Financial Highlights1 and Operational Updates
I. PROFITABILITY - LIQUIDITY - DEBT
- Q2 2026 Adjusted Net Income2 of
$9.8 million ($0.40 per share). - Q2 2026 Net Income of
$5.2 million ($0.21 per share). - Q2 2026 liquidity of
$331.5 million 3. - Cash4 exceeding Debt5 by
$108.9 million as of the end of Q2 2026.
II.
- Agreement for the sale of the 2009-built, 55,469 DWT capacity dry bulk vessel, Bermondi.
- Sale is expected to be concluded in Q3 2026.
III. OPERATING PLATFORM
- Completion of the previously announced transaction with
Cargill International S.A. (“Cargill”), with no pending transfers of the related trading book. - The operating platform6 is currently focused on Kamsarmax-type vessels and consists of 26 third-party owned dry bulk vessels including:
- Two Capesize vessels chartered-in under period charters (one expected to be redelivered within 2026).
- 24 Kamsarmax/Panamax vessels, 23 of which are chartered-in primarily under short-term period charters or time charter trips.
__________________
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 Costamare Bulkers’ financial results presented in accordance with
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 As of
IV. OWNED FLEET7
Costamare Bulkers currently owns a fleet of 30 dry bulk vessels (including the vessel we have agreed to sell) 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, out of which 5 are on period charters.
- 9 Ultramax vessels, out of which 8 are on period charters.
- 8 Supramax vessels, out of which 4 are on period charters.
- 12 of the period charters are subject to index-linked charter agreements (with owner’s option to convert to fixed rate based on the prevailing FFA curve) while the remaining 11 are fixed-rate agreements.
Mr.
“During the second quarter of the year
We finalized the transfer of the Company’s entire legacy trading portfolio that was earmarked for Cargill, effectively reducing the risk on our balance sheet. We expect that our trading platform will be free of the three remaining legacy positions by year end.
As part of our fleet renewal program, we recently agreed to sell our 2009-built Supramax vessel, which is expected to be delivered within the third quarter.
With total cash exceeding debt by approximately
Regarding the market, this quarter has been characterized by heightened volatility, particularly in the Capesize segment, largely driven by geopolitical uncertainty, energy market turbulence, and weather-related disruptions. Capesize rates peaked in late May before correcting by nearly
The Panamax market remained supported by strong Capesize rates and the return of Chinese seaborne coal demand.
Unlike the larger vessel segments, the Supramax market was on a gradual upward trend throughout the period, supported by firmer grain and minor bulk volumes, as well as rising Liberian iron ore exports, which strengthened
__________________
7 As of
| Financial Summary | ||||
| (Expressed in thousands of | Six-month period ended | Three-month period ended | ||
| Voyage revenue | ||||
| Voyage revenue – related parties | ||||
| Total voyage revenue | ||||
| Adjusted Net Income (1) | ||||
| Weighted Average number of shares | 24,211,897 | 24,241,646 | ||
| Adjusted Earnings per share (1) | ||||
| Net Income | ||||
| Weighted Average number of shares | 24,211,897 | 24,241,646 | ||
| Earnings per share | ||||
(1) 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
| Six-month period ended | Three-month period ended | ||||||||
| (Expressed in thousands of | |||||||||
| Net Income | $ | 15,103 | $ | 5,167 | |||||
| Deferred charter-in expense | (853 | ) | (397 | ) | |||||
| Amortization of time-charter assumed | (308 | ) | (308 | ) | |||||
| General and administrative expenses - non-cash component | 1,999 | 1,063 | |||||||
| Non-recurring, non-cash write-off of loan deferred financing costs | 166 | - | |||||||
| Non-recurring expenses for realignment of operating platform | 5,624 | 553 | |||||||
| Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) | 481 | 3,710 | |||||||
| Adjusted Net Income | $ | 22,212 | $ | 9,788 | |||||
| Adjusted Earnings per Share | $ | 0.92 | $ | 0.40 | |||||
| Weighted average number of shares | 24,211,897 | 24,241,646 | |||||||
Adjusted Net Income and Adjusted Earnings per Share represent Net Income before deferred charter-in expense, amortization of time-charter assumed, 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 loss 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)
| Six-month period ended | Three-month period ended | ||||
| Owned Dry Bulk Fleet Available Days | 5,257 | 2,670 | |||
| Owned Dry Bulk Fleet Utilization | 98.3 | % | 99.1 | % | |
(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 include 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 | $ | 100.5 | |
| Voyage revenue – related parties | 11.1 | ||
| Total voyage revenue | 111.6 | ||
| Voyage expenses | (30.2 | ) | |
| Charter-in hire expenses | (38.9 | ) | |
| Voyage expenses – related parties | (1.0 | ) | |
| Vessels’ operating expenses | (16.4 | ) | |
| General and administrative expenses | (2.5 | ) | |
| Management and agency fees – related parties | (3.6 | ) | |
| General and administrative expenses – non-cash component | (1.1 | ) | |
| Amortization of dry-docking and special survey costs | (1.9 | ) | |
| Depreciation | (8.9 | ) | |
| Foreign exchange gains | 0.1 | ||
| Interest income | 1.7 | ||
| Interest and finance costs | (2.1 | ) | |
| Other, net | (0.8 | ) | |
| Loss on derivative instruments, net | (0.8 | ) | |
| Net Income | $ | 5.2 | |
| Vessels’ operational data | |||
| Three-month period ended | |||
| Average number of vessels(I) | 29.8 | ||
| Ownership days(I) | 2,715 | ||
| Number of vessels under dry-docking and special survey(I) | - | ||
(I) Vessels in our owned fleet.
