Vessel Name
|
Vessel Type
|
DWT
|
Year Built
|
Country of Construction
|
Delivery date to Castor
|
|
1
|
M/V Magic P
|
Panamax
|
76,453
|
2004
|
Japan
|
February 2017
|
2
|
M/V Magic Sun
|
Panamax
|
75,311
|
2001
|
Korea
|
September 2019
|
3
|
M/V Magic Moon
|
Panamax
|
76,602
|
2005
|
Japan
|
October 2019
|
4
|
M/V Magic Rainbow
|
Panamax
|
73,593
|
2007
|
China
|
August 2020
|
5
|
M/V Magic Horizon
|
Panamax
|
76,619
|
2010
|
Japan
|
October 2020
|
6
|
M/V Magic Nova
|
Panamax
|
78,833
|
2010
|
Japan
|
October 2020
|
7
|
M/V Magic Orion
|
Capesize
|
180,200
|
2006
|
Japan
|
March 2021
|
8
|
M/V Magic Venus
|
Kamsarmax
|
83,416
|
2010
|
Japan
|
March 2021
|
9
|
M/V Magic Argo
|
Kamsarmax
|
82,338
|
2009
|
Japan
|
March 2021
|
10
|
M/V Magic Twilight
|
Kamsarmax
|
80,283
|
2010
|
Korea
|
April 2021
|
11
|
M/V Magic Thunder
|
Kamsarmax
|
83,375
|
2011
|
Japan
|
April 2021
|
12
|
M/V Magic Nebula
|
Kamsarmax
|
80,281
|
2010
|
Korea
|
May 2021
|
13
|
M/V Magic Starlight
|
Kamsarmax
|
81,048
|
2015
|
China
|
May 2021
|
14
|
M/V Magic Vela
|
Panamax
|
75,003
|
2011
|
China
|
May 2021
|
15
|
M/V Magic Eclipse
|
Panamax
|
74,940
|
2011
|
Japan
|
June 2021
|
16
|
M/T Wonder Polaris
|
Aframax/LR2
|
115,341
|
2005
|
Korea
|
March 2021
|
17
|
M/T Wonder Sirius
|
Aframax/LR2
|
115,341
|
2005
|
Korea
|
March 2021
|
18
|
M/T Wonder Vega
|
Aframax
|
106,062
|
2005
|
Korea
|
May 2021
|
19
|
M/T Wonder Avior
|
Aframax/LR2
|
106,162
|
2004
|
Korea
|
May 2021
|
20
|
M/T Wonder Mimosa
|
MR1
|
37,620
|
2006
|
Korea
|
May 2021
|
21
|
M/T Wonder Arcturus
|
Aframax/LR2
|
106,149
|
2002
|
Korea
|
May 2021
|
22
|
M/T Wonder Musica
|
Aframax/LR2
|
106,209
|
2004
|
Korea
|
June 2021
|
23 | M/T Wonder Formosa | MR1 |
37,562 | 2006 |
Korea |
June 2021 |
Vessel Type
|
DWT
|
Year Built
|
Country of Construction
|
Purchase Price (in million)
|
|
1
|
Kamsarmax
|
82,158
|
2013
|
Japan
|
$21.00
|
2
|
Panamax
|
74,940
|
2013
|
Japan
|
$19.06
|
3
|
Panamax
|
76,822
|
2014
|
Korea
|
$21.00
|
-
|
The levels of demand and supply of seaborne cargoes and vessel tonnage in the dry bulk and tanker shipping industries;
|
-
|
The cyclical nature of the shipping industry in general and its impact on charter rates and vessel values;
|
-
|
Utilization rates of our Fleet;
|
-
|
The employment and operation of our Fleet;
|
-
|
Management of the financial, general and administrative elements involved in the conduct of our business and ownership of our Fleet;
|
-
|
The performance of our charterers’ obligations under their charter agreements including our charterers ability to make charter payment to us;
|
-
|
Our ability to maintain solid working relationships with our existing charterers and our ability to increase the number of our charterers through the development of new working relationships;
|
-
|
The effective and efficient technical management of our Fleet by our Managers including the performance of their suppliers;
|
-
|
The vetting approvals by oil majors of our commercial and technical managers for the management of our tanker vessels;
|
-
|
Economic, regulatory, political and governmental conditions that affect shipping and the dry-bulk and tanker industries;
|
-
|
Dry-docking and special survey costs and duration, both expected and unexpected;
|
-
|
Our ability to successfully employ our vessels at economically attractive rates and our strategic decisions regarding the employment mix of our Fleet in the voyage, pool and time charter markets, as our
charters expire or are otherwise terminated;
|
-
|
Our ability to obtain equity and debt financing at acceptable and attractive terms to fund future capital expenditures;
|
-
|
Our access to capital required to acquire additional ships and/or to implement our business strategy;
|
-
|
The level of any distribution on all classes of our shares;
|
-
|
Management of our financial resources, including banking relationships and of the relationships with our various stakeholders;
|
-
|
Our borrowing levels and the finance costs related to our outstanding debt; and
|
-
|
Major outbreaks of diseases (such as COVID-19) and governmental responses thereto.
