GREENWICH, Conn.–(BUSINESS WIRE)–Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”, or the “Company”),
one of the largest publicly listed owners and operators of crude oil and
product tankers in the world, today announced results for the first
quarter of 2019.
Highlights
— On March 27, 2019, Diamond S successfully completed the merger with
the tanker business of Capital Product Partners L.P., creating a
publicly traded, large scale company with 68 crude and product carriers
with an estimated gross vessel asset value of over $1.6 billion as of
April 2019.
— To facilitate the transaction, Diamond S entered into a credit
facility that provides a $300.0 million term loan and up to $60.0
million in revolving loans. At close of the merger, the Company borrowed
$345.0 million on this facility.
— The Company maintains a healthy balance sheet with net debt at March
31, 2019 of $877.5 million implying a debt to asset value leverage ratio
of 51%.
— Only four days of the fully merged Company are included in the
financial results for the quarter ended March 31, 2019. For the first
quarter, net loss attributable to Diamond S was $1.0 million,
representing a net loss of $0.04 basic and diluted earnings per share
(“EPS”), and Adjusted EBITDA (see Non-GAAP Measures section below) was
$30.3 million.
Craig H. Stevenson Jr., President and CEO of Diamond S, said: “The
merger of Diamond S with the tanker fleet of Capital Product Partners
has created one of the leading publicly traded tanker operators in the
world. We are hard at work finalizing the integration of the two fleets.
We believe the combination of our two platforms will drive operating and
overhead efficiencies that will result in significant cost savings. Our
emergence in the public markets could not come at a better time as we
believe the broader tanker market is entering a multi-year up cycle
driven by restrained vessel supply growth, steady demand improvement and
the massive industry changes to come as a result of marine fuel sulfur
regulations.”
First Quarter 2019 Results
As the merger closed on March 27, 2019, only four days of results of the
68-vessel combined company are reflected in the financial statements for
the first quarter of 2019. The first quarter of 2018 reflects the
results of the fleet of DSS Holdings L.P.
Net loss attributable to Diamond S for the first quarter of 2019 was
$1.0 million, or $0.04 per basic and diluted share, compared to a net
loss of $13.7 million, or $0.51 per basic and diluted share, in the
first quarter of 2018. The decrease in net loss in the first quarter of
2019 primarily reflects an increase in revenues as a result of better
tanker market conditions in both the crude and product tanker segments.
The Company groups its business primarily by commodity transported and
segments its fleet into a 16-vessel crude oil transportation fleet (the
“Crude Fleet”) and a 52-vessel refined petroleum product transportation
fleet (the “Product Fleet”). The Crude Fleet consists of 15 Suezmax
vessels and one Aframax vessel. The Products Fleet consists of 46 medium
range vessels (“MR2”) and 6 handysize (“MR1”) vessels. Net revenues for
the entire Company, which represents voyage revenues less voyage
expenses, were $61.1 million for the first quarter of 2019 compared to
$48.4 million in the first quarter of 2018. Net revenues from the Crude
Fleet represented $21.0 million in the first quarter of 2019 compared to
$12.7 million in the first quarter of 2018. Net revenues from the Crude
Fleet increased as a result of better market conditions driven by an
increase in long haul voyages, primarily from U.S. crude oil exports,
and steady demand growth in global crude oil consumption. Net revenues
from the Product Fleet were $40.1 million in the first quarter of 2019
compared to $35.7 million in the first quarter of 2018. The increase in
net revenues in the Product Fleet was driven by (1) an increase in
revenue days as a result of a decrease in the number of drydock days
from 156 in the first quarter of 2018 to 90 days in the first quarter of
2019 and (2) stronger market conditions primarily driven by lower global
product inventories.
Vessel expenses were $24.8 million for the first quarter in 2019
compared to $28.0 million in the first quarter of 2018. Vessel expenses,
which include crew costs, insurance, repairs and maintenance, lubricants
and spare parts, technical management fees and other miscellaneous
expenses, decreased $3.2 million primarily due to the decrease in
operating days from the sale of two MR2 vessels in the fourth quarter of
2018 and the timing differences based on vessel availability for
purchases of stores and spares.
Depreciation and amortization expense was $22.0 million in the first
quarter of 2019 compared to $22.1 million in the first quarter of 2018.
