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Imperial Petroleum Inc. Reports Second Quarter and Six Months 2024 Financial and Operating Results

ATHENS, Greece, Aug. 27, 2024 (GLOBE NEWSWIRE) — IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2024.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Fleet operational utilization of 80.9% in Q2 24’- a stable performance when compared to the 80.6% utilization achieved in Q1 24’. In Q2 23’ our operational utilization was lower in the order of 75.4%.
  • 79.5% of fleet calendar days equivalent to 744 days in Q2 24’ were dedicated to spot activity.
  • Delivery from an affiliated entity of the handysize drybulk carrier, the Neptulus (2012 built), on August 24, 2024
  • Revenues of $47.0 million in Q2 24’ compared to $41.2 million in Q1 24’ equivalent to a 14.1% rise- and $59.0 million of revenues in Q2 23’.
  • Net income of $19.5 million in Q2 24’- our second best performance thus far- up by $2.8 million when compared to Q1 24’ and $2.7 million when compared to Q2 23’.
  • Cash and cash equivalents including time deposits of $129.8 million as of June 30, 2024.
  • Receipt of $39 million due from C3is Inc on July 15th 2024, an amount owed from the sale of the aframax tanker Afrapearl II, thus enabling our current cash balance to climb at almost $190 million.
  • An aggregate of 4.3 common shares were issued upon the exercise of Class E Warrants in the second quarter and the third quarter to date.

Second Quarter 2024 Results:

  • Revenues for the three months ended June 30, 2024 amounted to $47.0 million, a decrease of $12.0 million, or 20.3%, compared to revenues of $59.0 million for the three months ended June 30, 2023, primarily due to a decrease in voyage days by 11.7% (122 days) attributed mainly to the decrease of our average fleet by 1.5 vessels and a decrease of tanker market rates particularly for the suezmax tankers when compared to the same period of last year.
  • Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2024 were $17.1 million and $6.5 million, respectively, compared to $19.3 million and $7.0 million, respectively, for the three months ended June 30, 2023. The $2.2 million decrease in voyage expenses is mainly attributed to a decline in our daily port expenses by approximately $2,200 due to decreased transit through Suez Canal, partially offset by an increase in our daily bunker costs by approximately $800. The $0.5 million decrease in vessels’ operating expenses was primarily due to the decrease of our fleet by an average of 1.5 vessels.
  • Drydocking costs for the three months ended June 30, 2024 and 2023 were nil and $0.7 million, respectively. During three months ended June 30, 2023 one of our Handysize drybulk carriers the Eco Glorieuse underwent drydocking.
  • General and administrative costs for the three months ended June 30, 2024 and 2023 were $1.5 million and $1.5 million, respectively.
  • Depreciation for the three months ended June 30, 2024 and 2023 was $4.2 million and $4.6 million, respectively. The change is attributable to the decrease in the average number of our vessels.
  • Other operating income for the three months ended June 30, 2024 was $1.9 million and related to the collection of a claim in in connection with repairs undertaken in prior years.
  • Net loss on sale of vessel for the three months ended June 30, 2024 was $1.6 million and related to the sale of the Aframax tanker Gstaad Grace II to a third party.
  • Impairment loss for the three months ended June 30, 2023 stood at $9.0 million, and related to the spin-off of two of our drybulk carriers to C3is Inc. The decline of drybulk vessels’ fair values, at the time of the spin off, compared to one year before when these vessels were acquired resulted in the incurrence of the impairment loss.
  • Interest and finance costs for the three months ended June 30, 2024 and 2023 were $0.006 million and $0.5 million, respectively. During the three months ended June 30, 2023 the Company repaid all of its outstanding debt whereas there is no debt during the three months ended June 30, 2024. The $0.5 million charges for the three months ended June 30, 2023 relate mainly to the full amortization of loan related charges following the repayment of the Company’s outstanding debt.
  • Interest income for the three months ended June 30, 2024 and 2023 was $2.0 million and $0.9 million, respectively. The increase is mainly attributed to the $0.8 million of accrued interest income – related party for the three months ended June 30, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana) which was collected in July 2024.
  • As a result of the above, for the three months ended June 30, 2024, the Company reported net income of $19.5 million, compared to net income of $16.8 million for the three months ended June 30, 2023. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended June 30, 2024. The weighted average number of shares of common stock outstanding, basic, for the three months ended June 30, 2024 was 28.0 million. Earnings per share, basic and diluted, for the three months ended June 30, 2024 amounted to $0.64 and $0.56, respectively, compared to earnings per share, basic and diluted, of $0.91 and $0.73, respectively for the three months ended June 30, 2023.
  • Adjusted net income1 was $22.2 million corresponding to an Adjusted EPS1, basic of $0.73 for the three months ended June 30, 2024 compared to an Adjusted net income of $26.6 million corresponding to an Adjusted EPS, basic, of $1.46 for the same period of last year.
  • EBITDA1 for the three months ended June 30, 2024 amounted to $21.8 million, while Adjusted EBITDA1 for the three months ended June 30, 2024 amounted to $24.4 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 10.3 vessels were owned by the Company during the three months ended June 30, 2024 compared to 11.8 vessels for the same period of 2023.

