Financial Highlights1 and Operational Updates
I. PROFITABILITY - LIQUIDITY - DEBT
- Q1 2026 Net Income of
$9.9 million ($0.41 earnings per share). - Q1 2026 Adjusted Net Income2 of
$12.4 million ($0.51 earnings per share). - Q1 2026 liquidity of
$353.3 million 3. - Cash4 exceeding Debt5 by
$127.2 million as of the end of Q1 2026.
II. FLEET RENEWAL
Vessel Acquisition
- Conclusion of the purchase of the 2018-built, 60,297 DWT capacity dry bulk vessel,
Astros (ex. Koushun)6.
Long-term Charter-in Agreements
- Delivery of the newbuild, 81,800 DWT capacity dry bulk vessel, Hermes Century:
- Minimum tenor of charter-in period of 5 years.
- Company retains extension options and purchase options for the tenor of the charter-in period.
- Vessel has been time-chartered out for a period of approximately one year at a rate generating a daily gross profit of approximately
$3,600 .
- Agreement to charter-in an additional newbuild Kamsarmax vessel under a long-term period charter with extension and purchase options upon delivery (expected Q2 2027–Q1 2028).
Vessel Disposals
- Conclusion of the sale of the 2011-built, 180,643 DWT capacity dry bulk vessel, Miracle, resulting in capital gains of approximately
$7.0 million .
_______________
1 This earnings release focuses on the financial results and management’s discussion and analysis of
2 Adjusted Net Income and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for
3 Liquidity includes Cash (as defined in footnote 4) and
4 Cash denotes Cash and cash equivalents (including restricted cash) of
5 Debt denotes Long-term debt including current and non-current portion.
6 The vessel is currently on time charter, expiring in
III. OPERATING PLATFORM
- Completion7 of the transfer of the majority of the trading book8 to
Cargill International S.A. (“Cargill”). - The operating platform9 is currently focused on Kamsarmax-type vessels and consists of 20 third-party owned dry bulk vessels including:
- Two Capesize vessels chartered-in under period charters (one expected to be redelivered within 2026).
- 18 Kamsarmax vessels, 17 of which are chartered-in under short-term period charters or time charter trips.
IV. OWNED FLEET
Costamare Bulkers currently owns a fleet of 30 dry bulk vessels with a total capacity of approximately 2.7 million DWT, consisting of:- 6 Capesize vessels, all of which are on period charters.
- 7 Kamsarmax vessels, all of which are on period charters.
- 9 Ultramax vessels, out of which 7 are on period charters.
- 8 Supramax vessels, out of which 6 are on period charters.
- The majority of the period charters are on index-linked charter agreements with owner’s option to convert to fixed rate based on the prevailing FFA curve.
_______________
7 Excluding one vessel whose charter-in agreement is scheduled to be novated to
8 As of
9 As of
Mr.
“During the first quarter of the year
As of today, we have successfully transferred a majority of the Company’s legacy trading portfolio pursuant to our deal with
As part of our fleet renewal program, we recently concluded the sale of one 2011-built Capesize vessel and the acquisition of one 2018-built Ultramax. At the same time we accepted delivery of one newbuilding Kamsarmax chartered in for a minimum period of 5 years. The vessel has been chartered out at a profitable rate for a minimum period of 11 months.
With total cash of about
Regarding the market, during the first four months of the year the market exhibited elevated volatility relative to historical averages, driven by increased activity and inefficiencies, while geopolitical instability contributed additional uncertainty.
Capesize earnings were supported by robust iron ore and bauxite volumes, coupled with limited fleet growth. Ton-mile demand was further reinforced by the expansion of West Africa–China trade flows across both commodities.