|
Selected Historical Financial Data
|
Six Months Ended
June 30,
|
|||||||
STATEMENT OF INCOME
(In U.S. Dollars, except for share and per share data)
|
2020
|
2021
|
||||||
Vessel revenues, net
|
$
|
5,310,936
|
$
|
28,762,636
|
||||
Voyage expenses (including commissions to related party)
|
(259,600
|
)
|
(941,593
|
)
|
||||
Vessel operating expenses
|
(2,604,336
|
)
|
(11,266,895
|
)
|
||||
Depreciation and amortization
|
(694,372
|
)
|
(4,040,601
|
)
|
||||
Management fees - related parties
|
(273,000
|
)
|
(2,524,500
|
)
|
||||
General and administrative expenses (including related party)
|
(237,636
|
)
|
(1,459,355
|
)
|
||||
Operating income
|
$
|
1,241,992
|
$
|
8,529,692
|
||||
Interest and finance costs, net (including interest costs to related party)
|
(1,633,736
|
)
|
(840,762
|
)
|
||||
Other expenses
|
(12,724
|
)
|
(12,239
|
)
|
||||
US Source Income Taxes
|
—
|
(74,123
|
)
|
|||||
Net (Loss)/Income
|
$
|
(404,468
|
)
|
$
|
7,602,568
|
|||
(Loss)/Earnings Per Share (basic and diluted):
|
$
|
(0.50
|
)
|
$
|
0.10
|
|||
Weighted average number of shares outstanding, basic:
|
802,765
|
73,384,422
|
||||||
Weighted average number of shares outstanding, diluted:
|
802,765
|
76,203,009
|
December 31,
2020
|
June 30,
2021
|
|||||||
BALANCE SHEET DATA
|
||||||||
Total current assets
|
$
|
13,564,154
|
$
|
50,477,706
|
||||
Vessels, net
|
58,045,628
|
300,516,947
|
||||||
Other non-current assets
|
2,761,573
|
15,997,848
|
||||||
Total assets
|
$
|
74,371,355
|
$
|
366,992,501
|
||||
Total current liabilities
|
10,903,907
|
19,904,443
|
||||||
Long-term debt, net (including current portion, excluding related party)
|
13,185,866
|
44,274,049
|
||||||
Long-term debt, related party
|
5,000,000
|
5,000,000
|
||||||
Common stock
|
13,121
|
93,519
|
||||||
Total shareholders’ equity
|
$
|
52,383,619
|
$
|
309,967,419
|
||||
Common shares issued and outstanding
|
13,121,238
|
93,519,255
|
||||||
Six Months Ended
June 30,
|
||||||||
CASH FLOW DATA
|
2020
|
2021
|
||||||
Net cash (used in) /provided by operating activities
|
$
|
(390,619
|
)
|
$
|
7,212,014
|
|||
Net cash used in investing activities
|
(388,635
|
)
|
(255,124,019
|
)
|
||||
Net cash provided by financing activities
|
$
|
26,974,956
|
$
|
281,168,137
|
Selected Historical Operational Data
|
Six Months Ended
June 30,
|
|||||||
2020
|
2021
|
|||||||
FLEET PERFORMANCE DATA:
|
||||||||
Average number of vessels in operation in period (1)
|
3.0
|
11.6
|
||||||
Age of vessels in operation at end of period
|
16.6
|
13.9
|
||||||
(1) |
Represents the number of 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 days in the period.
