Page
|
|
Unaudited Interim Consolidated Balance Sheets as of December 31, 2021, and June 30, 2022
|
F-2
|
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income for the six months ended June 30, 2021, and 2022
|
F-3
|
Unaudited Interim Consolidated Statements of Shareholders’ Equity for the six months ended June 30, 2021, and 2022
|
F-4
|
Unaudited Interim Consolidated Statements of Cash Flows for the six months ended June 30, 2021, and 2022
|
F-5
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements
|
F-6
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS
|
December 31, 2021 and June 30, 2022
|
(Expressed in U.S. Dollars – except for share data)
|
ASSETS
|
December 31,
|
June 30,
|
||||||||||
CURRENT ASSETS:
|
Note
|
2021
|
2022
|
|||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||||||
Restricted Cash
|
6 | |||||||||||
Accounts receivable trade, net
|
11 |
|
|
|||||||||
Inventories
|
|
|
||||||||||
Prepaid expenses and other assets
|
|
|
||||||||||
Deferred charges, net
|
11 |
|
|
|||||||||
Vessel held for sale
|
5 |
|||||||||||
Total current assets
|
|
|
||||||||||
NON-CURRENT ASSETS:
|
||||||||||||
Vessels, net (including $
|
3, 5
|
|
|
|||||||||
Advances for vessel acquisition
|
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
|
|
|
|||||||||
Accounts payable
|
|
|
||||||||||
Due to related parties, current
|
3 |
|||||||||||
Deferred revenue
|
11 |
|
|
|||||||||
Accrued liabilities
|
|
|
||||||||||
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 B Preferred Shares –
|
7
|
|
|
|||||||||
Additional paid-in capital
|
|
|
||||||||||
Retained earnings
|
|
|
||||||||||
Total shareholders’ equity
|
|
|
||||||||||
Total liabilities and shareholders’ equity
|
$ |
$
|
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the six months ended June 30, 2021 and 2022
|
(Expressed in U.S. Dollars – except for share data)
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||
|
Note
|
2021
|
2022
|
|||||||||
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)/gains
|
(
|
)
|
|
|||||||||
Total other expenses, net
|
(
|
)
|
(
|
)
|
||||||||
Net income and comprehensive income, before taxes
|
$
|
|
$
|
|
||||||||
Income taxes
|
( |
) | ( |
) | ||||||||
Net income and comprehensive income
|
$ | $ | ||||||||||
Earnings per common share, basic and diluted
|
10
|
$ |
$ |
|
||||||||
Weighted average number of common shares, basic
|
10
|
|
|
|||||||||
Weighted average number of common shares, diluted
|
10
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
For the six months ended June 30, 2021, and 2022
|
(Expressed in U.S. Dollars – except for share data)
|
|
Number of Shares Issued
|
Par Value
|
Additional | Total | ||||||||||||||||||||||||
|
Common
shares
|
Preferred
A shares
|
Preferred
B shares
|
of Shares
issued
|
Paid-in
capital |
Retained earnings
|
Shareholders’
Equity
|
|||||||||||||||||||||
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 and comprehensive income
|
—
|
—
|
—
|
|
|
|
|
|||||||||||||||||||||
Balance, June 30, 2021
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance, December 31, 2021
|
||||||||||||||||||||||||||||
- Net income and comprehensive income
|
— | — | — | |||||||||||||||||||||||||
Balance, June 30, 2022
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2021, and 2022 (Expressed in U.S. Dollars)
|
|
|
Six months ended June 30,
|
||||||||||
|
Note |
2021
|
2022
|
|||||||||
Cash Flows provided by Operating Activities:
|
||||||||||||
Net income
|
$
|
|
$
|
|
||||||||
Adjustments to reconcile net income to net cash provided by Operating activities:
|