Total Voyage Revenue
Total voyage revenue was
________________
8 The discussion below reflects the second quarter 2026 consolidated financial results of
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
Vessel held for sale
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
Loss on Derivative Instruments, net
As of
As of
Results of Operations
Six-month period ended
During the six-month period ended
During the six-month period ended
During the six-month period ended
Consolidated Financial Results and Vessels’ Operational Data
| Six-month period ended | |||
| (Expressed in millions of | |||
| Voyage revenue | $ | 204.4 | |
| Voyage revenue – related parties | 18.7 | ||
| Total voyage revenue | 223.1 | ||
| Voyage expenses | (53.2 | ) | |
| Charter-in hire expenses | (84.8 | ) | |
| Voyage expenses – related parties | (1.8 | ) | |
| Vessels’ operating expenses | (33.1 | ) | |
| General and administrative expenses | (4.8 | ) | |
| Management and agency fees – related parties | (9.0 | ) | |
| General and administrative expenses – non-cash component | (2.0 | ) | |
| Amortization of dry-docking and special survey costs | (3.5 | ) | |
| Depreciation | (17.5 | ) | |
| Gain on sale of vessels | 7.7 | ||
| Foreign exchange losses | (0.1 | ) | |
| Interest income | 3.3 | ||
| Interest and finance costs | (4.7 | ) | |
| Other, net | (6.0 | ) | |
| Gain on derivative instruments, net | 1.5 | ||
| Net Income | $ | 15.1 | |
| Vessels’ operational data | |||
| Six-month period ended | |||
| Average number of vessels(I) | 30.1 | ||
| Ownership days(I) | 5,457 | ||
| Number of vessels under dry-docking and special survey(I) | 3 | ||
(I) Vessels in our owned fleet.
Total Voyage Revenue
________________
9 The discussion below reflects the consolidated financial results of
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 six-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 six-month period ended
Vessel held for sale
During the six-month period ended
Gain on Sale of Vessels
During the six-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
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 | ||||
| BERMONDI | 2009 | 55,469 | |||
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(i) | 2009 | 55,469 |
(i) Denotes vessel we have agreed to sell.
Chartered-In Vessels
The table below provides information about our chartered-in fleet10 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 | Two TC Trips | |
| 5 | SAPHIRA | 2021 | 82,577 | |
| 6 | APJ PRITI 2 | 2006 | 82,574 | |
| 7 | ASTRAEA SB | 2009 | 82,533 | TC Trip |
| 8 | NEW ERA | 2011 | 82,153 | |
| 9 | PELLA | 2010 | 82,114 | TC Trip |
| 10 | ADMIRAL JIMMU | 2020 | 82,024 | |
| 11 | EVER RADIANCE | 2022 | 81,951 | |
| 12 | EVER MAJESTY | 2021 | 81,936 | |
| 13 | HERMES CENTURY | 2026 | 81,800 | |
| 14 | 2021 | 81,737 | ||
| 15 | SAKIYAZA ORCHID | 2017 | 81,588 | TC Trip |
| 16 | EVMILOS | 2012 | 81,507 | TC Trip |
| 17 | KYNOURIA | 2012 | 81,354 | |
| 18 | GEORGITSI(i) | 2012 | 81,309 | |
| 19 | PLATANOS | 2011 | 81,123 | TC Trip (plus one TC Trip in charterer’s option) |
| 20 | SEA UNITY | 2016 | 81,112 | |
| 21 | SIFNOS | 2015 | 81,084 | TC Trip |
| 22 | GEMINI OCEAN | 2017 | 80,982 | |
| 23 | NORD SATURN | 2012 | 77,288 | TC Trip |
| 24 | 2007 | 76,596 | TC Trip | |
| 25 | FEDERAL SW | 2011 | 76,483 | TC Trip |
| 26 | STAHLA | 2012 | 76,049 | TC Trip (plus one TC Trip in charterer’s option) |
(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 |
________________
10 Excluding one vessel already sub-chartered out to Cargill on back to back terms pursuant to the Strategic Cooperation Agreement.
