STEALTHGAS INC. Reports Fourth Quarter and Twelve Months 2021 Financial and Operating Results
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ATHENS, Greece, March 08, 2022 (GLOBE NEWSWIRE) -- 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 fourth quarter and twelve months ended December 31, 2021.
OPERATIONAL AND FINANCIAL HIGHLIGHTS1
- Fleet utilization of 98.3% with 62 days of technical off-hire, mainly as a result of the full completion of two drydockings in Q4 2021.
- Operational utilization of 96.1%, an improved performance compared to the third quarter of 2021, mainly due to a 10% reduction of spot days.
- About 49% 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. Period coverage for the second quarter of 2022 is currently 63%.
- Completion of our spin-off of four tankers on December 3, 2021 to a new NASDAQ listed company called Imperial Petroleum Inc.
- Completion of our 3,500 cbm LPG vessel, the Eco Loyalty (2014 built) sale, for further trading and delivery to her new owner on February 22, 2022. This vessel had been classified as held for sale as at December 31, 2021.
- Sale in Q1 22’ of our 5,000 cbm LPG vessel, the Gas Inspiration (2006 built), for further trading.
- Voyage revenues of $36.1 million in Q4 21’, a decrease of $1.2 million compared to Q4 20’, mostly due to a decline in revenues stemming from the tanker vessels which were accounted in StealthGas financials up to December 3, 2021, the spin-off completion date.
- Impairment charge of $40.2 million as a result of our tankers’ spin-off.
- Net loss of $38.7 million for Q4 21’ corresponding to a loss per share of $1.02.
- EBITDA1(losses) of $27.0 million in Q4 21’ compared to EBITDA of $11.8 million in Q4 20’.
- Adjusted EBITDA1 of $14.6 million in Q4 21’ compared to $13.7 million in Q4 20’ due to higher operating income before impairment charges.
- Low gearing is preserved even following the completion of the spin-off transaction, as debt to assets stands at 37.7% compared to 37.3% as at the end of 2020.
- Total cash, including restricted cash, of $45.7 million as of December 31, 2021.
- Adjusted Net Income1 of $2.8 million for Q4 21’ corresponding to an Adjusted EPS of $0.07.
- For the twelve-month period ended December 31, 2021, our adjusted net income came in at $10.2 million corresponding to an Adjusted EPS of $0.27.
______________________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.
Fourth Quarter 2021 Results:
- Revenues for the three months ended December 31, 2021 amounted to $36.1 million, a decrease of $1.2 million, or 3.2%, compared to revenues of $37.3 million for the three months ended December 31, 2020, mainly due to a decline in revenues stemming from the spin-off of our 4 tanker vessels which were accounted for in StealthGas financials up to December 3, 2021, the spin-off completion date, partially offset by the 15.2% increase of our time charter revenues generated from our LPG vessels.
- Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2021 were $4.8 million and $15.1 million, respectively, compared to $5.3 million and $14.7 million, respectively, for the three months ended December 31, 2020. The $0.5 million decrease in voyage expenses is small when considering the decline of spot days by 56%. This fact is attributed to the sharp rise of daily bunker costs by almost $2,600 (113%). The $0.4 million increase in vessels’ operating expenses compared to the same period of 2020 is due to fewer vessels on bareboat as our bareboat days declined by 15.8%, along with a further increase of our crew costs due to the COVID-19 pandemic by $0.2 million.
- General and administrative expenses for the three months ended December 31, 2021 and 2020 were $1.3 million and $0.7 million, respectively. This $0.6 million increase compared to the same period of last year is due to stock compensation costs along with costs related to the spin-off transaction.
- Drydocking costs for the three months ended December 31, 2021 and 2020 were $0.9 million and $0.9 million, respectively, and both relate to the full completion of two drydockings.
- Depreciation for the three months ended December 31, 2021 and 2020, was $8.6 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 December 31, 2021 was $41.5 million and is mainly attributed to the spin-off transaction. Impairment loss for the three months ended December 31, 2020 was $0.7 million relating to one of our oldest vessels.