Six Months 2024 Results:

  • Revenues for the six months ended June 30, 2024 amounted to $88.2 million, a decrease of $36.3 million, or 29.2%, compared to revenues of $124.5 million for the six months ended June 30, 2023, primarily due to a year to date decline of daily suezmax freight rates by almost 25%.
  • Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2024 were $30.6 million and $12.5 million, respectively, compared to $36.1 million and $13.9 million, respectively, for the six months ended June 30, 2023. The $5.5 million decrease in voyage expenses is mainly attributed to decreased port expenses by approximately $3.0 million due to decreased transit through Suez Canal and decreased voyage commissions by approximately $1.1 in conjunction with lower freight rates. The $1.4 million decrease in vessels’ operating expenses was primarily due to the decrease in the average number of vessels in our fleet.
  • Drydocking costs for the six months ended June 30, 2024 and 2023 were $0.6 million and $1.3 million, respectively. This decrease is due to the fact that during the six months ended June 30, 2024 one tanker vessel underwent drydocking while in the same period of last year two of our Handysize drybulk carriers underwent drydocking.
  • General and administrative costs for the six months ended June 30, 2024 and 2023 were $2.7 million and $2.5 million, respectively. This change is mainly attributed to the increase in stock-based compensation costs, partly offset by a reduction in reporting expenses due to the spin-off of C3is Inc. which was completed in June 2023.
  • Depreciation for the six months ended June 30, 2024 was $8.2 million, a $0.5 million decrease from $8.7 million for the same period of last year, due to the decrease in the average number of our vessels.
  • Other operating income for the six months ended June 30, 2024 was $1.9 million and related to the collection of a claim in connection with repairs undertaken in prior years.
  • Net loss on sale of vessel for the six months ended June 30, 2024 was $1.6 million and related to the sale of the Aframax tanker Gstaad Grace II to a third party.
  • Impairment loss for the six months period ended June 30, 2023 stood at $9.0 million, and related to the spin-off of two of four drybulk carriers to C3is Inc. The decline of drybulk vessels’ fair values, at the time of the spin off, compared to one year before when these vessels were acquired resulted in the incurrence of impairment loss.
  • Interest and finance costs for the six months ended June 30, 2024 and 2023 were $0.008 million and $1.8 million, respectively. The $1.8 million of costs for the six months ended June 30, 2023 relate mainly to $1.3 million of interest charges incurred up to the full repayment of all outstanding loans concluded in April 2023 along with the full amortization of $0.5 million of loan related charges following the repayment of the Company’s outstanding debt.
  • Interest income for the six months ended June 30, 2024 and 2023 was $3.8 million and $2.1 million, respectively. The increase is mainly attributed to 1.5mil of accrued interest income – related party for the six months ended June 30, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana) which was receivable by July 2024.
  • As a result of the above, the Company reported net income for the six months ended June 30, 2024 of $36.2 million, compared to a net income of $52.6 million for the six months ended June 30, 2023. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2024 was 27.8 million. Earnings per share, basic and diluted, for the six months ended June 30, 2024 amounted to $1.20 and $1.06, respectively compared to earnings per share, basic and diluted, of $3.17 and $2.78 for the six months ended June 30, 2023.
  • Adjusted Net Income was $39.7 million corresponding to an Adjusted EPS, basic of $1.32 for the six months ended June 30, 2024 compared to adjusted net income of $62.6 million, or $3.79 EPS, basic, for the same period of last year.
  • EBITDA for the six months ended June 30, 2024 amounted to $40.6 million while Adjusted EBITDA for the six months ended June 30, 2024 amounted to $44.1 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 10.1 vessels were owned by the Company during the six months ended June 30, 2024 compared to 10.9 vessels for the same period of 2023.
  • As of June 30, 2024, cash and cash equivalents including time deposits amounted to $129.8 million and total debt amounted to nil.