||||||||||||
Depreciation and amortization
|
4, 5
|
|
|
|||||||||
Amortization of deferred finance charges
|
14
|
|
|
|||||||||
Amortization of other deferred charges
|
|
|
||||||||||
Deferred revenue amortization
|
(
|
)
|
|
|||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accounts receivable trade, net
|
(
|
)
|
(
|
)
|
||||||||
Inventories
|
(
|
)
|
(
|
)
|
||||||||
Due from/to related parties
|
(
|
)
|
(
|
)
|
||||||||
Prepaid expenses and other assets
|
(
|
)
|
(
|
)
|
||||||||
Other deferred charges
|
( |
) | ||||||||||
Accounts payable
|
|
|
||||||||||
Accrued liabilities
|
|
|
||||||||||
Deferred revenue
|
|
(
|
)
|
|||||||||
Dry-dock costs paid
|
( |
) | ( |
) | ||||||||
Net Cash provided by Operating Activities
|
|
|
||||||||||
|
||||||||||||
Cash flow used in Investing Activities:
|
||||||||||||
Vessel acquisitions and other vessel improvements
|
5
|
(
|
)
|
(
|
)
|
|||||||
Advances for vessel acquisition
|
( |
) | ||||||||||
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, current
|
|
|
||||||||||
Restricted cash, non-current
|
||||||||||||
Cash, cash equivalents, and restricted cash
|
$
|
|
$
|
|
||||||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||||||
Cash paid for interest
|
|
|
||||||||||
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
|
|
1
|
Spetses Shipping Co. (“Spetses”)
|
|
|
|
|
|
2
|
Bistro Maritime Co. (“Bistro”)
|
|
|
|
|
|
3
|
Pikachu Shipping Co. (“Pikachu”)
|
|
|
|
|
|
4
|
Bagheera Shipping Co. (“Bagheera”)
|
|
|
|
|
|
5
|
Pocahontas Shipping Co. (“Pocahontas”)
|
|
|
|
|
|
6
|
Jumaru Shipping Co. (“Jumaru”)
|
|
|
|
|
|
7
|
Super Mario Shipping Co. (“Super Mario”)
|
|
|
|
|
|
8
|
Pumba Shipping Co. (“Pumba”)
|
|
|
|
|
|
9
|
Kabamaru Shipping Co. (“Kabamaru”)
|
|
|
|
|
|
10
|
Luffy Shipping Co. (“Luffy”)
|
|
|
|
|
|
11
|
Liono Shipping Co. (“Liono”)
|
|
|
|
|
|
12
|
Stewie Shipping Co. (“Stewie”)
|
|
|
|
|
|
13
|
Snoopy Shipping Co. (“Snoopy”)
|
|
|
|
|
|
14
|
Mulan Shipping Co. (“Mulan”)
|
|
|
|
|
|
15
|
Cinderella Shipping Co. (“Cinderella”)
|
|
|
|
|
|
16
|
Rocket Shipping Co. (“Rocket”)
|
|
|
|
|
|
17
|
Gamora Shipping Co. (“Gamora”)
|
|
|
|
|
|
18
|
Starlord Shipping Co. (“Starlord”)
|
|
|
|
|
|
19
|
Hawkeye Shipping Co. (“Hawkeye”)
|
|
|
|
|
|
20
|
Elektra Shipping Co. (“Elektra”)
|
|
|
|
|
|
21
|
Vision Shipping Co. (“Vision”)
|
|
|
|
|
|
22
|
Colossus Shipping Co. (“Colossus”)
|
|
|
|
|
|
(1)
|
|
1.
|
Basis of Presentation and General information (continued):
|
23
|
Xavier Shipping Co. (“Xavier”)
|
|
|
|
|
|
24
|
Songoku Shipping Co. (“Songoku”)
|
|
|
|
|
|
25
|
Asterix Shipping Co. (“Asterix”)
|
|
|
|
|
|
26
|
Johnny Bravo Shipping Co. (“Johnny Bravo”)
|
|
|
|
|
|
27
|
Garfield Shipping Co. (“Garfield”)
|
|
|
|
|
|
28
|
Drax Shipping Co. (“Drax”)
|
|
|
|
|
|
29
|
Mickey Shipping Co. (“Mickey”)
|
|
|
|
|
|
Company | |
1
|
Tom Shipping Co. (“Tom S”)
|
2
|
Jerry Shipping Co. (“Jerry S”)
|
3
|
Tom Maritime Ltd. (“Tom M”)
|
4
|
Jerry Maritime Ltd. (“Jerry M”)
|
1
|
Castor Maritime SCR Corp. (1)
|
2. |
Significant Accounting Policies and
Recent Accounting Pronouncements:
|
2. |
Significant Accounting Policies and
Recent Accounting Pronouncements (continued):
|
3. |
Transactions with Related Parties:
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
|
2021
|
2022
|
||||||
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,
2021
|
June 30,
2022
|
||||||
Assets:
|
||||||||
Due from Pavimar (a) – non-current | ||||||||
Liabilities:
|
||||||||
Due to Pavimar (a) – current | ||||||||
Voyage commissions, management fees and other expenses due to Castor Ships (c) |
3.