- Interest and finance costs for the three months ended December 31, 2021 and 2020, were $3.1 million and $3.1 million, respectively. Although interest charges declined by almost $0.4 million compared to the same period of last year due to the decline of LIBOR rates, we incurred about $0.4 million of swap prepayment and arrangement fees in relation to loan refinancings.
- Equity (losses)/earnings in joint ventures for the three months ended December 31, 2021 and 2020 was a gain of $1.7 million and a loss of $0.5 million, respectively. The $2.2 million increase from the same period of last year is mainly due to increased operating revenues which enhanced the profitability stemming from our joint venture arrangements.
- As a result of the above, for the three months ended December 31, 2021, the Company reported a net loss of $38.7 million, compared to a net loss of $0.7 million for the three months ended December 31, 2020. The weighted average number of shares outstanding for the three months ended December 31, 2021 and 2020 was 37.9 million and 37.9 million, respectively.
- Loss per share, basic and diluted, for the three months ended December 31, 2021 amounted to $1.02 compared to loss per share of $0.02 for the same period of last year.
- Adjusted net income was $2.8 million corresponding to an Adjusted EPS of $0.07 for the three months ended December 31, 2021 compared to adjusted net income of $1.1 million corresponding to an Adjusted EPS of $0.03 for the same period of last year.
- EBITDA for the three months ended December 31, 2021 amounted to losses of $27.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
- An average of 39.7 vessels were owned by the Company during the three months ended December 31, 2021 compared to 42.1 vessels for the same period of 2020.
Twelve Months 2021 Results:
- Revenues for the twelve months ended December 31, 2021, amounted to $150.2 million, an increase of $5.2 million, or 3.6%, compared to revenues of $145.0 million for the twelve months ended December 31, 2020, primarily due to the reduction of our bareboat activity by 47.6% (equivalent to 1,630 days) where revenues are inherently lower, along with an increase in spot days.
- Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2021 were $22.2 million and $61.5 million, respectively, compared to $14.1 million and $53.3 million for the twelve months ended December 31, 2020. The $8.1 million increase in voyage expenses was an outcome of the 16.5% (or 435 days) increase of spot days in conjunction with a year-on-year increase of our daily bunker costs by 50.4%. The $8.2 million increase in vessels’ operating expenses, is due to the seven vessels (six small LPGs and our aframax tanker), which in 2020 were on bareboat either for the entire year or for a fair amount of time, while during the whole of 2021 operated either on time charter or in the spot market for which we incur operating costs. Operating expenses were also affected by a rise in crew related costs due to the COVID-19 pandemic, mostly evident from the second half of the year 2021 and onwards.
- General and administrative expenses for the twelve months ended December 31, 2021 were $4.3 million and $2.3 million, respectively. This $2.0 million increase compared to the same period of last year is primarily due to stock compensation costs along with costs related to the spin off transaction.
- Drydocking costs for the twelve months ended December 31, 2021 and 2020 were $5.3 million and $3.6 million, respectively. The costs for the twelve months ended December 31, 2021 mainly related to the drydocking of eight small LPG vessels, while the costs for the same period of last year related to the drydocking of six small LPG vessels and the drydocking of our aframax tanker.
- Depreciation for the twelve months ended December 31, 2021, was $37.1 million, a $0.4 million decrease from $37.5 million for the same period of last year, primarily due to the decline of the number of our vessels following the spin-off of our four tanker vessels that was completed on December 3, 2021.
- Impairment loss for the twelve months ended December 31, 2021 was $44.6 million; $40.2 million is attributed to the spin-off transaction while the remaining $4.4 million relates to four vessels, one older vessel and three vessels for which the Company entered into separate agreements to sell them to third parties. Impairment loss for the twelve months ended December 31, 2020 was $3.9 million relating to four of our oldest vessels.