1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

Fleet Employment Table

As of August 27, 2024, the profile and deployment of our fleet is the following:

                          
Name   Year
Built
   Country
Built
   Vessel Size
(dwt)
   Vessel
Type
   Employment
Status
   Expiration of
Charter(1)
 
Tankers                               
Magic Wand    2008    Korea    47,000    MR product tanker    Spot     
Clean Thrasher    2008    Korea    47,000    MR product tanker    Spot      
Clean Sanctuary (ex. Falcon Maryam)    2009    Korea    46,000    MR product tanker    Spot      
Clean Nirvana    2008    Korea    50,000    MR product tanker    Spot      
Clean Justice    2011    Japan    46,000    MR product tanker    Time Charter    August 2027 
Aquadisiac   2008   Korea   51,000   MR product tanker   Spot     
Suez Enchanted    2007    Korea    160,000    Suezmax tanker    Spot      
Suez Protopia    2008    Korea    160,000    Suezmax tanker    Spot      
Drybulk Carriers                               
Eco Wildfire    2013    Japan    33,000    Handysize drybulk    Time Charter    August 2024 
Glorieuse    2012    Japan    38,000    Handysize drybulk    Time Charter    September 2024 
Neptulus   2012   Japan   33,000   Handysize drybulk   Time Charter   August 2024 
Fleet Total              711,000 dwt                

(1)Earliest date charters could expire.
  

CEO Harry Vafias Commented

In Q2 24 we managed to turn a typically weak seasonal period to our second most profitable quarter thus far, as we generated a net profit of $19.5 million. Our excellent performance was mostly leveraged by our product tankers that were strategically situated West of Suez where market for these vessels remained tight. We enjoy recurring profitable quarters a very strong cash base which currently stands close to $190 million and as we repeatedly stress, zero leverage. This gives us plenty of flexibility to grow further. We remain significantly undervalued as our market capitalization is even lower than our cash but are confident that gradually we will see an appreciation to our share price, driven by our recurring strong results.

Conference Call details:

On August 27, 2024 at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Online Registration:

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

https://register.vevent.com/register/BI4888ca9812574a5fb23bfdfa933b77d6

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About IMPERIAL PETROLEUM INC.        

IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twelve vessels, eleven vessels in the water – six M.R. product tankers, two suezmax tankers and three handysize drybulk carriers – with a total capacity of 711,000 deadweight tons (dwt), and one M.R product tanker of 40,000 dwt capacity, that will be delivered in the fourth quarter of 2024. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of any lingering impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, performance of counterparty to our vessel sale agreement, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment        
For information on our fleet and further information:
Visit our website at www.ImperialPetro.com

Company Contact:
Fenia Sakellaris
IMPERIAL PETROLEUM INC.
E-mail: info@ImperialPetro.com

Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended June 30, 2023 and June 30, 2024.

FLEET DATAQ2 2023Q2 20246M 20236M 2024
Average number of vessels (1)11.810.310.910.1
Period end number of owned vessels in fleet10101010
Total calendar days for fleet (2)1,0729361,9811,831
Total voyage days for fleet (3)1,0449221,9471,800
Fleet utilization (4)97.4%98.5%98.3%98.3%
Total charter days for fleet (5)310178718385
Total spot market days for fleet (6)7347441,2291,415
Fleet operational utilization (7)75.4%80.9%79.8%80.7%
     

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net income before impairment loss, net loss on sale of vessel and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net loss on sale of vessel and share based compensation.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

(Expressed in United States Dollars,
except number of shares)
Second Quarter Ended June 30th,Six Months Period Ended June 30th,
 2023202420232024
Net Income – Adjusted Net Income    
Net income16,826,48519,524,43852,550,58736,179,042
Plus net loss on sale of vessel1,589,7021,589,702
Plus impairment loss8,996,0238,996,023
Plus share based compensation789,6481,036,5621,091,1891,895,372
Adjusted Net Income26,612,15622,150,70262,637,79939,664,116
     