Consolidated Statements of Operations | |||||||||
| Six-months ended | Three-months ended | ||||||||
| (Expressed in thousands of | 2025 | 2026 | 2026 | ||||||
| (Unaudited) | (Unaudited) | ||||||||
| REVENUES: | |||||||||
| Voyage revenue | $ | 107,211 | $ | 204,437 | $ | 100,474 | |||
| Voyage revenue – related parties | 48,655 | 18,681 | 11,136 | ||||||
| Total voyage revenue | 155,866 | 223,118 | 111,610 | ||||||
| EXPENSES: | |||||||||
| Voyage expenses | (50,420 | ) | (53,217 | ) | (30,240 | ) | |||
| Charter-in hire expenses | (74,767 | ) | (84,836 | ) | (38,860 | ) | |||
| Voyage expenses – related parties | (2,228 | ) | (1,791 | ) | (998 | ) | |||
| Vessels’ operating expenses | (19,500 | ) | (33,097 | ) | (16,388 | ) | |||
| General and administrative expenses | (2,159 | ) | (4,794 | ) | (2,520 | ) | |||
| Management and agency fees – related parties | (6,690 | ) | (9,024 | ) | (3,603 | ) | |||
| General and administrative expenses – non-cash component | (323 | ) | (1,999 | ) | (1,063 | ) | |||
| Amortization of dry-docking and special survey costs | (1,833 | ) | (3,502 | ) | (1,895 | ) | |||
| Depreciation | (9,886 | ) | (17,547 | ) | (8,902 | ) | |||
| Gain / (loss) on sale of vessels, net | (1,579 | ) | 7,741 | - | |||||
| Loss on asset held for sale | (4,990 | ) | - | - | |||||
| Foreign exchange gains / (losses) | 4 | (26 | ) | 48 | |||||
| Operating income/ (loss) | $ | (18,505 | ) | $ | 21,026 | $ | 7,189 | ||
| OTHER INCOME / (EXPENSES): | |||||||||
| Interest income | $ | 778 | $ | 3,299 | $ | 1,656 | |||
| Interest and finance costs | (3,675 | ) | (4,737 | ) | (2,102 | ) | |||
| Other | 115 | (6,034 | ) | (784 | ) | ||||
| Gain / (Loss) on derivative instruments, net | (5,228 | ) | 1,549 | (792 | ) | ||||
| Total other expenses, net | $ | (8,010 | ) | $ | (5,923 | ) | $ | (2,022 | ) |
| Net Income/ (Loss) | $ | (26,515 | ) | $ | 15,103 | $ | 5,167 | ||
| Earnings / (losses) per common share, basic and diluted | $ | (3.15 | ) | $ | 0.62 | $ | 0.21 | ||
| Weighted average number of shares, basic and diluted | 8,424,213 | 24,211,897 | 24,241,646 | ||||||
________________
11
Consolidated Statements of Cash Flows | ||||||||||||||||
| (Expressed in thousands of | For the six-month period ended | Three-months ended | ||||||||||||||
| 2025 | 2026 | 2026 | ||||||||||||||
| Cash Flows from Operating Activities: | (Unaudited) | (Unaudited) | ||||||||||||||
| Net income / (loss): | $ | (26,515 | ) | $ | 15,103 | $ | 5,167 | |||||||||
| Adjustments to reconcile net income / (loss) to net cash provided by operating activities: | ||||||||||||||||
| Depreciation | 9,886 | 17,547 | 8,902 | |||||||||||||
| Amortization and write-off of financing costs | 326 | 483 | 155 | |||||||||||||
| Amortization of deferred dry-docking and special survey costs | 1,833 | 3,502 | 1,895 | |||||||||||||
| Amortization of assumed time charter | - | (308 | ) | (308 | ) | |||||||||||
| Equity based payments | 323 | 1,999 | 1,063 | |||||||||||||
| Loss on derivative instruments, net | 3,667 | 481 | 3,710 | |||||||||||||
| (Gain) / loss on sale of vessels | 1,579 | (7,741 | ) | - | ||||||||||||
| Loss on vessels held for sale | 4,990 | - | - | |||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable and Margin deposits | 3,358 | 7,328 | (2,256 | ) | ||||||||||||
| Due from related parties | 5,856 | 293 | 96 | |||||||||||||
| Inventories | 5,250 | (1,176 | ) | (824 | ) | |||||||||||
| Insurance claims receivable | (937 | ) | (134 | ) | 226 | |||||||||||
| Prepayments and other assets | 6,295 | (5,091 | ) | (15,543 | ) | |||||||||||
| Accounts payable | 793 | (2,592 | ) | (2,824 | ) | |||||||||||
| Due to related parties | 4,997 | 1,321 | 1,651 | |||||||||||||
| Accrued liabilities | (1,495 | ) | (3,667 | ) | (5,068 | ) | ||||||||||