Alongside the firm Capesize market and broadly positive dry bulk sentiment, the Panamax index was further supported by a record soybean harvest in
Finally, the Supramax segment recorded a solid start to the year, as increased grain and minor bulk flows offset the negative impact of the
| Financial Summary | |||
| (Expressed in thousands of | Three-month period ended | ||
| Voyage revenue | $ | 103,963 | |
| Voyage revenue – related parties | $ | 7,545 | |
| Total voyage revenue | $ | 111,508 | |
| Total voyage revenue adjusted on a cash basis (1) | $ | 111,508 | |
| Adjusted Net Income (2) | $ | 12,424 | |
| Weighted Average number of shares | 24,181,817 | ||
| Adjusted Earnings per share (2) | $ | 0.51 | |
| Net Income | $ | 9,936 | |
| Weighted Average number of shares | 24,181,817 | ||
| Earnings per share | $ | 0.41 | |
(1) “Total voyage revenue adjusted on a cash basis” represents Total voyage revenue adjusted for any non-cash revenue recognized during the period resulting from certain charter arrangements with escalating or descending rates. This measure is not a recognized measurement under
(2) Adjusted Net Income and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share.
| Non-GAAP Measures |
The Company reports its financial results in accordance with
Exhibit I
Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share
| Three-month period ended | |||
| (Expressed in thousands of | |||
| Net Income | $ | 9,936 | |
| Deferred charter-in expense | (456 | ) | |
| General and administrative expenses - non-cash component | 936 | ||
| Non-recurring, non-cash write-off of loan deferred financing costs | 166 | ||
| Non-recurring expenses for realignment of operating platform | 5,071 | ||
| Gain on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) | (3,229 | ) | |
| Adjusted Net Income | $ | 12,424 | |
| Adjusted Earnings per Share | $ | 0.51 | |
| Weighted average number of shares | 24,181,817 | ||
Adjusted Net Income and Adjusted Earnings per Share represent Net Income before deferred charter-in expense, non-recurring, non-cash write-off of loan deferred financing costs, non-recurring expenses for realignment of operating platform, general and administrative expenses - non-cash component and gain on derivative instruments, excluding realized (gain)/loss on derivative instruments. However, Adjusted Net Income and Adjusted Earnings per Share are not recognized measurements under
(1) Items to consider for comparability, when prior period figures are presented, include gains and charges. Gains positively impacting Net Income are reflected as deductions to Adjusted Net Income. Charges negatively impacting Net Income are reflected as increases to Adjusted Net Income.
Exhibit II
Owned Dry Bulk Fleet Utilization(1)
| Three-month period ended | ||
| Owned Dry Bulk Fleet Available Days | 2,587 | |
| Owned Dry Bulk Fleet Utilization | 97.4 | % |
(1) We calculate utilization of our owned dry bulk fleet (including vessels chartered-in by CBI) by dividing (i) the aggregate number of our on-hire days and ballast days (excluding dry dock ballast days) in a period of our owned dry bulk fleet by (ii) the number of our available days (owned dry bulk fleet) during such period. We use the following definitions in our calculation of utilization of owned dry bulk fleet:
- On-hire days. We define on-hire days as the total days that a vessel was on-hire during a period.
- Ballast days (excluding dry dock ballast days). We define ballast days (excluding dry dock ballast days) during a period, as the total number of days that a vessel is not on-hire, but is conducting ordinary ship operations (other than dry dock ballast days) which includes repositioning from a discharging port to a loading port, sailing to a port for the conclusion of a prospective sale of a vessel or a change of the technical manager of a vessel.
- Available days. We define available days as the number of our ownership days of our owned dry bulk fleet during a period less the aggregate number of dry dock days and dry dock ballast days during such period. We use the following definitions in our calculation of available days (owned dry bulk fleet):
- Dry dock days. We define dry dock days as the days during a period that a vessel underwent scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys.
- Dry dock ballast days. We define dry dock ballast days as the total days during a period that a vessel spends sailing to and from a shipyard for scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys.
- Dry dock days. We define dry dock days as the days during a period that a vessel underwent scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys.