|
Six months ended June 30,
|
||||||||
(in thousands of U.S. Dollars)
|
2020
|
2021
|
||||||
Net cash provided by / (used in) operating activities
|
$
|
(390,619
|
)
|
$
|
7,212,014
|
|||
Net cash used in investing activities
|
(388,635
|
)
|
(255,124,019
|
)
|
||||
Net cash provided by financing activities
|
26,974,956
|
281,168,137
|
||||||
Cash, cash equivalents and restricted cash at beginning of period
|
5,058,939
|
9,426,903
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
31,254,641
|
$
|
42,683,035
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS
|
December 31, 2020 and June 30, 2021
|
(Expressed in U.S. Dollars – except for share data)
|
ASSETS
|
December 31,
|
June 30,
|
||||||||||
CURRENT ASSETS:
|
Note
|
2020
|
2021
|
|||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||||||
Restricted Cash |
6 | |||||||||||
Accounts receivable trade, net
|
|
|
||||||||||
Due from related party
|
3
|
|
|
|||||||||
Inventories
|
|
|
||||||||||
Prepaid expenses and other assets
|
|
|
||||||||||
Deferred charges, net
|
|
|
||||||||||
Total current assets
|
|
|
||||||||||
NON-CURRENT ASSETS:
|
||||||||||||
Vessels, net
|
5
|
|
|
|||||||||
Advances for vessel acquisitions | 5 |
|||||||||||
Restricted cash
|
6
|
|
|
|||||||||
Due from related party | 3 |
|||||||||||
Prepaid expenses and other assets, non-current
|
|
|
||||||||||
Deferred charges, net
|
4
|
|
|
|||||||||
Total non-current assets
|
|
|
||||||||||
Total assets
|
$ | $ | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
CURRENT LIABILITIES:
|
||||||||||||
Current portion of long-term debt, net
|
6
|
|
|
|||||||||
Current portion of long-term debt, related party
|
3, 6
|
|
|
|||||||||
Accounts payable
|
|
|
||||||||||
Due to related parties, current |
3 |
|||||||||||
Deferred revenue, net
|
|
|
||||||||||
Accrued liabilities (including $
|
3 |
|
|
|||||||||
Total current liabilities
|
|
|
||||||||||
Commitments and contingencies
|
9
|
|||||||||||
|
||||||||||||
NON-CURRENT LIABILITIES:
|
||||||||||||
Long-term debt, net
|
6
|
|||||||||||
Total non-current liabilities
|
||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||
Common shares, $
|
7
|
|
|
|||||||||
Preferred shares, $
|
7
|
|||||||||||
Series A Preferred Shares-
|
7
|
|
||||||||||
Series B Preferred Shares –
|
7
|
|
|
|||||||||
Additional paid-in capital
|
|
|
||||||||||
(Accumulated deficit)/ Retained earnings
|
(
|
)
|
|
|||||||||
Total shareholders' equity
|
|
|
||||||||||
Total liabilities and shareholders' equity
|
$ |
$
|
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
For the six months ended June 30, 2020 and 2021
|
(Expressed in U.S. Dollars – except for share data)
|
|
Six months ended June 30,
|
|||||||||||
|
Note
|
2020
|
2021
|
|||||||||
REVENUES:
|
||||||||||||
Vessel revenues (net of commissions to charterers of $
|
11 |
$
|
|
$
|
|
|||||||
Total revenues
|
|
|
||||||||||
EXPENSES:
|
||||||||||||
Voyage expenses (including $
|
3,12
|
(
|
)
|
(
|
)
|
|||||||
Vessel operating expenses
|
12
|
(
|
)
|
(
|
)
|
|||||||
Management fees to related parties
|
3
|
(
|
)
|
(
|
)
|
|||||||
Depreciation and amortization
|
4,5
|
(
|
)
|
(
|
)
|
|||||||
General and administrative expenses (including $
|
13
|
( |
) | ( |
) | |||||||
Total expenses