| Unearned revenue | 1,287 | 1,239 | 6,425 | |||||||||||||
| Other liabilities | (2,048 | ) | (717 | ) | 316 | |||||||||||
| Dry-dockings | (2,159 | ) | (7,617 | ) | (1,463 | ) | ||||||||||
| Accrued charter revenue | 1 | - | - | |||||||||||||
| 17,287 | 20,253 | 1,320 | ||||||||||||||
| Cash Flows from Investing Activities: | ||||||||||||||||
| Proceeds from the settlement of insurance claims | 358 | 1,072 | 494 | |||||||||||||
| Cash acquired from acquisition of subsidiaries | 22,805 | - | - | |||||||||||||
| Advances for vessel acquisitions /Additions to vessel cost | (5,049 | ) | (27,574 | ) | (21,851 | ) | ||||||||||
| Proceeds from the sale of vessels, net | 18,581 | 43,731 | - | |||||||||||||
| 36,695 | 17,229 | (21,357 | ) | |||||||||||||
| Cash Flows from Financing Activities: | ||||||||||||||||
| Repayment of long-term debt | (155,577 | ) | (18,196 | ) | (3,637 | ) | ||||||||||
| Cash contribution in relation to the | 230,565 | - | - | |||||||||||||
| 74,988 | (18,196 | ) | (3,637 | ) | ||||||||||||
| Net increase / (decrease) in cash, cash equivalents and restricted cash | 128,970 | 19,286 | (23,674 | ) | ||||||||||||
| Cash, cash equivalents and restricted cash at beginning of the period | 2,104 | 215,495 | 258,455 | |||||||||||||
| Cash, cash equivalents and restricted cash at end of the period | $ | 131,074 | $ | 234,781 | $ | 234,781 | ||||||||||
________________
12
Consolidated Balance Sheets | ||||||
| (Expressed in thousands of | As of | As of | ||||
| ASSETS | (Audited) | (Unaudited) | ||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ | 211,845 | $ | 229,931 | ||
| Restricted Cash | - | 150 | ||||
| Margin deposits | 10,825 | 11,979 | ||||
| Accounts receivable | 22,597 | 13,947 | ||||
| Inventories | 14,217 | 15,393 | ||||
| Due from related parties | 4,444 | 4,151 | ||||
| Insurance claims receivable | 4,785 | 3,847 | ||||
| Fair value of derivatives | 268 | 22 | ||||
| Vessel held for sale | - | 12,600 | ||||
| Prepayments and other | 24,668 | 31,920 | ||||
| Total current assets | 293,649 | 323,940 | ||||
| FIXED ASSETS, NET: | ||||||
| Vessels and advances, net | 565,547 | 529,570 | ||||
| Total fixed assets, net | 565,547 | 529,570 | ||||
| NON-CURRENT ASSETS: | ||||||
| Deferred charges, net | 18,357 | 21,089 | ||||
| Operating leases, right-of-use assets | 41,667 | 34,789 | ||||
| Accounts receivable, non-current | 5,503 | 5,671 | ||||
| Due from related parties, non-current | 1,050 | 1,050 | ||||
| Restricted cash | 3,650 | 4,700 | ||||
| Total assets | $ | 929,423 | $ | 920,809 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Current portion of long-term debt | $ | 14,995 | $ | 16,369 | ||
| Operating lease liabilities, current portion | 39,155 | 16,699 | ||||
| Accounts payable | 26,028 | 23,436 | ||||
| Due to related parties | 5,145 | 6,466 | ||||
| Accrued liabilities | 9,732 | 6,066 | ||||
| Unearned revenue | 11,911 | 14,045 | ||||
| Fair value of derivatives | 825 | 1,059 | ||||
| Other current liabilities | 15,385 | 13,234 | ||||
| Total current liabilities | 123,176 | 97,374 | ||||
| NON-CURRENT LIABILITIES: | ||||||
| Long-term debt, net of current portion | 140,599 | 121,512 | ||||
| Operating lease liabilities, non-current portion | - | 17,622 | ||||
| Other non-current liabilities | - | 1,551 | ||||
| Total non-current liabilities | 140,599 | 140,685 | ||||
| COMMITMENTS AND CONTINGENCIES | - | - | ||||
| STOCKHOLDERS’ EQUITY: | ||||||
| Preferred stock | - | - | ||||
| Common stock | 2 | 2 | ||||
| Additional paid-in capital | 702,992 | 704,991 | ||||
| Accumulated deficit | (37,346 | ) | (22,243 | ) | ||
| Total stockholders’ equity | 665,648 | 682,750 | ||||
| Total liabilities and stockholders’ equity | $ | 929,423 | $ | 920,809 | ||