The decrease in depreciation and amortization expense was mainly a
result of the sale of two MR2 vessels in the fourth quarter of 2018
partially offset by four days of depreciation of the newly acquired 25
vessels from the merger.
General and administrative expenses were $6.3 million in the first
quarter of 2019 compared to $4.2 million in the first quarter of 2018.
The increase was due to higher legal and accounting professional fees
related to regulatory filings and an increase in headcount as a result
of building the infrastructure for public company reporting standards
and vessel management.
Interest expense was $9.4 million in the first quarter of 2019 compared
to $8.6 million in the first quarter of 2018. Interest increased in the
first quarter of 2019 as a result of an increase in debt borrowings on
lines of credit due to the weak market conditions in 2018.
Other income, which consists primarily of interest income, increased
from $0.4 million in the first quarter 2018 to $0.5 million in the first
quarter of 2019. The increase in interest income in 2019 was due to
higher average LIBOR rates in the first three months of 2019.
Liquidity
As of March 31, 2019, the Company had $81.3 million in cash and
restricted cash. Restricted cash and minimum cash required by debt
covenants was $55.2 million. The Company also had $16.1 million in
available lines of credit as of March 31, 2019.
Outlook
For the Diamond S fleet, the second quarter for both the Crude and
Product Fleets looks weaker than the first quarter. Current market
conditions reflect the beginning of the typical seasonal weakness during
the warmer months of the year. Record refinery turnarounds are also
expected to have an impact on the entire tanker market in the second
quarter. OPEC has continued at its reduced capacity since the announced
production cuts in the fourth quarter of 2018. Tanker supply growth in
the first half of the year is expected to be higher than the second half
of 2019 due to higher scheduled new vessel deliveries and vessels
planned to be out of service for fittings of exhaust gas cleaning
systems.
As of May 10, 2019, the Company has booked approximately 60% of the
Crude Fleet vessels at $15,700 per day. Vessels in the Product Fleet are
70% fixed at $12,800 per day. Earnings are expected to be impacted by
positioning/repositioning of three to four vessels for drydocking in the
second quarter in the Product Fleet.
We remain optimistic for the intermediate and longer terms, however as
macroeconomic factors suggest to us that energy shipping is poised for a
recovery. These factors include:
- An orderbook currently at historical levels;
- Oil demand expected to reach 100 million barrels per day this year;
-
The increasing distance between oil supply growth in the West and oil
demand growth in the East; - Decreases in crude and refined product inventories; and
- The effects of IMO 2020.
Conference Call
The Company will hold a conference call on May 14, 2019 at 11:00 a.m.
Eastern Daylight Time to discuss its results for the quarter ended March
31, 2019.
To access the call, participants should dial +1 877 553-9962 for
domestic callers and +44 2071 928592 for international callers.
Participants are encouraged to dial in ten minutes prior to the call.
Please quote “Diamond S” to the operator.
A live webcast of the conference call will be available from the
Company’s website at www.diamondsshipping.com.
An audio replay of the conference call will be available starting at 2
p.m. on Tuesday, May 14, 2019 through Tuesday, May 21, 2019 by dialing
in +1 866 331-1332 or +44 3333 009785 and entering the passcode 1194519#.
About Diamond S Shipping Inc.
Diamond S Shipping Inc. (NYSE: DSSI) owns and operates 68 vessels on the
water, including 15 Suezmax vessels, one Aframax and 52 medium-range
(MR) product tankers. Diamond S is one of the largest energy shipping
companies providing seaborne transportation of crude oil, refined
petroleum and other production in the international shipping markets and
is headquartered in Greenwich, CT. More information about Diamond S can
be found at www.diamondsshipping.com.