- Interest and finance costs for the twelve months ended December 31, 2021 and 2020 were $12.7 million and $14.1 million respectively. The $1.4 million decrease from the same period of last year is mostly due to the decline of LIBOR rates along with the reduction in our leverage, partially offset by the incurrence of refinancing related costs.
- Equity earnings in joint ventures for the twelve months ended December 31, 2021 and 2020 was $8.3 million and $2.7 million, respectively. The $5.6 million increase from the same period of last year is mainly due to the gain on sale of one of the vessels owned by the MGC joint venture arrangement which was sold in 2021.
- As a result of the above, the Company reported a net loss for the twelve months ended December 31, 2021 of $35.1 million, compared to a net income of $12.0 million for the twelve months ended December 31, 2020. The weighted average number of shares outstanding for the twelve months ended December 31, 2021 and 2020 was 37.9 million and 38.4 million, respectively.
- Loss per share for the twelve months ended December 31, 2021 amounted to $0.93 compared to earnings per share of $0.31 for the same period of last year.
- Adjusted net income was $10.2 million corresponding to an Adjusted EPS of $0.27, for the twelve months ended December 31, 2021 compared to adjusted net income of $16.9 million corresponding to an Adjusted EPS of $0.44, for the same period of last year.
- EBITDA for the twelve months ended December 31, 2021 amounted to $14.7 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
- An average of 41.3 vessels were owned by the Company during the twelve months ended December 31, 2021, compared to 41.6 vessels for the same period of 2020.
- As of December 31, 2021, cash and cash equivalents amounted to $32.1 million and total debt amounted to $301.0 million. During the twelve months ended December 31, 2021 debt repayments amounted to $173.0 million.
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements:
- A one-year time charter for its 2016 built LPG carrier the Eco Nemesis, to an Oil Major up until March 2023.
- A one-year time charter for its 2014 built LPG carrier the Eco Corsair, to an Oil Major up until February 2023.
- A one-year time charter for its 2015 built LPG carrier the Eco Royalty, to an Oil Major until February 2023.
- A five months’ time charter extension for its 2020 built LPG carrier the Eco Texiana, to an Oil Major up until July 2022.
- A five months’ time charter extension for its 2012 built LPG carrier the Gas Husky, to an Oil Major up until July 2022.
- A three months’ time charter extension for its 2020 built LPG carrier the Eco Alice, to an International trading house until April 2022.
- A three months’ time charter extension for its 2012 built LPG carrier the Gas Flawless, to an international LP trader up until March 2022.
- A one month time charter for its 2016 built LPG carrier the Eco Nical, to an International LPG trader up until March 2022.
- A one month time charter for its 2011 built LPG carrier the Gas Cerberus, to an International trading house up until April 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 49% of fleet days secured under period contracts.
Board Chairman Michael Jolliffe Commented
Year 2021 has been throughout its course demanding, as it required shipping companies to adapt to the pressures arising from the ongoing COVID-19 pandemic, along with inflationary pressures as an outcome of rising energy prices. Regrettably, the Russian war outbreak in Ukraine has made our global reality uncertain with considerable effects on humanitarian, geopolitical and economic aspects; LPG trade will not remain unaffected, and we may see direct effects such as changes in trade patterns as well as indirect ones such as further increases in energy prices, and various other costs that may increase such as insurance war risk premiums.
Regardless of the dire environment in 2021, StealthGas followed a dynamic pace taking the strategic decision to become a pure player in the broader LPG market; thus, transferring the tankers to a separate listed entity; equally important, we underwent a large scale project of refinancing the majority of our fleet reaping benefits on both cash flow and costs.
Our year ended with a profit of $10.2 million excluding impairment charges, a decent performance when taking into consideration the large increase in our voyage costs, crew costs related to the COVID-19 pandemic as well expenses for drydocking again due to COVID-19 yard restrictions.