Net income – EBITDA    
Net income16,826,48519,524,43852,550,58736,179,042
Plus interest and finance costs459,1665,7971,810,7698,227
Less interest income(851,930)(1,987,726)(2,131,146)(3,773,604)
Plus depreciation4,601,2094,208,0088,690,0618,235,069
EBITDA21,034,93021,750,51760,920,27140,648,734
     
Net income – Adjusted EBITDA    
Net income16,826,48519,524,43852,550,58736,179,042
Plus net loss on sale of vessel1,589,7021,589,702
Plus impairment loss8,996,0238,996,023
Plus share based compensation789,6481,036,5621,091,1891,895,372
Plus interest and finance costs459,1665,7971,810,7698,227
Less interest income(851,930)(1,987,726)(2,131,146)(3,773,604)
Plus depreciation4,601,2094,208,0088,690,0618,235,069
Adjusted EBITDA30,820,60124,376,78171,007,48344,133,808
     
EPS     
Numerator    
Net income16,826,48519,524,43852,550,58736,179,042
Less: Cumulative dividends on preferred shares(620,246)(435,246)(1,055,494)(870,492)
Less: Undistributed earnings allocated to non-vested shares(856,309)(1,137,477)(977,828)(1,985,920)
Net income attributable to common shareholders, basic15,349,93017,951,71550,517,26533,322,630
Denominator    
Weighted average number of shares16,816,59727,965,87215,940,36927,789,766
EPS – Basic 0.910.643.171.20
     
Adjusted EPS    
Numerator    
Adjusted net income26,612,15622,150,70262,637,79939,664,116
Less: Cumulative dividends on preferred shares(620,246)(435,246)(1,055,494)(870,492)
Less: Undistributed earnings allocated to non-vested shares(1,373,366)(1,293,969)(1,169,371)(2,181,937)
Adjusted net income attributable to common shareholders, basic24,618,54420,421,48760,412,93436,611,687
     
Denominator    
Weighted average number of shares16,816,59727,965,87215,940,36927,789,766
Adjusted EPS1.460.733.791.32
     

Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)

     Quarters Ended June 30, Six Month Periods Ended June 30,
     2023 2024 2023 2024
         
Revenues          
 Revenues  59,044,221 47,041,881 124,465,322 88,245,162
            
Expenses          
 Voyage expenses  18,522,418 16,524,695 34,600,245 29,488,302
 Voyage expenses – related party 736,269 587,970 1,546,799 1,102,384
 Vessels’ operating expenses 6,885,309 6,389,255 13,761,185 12,340,816
 Vessels’ operating expenses – related party89,333 77,500 154,333 159,500
 Drydocking costs  696,934  1,318,310 625,457
 Management fees – related party  473,880 411,840 871,640 805,640
 General and administrative expenses 1,487,436 1,476,204 2,466,405 2,683,372
 Depreciation  4,601,209 4,208,008 8,690,061 8,235,069
 Other operating income   (1,900,000)  (1,900,000)
 Impairment loss  8,996,023  8,996,023 
 Net loss on sale of vessel   1,589,702  1,589,702
Total expenses  42,448,811 29,359,174 72,405,001 55,130,242
            
Income from operations 16,555,410 17,676,707 52,060,321 33,114,920
            
Other (expenses)/income        
 Interest and finance costs (459,166) (5,797) (1,810,769) (8,227)
 Interest income  851,930 1,221,907 2,131,146 2,257,168
 Interest income – related party   765,819  1,516,436
 Dividend income from related party  20,833 189,584 20,833 379,167
 Foreign exchange (loss)/gain (142,522) (323,782) 149,056 (1,080,422)
Other income, net  271,075 1,847,731 490,266 3,064,122
            
Net Income  16,826,485 19,524,438 52,550,587 36,179,042
            
Earnings per share1         
– Basic   0.91 0.64 3.17 1.20
– Diluted   0.73 0.56 2.78 1.06
            
Weighted average number of shares       
-Basic   16,816,597 27,965,872 15,940,369 27,789,766
-Diluted   21,366,486 32,069,815 18,304,134 31,515,129
            

Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

     December 31, June 30,
     2023 2024
        
Assets      
Current assets     
 Cash and cash equivalents 91,927,512 69,738,832
 Time deposits  32,099,810 60,012,100
 Receivables from related parties 37,906,821 39,552,371
 Trade and other receivables 13,498,813 18,538,547
 Other current assets  302,773 637,833
 Inventories  7,291,123 8,706,419
 Advances and prepayments 161,937 604,824
Total current assets  183,188,789 197,790,926
        