Results of Operations
Three-month period ended
During the three-month period ended
During the three-month period ended
During the three-month period ended
Consolidated Financial Results and Vessels’ Operational Data
| Three-month period ended | |||||
| (Expressed in millions of | |||||
| Voyage revenue | $ | 104.0 | |||
| Voyage revenue – related parties | 7.5 | ||||
| Total voyage revenue | 111.5 | ||||
| Voyage expenses | (23.0 | ) | |||
| Charter-in hire expenses | (46.0 | ) | |||
| Voyage expenses – related parties | (0.8 | ) | |||
| Vessels’ operating expenses | (16.7 | ) | |||
| General and administrative expenses | (2.3 | ) | |||
| Management and agency fees – related parties | (5.4 | ) | |||
| General and administrative expenses – non-cash component | (0.9 | ) | |||
| Amortization of dry-docking and special survey costs | (1.6 | ) | |||
| Depreciation | (8.6 | ) | |||
| Gain on sale of vessels | 7.7 | ||||
| Foreign exchange losses | (0.1 | ) | |||
| Interest income | 1.6 | ||||
| Interest and finance costs | (2.6 | ) | |||
| Other, net | (5.2 | ) | |||
| Gain on derivative instruments, net | 2.3 | ||||
| Net Income | $ | 9.9 | |||
_______________
10 The discussion below reflects the first quarter 2026 consolidated financial results of
| (Expressed in millions of | Three-month period ended | ||
| Total voyage revenue | $ | 111.5 | |
| Total voyage revenue adjusted on a cash basis(I) | $ | 111.5 | |
| Vessels’ operational data | |||
| Three-month period ended | |||
| Average number of vessels(II) | 30.5 | ||
| Ownership days(II) | 2,742 | ||
| Number of vessels under dry-docking and special survey(II) | 3 | ||
(I) Total voyage revenue adjusted on a cash basis represents Total voyage revenue adjusted for any non-cash revenue recognized during the period resulting from certain charter arrangements and is not a recognized measurement under GAAP. No such adjustment was required for the three-month period ended
(II) Vessels in our owned fleet.
Total Voyage Revenue
Total voyage revenue was
Voyage Expenses
Voyage expenses were
Charter-in Hire Expenses
Charter-in hire expenses were
Voyage Expenses – related parties
Voyage expenses – related parties were
Vessels’ Operating Expenses
Vessels’ operating expenses were
General and Administrative Expenses
General and administrative expenses were
Management and Agency Fees – related parties
Management fees charged by our related party managers were
General and Administrative Expenses – non-cash component
General and administrative expenses - non-cash component for the three-month period ended
Amortization of Dry-Docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was
Depreciation
Depreciation expense for the three-month period ended
Gain on Sale of Vessels
During the three-month period ended
Interest Income
Interest income amounted to
Interest and Finance Costs
Interest and finance costs were
Other, net
Other, net, amounted to
Gain on Derivative Instruments, net
As of
As of
Cash Flows
Three-month period ended
| Condensed cash flows | |||
| (Expressed in millions of | Three-month period ended | ||
| Net Cash Provided by Operating Activities | $ | 18.9 | |
| Net Cash Provided by Investing Activities | $ | 38.6 | |
| $ | (14.6 | ) | |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended
Net Cash Provided by Investing Activities
Net cash provided by investing activities was
Net cash used in financing activities was
Liquidity and Unencumbered Vessels
Cash and cash equivalents
As of
Debt-free vessels
As of
| Unencumbered Vessels | ||||
| Year Built | DWT Capacity | |||
| ALWINE | 2014 | 61,090 | ||
| AUGUST | 2015 | 61,090 | ||
| 2018 | 60,297 | |||
_______________
11 The discussion below reflects the first quarter 2026 consolidated condensed cash flows of
Conference Call details:
On
Live webcast:
There will also be a simultaneous live webcast over the Internet, through the
About
Forward-Looking Statements
This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Although the Company believes that its expectations stated in this earnings release are based on reasonable assumptions, it is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-42581). All forward-looking statements reflect management’s current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company’s views or expectations, or otherwise.
