PERFORMANCE SHIPPING INC.
(registrant)
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Dated: January 28, 2020
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By:
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/s/ Andreas
Michalopoulos
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Andreas Michalopoulos
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Chief Financial Officer
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Corporate Contact:
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Ioannis Zafirakis
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Director, Chief Strategy Officer and Secretary
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Telephone: + 30-216-600-2400
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Email: izafirakis@pshipping.com
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Website: www.pshipping.com
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For Immediate Release
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Investor and Media Relations:
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Edward Nebb
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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: enebb@optonline.net
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Fleet Employment Profile (As of January 28, 2020)
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Performance Shipping Inc.’s fleet is employed as follows:
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Vessel
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Gross Rate (USD Per Day)
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Com*
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Charterers
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Delivery Date to Charterers**
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Redelivery Date to Owners***
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Notes
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BUILT CAPACITY
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||||||
3 Aframax Tanker Vessels
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BLUE MOON
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Spot
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-
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-
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-
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- - -
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2011 104,623DWT
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BRIOLETTE
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Spot
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-
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-
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-
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- - -
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2011 104,588DWT
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P. FOS
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-
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-
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-
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-
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- - -
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2007 115,577DWT
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1 Panamax Container Vessel
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DOMINGO
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$10,500
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3.50%
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CMA CGM
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3-Apr-19
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22-Oct-19
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$10,500
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3.50%
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22-Oct-19
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15-Jan-20
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$11,850
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3.50%
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15-Jan-20
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26-Feb-20 - 8-Apr-20
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2001 3,739TEU
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||||||
1 Post - Panamax Container Vessel
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PUCON
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$24,000
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3.75%
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Wan Hai Lines (Singapore) Pte Ltd.
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10-Sep-19
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18-Nov-19
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1
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2006 6,541TEU
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||||||
ROTTERDAM
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$20,500
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3.75%
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Wan Hai Lines (Singapore) Pte Ltd.
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25-Jul-19
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6-Oct-19
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$25,000
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1.25%
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Ocean Network Express Pte. Ltd.
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10-Oct-19
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31-Dec-19
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$23,000
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1.25%
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Hapag-Lloyd AG
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7-Jan-20
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12-Mar-20 - 11-Apr-20
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2
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2008 6,494TEU
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* Total commission paid to third parties.
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** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.
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*** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular
charterparty.
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1 "Pucon" sold and delivered to her new owners on November 21, 2019.
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2 "Rotterdam" sold and expected to be delivered to her new owners at the latest by mid-May 2020.
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Summary of Selected Financial & Other Data
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For the three months ended
December 31,
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For the years ended
December 31,
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|||||||||||||||
2019
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2018
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2019
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2018
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|||||||||||||
(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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|||||||||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
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||||||||||||||||
Voyage and time charter revenues
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$
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10,580
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$
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6,078
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$
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26,846
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$
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25,566
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||||||||
Voyage expenses
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2,083
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223
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3,447
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1,267
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||||||||||||
Vessel operating expenses
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2,605
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2,813
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11,321
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15,453
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||||||||||||
Net loss
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(12,228
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)
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(395
|
)
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(32,057
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)
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(52,895
|
)
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||||||||
FLEET DATA
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||||||||||||||||
Average number of vessels
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4.0
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4.0
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4.2
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6.3
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||||||||||||
Number of vessels
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4.0
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4.0
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4.0
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4.0
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||||||||||||
Ownership days
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367
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368
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1,516
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2,307
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||||||||||||
Available days
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367
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368
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1,516
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2,284
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||||||||||||
Operating days
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330
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368
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1,401
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2,177
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||||||||||||
Fleet utilization
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89.9
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%
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100.0
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%
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92.4
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%
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95.3
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%
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||||||||
AVERAGE DAILY RESULTS
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Time charter equivalent (TCE) rate (1)
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$
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23,153
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$
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15,910
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$
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15,435
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$
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10,639
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||||||||
Daily vessel operating expenses (2)
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$
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7,098
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$
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7,644
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$
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7,468
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$
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6,698
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||||||||
*
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Number of vessels excludes vessels that the Company has contracted to purchase but have not been delivered to the Company as at December 31, 2019.
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(1)
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Time charter equivalent rates, or TCE rates, are defined as our voyage and time charter revenues, less voyage expenses during a period divided by the number of our available days during
the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance
measure used primarily to compare daily earnings generated by vessels despite changes in the mix of charter types (i.e., voyage (spot) charters, time charters and bareboat charters).