Non current assets     
 Operating lease right-of-use asset  114,912
 Vessels, net  180,847,252 201,878,424
 Investment in related party 12,798,500 12,796,417
Total non current assets  193,645,752 214,789,753
Total assets   376,834,541 412,580,679
        
Liabilities and Stockholders’ Equity    
Current liabilities     
 Trade accounts payable 8,277,118 5,568,261
 Payable to related parties 2,324,334 3,476,164
 Accrued liabilities  3,008,500 3,208,264
 Operating lease liability, current portion  72,704
 Deferred income  919,116 1,408,181
Total current liabilities  14,529,068 13,733,574
        
Non current liabilities     
 Operating lease liability, non-current portion   42,208
Total non current liabilities  42,208
Total liabilities  14,529,068 13,775,782
        
Commitments and contingencies    
        
Stockholders’ equity     
 Capital stock  332,573 345,835
 Preferred Stock, Series A 7,959 7,959
 Preferred Stock, Series B 160 160
 Treasury stock (5,885,727) (8,390,225)
 Additional paid-in capital 270,242,635 273,924,745
 Retained earnings  97,607,873 132,916,423
Total stockholders’ equity  362,305,473 398,804,897
Total liabilities and stockholders’ equity 376,834,541 412,580,679
     

Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars

     Six Month Periods Ended June 30,
     2023 2024
      
Cash flows from operating activities    
 Net income for the period  52,550,587 36,179,042
        
Adjustments to reconcile net income to net cash   
provided by operating activities:    
 Depreciation  8,690,061 8,235,069
 Amortization of deferred finance charges474,039 
 Non-cash lease expense31,349 35,086
 Share based compensation 1,091,189 1,895,372
 Impairment loss  8,996,023 
 Net loss on sale of vessel   1,589,702
 Unrealized foreign exchange loss on time deposits   773,620
 Dividend income from related party (20,833) (379,167)
        
Changes in operating assets and liabilities:   
 (Increase)/decrease in     
 Trade and other receivables (3,360,823) (5,039,734)
 Other current assets  (136,130) (335,060)
 Inventories  (2,062,365) (1,415,296)
 Changes in operating lease liabilities (31,349) (35,086)
 Advances and prepayments (373,262) (442,887)
 Due from related parties (42,042) (1,645,550)
 Increase/(decrease) in     
 Trade accounts payable 500,001 (1,861,518)
 Due to related parties (2,709,982) 1,058,531
 Accrued liabilities  1,020,949 199,764
 Deferred income  (801,066) 489,065
Net cash provided by operating activities 63,816,346 39,300,953
        
Cash flows from investing activities    
 Dividends income received 381,250
 Proceeds from sale of vessel, net 41,153,578
 Acquisition and improvement of vessels(26,284,405) (72,856,860)
 Increase in bank time deposits (61,912,900) (91,715,140)
 Maturity of bank time deposits 68,000,000 63,029,230)
Net cash used in investing activities (20,197,305) (60,007,942)
        
Cash flows from financing activities    
 Proceeds from equity offerings 12,095,253 
 Proceeds from warrants exercise  1,800,000
 Stock issuance costs  (198,587) 
 Stock repurchase   (2,504,498)
 Dividends paid on preferred shares (870,494) (777,193)
 Loan repayments  (70,438,500) 
 Cash retained by C3is Inc. at spin-off (5,000,000) 
Net cash used in financing activities (64,412,328) (1,481,691)
        
Net decrease in cash and cash equivalents(20,793,287) (22,188,680)
Cash and cash equivalents at beginning of period57,506,919 91,927,512
Cash and cash equivalents at end of period36,713,632 69,738,832
Cash breakdown     
 Cash and cash equivalents 36,713,632 69,738,832
Total cash and cash equivalents shown in the statements of cash flows36,713,632 69,738,832

Supplemental Cash Flow Information     
Interest paid 1,735,054 
Non-cash investing activity – Vessels’ improvements included in liabilities 322,527 11,981
Non-cash investing activity – Dividend income from related party included in Investment in related party  160,417
Non-cash financing activity – Dividends declared on Preferred Shares Series C included in Balances with related parties 185,000 
Non-cash financing activity – Dividend on preferred series A included in payables to related parties  93,299
Distribution of net assets of C3is Inc. to shareholders and warrantholders 20,957,952 

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