred financing costs current |
| ( |
| ( | ||
Long-term debt, net of current portion and deferred financing costs, non-current | $ | | $ | |
Secured Term Loans: The Company, through its subsidiaries, has entered into various long term loan agreements with bank institutions to partly finance or, as the case may be, refinance part of the acquisition cost of certain of its fleet vessels.
F-10
As at June 30, 2021 and December 31, 2020, the minimum cash deposits required to be maintained at all times under the Company’s loan facilities, amounted to $
As at June 30, 2021, the Company had the following agreements with banks, either as a borrower or as a guarantor, to guarantee the loans of its subsidiaries:
Export-Import Bank of China and DnB NOR Bank ASA: On
Commonwealth Bank of Australia, London Branch: On January 13, 2014, the Company drew down $
BNP Paribas (“BNP”): On December 19, 2014, the Company drew down $
On July 16, 2018, the Company drew down $
Nordea Bank AB, London Branch: On March 19, 2015, the Company drew down $
ABN AMRO Bank N.V., or ABN: On March 30, 2015, the Company drew down $
On June 27, 2019, the Company drew down $
On May 22, 2020, the Company signed a term loan facility with ABN, in the amount of $
F-11
On May 20, 2021, the Company, drew down $
Danish Ship Finance A/S: On April 30, 2015, the Company drew down $
ING Bank N.V.: On November 19, 2015, the Company drew down advance A of $
Export-Import Bank of China: On January 4, 2017, the Company drew down $
DNB Bank ASA.: On March 14, 2019, the Company drew down $
As at June 30, 2021 and December 31, 2020, the Company was in compliance with all of its loan covenants.
The maturities of the Company’s debt facilities described above as at June 30, 2021, and throughout their term, are shown in the table below and do not include the related debt issuance costs. The table has been adjusted to take into consideration the loan agreement between the Company and Nordea, described in Note 11, according to which the maturity of the existing loan has been extended to 2024.
Period |
| Principal Repayment | |
Year 1 | $ | | |
Year 2 |
| | |
Year 3 |
| | |
Year 4 |
| | |
Year 5 |
| | |
Year 6 and thereafter |
| | |
Total | $ | |
6.Commitments and Contingencies
F-12
Period |
| Amount | |
Year 1 | $ | | |
Total | $ | |
7.Capital Stock and Changes in Capital Accounts
Dividends on the Series B preferred shares are cumulative from the date of original issue and are payable on the 15th day of January, April, July and October of each year at the dividend rate of
F-13
Restricted stock for the six months ended June 30, 2021 and 2020 is analyzed as follows:
|
| Weighted Average Grant | |||
Number of Shares | Date Price | ||||
Outstanding at December 31, 2019 |
| | $ | | |
Granted |
| |
| | |
Vested |
| ( |
| | |
Outstanding at June 30, 2020 |
| | $ | | |
Outstanding at December 31, 2020 |
| | $ | | |
Granted |
| |
| | |
Vested |
| ( |
| | |
Outstanding at June 30, 2021 |
| | $ | |
The fair value of the restricted shares has been determined with reference to the closing price of the Company’s stock on the previous date the agreements were signed. The aggregate compensation cost is being recognized ratably in the consolidated statement of operations over the respective vesting periods. For the six months ended June 30, 2021 and 2020, compensation cost amounted to $
At June 30, 2021 and December 31, 2020, the total unrecognized cost relating to restricted share awards was $
8.Interest and Finance Costs
The amounts in the accompanying unaudited interim consolidated statements of operations are analyzed as follows:
June 30, | ||||||
| 2021 |
| 2020 | |||
Interest expense | $ | | $ | | ||
Interest income from bond repurchase |
| ( |
| — | ||
Amortization of financing costs |
| |
| | ||
Loan expenses |
| |
| | ||
Total | $ | | $ | |
9.Earnings/(loss) per Share
All common shares issued (including the restricted shares issued under the Company’s incentive plans) are the Company’s common stock and have equal rights to vote and participate in dividends. The calculation of basic earnings/(loss) per share does not treat the non-vested shares (not considered participating securities) as outstanding until the time/service-based vesting restriction has lapsed. Incremental shares are the number of shares assumed issued under the treasury stock method weighted for the periods the non-vested shares were outstanding. For the six months ended June 30, 2021 and 2020, the Company incurred losses, therefore the effect of incremental shares was anti-dilutive and basic and diluted loss per share was the same.
F-14
Profit or loss attributable to common equity holders is adjusted by the amount of dividends on Series B Preferred Stock as follows:
June 30, | ||||||
| 2021 |
| 2020 | |||
Net income/(loss) | $ | | $ | ( | ||
Less dividends on series B preferred shares |
| ( |
| ( | ||
Net loss attributed to common stockholders | $ | ( | $ | ( | ||
Weighted average number of common shares, basic and diluted |
| |
| | ||
Loss per share, basic and diluted | $ | ( | $ | ( |
10.Financial Instruments and Fair Value Disclosures
Interest rate risk and concentration of credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. The ability and willingness of each of the Company’s counterparties to perform their obligations under a contract depend upon a number of factors that are beyond the Company’s control and may include, among other things, general economic conditions, the state of the capital markets, the condition of the shipping industry and charter hire rates. The Company’s credit risk with financial institutions is limited as it has temporary cash investments, consisting mostly of deposits, placed with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition by receiving payments of hire in advance. The Company, generally, does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.
During the six months ended June 30, 2021 and 2020, charterers that individually accounted for 10% or more of the Company’s time charter revenues were as follows:
Charterer |
| 2021 |
| 2020 |
|
Cargill International SA |
| | % | | % |
Koch Shipping PTE LTD. Singapore |
| | % | | % |
Swissmarine Pte. Ltd |
|
|
| | % |
The Company is exposed to interest rate fluctuations associated with its variable rate borrowings. Currently, the company does not have any derivative instruments to manage such fluctuations.
Fair value of assets and liabilities: The carrying values of financial assets reflected in the accompanying consolidated balance sheet, approximate their respective fair values due to the short-term nature of these financial instruments. The fair value of long-term bank loans with variable interest rates approximates the recorded values, generally due to their variable interest rates.
As of June 30, 2021, the Bond having a fixed interest rate and a carrying value of $
As of June 30, 2021, one vessel was recorded as held for sale at $
11.Subsequent Events
a) | Series B Preferred Stock Dividends: On July 15, 2021, the Company paid a dividend on its series B preferred stock, amounting to $ |
F-15
b) | Vessel acquisition: On July 15, 2021 the Company signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to acquire from an unaffiliated third party, a 2011 built Kamsarmax dry bulk vessel of |
c) | Refinancing Agreement: On July 29, 2021, the Company entered into a supplemental agreement with Nordea, pursuant to which the borrowers exercised their options to extend the loan maturity to March 2024 (Note 5) and in addition drew down, on July 30, 2021, an additional amount of $ |
d) | Vessel delivery: On July 30, 2021, the vessel Naias which was held for sale as of June 30, 2021 (Note 3) was delivered to its new owners. |
e) | Tender Offer: On August 19, 2021, the Company purchased in a tender offer |
f) | Protefs: On September 23, 2021, the sentencing hearing of the Protefs case took place (Note 6). The judge formally accepted the DWM’s guilty pleas, adjudged the company guilty and imposed the agreed upon sentence of a combined fine of $ |
F-16