Going forward we cannot predict our market’s reality especially in such erratic times; however, our sizeable fleet, our market’s strong fundamentals, LPG rates improvement in the fourth quarter of 2021 along with our healthy capital structure are the strong points upon which we will rely, despite any market disturbances we may face.
Conference Call details:
On March 8, 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: 2259136 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: 2259136
A telephonic replay of the conference call will be available until March 15, 2022 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).
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. StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 44 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 434,444 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, 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 and Fleet Deployment For information on our fleet and further information: Visit our website at www.stealthgas.com
Company Contact:Fenia SakellarisSTEALTHGAS INC.00-30-210-6250-001E-mail: [email protected]
Fleet Data: The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2020 and December 31, 2021.
| FLEET DATA | Q4 2020 | Q4 2021 | 12M 2020 | 12M 2021 | ||||
| Average number of vessels (1) | 42.10 | 39.74 | 41.56 | 41.29 | ||||
| Period end number of owned vessels in fleet | 41 | 37 | 41 | 37 | ||||
| Total calendar days for fleet (2) | 3,873 | 3,656 | 15,292 | 15,071 | ||||
| Total voyage days for fleet (3) | 3,813 | 3,594 | 15,079 | 14,786 | ||||
| Fleet utilization (4) | 98.5 | % | 98.3 | % | 98.6 | % | 98.1 | % |
| Total charter days for fleet (5) | 2,700 | 3,107 | 12,442 | 11,714 | ||||
| Total spot market days for fleet (6) | 1,113 | 487 | 2,637 | 3,072 | ||||
| Fleet operational utilization (7) | 93.6 | % | 96.1 | % | 96.1 | % | 94.9 | % |
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 (loss)/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 (loss)/income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net (loss)/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) | Fourth Quarter Ended December 31st, | Twelve Months Period Ended December 31st, | ||||||
| 2020 | 2021 | 2020 | 2021 | |||||
| Net (loss)/income - Adjusted Net Income | ||||||||
| Net (loss)/income | (740,037 | ) | (38,732,353 | ) | 11,984,485 | (35,123,208 | ) | |
| Plus/Less loss/(gain) on derivatives | 29,565 | (222,365 | ) | 50,976 | (240,153 | ) | ||
| Less/Plus swap interest (paid)/ received | (24,847 | ) | -- | (89,537 | ) | -- | ||
| Plus net loss on sale of vessels | 1,134,854 | -- | 1,134,854 | 304,210 | ||||
| Plus impairment loss | 714,895 | 41,519,823 | 3,857,307 | 44,616,214 | ||||
| Plus share based compensation | -- | 256,586 | -- | 610,788 | ||||
| Adjusted Net Income | 1,114,430 | 2,821,691 | 16,938,085 | 10,167,851 | ||||
| Net (loss)/income - EBITDA | ||||||||
| Net (loss)/income | (740,037 | ) | (38,732,353 | ) | 11,984,485 | (35,123,208 | ) | |
| Plus interest and finance costs | 3,136,666 | 3,149,967 | 14,129,893 | 12,678,101 | ||||
| Less interest income | (14,715 | ) | (23,400 | ) | (167,794 | ) | (26,379 | ) |
| Plus depreciation | 9,456,606 | 8,638,329 | 37,455,093 | 37,125,903 | ||||
| EBITDA | 11,838,520 | (26,967,457 | ) | 63,401,677 | 14,654,417 | |||
