STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the
liquefied petroleum gas (LPG) sector of the international shipping
industry, announced today its unaudited financial and operating
results for the first quarter ended March 31, 2022.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS1
- About 59% of fleet days are secured on period charters for the
remainder of 2022, with total fleet employment days for all
subsequent periods generating approximately $70 million (excl. JV
vessels) in contracted revenues.
- A decrease of $1.5 million in voyage revenues compared to Q1
21’, as a result of having 35 vessels at the end of Q1 22’ compared
to 42 vessels at the end of Q1 21’, including the spin-off of the
four tanker vessels.
- A decrease of $7.4 million in voyage expenses, operating
expenses and depreciation in aggregate compared to Q1 21’.
- Sale in Q2 22’ of our 5,000 cbm LPG vessel, the Gas Monarch
(1997 built), for further trading to unaffiliated third party.
Impairment charge of $0.5 million in Q1 22’ as a result of the
sale.
- Net Income of $7.6 million for Q1 22’ corresponding to an EPS
of $0.20.
- Adjusted Net Income1 of $8.8 million for Q1 22’ corresponding
to an Adjusted EPS1 of $0.23.
- Total cash, including restricted cash, of $82.4 million as of
March 31, 2022 compared to $45.7 million as of December 31,
2021.
First Quarter 2022 Results:
- Revenues for the three months ended March 31, 2022 amounted to
$35.9 million, a decrease of $1.5 million, or 4.0%, compared to
revenues of $37.4 million for the three months ended March 31,
2021, mainly due to a decline in revenues stemming from the
spin-off of our 4 tanker vessels which were accounted for in
SteatlhGas’ financials up to December 3, 2021, the spin-off
completion date, partially offset by the 11.3% increase of our time
charter revenues generated from our LPG vessels.
- Voyage expenses and vessels’ operating expenses for the three
months ended March 31, 2022 were $4.2 million and $12.9 million,
respectively, compared to $6.9 million and $15.1 million,
respectively, for the three months ended March 31, 2021. The $2.7
million decrease in voyage expenses is attributed to the fewer
number of vessels in the spot market. Overall, spot days were
reduced by 65%. On the other hand there was a rise of daily bunker
costs by almost $2,044 (62.3%). The $2.2 million decrease in
vessels’ operating expenses compared to the same period of 2021 is
due to fewer vessels in the fleet, along with a further increase of
our crew costs due to the COVID-19 pandemic by $0.2 million.
- Drydocking costs for the three months ended March 31, 2022 and
2021 were $0.4 million and $0.6 million, respectively. Drydocking
expenses during the first quarter of 2022 relate to the drydocking
of one vessel compared to the drydocking of one vessel and to the
drydocking preparation of four vessels in the same period of last
year.
- Depreciation for the three months ended March 31, 2022 and 2021
was $7.0 million and $9.5 million, respectively, as the number of
our vessels declined following the spin-off of our four tanker
vessels.
- Impairment loss for the three months ended March 31, 2022 was
$0.5 million, relating to one vessel, for which the Company entered
into agreement to sell it to third parties.
- Loss on sale of vessels for the three months of ended March 31,
2022 was $0.4 million mainly relating to one of the two vessels
sold during the quarter.
- Interest and finance costs for the three months ended March 31,
2022 and 2021, were $2.4 million and $3.1 million, respectively.
The $0.7 million decrease from the same period of last year is
mostly due to the decline of debt outstanding and reductions in
margins due to refinancing of certain loans.
- Equity earnings in joint ventures for the three months ended
March 31, 2022 and 2021 was a gain of $1.7 million and $1.1
million, respectively. The $0.6 million increase from the same
period of last year is mainly due to increased voyage revenues of
the vessels in our joint venture arrangements.
- As a result of the above, for the three months ended March 31,
2022, the Company reported net income of $7.6 million, compared to
net income of $0.8 million for the three months ended March 31,
2021. The weighted average number of shares outstanding for the
three months ended March 31, 2022 and 2021 was 37.9 million and
37.9 million, respectively.
- Earnings per share, basic and diluted, for the three months
ended March 31, 2022 amounted to $0.20 compared to earnings per
share of $0.02 for the same period of last year.
- Adjusted net income was $8.8 million corresponding to an
Adjusted EPS of $0.23 for the three months ended March 31, 2022
compared to Adjusted net income of $0.6 million corresponding to an
Adjusted EPS of $0.02 for the same period of last year.