Disclosure Regarding Forward-Looking Statements
Matters discussed in this press release may constitute
forward‐looking statements including statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions. Although management 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 the Company’s
control, there can be no assurance that the Company will achieve or
accomplish these expectations, beliefs or projections. Some of the
factors that could cause our actual results or conditions to differ
materially include, unforeseen liabilities; future capital expenditures,
revenues, expenses, earnings, synergies, economic performance,
indebtedness, financial condition, losses, future prospects, business
and management strategies for the management, expansion and growth of
the Company’s operations; risks relating to the integration of assets or
operations of entities that it has or may in the future acquire and the
possibility that the anticipated synergies and other benefits of such
acquisitions may not be realized within expected timeframes or at all;
the failure of counterparties to fully perform their contracts with the
Company; the strength of world economies and currencies; general market
conditions, including fluctuations in charter rates and vessel values;
changes in demand for tanker vessel capacity; changes in the Company’s
operating expenses, including bunker prices; drydocking and insurance
costs; the market for the Company’s vessels; availability of financing
and refinancing; charter counterparty performance; ability to obtain
financing and comply with covenants in such financing arrangements;
changes in governmental rules and regulations or actions taken by
regulatory authorities; potential liability from pending or future
litigation; general domestic and international political conditions;
potential disruption of shipping routes due to accidents or political
events; vessels breakdowns and instances of off‐hires; and other
factors. Please see the Company’s filings with the SEC for a more
complete discussion of certain of these and other risks and
uncertainties. The Company undertakes no obligation, and
specifically declines any obligation, except as required by law, to
publicly update or revise any forward‐looking statements, whether as a
result of new information, future events or otherwise.
| DIAMOND S SHIPPING INC. AND SUBSIDIARIES | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| as of March 31, 2019 and December 31, 2018 | ||||||||||
| (In thousands, except for share data) | ||||||||||
| (Unaudited) | ||||||||||
| March 31, 2019 | December 31, 2018 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 76,106 | $ | 83,054 | ||||||
|
Due from charterers – Net of provision for doubtful accounts of $935 and $1,962, respectively |
46,965 | 42,637 | ||||||||
| Inventories | 32,762 | 20,880 | ||||||||
| Prepaid expenses and other current assets | 11,678 | 3,731 | ||||||||
| Total current assets | 167,511 | 150,302 | ||||||||
| Noncurrent assets: | ||||||||||
|
Vessels – Net of accumulated depreciation of $498,926 and $479,532 and, respectively |
1,975,675 | 1,454,286 | ||||||||
|
Other property – Net of accumulated depreciation of $522 and $458, respectively |
715 | 756 | ||||||||
|
Deferred drydocking costs – Net of accumulated amortization of $15,718 and $14,573, respectively |
35,364 | 33,287 | ||||||||
| Deferred financing costs – Net | — | 169 | ||||||||
| Restricted cash | 5,229 | 5,104 | ||||||||
|
Time charter contracts acquired – Net of accumulated amortization of $1,075 and $1,733, respectively |
7,317 | 93 | ||||||||
| Other noncurrent assets | 5,431 | 5,858 | ||||||||
| Total noncurrent assets | 2,029,731 | 1,499,553 | ||||||||
| Total | $ | 2,197,242 | $ | 1,649,855 | ||||||
| Liabilities and Shareholders’ Equity | ||||||||||
| Current liabilities: | ||||||||||
| Current portion of long-term debt | $ | 112,242 | $ | 97,315 | ||||||
| Accounts payable and accrued expenses | 39,257 | 25,316 | ||||||||
| Deferred charter hire revenue | 3,755 | 3,622 | ||||||||
| Derivative liabilities | 784 | 630 | ||||||||
| Total current liabilities | 156,038 | 126,884 | ||||||||
|