| Net income - Adjusted EBITDA | ||||||||
| Net (loss)/income | (740,037 | ) | (38,732,353 | ) | 11,984,485 | (35,123,208 | ) | |
| Plus/Less loss/(gain) on derivatives | 29,565 | (222,365 | ) | 50,976 | (240,153 | ) | ||
| Plus net loss on sale of vessels | 1,134,854 | -- | 1,134,854 | 304,210 | ||||
| Plus impairment loss | 714,895 | 41,519,823 | 3,857,307 | 44,616,214 | ||||
| Plus share based compensation | -- | 256,586 | -- | 610,788 | ||||
| Plus interest and finance costs | 3,136,666 | 3,149,967 | 14,129,893 | 12,678,101 | ||||
| Less interest income | (14,715 | ) | (23,400 | ) | (167,794 | ) | (26,379 | ) |
| Plus depreciation | 9,456,606 | 8,638,329 | 37,455,093 | 37,125,903 | ||||
| Adjusted EBITDA | 13,717,834 | 14,586,587 | 68,444,814 | 59,945,476 | ||||
| EPS - Adjusted EPS | ||||||||
| Net (loss)/income | (740,037 | ) | (38,732,353 | ) | 11,984,485 | (35,123,208 | ) | |
| Adjusted net income | 1,114,430 | 2,821,691 | 16,938,085 | 10,167,851 | ||||
| Weighted average number of shares | 37,858,437 | 37,858,437 | 38,357,893 | 37,858,437 | ||||
| EPS - Basic and Diluted | (0.02 | ) | (1.02 | ) | 0.31 | (0.93 | ) | |
| Adjusted EPS | 0.03 | 0.07 | 0.44 | 0.27 | ||||
| StealthGas Inc. Unaudited Consolidated Statements of Operations (Expressed in United States Dollars, except for number of shares) | |||||||||||||
| Quarters Ended December 31, | Twelve Month Periods Ended December 31, | ||||||||||||
| 2020 | 2021 | 2020 | 2021 | ||||||||||
| Revenues | |||||||||||||
| Revenues | 37,294,459 | 36,053,396 | 145,003,021 | 150,204,527 | |||||||||
| Expenses | |||||||||||||
| Voyage expenses | 4,850,659 | 4,349,018 | 12,259,795 | 20,342,186 | |||||||||
| Voyage expenses - related party | 467,176 | 448,803 | 1,799,209 | 1,867,100 | |||||||||
| Charter hire expenses | -- | -- | 318,606 | -- | |||||||||
| Vessels' operating expenses | 14,407,053 | 14,833,968 | 52,344,721 | 60,443,813 | |||||||||
| Vessels' operating expenses - related party | 253,500 | 256,500 | 950,500 | 1,065,750 | |||||||||
| Drydocking costs | 936,396 | 853,546 | 3,640,327 | 5,285,490 | |||||||||
| Management fees - related party | 1,493,341 | 1,413,996 | 5,599,351 | 5,831,900 | |||||||||
| General and administrative expenses | 657,483 | 1,286,731 | 2,301,308 | 4,337,013 | |||||||||
| Depreciation | 9,456,606 | 8,638,329 | 37,455,093 | 37,125,903 | |||||||||
| Impairment loss | 714,895 | 41,519,823 | 3,857,307 | 44,616,214 | |||||||||
| Net loss on sale of vessels | 1,134,854 | -- | 1,134,854 | 304,210 | |||||||||
| Total expenses | 34,371,963 | 73,600,714 | 121,661,071 | 181,219,579 | |||||||||
| Income/(Loss) from operations | 2,922,496 | (37,547,318 | ) | 23,341,950 | (31,015,052 | ) | |||||||
| Other (expenses)/income | |||||||||||||
| Interest and finance costs | (3,136,666 | ) | (3,149,967 | ) | (14,129,893 | ) | (12,678,101 | ) | |||||
| (Loss)/gain on derivatives | (29,565 | ) | 222,365 | (50,976 | ) | 240,153 | |||||||
| Interest income | 14,715 | 23,400 | 167,794 | 26,379 | |||||||||
| Foreign exchange (loss)/gain | (51,982 | ) | 30,604 | (54,374 | ) | (23,288 | ) | ||||||
| Other expenses, net | (3,203,498 | ) | (2,873,598 | ) | (14,067,449 | ) | (12,434,857 | ) | |||||
| (Loss)/Income before equity in earnings of investees | (281,002 | ) | (40,420,916 | ) | 9,274,501 | (43,449,909 | ) | ||||||