- EBITDA for the three months ended March 31, 2022 amounted to
$17.0 million. Reconciliations of Adjusted Net Income, EBITDA and
Adjusted EBITDA to Net Income are set forth below.
- An average of 36.5 vessels were owned by the Company during the
three months ended March 31, 2022 compared to 41.6 vessels for the
same period of 2021.
- As of March 31, 2022, cash and cash equivalents amounted to
$70.4 million and total debt amounted to $299.8 million.
____________________________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 Update Since Previous
Announcement
The Company announced the conclusion of the
following chartering arrangements:
- A one-year time charter for its 2015 built LPG carrier the Eco
Green, to an Oil Major up until May 2023.
- An eleven months’ time charter for its 2017 built LPG carrier
the Eco Ice, to an international LPG trader up until March
2023.
- A six months’ time charter for its 2009 built LPG carrier the
Gas Astrid, to an international trading house until October 2022
with a charterer’s option to extend a further six months.
- A six months’ time charter for its 2016 built LPG carrier the
Eco Nical, to an international trading house until October 2022
with a charterer’s option to extend a further six months.
- A three months’ time charter extension for its 2020 built LPG
carrier the Eco Alice, to an international trading house up until
July 2022.
- A two months’ time charter for its 2014 built LPG carrier the
Eco Stream, to an international trading house until July 2022.
- A one months’ time charter extension for its 2003 built LPG
carrier the Gas Prodigy, to an international LPG trader until May
2022.
- A one month time charter for its 2017 built LPG carrier the Eco
Freeze, to an international LPG trader until May 2022.
With these charters, the Company has total
contracted revenues of approximately $70 million.
For the remainder of the year 2022, the Company
has about 59% of fleet days secured under period contracts.
Board Chairman Michael Jolliffe
Commented
Following the strategic decision to become a
pure player in the broader LPG market, this was the first quarter
that the Stealthgas fleet consisted of only LPG carriers of various
sizes. During the first quarter the improving LPG market continued
its upward trend and we managed to capitalise, posting improved
profits of $7.6 million, one of the best quarterly results in many
years. On an adjusted basis our EPS for the quarter was $0.23. We
also managed to contain cost pressures particularly related to crew
and bunker prices that continue to push our cost base.
That being said, we continue to operate in a
challenging geopolitical environment with the war in Ukraine and
the COVID-19 pandemic, particularly with regards to the situation
in China, still ongoing creating more uncertainty for the future.
Now we can also add economic uncertainty as a result of high
inflationary pressures and rising interest rates. How all this will
affect the LPG shipping market and whether we will be able to
benefit from any change in trade patterns remains to be determined,
as this is a market that is still seeking direction.
Going forward we cannot predict our market’s
reality especially in such turbulent times; however, our sizeable
fleet, our market’s strong fundamentals, LPG rates improvement in
the first quarter of 2022 along with our healthy capital structure
are the strong points upon which we will rely no matter any
potential market disturbances we might need to face.
Conference Call details:
On May 26, 2022 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.
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: +1
8778709135 (US Toll Free Dial In) or 08002796619 (UK Toll Free Dial
In). Access Code: 8495800 In case
of any problems with the above numbers, please dial +1 6467413167
(US Toll Dial In), +44 (0) 2071 928338 (Standard International Dial
In). Access Code: 8495800
Slides and audio webcast: There
will also be a live and then archived webcast of the conference
call, through the STEALTHGAS INC. website (www.stealthgas.com).
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
About STEALTHGAS INC.
SteatlhGas Inc. is a ship-owning company serving
the liquefied petroleum gas (LPG) sector of the international
shipping industry. SteatlhGas Inc. has a fleet of 41 LPG carriers,
including seven Joint Venture vessels on the water and one Joint
Venture 40,000 cbm newbuilding Medium Gas Carrier on order to be
delivered mid- 2023. These LPG vessels have a total capacity of
424,408 cubic meters (cbm). StealthGas Inc.’s shares are listed on
the Nasdaq Global Select Market and trade under the symbol “GASS.”
Visit our website at www.stealthgas.com
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, or
impact or duration of the COVID-19 pandemic 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 STEALTHGAS 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,
STEALTHGAS 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 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 STEALTHGAS INC’s operating expenses,
including bunker prices, drydocking and insurance costs, ability to
obtain financing and comply with covenants in our financing
arrangements, 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 STEALTHGAS INC. with the U.S. Securities and
Exchange Commission.