|
Transactions with Related Parties (continued):
|
3.
|
Transactions with Related Parties (continued):
|
4. |
Deferred charges, net:
|
|
Dry-docking costs
|
|||
Balance December 31, 2021
|
$
|
|
||
Additions
|
|
|||
Less: Insurance claim recognized
|
( |
) | ||
Amortization
|
(
|
)
|
||
Balance June 30, 2022
|
$
|
|
5. |
Vessels, net/ Advances for vessel acquisition/ Vessel held for sale:
|
Vessel Cost
|
Accumulated depreciation
|
Net Book Value
|
||||||||||
Balance December 31, 2021
|
|
(
|
)
|
|
||||||||
— Acquisitions, improvements, and other vessel costs
|
|
—
|
|
|||||||||
— Transfers from Advances for vessel acquisition (b)
|
|
— |
|
|||||||||
— Transfer to Vessel held for sale (c) | ( |
) | ( |
) | ||||||||
— Period depreciation
|
— |
(
|
)
|
(
|
)
|
|||||||
Balance June 30, 2022
|
|
(
|
)
|
|
5.
|
Vessels, net/ Advances for vessel acquisition/ Vessel held for sale (continued):
|
Vessel Cost
|
||||
Balance December 31, 2021
|
$
|
|
||
—Transfer to Vessels, net (a)
|
(
|
)
|
||
Balance June 30, 2022
|
$
|
|
6. |
Long-Term Debt:
|
|
|
Year/Period Ended
|
|||||||
Loan facilities |
Borrowers
|
December 31,
2021
|
June 30,
2022
|
||||||
$
|
|
$
|
|
$
|
|
||||
$
|
|
|
|
||||||
$
|
|||||||||
$
|
|||||||||
$
|
|||||||||
$
|
|||||||||
$
|
|||||||||
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
|
|
$
|
|
$
|
|
6.
|
Long-Term Debt (continued):
|
6.
|
Long-Term Debt
(continued):
|
Twelve-month period ending June 30,
|
Amount
|
|||
2023
|
$
|
|
||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027 | ||||
Total long-term debt
|
$
|
|
7. |
Equity Capital Structure:
|
8. |
Financial Instruments and Fair Value
Disclosures:
|
◾ |
Cash and cash equivalents, restricted cash, accounts
receivable trade, net, amounts due from/to related party/(ies) and 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 due to the variable interest nature thereof and is considered Level 1 item of the fair value hierarchy. The carrying value of these instruments is 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 and SOFR rates are observable at commonly quoted
intervals for the full terms of the loans.