| Equity (losses)/earnings in joint ventures | (459,035 | ) | 1,688,563 | 2,709,984 | 8,326,701 | ||||||||
| Net (Loss)/Income | (740,037 | ) | (38,732,353 | ) | 11,984,485 | (35,123,208 | ) | ||||||
| (Loss)/ Earnings per share | |||||||||||||
| - Basic & Diluted | (0.02 | ) | (1.02 | ) | 0.31 | (0.93 | ) | ||||||
| Weighted average number of shares | |||||||||||||
| - Basic & Diluted | 37,858,437 | 37,858,437 | 38,357,893 | 37,858,437 | |||||||||
| StealthGas Inc.Unaudited Consolidated Balance Sheets(Expressed in United States Dollars) | |||||||
| December 31, | December 31, | ||||||
| 2020 | 2021 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 38,242,411 | 32,068,745 | |||||
| Receivable from related party | -- | 63,767 | |||||
| Trade and other receivables | 3,602,764 | 2,117,636 | |||||
| Other current assets | 309,608 | 298,984 | |||||
| Claims receivable | 120,547 | 62,652 | |||||
| Inventories | 3,687,098 | 2,772,532 | |||||
| Advances and prepayments | 782,125 | 637,881 | |||||
| Restricted cash | 1,308,971 | 1,434,181 | |||||
| Vessel held for sale | -- | 12,250,000 | |||||
| Total current assets | 48,053,524 | 51,706,378 | |||||
| Non current assets | |||||||
| Advances for vessels under construction | 6,539,115 | -- | |||||
| Operating lease right-of-use assets | -- | 104,168 | |||||
| Vessels, net | 832,335,059 | 681,337,153 | |||||
| Other receivables | 26,427 | -- | |||||
| Restricted cash | 13,488,820 | 12,197,611 | |||||
| Investments in joint ventures | 43,177,657 | 53,323,032 | |||||
| Deferred finance charges | 385,705 | -- | |||||
| Total non current assets | 895,952,783 | 746,961,964 | |||||
| Total assets | 944,006,307 | 798,668,342 | |||||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Payable to related parties | 4,659,861 | 1,491,705 | |||||
| Trade accounts payable | 9,974,751 | 8,592,124 | |||||
| Accrued and other liabilities | 3,773,499 | 3,842,879 | |||||
| Operating lease liabilities | -- | 104,168 | |||||
| Customer deposits | 968,000 | -- | |||||
| Deferred income | 2,995,657 | 5,666,285 | |||||
| Fair value of derivatives | 141,447 | -- | |||||
| Current portion of long-term debt | 40,547,892 | 31,836,619 | |||||
| Current portion of long-term debt associated with vessel held for sale | -- | 7,173,988 | |||||
| Total current liabilities | 63,061,107 | 58,707,768 | |||||
| Non current liabilities | |||||||
| Fair value of derivatives | 5,099,464 | 3,151,880 | |||||
| Deferred income | -- | 76,949 | |||||
| Long-term debt | 311,249,321 | 261,960,975 | |||||
| Total non current liabilities | 316,348,785 | 265,189,804 | |||||
| Total liabilities | 379,409,892 | 323,897,572 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity | |||||||
| Capital stock | 431,836 | 435,274 | |||||
| Treasury stock | (25,373,380 | ) | (25,373,380 | ) | |||
| Additional paid-in capital | 499,564,087 | 443,009,334 | |||||
| Retained earnings | 94,926,695 | 59,803,487 | |||||
| Accumulated other comprehensive loss | (4,952,823 | ) | (3,103,945 | ) | |||
| Total stockholders' equity | 564,596,415 | 474,770,770 | |||||
| Total liabilities and stockholders' equity | 944,006,307 | 798,668,342 | |||||
| StealthGas Inc. Unaudited Consolidated Statements of Cash Flows (Expressed in United States Dollars) | |||||||
| Twelve Month Periods Ended December 31, | |||||||
| 2020 | 2021 | ||||||