Long-term debt – Net of deferred financing costs of $13,311 and $7,147, respectively |
828,064 | 542,226 | ||||||||
| Derivative liabilities | 1,146 | 900 | ||||||||
| Total liabilities | 985,248 | 670,009 | ||||||||
| Commitments and contingencies | ||||||||||
| Shareholders’ Equity: | ||||||||||
| Partners’ contributions | — | 994,771 | ||||||||
|
Common stock, par value $0.001; 100,000,000 shares authorized; issued and outstanding 39,890,696 shares at March 31, 2019 |
40 | — | ||||||||
| Additional paid-in capital | 1,234,137 | 2,558 | ||||||||
| Accumulated other comprehensive income | 3,291 | 4,387 | ||||||||
| Accumulated deficit | (60,287 | ) | (56,477 | ) | ||||||
| Total Diamond S Shipping Inc. shareholders’ equity | 1,177,181 | 945,239 | ||||||||
| Noncontrolling interests | 34,813 | 34,607 | ||||||||
| Total equity | 1,211,994 | 979,846 | ||||||||
| Total | $ | 2,197,242 | $ | 1,649,855 | ||||||
| DIAMOND S SHIPPING INC. AND SUBSIDIARIES | ||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||
| for the Three Months Ended March 31, 2019 and 2018 | ||||||||||
| (In Thousands, Except Per Share and Share Data) | ||||||||||
| (Unaudited) | ||||||||||
|
For the Three Months Ended March 31, |
||||||||||
| 2019 | 2018 | |||||||||
| Revenue: | ||||||||||
| Spot revenue | $ | 98,449 | $ | 85,934 | ||||||
| Time charter revenue | 4,207 | 4,364 | ||||||||
| Pool revenue | — | 2,846 | ||||||||
| Voyage revenue | 102,656 | 93,144 | ||||||||
| Operating expenses: | ||||||||||
| Voyage expenses | 41,578 | 44,735 | ||||||||
| Vessel expenses | 24,801 | 28,030 | ||||||||
| Depreciation and amortization expense | 21,956 | 22,054 | ||||||||
| General and administrative expenses | 6,288 | 4,157 | ||||||||
| Total operating expenses | 94,623 | 98,976 | ||||||||
| Operating income (loss) | 8,033 | (5,832 | ) | |||||||
| Other (expense) income: | ||||||||||
| Interest expense | (9,370 | ) | (8,582 | ) | ||||||
| Other income | 517 | 351 | ||||||||
| Total other expense – Net | (8,853 | ) | (8,231 | ) | ||||||
| Net loss | (820 | ) | (14,063 | ) | ||||||
| Less: Net income (loss) attributable to noncontrolling interest(1) | 206 | (336 | ) | |||||||
| Net loss attributable to Diamond S Shipping Inc. | $ | (1,026 | ) | $ | (13,727 | ) | ||||
| Net loss per share – basic and diluted | $ | (0.04 | ) | $ | (0.51 | ) | ||||
| Weighted average common shares outstanding – basic and diluted | 27,731,252 | 27,165,696 | ||||||||
| (1) |
The Company is a 51% owner in NT Suez Holdco LLC (“NT Suez”), a joint venture that owns two Suezmax vessels. The Company also performs commercial, technical and administrative services for this joint venture. In accordance with U.S. GAAP, the Company consolidates 100% of NT Suez’s net income for the three months ended March 31, 2019 and the net loss for the three months ended March 31, 2018. Consolidated net loss of $(820) and $(14,063) for the three months ended March 31, 2019 and 2018, respectively, includes 100% of NT Suez’s results. |
|||
| DIAMOND S SHIPPING INC. AND SUBSIDIARIES | ||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| for the Three Months Ended March 31, 2019 and 2018 | ||||||||||
| (In Thousands) | ||||||||||
| (Unaudited) | ||||||||||
|
For the Three Months Ended March 31, |
||||||||||
| 2019 | 2018 | |||||||||
| Cash flows from Operating Activities: | ||||||||||
| Net loss | $ | (820 | ) | $ | (14,063 | ) | ||||
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
||||||||||
| Depreciation and amortization expense | 21,956 | 22,054 | ||||||||
| Amortization of deferred financing costs | 846 | 723 | ||||||||
| Amortization of time charter hire contracts acquired | 76 | 59 | ||||||||
| Amortization of the realized gain from recouponing swaps | (696 | ) | — | |||||||
| Changes in assets and liabilities | (11,244 | ) | (2,590 | ) | ||||||
| Cash paid for drydocking | (4,232 | ) | (4,223 | ) | ||||||
| Net cash provided by operating activities | 5,886 | 1,960 | ||||||||
| Cash flows from Investing Activities: | ||||||||||
| Acquisition costs, net of cash acquired of $16,568 | (292,683 | ) | — | |||||||
| Transaction costs | (17,785 | ) | — | |||||||