Company Contacts:
Tel: (+377) 92 00 1745
Email: ir@costamarebulkers.com
Owned Vessels
The table below provides information about our owned fleet as of
| Year Built | Capacity (DWT) | ||
| 1 | FRONTIER | 2012 | 181,415 |
| 2 | PROSPER | 2012 | 179,895 |
| 3 | DORADO | 2011 | 179,842 |
| 4 | MAGNES | 2011 | 179,546 |
| 5 | IMPERATOR | 2012 | 176,387 |
| 6 | 2011 | 175,975 | |
| 7 | AEOLIAN | 2012 | 83,478 |
| 8 | GRENETA | 2010 | 82,166 |
| 9 | HYDRUS | 2011 | 81,601 |
| 10 | 2012 | 81,569 | |
| 11 | BUILDER | 2012 | 81,541 |
| 12 | FARMER | 2012 | 81,541 |
| 13 | SAUVAN | 2010 | 79,700 |
| 14 | MERCHIA | 2015 | 63,585 |
| 15 | DAWN | 2018 | 63,561 |
| 16 | SEABIRD | 2016 | 63,553 |
| 17 | ORION | 2015 | 63,473 |
| 18 | DAMON | 2012 | 63,301 |
| 19 | ARYA | 2013 | 61,424 |
| 20 | ALWINE | 2014 | 61,090 |
| 21 | AUGUST | 2015 | 61,090 |
| 22 | 2018 | 60,297 | |
| 23 | ATHENA | 2012 | 58,018 |
| 24 | ERACLE | 2012 | 58,018 |
| 25 | NORMA | 2010 | 58,018 |
| 26 | 2011 | 57,937 | |
| 27 | 2011 | 57,937 | |
| 28 | SERENA | 2010 | 57,266 |
| 29 | LIBRA | 2010 | 56,701 |
| 30 | BERMONDI | 2009 | 55,469 |
Chartered-In Vessels
The table below provides information about our chartered-in fleet12 as of
| Year Built | Capacity (DWT) | Earliest Redelivery to Owners | ||
| 1 | 2021 | 210,896 | ||
| 2 | CAPE PROTEUS(i) | 2011 | 180,585 | |
| 3 | GRAMPUS CHARM | 2013 | 82,937 | |
| 4 | 2023 | 82,698 | TC Trips | |
| 5 | APJ PRITI 2 | 2006 | 82,574 | |
| 6 | NEW ERA | 2011 | 82,153 | |
| 7 | M EXPLORER | 2010 | 82,094 | TC Trip |
| 8 | ADMIRAL JIMMU | 2020 | 82,024 | |
| 9 | EVER MAJESTY | 2021 | 81,936 | TC Trips |
| 10 | 2020 | 81,878 | ||
| 11 | PACIFIC CELERITY | 2025 | 81,869 | TC Trip |
| 12 | HERMES CENTURY | 2026 | 81,800 | |
| 13 | 2020 | 81,688 | TC Trip | |
| 14 | GEORGITSI(i) | 2012 | 81,309 | |
| 15 | PLATANOS | 2011 | 81,123 | TC Trips |
| 16 | W-LUNA | 2016 | 81,115 | TC Trip |
| 17 | SEA UNITY | 2016 | 81,112 | |
| 18 | 2016 | 81,039 | TC Trip | |
| 19 | GEMINI OCEAN | 2017 | 80,982 | |
| 20 | STAHLA | 2012 | 76,049 | TC Trip |
(i) Time-chartered out for the whole remaining charter-in period.
Chartered-In Newbuilding Vessel
| Vessel | Capacity (DWT) | Estimated Delivery | ||
| 1 | Newbuilding | 82,400 | Q2 2027 – Q1 2028 |
_______________
12 Excluding (i) two vessels already sub-chartered out to
Consolidated Statement of Income | ||||||
| Three-month period ended | ||||||
| (Expressed in thousands of | 2025 | 2026 | ||||
| (Unaudited) | (Unaudited) | |||||
| REVENUES: | ||||||
| Voyage revenue | $ | - | $ | 103,963 | ||
| Voyage revenue – related parties | - | 7,545 | ||||
| Total voyage revenue | - | 111,508 | ||||
| EXPENSES: | ||||||
| Voyage expenses | - | (22,977 | ) | |||
| Charter-in hire expenses | - | (45,976 | ) | |||
| Voyage expenses – related parties | - | (793 | ) | |||
| Vessels’ operating expenses | - | (16,709 | ) | |||
| General and administrative expenses | - | (2,274 | ) | |||
| Management and agency fees – related parties | - | (5,421 | ) | |||
| General and administrative expenses – non-cash component | - | (936 | ) | |||
| Amortization of dry-docking and special survey costs | - | (1,607 | ) | |||
| Depreciation | - | (8,645 | ) | |||
| Gain on sale of vessels | - | 7,741 | ||||
| Foreign exchange losses | - | (74 | ) | |||
| Operating Income | - | 13,837 | ||||
| OTHER INCOME / (EXPENSES): | ||||||