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(2) |
Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, lubricant costs, tonnage
taxes, regulatory fees, environmental costs, lay-up expenses and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.
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PERFORMANCE SHIPPING INC.
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FINANCIAL TABLES
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|||||||||
Expressed in thousands of U.S. Dollars, except for share and per share data
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CONSOLIDATED STATEMENTS OF OPERATIONS
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For the three months ended
December 31,
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For the years ended
December 31,
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|||||||||||||||
2019
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2018
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2019
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2018
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REVENUES:
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(unaudited)
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(unaudited)
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(unaudited)
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|||||||||||||
Voyage and time charter revenues
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$
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10,580
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$
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6,078
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$
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26,846
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$
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25,566
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EXPENSES:
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Voyage expenses
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2,083
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223
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3,447
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1,267
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||||||||||||
Vessel operating expenses
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2,605
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2,813
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11,321
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15,453
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Depreciation and amortization of deferred charges
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891
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890
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3,684
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4,945
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||||||||||||
Management fees
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100
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-
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147
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-
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||||||||||||
General and administrative expenses
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2,733
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2,319
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8,162
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8,030
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||||||||||||
Impairment losses
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13,934
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265
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31,629
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20,654
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Loss on vessels' sale
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127
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-
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127
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16,700
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||||||||||||
Foreign currency (gains) / losses
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10
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(9
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)
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(7
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)
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(44
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)
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Operating loss
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$
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(11,903
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)
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$
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(423
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)
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$
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(31,664
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)
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$
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(41,439
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)
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OTHER INCOME / (EXPENSES):
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Interest and finance costs
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(398
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)
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-
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(651
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)
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(11,520
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)
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|||||||||
Interest income
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73
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28
|
258
|
64
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||||||||||||
Total other income /(expenses), net
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$
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(325
|
)
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$
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28
|
$
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(393
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)
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$
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(11,456
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)
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Net loss
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$
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(12,228
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)
|
$
|
(395
|
)
|
$
|
(32,057
|
)
|
$
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(52,895
|
)
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Loss per common share, basic and diluted
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$
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(0.32
|
)
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$
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(0.03
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)
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$
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(1.12
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)
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$
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(5.60
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)
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Weighted average number of common shares, basic and diluted
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38,548,023
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13,334,110
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28,646,763
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9,450,555
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||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
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||||||||||||||||
For the three months ended
December 31,
|
For the years ended
December 31,
|
|||||||||||||||
2019
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2018
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2019
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2018
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|||||||||||||
(unaudited)
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(unaudited)
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(unaudited)
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||||||||||||||
Net loss
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$
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(12,228
|
)
|
$
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(395
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)
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$
|
(32,057
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)
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$
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(52,895
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)
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Other comprehensive income (Actuarial gain)
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12
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51
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12
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51
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||||||||||||
Comprehensive loss
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$
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(12,216
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)
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$
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(344
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)
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$
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(32,045
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)
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$
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(52,844
|
)
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
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||||||||
(Expressed in thousands of US Dollars)
|
||||||||
December 31,
2019
|
December 31,
2018*
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|||||||
ASSETS
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(unaudited)
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|||||||
Cash and cash equivalents
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$
|
26,363
|
$
|
10,493
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||||
Advances for vessel acquisitions and other vessels' costs
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11,017
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-
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||||||
Vessels, net
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82,871
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85,870
|
||||||
Other fixed assets, net
|
993
|
998
|
||||||
Other assets
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9,325
|
2,725
|
||||||
Total assets
|
$
|
130,569
|
$
|
100,086
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Long-term debt, net of unamortized deferred financing costs
|
$
|
32,283
|
$
|
-
|
||||
Other liabilities
|
4,048
|
4,510
|
||||||
Total stockholders' equity
|
94,238
|
95,576
|
||||||
Total liabilities and stockholders' equity
|
$
|
130,569
|
$
|
100,086
|
||||
* The balance sheet data as of December 31, 2018 has been derived from the audited consolidated financial statements at that date.
|
OTHER FINANCIAL DATA
|
||||||||||||||||
For the three months ended
December 31,
|
For the years ended
December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Net Cash provided by / (used in) Operating Activities
|
$
|
(305
|
)
|
$
|
507
|
$
|
(4,194
|
)
|
$
|
(330
|
)
|
|||||
Net Cash provided by / (used in) Investing Activities
|
3,188
|
311
|
(18,517
|
)
|
93,151
|
|||||||||||
Net Cash provided by / (used in) Financing Activities
|
15,981
|
4,217
|
38,581
|
(88,772
|
)
|