| Payments for vessel additions and other property | (2,649 | ) | (797 | ) | ||||||
| Net cash used in investing activities | (313,117 | ) | (797 | ) | ||||||
| Cash flows from Financing Activities: | ||||||||||
| Borrowings on long-term debt | 300,000 | — | ||||||||
| Principal payments on long-term debt | (17,748 | ) | (18,593 | ) | ||||||
| Borrowings on revolving credit facilities | 51,000 | 6,000 | ||||||||
| Repayments on revolving credit facilities | (26,323 | ) | — | |||||||
| Payments for deferred financing costs | (6,521 | ) | (271 | ) | ||||||
| Net cash provided by (used in) financing activities | 300,408 | (12,864 | ) | |||||||
| Net decrease in cash, cash equivalents and restricted cash | (6,823 | ) | (11,701 | ) | ||||||
| Cash, cash equivalents and restricted cash – Beginning of period | 88,158 | 96,041 | ||||||||
| Cash, cash equivalents and restricted cash – End of period | $ | 81,335 | $ | 84,340 | ||||||
| Supplemental disclosures: | ||||||||||
| Cash paid for interest | $ | 9,109 | $ | 7,861 | ||||||
|
Unpaid transaction costs in Accounts payable and
accrued expenses at the end of the period |
$ | 1,299 | $ | — | ||||||
|
Unpaid vessel additions in Accounts payable and
accrued expenses at the end of the period |
$ | 2,514 | $ | — | ||||||
| DIAMOND S SHIPPING INC. AND SUBSIDIARIES | ||||||||||||||
| Other Operating Data | ||||||||||||||
| (Unaudited) | ||||||||||||||
| For the Three Months Ended March 31, | ||||||||||||||
| 2019 | 2018 | |||||||||||||
|
Crude
Fleet |
Product
Fleet |
Crude
Fleet |
Product
Fleet |
|||||||||||
| Time charter TCE(1) per day | $ | 26,400 | $ | 15,464 | $ | — | $ | 16,251 | ||||||
| Spot TCE per day(2) | 20,765 | 14,357 | 11,718 | 12,543 | ||||||||||
| Total TCE per day(2) | $ | 20,786 | $ | 14,486 | $ | 11,718 | $ | 12,843 | ||||||
| Vessel expenses per day (3) | $ | 6,965 | $ | 6,328 | $ | 7,711 | $ | 6,633 | ||||||
| Revenue days(4) | 1,083 | 2,782 | 1,080 | 2,814 | ||||||||||
| Operating days(4) | 1,096 | 2,874 | 1,080 | 2,970 | ||||||||||
| (1) |
Time charter equivalent (“TCE”) revenue represents voyage revenues, which commence at the time a vessel departs its last discharge port and end at the time the discharge of cargo at the next discharge port is complete, less voyage expenses incurred over such time. TCE rates are a non-GAAP measure, generally used in the shipping industry, used to compare revenue generated from voyage charters to revenue generated from time charters. TCE rates assist the Company’s management in making decisions regarding the deployment and use of its vessels and in evaluating the financial performance of vessels under commercial management. See Non-GAAP Measures below. |
|
| (2) |
Revenues are derived on a discharge-to-discharge basis less voyage expenses which primarily consist of fuel costs and port charges incurred over the same period. |
|
| (3) |
The vessel operating expenses primarily consist of crew wages and associated costs, insurance premiums, lubricants and spare parts, technical management fees and repair and maintenance costs and excludes nonrecurring items. |
|
| (4) |
Operating days include the calendar days in the period of owned vessels. Revenue days represent operating days less technical off-hire and drydocking. |
|
Non-GAAP Measures
To supplement the Company’s financial information presented in
accordance with accounting principles generally accepted in the U.S.
(“GAAP”), management uses certain “non-GAAP financial measures” as such
term is defined in Regulation G promulgated by the Securities and
Exchange Commission (the “SEC”). Generally, a non-GAAP financial measure
is a numerical measure of a company’s operating performance, financial
position or cash flows that excludes or includes amounts that are
included in, or excluded from, the most directly comparable measure
calculated and presented in accordance with GAAP. Management believes
the presentation of these measures provides investors with greater
transparency and supplemental data relating to the Company’s financial
condition and results of operations, and therefore a more complete
understanding of factors affecting its business than GAAP measures alone.