Fleet
List For
information on our fleet and further information: Visit our website
at www.stealthgas.com
Company Contact: Konstantinos
Sistovaris STEALTHGAS INC. 00-30-210-6250-001
Fleet Data: The following key
indicators highlight the Company’s operating performance during the
periods ended March 31, 2021 and March 31, 2022.
FLEET DATA |
Q1 2021 |
|
Q1 2022 |
|
Average number of vessels (1) |
41.6 |
|
36.5 |
|
Period end number of owned vessels in fleet |
42 |
|
35 |
|
Total calendar days for fleet (2) |
3,745 |
|
3,284 |
|
Total voyage days for fleet (3) |
3,695 |
|
3,250 |
|
Fleet utilization (4) |
98.7 |
% |
99.0 |
% |
Total charter days for fleet (5) |
2,543 |
|
2,851 |
|
Total spot market days for fleet (6) |
1,152 |
|
399 |
|
Fleet operational utilization (7) |
93.1 |
% |
92.7 |
% |
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
loss/gain on derivatives excluding swap interest paid/received,
impairment loss, net loss on sale of vessels 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 vessels,
share based compensation and loss/gain on derivatives.
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) |
Three Months Period Ended March 31st, |
|
2021 |
|
2022 |
|
Net Income - Adjusted Net Income |
|
|
Net income |
755,880 |
|
7,600,253 |
|
Plus loss/(gain) on derivatives |
5,582 |
|
(16,787 |
) |
Less swap interest paid |
(141,446 |
) |
-- |
|
Plus loss on sale of vessels, net |
-- |
|
409,206 |
|
Plus impairment loss |
-- |
|
529,532 |
|
Plus share based compensation |
-- |
|
251,009 |
|
Adjusted Net Income |
620,016 |
|
8,773,213 |
|
|
|
|
Net income - EBITDA |
|
|
Net income |
755,880 |
|
7,600,253 |
|
Plus interest and finance costs |
3,145,438 |
|
2,361,504 |
|
Less interest income |
(2,544 |
) |
(7,890 |
) |
Plus depreciation |
9,547,131 |
|
7,020,783 |
|
EBITDA |
13,445,905 |
|
16,974,650 |
|
|
|
|
Net income - Adjusted EBITDA |
|
|
Net income |
755,880 |
|
7,600,253 |
|
Plus loss/(gain) on derivatives |
5,582 |
|
(16,787 |
) |
Plus loss on sale of vessels, net |
-- |
|
409,206 |
|
Plus impairment loss |
-- |
|
529,532 |
|
Plus share based compensation |
-- |
|
251,009 |
|
Plus interest and finance costs |
3,145,438 |
|
2,361,504 |
|
Less interest income |
(2,544 |
) |
(7,890 |
) |
Plus depreciation |
9,547,131 |
|
7,020,783 |
|
Adjusted EBITDA |
13,451,487 |
|
18,147,610 |
|
|
|
|
EPS - Adjusted EPS |
|
|
Net income |
755,880 |
|
7,600,253 |
|
Adjusted net income |
620,016 |
|
8,773,213 |
|
Weighted average number of shares |
37,858,437 |
|
37,858,437 |
|
EPS - Basic and Diluted |
0.02 |
|
0.20 |
|
Adjusted EPS |
0.02 |
|
0.23 |
|
StealthGas Inc. Unaudited
Consolidated Statements of Income (Expressed in
United States Dollars, except for number of shares)
|
|
|
|
|
For The Three Months Ended March 31, |
|
|
|
|
|
2021 |
|
2022 |
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Revenues |
|
|
37,415,681 |
|
35,871,121 |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Voyage expenses |
|
|
6,468,008 |
|
3,791,213 |
|
Voyage expenses - related party |
|
465,203 |
|
440,014 |
|
Vessels' operating expenses |
|
14,817,026 |
|
12,641,230 |
|
Vessels' operating expenses - related party |
258,500 |
|
236,950 |
|
Drydocking costs |
|
|
610,260 |
|
383,535 |
|
Management fees - related party |
|
1,448,450 |
|
1,284,920 |
|
General and administrative expenses |
|
941,782 |
|