| Cash flows from operating activities | |||||||
| Net income/(loss) for the year | 11,984,485 | (35,123,208 | ) | ||||
| Adjustments to reconcile net income/(loss) to net cash | |||||||
| provided by operating activities: | |||||||
| Depreciation | 37,455,093 | 37,125,903 | |||||
| Amortization of deferred finance charges | 698,364 | 1,157,804 | |||||
| Amortization of operating lease right-of-use assets | 473,132 | 89,638 | |||||
| Share based compensation | -- | 610,788 | |||||
| Change in fair value of derivatives | (38,561 | ) | (240,153 | ) | |||
| Equity earnings in joint ventures | (2,709,984 | ) | (8,326,701 | ) | |||
| Impairment loss | 3,857,307 | 44,616,214 | |||||
| Net loss on sale of vessels | 1,134,854 | 304,210 | |||||
| Changes in operating assets and liabilities: | |||||||
| (Increase)/decrease in | |||||||
| Trade and other receivables | 874,825 | (977,005 | ) | ||||
| Other current assets | (191,362 | ) | 10,624 | ||||
| Claims receivable | 193,670 | 57,895 | |||||
| Inventories | (1,239,395 | ) | 644,079 | ||||
| Changes in operating lease liabilities | (473,132 | ) | (89,638 | ) | |||
| Advances and prepayments | (32,444 | ) | (100,482 | ) | |||
| Increase/(decrease) in | |||||||
| Balances with related parties | 1,617,032 | (3,231,923 | ) | ||||
| Trade accounts payable | 761,193 | 262,569 | |||||
| Accrued liabilities | (2,403,644 | ) | 557,086 | ||||
| Deferred income | 151,663 | 3,690,981 | |||||
| Net cash provided by operating activities | 52,113,096 | 41,038,681 | |||||
| Cash flows from investing activities | |||||||
| Vessels’ acquisitions and advances for vessels under construction | (48,121,422 | ) | (25,224,746 | ) | |||
| Proceeds from sale of vessels, net | 5,264,768 | 7,795,790 | |||||
| Investment in joint ventures | (41,998,500 | ) | (3,348,675 | ) | |||
| Return of investments from joint ventures | 26,781,000 | 1,530,000 | |||||
| Advances to joint ventures | (29,245 | ) | -- | ||||
| Advances from joint ventures | 29,245 | -- | |||||
| Net cash used in investing activities | (58,074,154 | ) | (19,247,631 | ) | |||
| Cash flows from financing activities | |||||||
| Stock repurchase | (3,880,930 | ) | -- | ||||
| Deferred finance charges paid | (538,004 | ) | (1,463,766 | ) | |||
| Advances from joint ventures | 1,841,380 | -- | |||||
| Advances to joint ventures | (5,841,672 | ) | -- | ||||
| Customer deposits paid | -- | (600,000 | ) | ||||
| Loan repayments | (41,804,846 | ) | (173,012,428 | ) | |||
| Proceeds from long-term debt | 27,105,000 | 150,650,000 | |||||
| Cash retained by Imperial Petroleum Inc. at spin-off | -- | (4,704,521 | ) | ||||
| Net cash used in financing activities | (23,119,072 | ) | (29,130,715 | ) | |||
| Net decrease in cash, cash equivalents and restricted cash | (29,080,130 | ) | (7,339,665 | ) | |||
| Cash, cash equivalents and restricted cash at beginning of year | 82,120,332 | 53,040,202 | |||||
| Cash, cash equivalents and restricted cash at end of year | 53,040,202 | 45,700,537 | |||||
| Cash breakdown | |||||||
| Cash and cash equivalents | 38,242,411 | 32,068,745 | |||||
| Restricted cash, current | 1,308,971 | 1,434,181 | |||||
| Restricted cash, non current | 13,488,820 | 12,197,611 | |||||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 53,040,202 | 45,700,537 | |||||
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