|
( |
) |
(
|
)
|
||||||||
Operating income
|
|
|
||||||||||
OTHER INCOME/ (EXPENSES):
|
||||||||||||
Interest and finance costs (including $
|
3,6, 14
|
(
|
)
|
(
|
)
|
|||||||
Interest income
|
|
|
||||||||||
Foreign exchange losses
|
(
|
)
|
(
|
)
|
||||||||
Total other expenses, net
|
(
|
)
|
(
|
)
|
||||||||
Net (loss)/income and comprehensive (loss)/income, before taxes
|
$
|
(
|
)
|
$
|
|
|||||||
US Source Income Taxes |
( |
) | ||||||||||
Net (loss)/income and comprehensive (loss)/income |
$ | ( |
) | $ | ||||||||
(Loss)/ Earnings per common share, basic and diluted
|
10
|
$ | ( |
) |
$
|
|
||||||
Weighted average number of common shares, basic
|
|
|
||||||||||
Weighted average number of common shares, diluted |
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
For the six months ended June 30, 2020 and 2021
|
(Expressed in U.S. Dollars – except for share data)
|
|
Number of shares issued
|
|||||||||||||||||||||||||||
|
Common
shares
|
Preferred
A shares
|
Preferred
B shares
|
Par
Value of
Shares
issued
|
Additional
Paid-in
capital |
Retained earnings
/(Accumulated Deficit)
|
Total
Shareholders' Equity
|
|||||||||||||||||||||
Balance, December 31, 2019
|
|
|
|
|
|
|
|
|||||||||||||||||||||
- Issuance of common stock pursuant to the $ |
— | — | ||||||||||||||||||||||||||
- Issuance of common stock pursuant to the June Equity Offering, net of issuance costs (Note 7) |
— | — | ||||||||||||||||||||||||||
- Beneficial conversion feature pursuant to the issuance of the $ |
— | — | — | |||||||||||||||||||||||||
-Net loss
|
—
|
—
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance, June 30, 2020
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Balance, December 31, 2020
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||
- Issuance of
common stock pursuant to the registered direct offerings (Note 7)
|
|
—
|
—
|
|
|
|
|
|||||||||||||||||||||
- Issuance of common stock pursuant to warrant exercises (Note 7)
|
|
—
|
—
|
|
|
|
|
|||||||||||||||||||||
- Issuance of common stock pursuant to the ATM Program (Note 7)
|
|
—
|
—
|
|
|
|
|
|||||||||||||||||||||
-Net income
|
—
|
—
|
—
|
|
|
|
|
|||||||||||||||||||||
Balance, June 30, 2021
|
|
|
|
|
|
|
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2020 and 2021 (Expressed in U.S. Dollars)
|
|
Note |
Six months ended June 30,
|
||||||||||
|
2020
|
2021
|
||||||||||
Cash Flows (used in)/provided by Operating Activities:
|
||||||||||||
Net (loss)/income
|
$
|
(
|
)
|
$
|
|
|||||||
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by Operating activities:
|
||||||||||||
Vessels' depreciation and amortization of deferred dry-docking costs
|
4,5
|
|
|
|||||||||
Amortization and write-off of deferred finance charges
|
14
|
|
|
|||||||||
Amortization of other deferred charges
|
|
|
||||||||||
Deferred revenue amortization
|
(
|
)
|
(
|
)
|
||||||||
Interest settled in common stock
|
|
|
||||||||||
Amortization and write-off of convertible notes beneficial conversion feature
|
|
|
||||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accounts receivable trade
|
(
|
)
|
(
|
)
|
||||||||
Inventories
|
(
|
)
|
(
|
)
|
||||||||
Due from/to related parties
|
|
(
|
)
|
|||||||||
Prepaid expenses and other assets
|
(
|
)
|
