LIMASSOL,
Earnings Highlights of the Fourth Quarter Ended
- Total vessel revenues from continuing operations:
$26.4 million for the three months endedDecember 31, 2023 , as compared to$31.3 million for the three months endedDecember 31, 2022 , or a 15.7% decrease; - Net income from continuing operations of
$25.0 million for the three months endedDecember 31, 2023 , as compared to net income from continuing operations of$7.8 million for the three months endedDecember 31, 2022 , or a 220.5% increase; - Net income of
$25.0 million for the three months endedDecember 31, 2023 , as compared to net income of$33.7 million for the three months endedDecember 31, 2022 , or a 25.8% decrease; - Earnings (basic) per common share from continuing operations:
$0.25 per share for the three months endedDecember 31, 2023 , as compared to$0.08 per share for the three months endedDecember 31 , 2022; - EBITDA from continuing operations(1):
$31.4 million for the three months endedDecember 31, 2023 , as compared to$15.0 million for the three months endedDecember 31 , 2022; - Adjusted EBITDA from continuing operations(1):
$12.8 million for the three months endedDecember 31, 2023 , as compared to$15.0 million for the three months endedDecember 31 , 2022; - Cash and restricted cash from continuing operations of
$120.9 million as ofDecember 31, 2023 , as compared to$109.9 million as ofDecember 31, 2022 .
(1) EBITDA and Adjusted EBITDA are not recognized measures under
Highlights of the Year Ended
- Total vessel revenues from continuing operations:
$97.5 million for the year endedDecember 31, 2023 , as compared to$150.2 million for the year endedDecember 31, 2022 , or a 35.1% decrease; - Net income from continuing operations of
$21.3 million for the year endedDecember 31, 2023 , as compared to net income from continuing operations of$66.5 million for the year endedDecember 31, 2022 , or a 67.9% decrease; - Net income of
$38.6 million for the year endedDecember 31, 2023 , as compared to$118.6 million for the year endedDecember 31, 2022 , or a 67.5% decrease; - Earnings (basic) per common share from continuing operations:
$0.21 per share for the year endedDecember 31, 2023 , as compared to$0.70 per share for the year endedDecember 31 , 2022; - EBITDA from continuing operations(1):
$51.6 million for the year endedDecember 31, 2023 , as compared to$91.8 million for the year endedDecember 31 , 2022; - Adjusted EBITDA from continuing operations(1):
$46.5 million for the year endedDecember 31, 2023 , as compared to$91.8 million for the year endedDecember 31 , 2022; - The spin-off (the “Spin-Off”) of our Aframax/LR2 and Handysize tanker segments to a new Nasdaq listed company, Toro Corp. (“Toro”), was completed on
March 7, 2023 ; and - Following the Spin-Off, the results of the tanker business are reported as discontinued operations for all periods presented.
(1) EBITDA and Adjusted EBITDA are not recognized measures under
Management Commentary Fourth Quarter 2023:
Mr.
“In 2023 we once more generated positive operating cash flows despite a weaker dry cargo market compared to 2022. In the fourth quarter of 2023 we continued with the disposition of certain of our older dry cargo vessels in order to improve the profile of our fleet.
We enjoy a strong balance sheet and we remain committed to our growth trajectory by seeking further opportunities in the shipping space, including opportunities to modernize our fleet.”