| Interest income | 18 | 1,643 | ||||
| Interest and finance costs | - | (2,635 | ) | |||
| Other, net | - | (5,250 | ) | |||
| Gain on derivative instruments, net | - | 2,341 | ||||
| Total other income / (expenses), net | 18 | (3,901 | ) | |||
| Net income | $ | 18 | $ | 9,936 | ||
| Earnings per common share, basic and diluted | $ | 1.80 | $ | 0.41 | ||
| Weighted average number of shares, basic and diluted | 10,000 | 24,181,817 | ||||
Consolidated Balance Sheets | ||||||
| (Expressed in thousands of | As of | As of | ||||
| ASSETS | (Audited) | (Unaudited) | ||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ | 211,845 | $ | 255,105 | ||
| Margin deposits | 10,825 | 10,148 | ||||
| Accounts receivable | 22,597 | 13,607 | ||||
| Inventories | 14,217 | 14,569 | ||||
| Due from related parties | 4,444 | 4,322 | ||||
| Insurance claims receivable | 4,785 | 4,567 | ||||
| Fair value of derivatives | 268 | 2,673 | ||||
| Prepayments and other | 24,668 | 17,273 | ||||
| Total current assets | 293,649 | 322,264 | ||||
| FIXED ASSETS, NET: | ||||||
| Vessels and advances, net | 565,547 | 527,379 | ||||
| Total fixed assets, net | 565,547 | 527,379 | ||||
| NON-CURRENT ASSETS: | ||||||
| Deferred charges, net | 18,357 | 22,160 | ||||
| Operating leases, right-of-use assets | 41,667 | 21,216 | ||||
| Accounts receivable, non-current | 5,503 | 5,586 | ||||
| Due from related parties, non-current | 1,050 | 975 | ||||
| Restricted cash | 3,650 | 3,350 | ||||
| Total assets | $ | 929,423 | $ | 902,930 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Current portion of long-term debt | $ | 14,995 | $ | 13,962 | ||
| Operating lease liabilities, current portion | 39,155 | 20,648 | ||||
| Accounts payable | 26,028 | 26,260 | ||||
| Due to related parties | 5,145 | 4,815 | ||||
| Accrued liabilities | 9,732 | 11,134 | ||||
| Unearned revenue | 11,911 | 6,725 | ||||
| Fair value of derivatives | 825 | - | ||||
| Other current liabilities | 15,385 | 14,439 | ||||
| Total current liabilities | 123,176 | 97,983 | ||||
| NON-CURRENT LIABILITIES: | ||||||
| Long-term debt, net of current portion | 140,599 | 127,401 | ||||
| Other non-current liabilities | - | 1,026 | ||||
| Total non-current liabilities | 140,599 | 128,427 | ||||
| COMMITMENTS AND CONTINGENCIES | - | - | ||||
| STOCKHOLDERS’ EQUITY: | ||||||
| Preferred stock | - | - | ||||
| Common stock | 2 | 2 | ||||
| Additional paid-in capital | 702,992 | 703,928 | ||||
| Accumulated deficit | (37,346 | ) | (27,410 | ) | ||
| Total stockholders’ equity | 665,648 | 676,520 | ||||
| Total liabilities and stockholders’ equity | $ | 929,423 | $ | 902,930 | ||
Exhibit III13
| COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR Combined Carve-out Statements of Operations | |||||||
| For the three-month period ended | |||||||
| (Expressed in thousands of | 2024 | 2025 | |||||
| REVENUES: | (Unaudited) | (Unaudited) | |||||
| Voyage revenue | $ | 254,616 | $ | 167,671 | |||
| Voyage revenue – related parties | - | 55,689 | |||||
| Total voyage revenue | 254,616 | 223,360 | |||||
| EXPENSES: | |||||||
| Voyage expenses | (88,684 | ) | (78,803 | ) | |||
| Charter-in hire expenses | (144,350 | ) | (111,518 | ) | |||
| Voyage expenses-related parties | (572 | ) | (2,409 | ) | |||
| Vessels’ operating expenses | (21,316 | ) | (19,553 | ) | |||
| General and administrative expenses | (2,969 | ) | (4,344 | ) | |||