(
|
)
|
||||||||
Dry-dock costs paid
|
(
|
)
|
(
|
)
|
||||||||
Other deferred charges |
( |
) | ||||||||||
Accounts payable
|
(
|
)
|
|
|||||||||
Accrued liabilities
|
(
|
)
|
|
|||||||||
Deferred revenue
|
(
|
)
|
|
|||||||||
Net Cash (used in)/provided by Operating Activities
|
(
|
)
|
|
|||||||||
|
||||||||||||
Cash flow used in Investing Activities:
|
||||||||||||
Vessel acquisitions and other vessel improvements
|
5
|
(
|
)
|
(
|
)
|
|||||||
Advances for vessel acquisitions |
5 | ( |
) | |||||||||
Net cash used in Investing Activities
|
(
|
)
|
(
|
)
|
||||||||
|
||||||||||||
Cash flows provided by Financing Activities:
|
||||||||||||
Gross proceeds from issuance of common stock and warrants
|
7
|
|
|
|||||||||
Common stock issuance expenses
|
(
|
)
|
(
|
)
|
||||||||
Proceeds from long-term debt
|
6
|
|
|
|||||||||
Repayment of long-term debt
|
6
|
(
|
)
|
(
|
)
|
|||||||
Payment of deferred financing costs
|
(
|
)
|
(
|
)
|
||||||||
Net cash provided by Financing Activities
|
|
|
||||||||||
|
||||||||||||
Net increase in cash, cash equivalents, and restricted cash
|
|
|
||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
|
|
||||||||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
|
$
|
|
||||||||
|
||||||||||||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||||||
Restricted cash
|
|
|
||||||||||
Cash, cash equivalents, and restricted cash
|
$
|
|
$
|
|
||||||||
|
||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||||||
Cash paid for interest
|
|
|
||||||||||
Shares issued in connection with the settlement of the $
|
|
|
||||||||||
Unpaid capital raising costs (included in Accounts payable and Accrued Liabilities)
|
|
|
||||||||||
Unpaid vessel acquisition and other vessel improvement costs (included in Accounts payable and Accrued liabilities)
|
|
|
||||||||||
Unpaid advances for vessel acquisitions (included in Accounts payable and Accrued Liabilities) |
||||||||||||
Unpaid deferred dry-dock costs (included in Accounts payable and Accrued liabilities) |
1. |
Basis of Presentation and General
information:
|
Company
|
Country of incorporation
|
Vessel Name
|
DWT
|
Year Built
|
Delivery date to Castor
|
|||||
Spetses Shipping Co. (“Spetses”)
|
|
|
|
|
|
|||||
Bistro Maritime Co. (“Bistro”)
|
|
|
|
|
|
|||||
Pikachu Shipping Co. (“Pikachu”)
|
|
|
|
|
|
|||||
Bagheera Shipping Co. (“Bagheera”) | ||||||||||
Pocahontas Shipping Co. (“Pocahontas”) | ||||||||||
Jumaru Shipping Co. (“Jumaru”) | ||||||||||
Super Mario Shipping Co. (“Super Mario”) | ||||||||||
Pumba Shipping Co. (“Pumba”) | ||||||||||
Kabamaru Shipping Co. (“Kabamaru”) | ||||||||||
Luffy Shipping Co. (“Luffy”) | ||||||||||
Liono Shipping Co. (“Liono”) | ||||||||||
Stewie Shipping Co. (“Stewie”) | ||||||||||
Snoopy Shipping Co. (“Snoopy”) | ||||||||||
Mulan Shipping Co. (“Mulan”) | ||||||||||
Cinderella Shipping Co. (“Cinderella”) | ||||||||||
Rocket Shipping Co. (“Rocket”) | ||||||||||
Gamora Shipping Co. (“Gamora”) | ||||||||||
Starlord Shipping Co. (“Starlord”) | ||||||||||
Hawkeye Shipping Co. (“Hawkeye”) | ||||||||||
Elektra Shipping Co. (“Elektra”) | ||||||||||
Vision Shipping Co. (“Vision”) | |
|
||||||||
Colossus Shipping Co. (“Colossus”) | ||||||||||
Xavier Shipping Co. (“Xavier”) |
|
1.