941,531 |
|
Depreciation |
|
|
9,547,131 |
|
7,020,783 |
|
Impairment loss |
|
|
-- |
|
529,532 |
|
Net loss on sale of vessels |
|
-- |
|
409,206 |
Total expenses |
|
|
34,556,360 |
|
27,678,914 |
|
|
|
|
|
|
|
|
Income from operations |
|
2,859,321 |
|
8,192,207 |
Other (expenses)/income |
|
|
|
|
|
Interest and finance costs |
|
(3,145,438) |
|
(2,361,504) |
|
(Loss)/gain on derivatives |
|
|
(5,582) |
|
16,787 |
|
Interest income |
2,544 |
|
7,890 |
|
Foreign exchange (loss)/gain |
|
(33,219) |
|
32,017 |
Other expenses, net |
|
|
(3,181,695) |
|
(2,304,810) |
Income before equity in earnings of investees |
(322,374) |
|
5,887,397 |
Equity earnings in joint ventures |
|
1,078,254 |
|
1,712,856 |
Net Income |
|
|
755,880 |
|
7,600,253 |
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
- Basic & Diluted |
|
|
0.02 |
|
0.20 |
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
- Basic & Diluted |
|
|
37,858,437 |
|
37,858,437 |
StealthGas Inc. Unaudited
Consolidated Balance Sheets (Expressed in United
States Dollars)
|
|
|
|
|
December 31, |
|
March 31, |
|
|
|
|
|
2021 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
31,304,151 |
|
|
70,374,971 |
|
|
Receivables from related party |
|
63,767 |
|
|
-- |
|
|
Trade and other receivables |
|
2,117,636 |
|
|
4,393,255 |
|
|
Other current assets |
|
|
298,984 |
|
|
167,768 |
|
|
Claims receivable |
|
|
62,652 |
|
|
62,652 |
|
|
Inventories |
|
|
2,772,532 |
|
|
4,045,100 |
|
|
Advances and prepayments |
|
637,881 |
|
|
1,012,853 |
|
|
Restricted cash |
|
|
2,198,775 |
|
|
2,058,149 |
|
|
Assets held for sale |
|
|
12,250,000 |
|
|
-- |
|
Total current assets |
|
|
51,706,378 |
|
|
82,114,748 |
|
|
|
|
|
|
|
|
|
Non current assets |
|
|
|
|
|
|
Operating lease right-of-use assets |
|
104,168 |
|
|
82,310 |
|
|
Vessels, net |
|
|
681,337,153 |
|
|
664,149,044 |
|
|
Restricted cash |
|
|
12,197,611 |
|
|
9,972,332 |
|
|
Investments in joint ventures |
53,323,032 |
|
|
54,015,888 |
|
|
Fair value of derivatives |
|
|
|
-- |
|
|
88,149 |
|
Total non current assets |
|
746,961,964 |
|
|
728,307,723 |
|
Total assets |
|
|
798,668,342 |
|
|
810,422,471 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Payable to related parties |
|
1,491,705 |
|
|
5,625,387 |
|
|
Trade accounts payable |
|
8,592,124 |
|
|
10,072,397 |
|
|
Accrued and other liabilities |
|
3,842,879 |
|
|
3,999,415 |
|
|
Operating lease liabilities |
|
104,168 |
|
|
82,310 |
|
|
Deferred income |
|
|
5,666,285 |
|
|
4,965,962 |
|
|
Current portion of long-term debt |
|
31,836,619 |
|
|
30,171,634 |
|
|
Current portion of long-term debt associated with vessel held for
sale |
7,173,988 |
|
|
-- |
|
Total current liabilities |
|
|
58,707,768 |
|
|
54,917,105 |
|
|
|
|
|
|
|
|
|
Non current liabilities |
|
|
|
|
|
|
Fair value of derivatives |
|
3,151,880 |
|
|
2,545,803 |
|
|
Deferred income |
76,949 |
|
|
61,901 |
|
|
Long-term debt |
|
|
261,960,975 |
|
|
269,598,191 |
|
Total non current liabilities |
|
265,189,804 |
|
|
272,205,895 |
|
Total liabilities |
|
|
323,897,572 |
|
|
327,123,000 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Capital stock |
|
|
435,274 |
|
|
435,274 |
|
|
Treasury stock |
|
|
(25,373,380 |
) |
|
(25,373,380 |
) |
|
Additional paid-in capital |
|
443,009,334 |
|
|
443,260,343 |
|
|
Retained earnings |
|
|
59,803,487 |
|
|
67,403,740 |
|
|