| General and administrative expenses – related parties | (872 | ) | (767 | ) | |||
| Management and agency fees - related parties | (7,529 | ) | (6,953 | ) | |||
| Amortization of dry-docking and special survey costs | (1,430 | ) | (1,606 | ) | |||
| Depreciation | (8,969 | ) | (10,088 | ) | |||
| Gain on sale of vessels, net | 993 | - | |||||
| Loss on vessels held for sale | - | (4,669 | ) | ||||
| Vessel’s impairment loss | - | (179 | ) | ||||
| Foreign exchange gains/ (losses) | (68 | ) | 136 | ||||
| Operating loss | (21,150 | ) | (17,393 | ) | |||
| OTHER INCOME / (EXPENSES): | |||||||
| Interest income | 433 | 198 | |||||
| Interest and finance costs, net | (6,098 | ) | (5,478 | ) | |||
| Interest expense – related parties | - | (629 | ) | ||||
| Other, net | 81 | (50 | ) | ||||
| Gain on derivative instruments, net | 25,786 | 9,673 | |||||
| Total other income, net | 20,202 | 3,714 | |||||
| Net loss | $ | (948 | ) | $ | (13,679 | ) | |
_______________
13This exhibit includes combined carve-out financial information for Costamare Bulkers Holdings Limited Predecessor, prepared in accordance with the same accounting principles as disclosed in Costamare Bulkers’ Annual Report on Form 20-F (File No. 001-42581).
| COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR Combined Carve-out Balance Sheet | |||
| (Expressed in thousands of | |||
| ASSETS | (Audited) | ||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | $ | 49,858 | |
| Restricted cash | 941 | ||
| Margin deposits | 45,221 | ||
| Accounts receivable, net | 39,648 | ||
| Inventories | 44,500 | ||
| Due from related parties | 7,014 | ||
| Fair value of derivatives | 197 | ||
| Insurance claims receivable | 2,842 | ||
| Prepayments and other assets | 49,796 | ||
| Total current assets | 240,017 | ||
| FIXED ASSETS, NET: | |||
| Vessels and advances, net | 671,844 | ||
| Total fixed assets, net | 671,844 | ||
| OTHER NON-CURRENT ASSETS: | |||
| Accounts receivable, net, non-current | 1,610 | ||
| Deferred charges, net | 19,119 | ||
| Due from related parties, non-current | 1,050 | ||
| Fair value of derivatives, non-current | 147 | ||
| Restricted cash, non-current | 9,236 | ||
| Operating leases, right-of-use assets | 297,975 | ||
| Total assets | $ | 1,240,998 | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| CURRENT LIABILITIES: | |||
| Current portion of long-term debt, net of deferred financing costs | $ | 30,505 | |
| Related party loans | 85,000 | ||
| Accounts payable | 41,477 | ||
| Due to related parties | 5,319 | ||
| Operating lease liabilities, current portion | 205,172 | ||
| Accrued liabilities | 11,906 | ||
| Unearned revenue | 22,911 | ||
| Fair value of derivatives | 14,465 | ||
| Other current liabilities | 3,902 | ||
| Total current liabilities | 420,657 | ||
| NON-CURRENT LIABILITIES: | |||
| Long-term debt, net of current portion and deferred financing costs | 305,724 | ||
| Operating lease liabilities, non-current portion | 87,424 | ||
| Fair value of derivatives, non-current portion | 5,174 | ||
| Total non-current liabilities | 398,322 | ||
| COMMITMENTS AND CONTINGENCIES | - | ||
| SHAREHOLDERS’ EQUITY: | |||
| Common shares | 250 | ||
| Additional paid-in capital | 207,284 | ||
| 312,546 | |||
| Accumulated deficit | (98,061 | ) | |
| Total shareholders’ equity | 422,019 | ||
| Total liabilities and shareholders’ equity | $ | 1,240,998 | |