|
Basis of Presentation and General information (continued):
|
2. |
Significant Accounting Policies and
Recent Accounting Pronouncements:
|
3. |
Transactions with Related Parties:
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
|
2020
|
2021
|
||||||
Management fees-related parties
|
||||||||
Management fees – Pavimar (a)
|
$
|
|
$
|
|
||||
Management fees – Castor Ships (c) | ||||||||
|
||||||||
Included in Voyage expenses
|
||||||||
Charter hire commissions – Castor Ships (c)
|
$
|
|
$
|
|
||||
|
||||||||
Included in Interest and finance costs
|
||||||||
Interest expenses (b) – Thalassa
|
$
|
|
$
|
|
||||
Included in General and administrative expenses | ||||||||
Administration fees – Castor Ships (c) | $ | $ |
||||||
Included in Vessels’ cost | ||||||||
Sale & purchase commission – Castor Ships (c) | $ | $ |
|
December 31, 2020
|
June 30, 2021
|
||||||
Assets:
|
||||||||
Working capital advances granted to Pavimar (a) – current
|
$
|
|
$
|
|
||||
Working capital advances granted to Pavimar (a) – non-current | ||||||||
Liabilities:
|
||||||||
Related party debt (b) – Thalassa
|
$
|
|
$
|
|
||||
Accrued loan interest (b) – Thalassa | ||||||||
Voyage commissions & management fees due to Castor Ships (c) |
||||||||
Management fees due to Pavimar (a) |
(a) |
Pavimar:
|
3.
|
Transactions with Related Parties (continued):
|
3.
|
Transactions with Related Parties (continued):
|
4. |
Deferred charges, net:
|
|
Dry-docking
costs
|
|||
Balance December 31, 2020
|
$
|
|
||
Additions
|
|
|||
Amortization
|
(
|
)
|
||
Balance June 30, 2021
|
$
|
|
5. |
Vessels, net/ Advances for vessel acquisitions:
|
Vessel Cost
|
Accumulated depreciation
|
Net Book Value
|
||||||||||
Balance December 31, 2020
|
|
(
|
)
|
|
||||||||
— Acquisitions, improvements and other vessel costs
|
|
—
|
|
|||||||||
— Transfers from Advances for vessel acquisitions
|
|
— |
|
|||||||||
— Period depreciation
|
— |
(
|
)
|
(
|
)
|
|||||||
Balance June 30, 2021
|
|
(
|
)
|
|
5.
|
Vessels, net/ Advances for vessel acquisitions (continued):
|
Vessel Cost
|
||||
Balance December 31, 2020
|
$
|
|
||
— Advances for vessel acquisitions and other vessel pre-delivery costs
|
|
|||
—Transfer to Vessels, net (a)
|
(
|
)
|
||
Balance June 30, 2021
|
$
|
|
6. |
Long-Term Debt:
|
|
|
Year/Period Ended
|
|||||||
Loan facilities |
Borrowers- Issuers
|
December 31,
2020
|
June 30,
2021
|
||||||
$
|
|
$
|
|
$
|
|
||||
$
|
|
|
|
||||||
$ |
|||||||||
$ |
|||||||||
Total long-term debt
|
|
$
|
|
$
|
|
||||
Less: Deferred financing costs
|
|
(
|
)
|
(
|
)
|
||||
Total long-term debt, net of deferred finance costs
|
|
$
|
|
|
|||||
|
|
||||||||
Presented:
|
|
||||||||
Current portion of long-term debt
|
|
$
|
|
$
|
|
||||
Less: Current portion of deferred finance costs
|
|
(
|
)
|
(
|
)
|
||||
Current portion of long-term debt, net of deferred finance costs
|
|
$
|
|
$
|
|
||||
|
|
||||||||
Non-Current portion of long-term debt
|
|
|
|
||||||
Less: Non-Current portion of deferred finance costs
|
|
(
|
)
|
(
|
)
|
||||
Non-Current portion of long-term debt, net of deferred finance costs
|
|
$
|
|
$
|
|
||||
|
|
||||||||
Debt instruments from related party
|
|
||||||||
$
|
|
|
|
||||||
Total long-term debt from related party, current
|
|
$
|
|
$
|
|
a. |
$
|
b. |
$
|
6.
|
Long-Term Debt (continued):
|
c. |
$ |
d. |
$ |
6.
|
Long-Term Debt (continued):
|
Twelve-month period ending June 30,
|
Amount
|
|||
2022
|
$
|
|
||
2023
|
|
|||
2024
|
|
|||
2025
|
|
|||
Total long-term debt (including related party debt)
|
$
|
|
7. |
Equity Capital Structure:
|
7.
|
Equity Capital Structure (continued):
|
7.
|
Equity Capital Structure (continued):
|
7.