Accumulated other comprehensive loss |
(3,103,945 |
) |
|
(2,426,506 |
) |
Total stockholders' equity |
|
474,770,770 |
|
|
483,299,471 |
|
Total liabilities and stockholders' equity |
798,668,342 |
|
|
810,422,471 |
|
StealthGas Inc. Unaudited
Consolidated Statements of Cash Flows (Expressed
in United States Dollars)
|
|
|
|
|
|
|
For The Three Months Ended March 31, |
|
|
|
|
|
|
|
2021 |
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Net income for the period |
|
|
|
755,880 |
|
|
7,600,253 |
|
Adjustments to reconcile net income to net
cash |
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
9,547,131 |
|
|
7,020,783 |
|
|
Amortization of deferred finance charges |
|
|
277,404 |
|
|
372,604 |
|
|
Amortization of operating lease right-of-use assets |
|
|
22,109 |
|
|
21,858 |
|
|
Share based compensation |
|
|
|
-- |
|
|
251,009 |
|
|
Change in fair value of derivatives |
|
|
|
(135,864 |
) |
|
(16,787 |
) |
|
Equity earnings in joint ventures |
|
|
|
(1,078,254 |
) |
|
(1,712,856 |
) |
|
Dividends received from joint ventures |
|
|
|
|
-- |
|
|
1,020,000 |
|
|
Impairment loss |
|
|
|
|
-- |
|
|
529,532 |
|
|
Loss on sale of vessels |
|
|
|
-- |
|
|
409,206 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
(Increase)/decrease in |
|
|
|
|
|
|
|
Trade and other receivables |
|
|
|
(2,557,618 |
) |
|
(2,275,619 |
) |
|
Other current assets |
|
|
|
|
(45,696 |
) |
|
131,216 |
|
|
Inventories |
|
|
|
|
(532,127 |
) |
|
(1,272,568 |
) |
|
Changes in operating lease liabilities |
|
|
|
(22,109 |
) |
|
(21,858 |
) |
|
Advances and prepayments |
|
|
|
(666,691 |
) |
|
(374,972 |
) |
|
Increase/(decrease) in |
|
|
|
|
|
|
|
Balances with related parties |
|
|
|
3,906,159 |
|
|
4,197,449 |
|
|
Trade accounts payable |
|
|
|
2,035,302 |
|
|
1,623,346 |
|
|
Accrued liabilities |
|
|
|
|
92,095 |
|
|
156,536 |
|
|
Deferred income |
|
|
|
|
1,152,583 |
|
|
(715,371 |
) |
Net cash provided by operating activities |
|
|
12,750,304 |
|
|
16,943,761 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Proceeds from sale of vessels, net |
|
|
|
-- |
|
|
21,603,234 |
|
|
Acquisition and improvement of vessels |
|
|
|
|
(23,859,495 |
) |
|
(267,719 |
) |
Net cash (used in)/provided by investing
activities |
|
|
(23,859,495 |
) |
|
21,335,515 |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Deferred finance charges paid |
|
|
|
(667,766 |
) |
|
(534,600 |
) |
|
Loan repayments |
|
|
|
|
(36,841,282 |
) |
|
(60,439,761 |
) |
|
Proceeds from long-term debt |
|
|
|
48,431,250 |
|
|
59,400,000 |
|
Net cash provided by/(used in) financing
activities |
|
|
10,922,202 |
|
|
(1,574,361 |
) |
Net (decrease)/increase in cash, cash equivalents and restricted
cash |
|
|
(186,989 |
) |
|
36,704,915 |
|
Cash, cash equivalents and restricted cash at beginning of
year |
|
|
53,040,202 |
|
|
45,700,537 |
|
Cash, cash equivalents and restricted cash at end of
period |
|
|
52,853,213 |
|
|
82,405,452 |
|
Cash breakdown |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
37,021,517 |
|
|
70,374,971 |
|
|
Restricted cash, current |
|
|
|
1,814,672 |
|
|
2,058,149 |
|
|
Restricted cash, non current |
|
|
|
14,017,024 |
|
|
9,972,332 |
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
52,853,213 |
|
|
82,405,452 |
|
E-mail: info@stealthgas.com
StealthGas (NASDAQ:GASS)
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