Total/Average 839,837 15.2 age years ------------- --------- -------- ----- --------- ---------- ---------- -------------- (1) The latest redelivery dates do not include any additional optional periods. (2) "T/C" refers to a time charter agreement. Under these index-linked T/Cs, the Company has the option to convert the index-linked rate to fixed for a period of minimum two months, based on the prevailing FFA Rates for the selected period, and has done so for certain vessels as part of its freight hedging strategy, as described below under "Third Quarter 2024 TCE Rate Guidance". (3) The vessel is technically and commercially operated by the Company on the basis of an 18-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter in favour of the Company. (4) The vessel is technically and commercially operated by the Company on the basis of a 12-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter in favour of the Company.
Vessel to be delivered:
Vessel Name Sector Capacity $(DWT)$ Year Built Yard ----------- -------------------- -------------- ---------- ------ tbr Nisea Dry Bulk / Kamsarmax 82,235 2016 Oshima ----------- -------------------- -------------- ---------- ------
Fleet Data:
Q2 2024 Q2 2023 6M 2024 6M 2023 ---------------------------------- ------- ------- ------- ------- Ownership days((1) 728 611 1,456 916 ---------------------------------- ------- ------- ------- ------- Operating days((2) 704 570 1,363 815 ---------------------------------- ------- ------- ------- ------- Fleet utilization((3) 96.7% 93.3% 93.6% 89.0% ---------------------------------- ------- ------- ------- ------- TCE rate((4) $17,143 $16,072 $16,187 $14,335 ---------------------------------- ------- ------- ------- ------- Daily Vessel Operating Expenses((5) $6,538 $6,714 $6,812 $7,063 ---------------------------------- ------- ------- ------- ------- (1) Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered. Ownership days are an indicator of the size of the Company's fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period. (2) Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Operating days include the days that our vessels are on ballast voyages without having finalized agreements for their next employment. (3) Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period. (4) TCE rate is defined as the Company's net revenue less voyage expenses during a period divided by the number of the Company's operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company's management in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful information to investors regarding our financial performance. The Company's calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company's net revenues from vessels to the TCE rate.
(In thousands of U.S. Dollars, except operating days and TCE rate)
Q2 2024 Q2 2023 6M 2024 6M 2023 ------- ------- ------- ------- Vessel revenue, net 12,443 10,011 23,041 12,832 Less: Voyage expenses 374 850 978 1,149 Time charter equivalent revenues 12,069 9,161 22,063 11,683 Operating days 704 570 1,363 815 TCE rate $17,143 $16,072 $16,187 $14,335 (5) Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses, excluding pre-delivery costs of acquired vessels, by ownership days for the relevant time periods. The Company's calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company's vessel operating expenses to daily vessel operating expenses.
(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)
Q2 2024 Q2 2023 6M 2024 6M 2023 ------- ------- ------- ------- Vessel operating expenses 4,760 6,026 9,918 9,137 Less: Pre-delivery expenses - 1,924 - 2,667 Vessel operating expenses before pre-delivery expenses 4,760 4,102 9,918 6,470 Ownership days 728 611 1,456 916 Daily Vessel Operating Expenses $6,538 $6,714 $6,812 $7,063
Net Income / (Loss) to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
Q2 2024 Q2 2023 6M 2024 6M 2023 ------------------------------- ------- ------- ------- ------- Net income / (loss) 672 (3,027) (668) (7,914) ------------------------------- ------- ------- ------- ------- Interest and finance cost, net 1,940 1,774 3,971 2,744 ------------------------------- ------- ------- ------- ------- Depreciation and amortization 3,409 2,343 6,219 3,569 ------------------------------- ------- ------- ------- ------- EBITDA 6,021 1,090 9,522 (1,601) ------------------------------- ------- ------- ------- ------- Stock based compensation 240 957 430 2,175 ------------------------------- ------- ------- ------- ------- Loss on extinguishment of debt - - 22 - ------------------------------- ------- ------- ------- ------- Adjusted EBITDA 6,261 2,047 9,974 574 ------------------------------- ------- ------- ------- -------
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income, net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation and loss on extinguishment of debt, which the Company believes are not indicative of the ongoing performance of its core operations.
EBITDA and Adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. EBITDA and Adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.
Net Income / (Loss) and Adjusted Net Income / (Loss) Reconciliation and calculation of Adjusted Earnings / (Loss) Per Share
(In thousands of U.S. Dollars)
Q2 2024 Q2 2023 6M 2024 6M 2023 ----------------------- --------- --------- --------- --------- Net income / (loss) 672 (3,027) (668) (7,914) ----------------------- --------- --------- --------- --------- Stock based compensation 240 957 430 2,175 ----------------------- --------- --------- --------- --------- Loss on extinguishment of debt - - 22 - ----------------------- --------- --------- --------- --------- Adjusted net income / (loss) 912 (2,070) (216) (5,739) ----------------------- --------- --------- --------- --------- Adjusted net income / (loss) -- common shareholders 912 (2,087) (216) (5,816) ----------------------- --------- --------- --------- --------- Adjusted earnings / (loss) per common share, basic 0.10 (0.25) (0.02) (0.72) ----------------------- --------- --------- --------- --------- Adjusted earnings / (loss) per common share, diluted 0.09 (0.25) (0.02) (0.72) ----------------------- --------- --------- --------- --------- Weighted average number of common shares
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