TCE revenue, TCE per day, earnings before interest, taxes, depreciation
and amortization (“EBITDA”), and EBITDA adjusted for the impact of
certain items that we do not consider indicative of our ongoing
operating performance (“Adjusted EBITDA”) are non-GAAP financial
measures that the Company believes provide investors with a means of
evaluating and understanding how the Company’s management evaluates the
Company’s operating performance. These non-GAAP financial measures
should not be considered in isolation from, as substitutes for, nor
superior to financial measures prepared in accordance with GAAP. Please
see below for reconciliations of TCE revenue, TCE per day, EBITDA and
Adjusted EBITDA.
Reconciliation of Voyage Revenue to TCE per Day
| For the Three Months Ended March 31, | ||||||||||||||||||
| 2019 | 2018 | |||||||||||||||||
|
Crude
Fleet |
Product
Fleet |
Crude
Fleet |
Product
Fleet |
|||||||||||||||
| Voyage revenue | $ | 35,409 | $ | 67,247 | $ | 29,358 | $ | 63,786 | ||||||||||
| Voyage expense | (14,370 | ) | (27,708 | ) | (16,702 | ) | (28,033 | ) | ||||||||||
| Amortization of time charter contracts acquired | 19 | 57 | — | 59 | ||||||||||||||
| Off-hire bunkers in voyage expenses | — | 373 | — |
326 |
||||||||||||||
| Load-to-discharge/Discharge-to-discharge differential | 1,454 | (153 | ) | — |
— |
|||||||||||||
| Revenue from sold vessels | — | (13 | ) | — | — | |||||||||||||
| TCE Revenue | $ | 22,512 | $ | 40,303 | $ | 12,656 | $ | 36,138 | ||||||||||
| Operating days(3) | 1,096 | 2,874 | 1,080 | 2,970 | ||||||||||||||
| Technical off-hire/drydocking | (13 | ) | (92 | ) | — | (156 | ) | |||||||||||
| Revenue days(3) | 1,083 | 2,782 | 1,080 | 2,814 | ||||||||||||||
| Total TCE per day | $ | 20,786 | $ | 14,486 | $ | 11,718 | $ | 12,843 | ||||||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
EBITDA represents net income/(loss) before interest expense, income
taxes and depreciation and amortization expense. Adjusted EBITDA
consists of EBITDA adjusted for the impact of certain items that we do
not consider indicative of our ongoing operating performance. EBITDA and
Adjusted EBITDA are presented to provide investors with meaningful
additional information that management uses to monitor ongoing operating
results and evaluate trends over comparative periods. EBITDA and
Adjusted EBITDA do not represent, and should not be considered a
substitute for, net income/(loss) or cash flows from operations
determined in accordance with GAAP. EBITDA and Adjusted EBITDA have
limitations as analytical tools, and should not be considered in
isolation, or as a substitute for analysis of our results reported
under GAAP. Some limitations are:
-
EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or
future requirements for capital expenditures or contractual
commitments; -
EBITDA and Adjusted EBITDA do not reflect changes in, or cash
requirements for, our working capital needs; and -
EBITDA and Adjusted EBITDA do not reflect the significant interest
expense, or the cash requirements necessary to service interest or
principal payments, on our debt.
While EBITDA and Adjusted EBITDA are frequently used by companies as a
measure of operating results and performance, neither of those items as
prepared by the Company is necessarily comparable to other similarly
titled captions of other companies due to differences in methods of
calculation. The following table reconciles net loss, as reflected in
the consolidated statements of operations, to EBITDA and Adjusted EBITDA:
| (in thousands) | For the Three Months Ended March 31, | |||||||||
| 2019 | 2018 | |||||||||
| Net loss | $ | (820 | ) | $ | (14,063 | ) | ||||
| Other income | (517 | ) | (351 | ) | ||||||
| Interest expense | 9,370 | 8,582 | ||||||||
| Depreciation and amortization | 21,956 | 22,054 | ||||||||
| Noncontrolling interest | (1,157 | ) | (574 | ) | ||||||
| EBITDA | 28,832 | 15,648 | ||||||||
| Nonrecurring corporate expenses | 1,392 | 198 | ||||||||
| Amortization of time charter contracts acquired | 76 | 59 | ||||||||
| Adjusted EBITDA | $ | 30,300 | $ | 15,905 | ||||||
Contacts
Investor Relations Inquiries:
Nicolas Bornozis
Judit Csepregi
Tel:
+1-212-661-7566
E-mail: [email protected]