|
9. |
Commitments and contingencies:
|
Twelve-month period ending June 30,
|
Amount
|
|||
2023
|
$
|
|
||
Total
|
$
|
|
10. |
Earnings Per Share:
|
10. |
Earnings Per Share (continued):
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
|
2021
|
2022
|
||||||
Net income and comprehensive income
|
$
|
|
$
|
|
||||
Weighted average number of common shares outstanding, basic
|
|
|
||||||
Earnings per common share, basic |
||||||||
Plus: Dilutive effect of warrants |
||||||||
Weighted average number of common shares outstanding, diluted |
||||||||
Earnings per common share, diluted
|
$
|
|
$
|
|
11. |
Vessel Revenues:
|
|
Six
months ended
June 30,
|
Six
months ended
June 30,
|
||||||
|
2021
|
2022
|
||||||
Time charter revenues
|
$ |
|
$ |
|
||||
Voyage charter revenues
|
|
|
||||||
Pool revenues
|
|
|
||||||
Total Vessel revenues
|
$
|
|
$
|
|
11. |
Vessel Revenues (continued):
|
12. |
Vessel Operating and Voyage Expenses:
|
Six months
ended
June 30,
|
Six months
ended
June 30,
|
|||||||
Voyage expenses
|
2021
|
2022
|
||||||
Brokerage commissions
|
$
|
|
$ |
|
||||
Brokerage commissions- related party
|
|
|
||||||
Port & other expenses
|
|
|
||||||
Bunkers consumption
|
|
|
||||||
Gain on bunkers
|
(
|
)
|
(
|
)
|
||||
Total Voyage expenses
|
$
|
|
$
|
|
Six months
ended
June 30,
|
Six months
ended
June 30,
|
|||||||
Vessel Operating Expenses
|
2021
|
2022
|
||||||
Crew & crew related costs
|
$
|
|
$ |
|
||||
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling
|
|
|
||||||
Lubricants
|
|
|
||||||
Insurances
|
|
|
||||||
Tonnage taxes
|
|
|
||||||
Other
|
|
|
||||||
Total Vessel operating expenses
|
$
|
|
$
|
|
13. |
General
and Administrative Expenses:
|
Six months ended
June 30,
|
Six months ended
June 30,
|
|||||||
2021
|
2022
|
|||||||
Audit fees
|
$
|
|
$
|
|
||||
Non-executive 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,
|
|||||||
2021
|
2022
|
|||||||
Interest on long-term debt
|
$
|
|
$
|
|
||||
Interest on long-term debt – related party (Note 3 (b))
|
|
|
||||||
Amortization of deferred finance charges
|
|
|
||||||
Other finance charges
|
|
|
||||||
Total
|
$
|
|
$
|
|
15.
|
Segment Information:
|
Six months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||||||||||||||||||
2021
|
2022
|
|||||||||||||||||||||||||||||||
Dry bulk segment
|
Aframax/
LR2 tanker
segment
|
Handysize tanker segment
|
Total
|
Dry bulk segment
|
Aframax/ LR2 tanker segment
|
Handysize tanker segment
|
Total
|
|||||||||||||||||||||||||
- Time charter revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
- Voyage charter revenues
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
- Pool revenues
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Vessel revenues, net
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Voyage expenses (including charges from related party)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||
Vessel operating expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||
Management fees to related parties
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||
Depreciation and amortization
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||
Segments operating income/(loss) (1)
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||
Interest and finance costs
|
( |
( |
( |
( |
( |
( |
( |
( |
||||||||||||||||||||||||
Interest income
|
||||||||||||||||||||||||||||||||
Foreign exchange (losses)/gains
|
( |
( |
( |
( |
( |
|||||||||||||||||||||||||||
Segment Net income/(loss) and comprehensive income/(loss), before taxes
|
$ |
$ |
$ |
( |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
Less: Unallocated corporate general and administrative expenses
|
( |
( |
||||||||||||||||||||||||||||||
Less: Corporate Interest and finance costs
|
( |
( |
||||||||||||||||||||||||||||||
Less: Corporate Interest income
|
||||||||||||||||||||||||||||||||
Less: Corporate exchange (losses)/ gains
|
( |
|||||||||||||||||||||||||||||||
Net income and comprehensive income, before taxes
|
$ |
$ |
15.
|
Segment Information (continued):
|
As of December 31,
2021
|
As of June 30,
2022
|
|||||||
Dry bulk segment
|
$
|
|
$
|
|
||||
Aframax tanker segment
|
|
|
||||||
Handysize tanker segment
|
|
|
||||||
Cash and cash equivalents (1)
|
|
|
||||||
Prepaid expenses and other assets (1)
|
|
|
||||||
Total consolidated assets
|
$
|
|
$
|
|
(1) |
16.
|
Subsequent Events:
|