|
Equity Capital Structure (continued):
|
8. |
Financial Instruments and Fair Value
Disclosures:
|
◾ |
Cash and cash equivalents,
restricted cash, trade accounts receivable, amounts due from related party and trade accounts payable: The carrying values reported in the accompanying unaudited interim consolidated balance sheets for those financial instruments are reasonable estimates of their fair values due to their short-term maturity nature. Cash
and cash equivalents and restricted cash, current are considered Level 1 items as they represent liquid assets with short term maturities. The carrying value approximates the fair market value for interest bearing cash classified as
restricted cash, non-current and is considered Level 1 item of the fair value hierarchy. The carrying value of these instruments is separately reflected in the accompanying unaudited interim consolidated balance sheets.
|
◾ |
Long-term debt: The secured credit facilities discussed in Note 6, have a recorded value which is a
reasonable estimate of their fair value due to their variable interest rate and are thus considered Level 2 items in accordance with the fair value hierarchy as LIBOR rates are observable at commonly quoted intervals for the full terms of
the loans. The fair value of the fixed interest bearing $
|
9. |
Commitments and contingencies:
|
9.
|
Commitments and contingencies (continued):
|
(a) |
Commitments under Contracts for BWMS
Installation
|
(b) |
Commitments under long-term lease
contracts
|
Twelve-month period ending June 30,
|
Amount
|
|||
2022
|
$
|
|
||
Total
|
$
|
|
10. |
Earnings/ (Loss) Per Share:
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
|
2020
|
2021
|
||||||
Net (loss)/ income and comprehensive (loss)/income
|
$
|
(
|
)
|
$
|
|
|||
Less: Cumulative dividends on Series A Preferred Shares
|
|
|
||||||
Net (loss)/income and comprehensive (loss)/ income available to common shareholders
|
(
|
)
|
|
|||||
Weighted average number of common shares outstanding, basic
|
|
|
||||||
Plus: Dilutive effect of warrants |
||||||||
Weighted average number of common shares outstanding, diluted |
||||||||
(Loss)/Earnings per common share, basic and diluted
|
$
|
(
|
)
|
$
|
|
11. |
Vessel Revenues:
|
|
Six
months ended
June 30,
|
Six
months ended
June 30,
|
||||||
|
2020
|
2021
|
||||||
Time charter revenues
|
|
|
||||||
Voyage charter revenues
|
|
|
||||||
Pool revenues
|
|
|
||||||
Total Vessel revenues
|
$
|
|
$
|
|
12. |
Vessel Operating and Voyage Expenses:
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
Vessel Operating Expenses
|
2020
|
2021
|
||||||
Crew & crew related costs
|
$
|
|
$
|
|
||||
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling
|
|
|
||||||
Lubricants
|
|
|
||||||
Insurances
|
|
|
||||||
Tonnage taxes
|
|
|
||||||
Other
|
|
|
||||||
Total Vessel operating expenses
|
$
|
|
$
|
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
Voyage expenses
|
2020
|
2021
|
||||||
Brokerage commissions
|
$
|
|
$
|
|
||||
Brokerage commissions- related party |
||||||||
Port & other expenses
|
|
|
||||||
Bunkers consumption
|
|
|
||||||
Loss/(Gain) on bunkers
|
|
(
|
)
|
|||||
Total Voyage expenses
|
$
|
|
$
|
|
13. |
General
and Administrative
Expenses:
|
Six months ended
June 30,
|
Six months ended
June 30,
|
|||||||
2020
|
2021
|
|||||||
Audit fees
|
$
|
|
$
|
|
||||
Chief Executive and Chief Financial Officer and directors' compensation |
||||||||
Other professional fees
|
|
|
||||||
Administration fees-related party (Note 3(c)) |
||||||||
Total
|
$
|
|
$
|
|
14. |
Interest and Finance Costs:
|
Six months ended
June 30,
|
Six months ended
June 30,
|
|||||||
2020
|
2021
|
|||||||
Interest on long-term debt
|
$
|
|
$
|
|
||||
Interest on long-term debt – related party (Note 3 (b))
|
|
|
||||||
Interest on convertible debt – non cash
|
|
|
||||||
Amortization and write-off of deferred finance charges
|
|
|
||||||
Amortization and write-off of convertible notes beneficial conversion features
|
|
|
||||||
Other finance charges
|
|
|
||||||
Total
|
$
|
|
$
|
|
|
15.
|
Subsequent Events:
|