Earnings Commentary:
Fourth Quarter ended
Total vessel revenues from continuing operations for the three months ended
The decrease in voyage expenses from continuing operations to
The decrease in vessel operating expenses from continuing operations by
Management fees from continuing operations in the three months ended
The decrease in vessels’ depreciation and amortization costs by
General and administrative expenses from continuing operations in the three months ended
Net gain on sale of vessels from continuing operations in the three months ended
During the three months ended
Other income, net from continuing operations in the three months ended
Recent Financial Developments Commentary:
At-the-market (“ATM”) Common Shares offering program
On
Issuance of Series D Preferred Shares
On
The Series D Preferred Shares are convertible, in whole or in part, at Toro’s option to Common Shares from the first anniversary of the issue date of the Series D Preferred Shares at the lower of (i)
Warrant Repurchases
On
Liquidity/ Financing/Cash flow update
Our consolidated cash position (including our restricted cash) from continuing operations as of
As of
Recent Business Developments Commentary:
On
On
On
On
On
On
On
On
Recent Other Developments Commentary:
Nasdaq Capital Market Minimum Bid Price Notice
On
Fleet Employment Status (as of
Our employment profile as of
(2) Daily TCE Rate is not a recognized measure under
Dry Bulk Carriers | ||||||||||
Type | Capacity (dwt) | Year Built | Country of Construction | Type of Employment(1) | Daily Gross Charter Rate | Estimated Redelivery Date | ||||
Earliest | Latest | |||||||||
Capesize | 180,200 | 2006 | TC period | 101% of BCI5TC (2) | Jan-24(2) | Apr-24 | ||||
Kamsarmax | 83,416 | 2010 | TC period | Apr-24 | Jul-24 | |||||
Kamsarmax | 83,375 | 2011 | TC period | Sep-24 | -(13) | |||||
Magic Perseus | Kamsarmax | 82,158 | 2013 | TC period | Sep-24 | -(13) | ||||
Magic Starlight | Kamsarmax | 81,048 | 2015 | TC period | Jun-24 | -(14) | ||||
Magic Nebula | Kamsarmax | 80,281 | 2010 | TC trip | Apr-24 | May-24 | ||||
Panamax | 78,833 | 2010 | TC period | 101% of BPI4TC(8) | Apr-24 | -(14) | ||||
Panamax | 76,822 | 2014 | TC period | May-24 | -(14) | |||||
Magic Horizon (3) | Panamax | 76,619 | 2010 | TC period | 103% of BPI4TC | Mar-24 | -(15) | |||
Magic P | Panamax | 76,453 | 2004 | TC period | May-24 | -(14) | ||||
Panamax | 75,003 | 2011 | TC period | 95% of BPI4TC | May-24 | Aug-24 | ||||
Panamax | 74,940 | 2011 | TC period | 100% of BPI4TC | Mar-24 | Jun-24 | ||||
Magic Pluto | Panamax | 74,940 | 2013 | TC period | Sep-24 | -(13) | ||||
Magic Callisto | Panamax | 74,930 | 2012 | TC period | Apr-24 | Jul-24 | ||||
Containerships | ||||||||||
Type | Capacity (dwt) | Year Built | Country of Construction | Type of Employment | Daily Gross Charter Rate ($/day) | Estimated Redelivery Date | ||||
Earliest | Latest | |||||||||
Ariana A | Containership | 38,117 | 2005 | TC period | May-24 | Jun-24 | ||||
Gabriela A | Containership | 38,121 | 2005 | TC period | Feb-24 | May-24 |
(1) TC stands for time charter.
(2) The benchmark vessel used in the calculation of the average of the Baltic Capesize Index 5TC routes (“BCI5TC”) is a non-scrubber fitted 180,000mt dwt vessel (Capesize) with specific age, speed – consumption, and design characteristics. Based on the terms of charter, the estimated earliest redelivery date for the M/V Magic Orion was
(3) We agreed to sell the M/V Magic Orion, M/V Magic Venus, M/V Magic Nova and M/V Magic Horizon on
(4) The vessel’s daily gross charter rate is equal to 100% of BPI5TC (16). In accordance with the prevailing charter party, on
(5) The vessel’s daily gross charter rate is equal to 97% of BPI5TC. In accordance with the prevailing charter party, on
(6) The vessel’s daily gross charter rate is equal to 100% of BPI5TC. In accordance with the prevailing charter party, on
(7) The vessel’s daily gross charter rate is equal to 98% of BPI5TC. In accordance with the prevailing charter party, on
(8) The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 4TC routes (“BPI4TC”) is a non-scrubber fitted 74,000mt dwt vessel (Panamax) with specific age, speed – consumption, and design characteristics.
(9) The vessel’s daily gross charter rate is equal to 102% of BPI4TC. In accordance with the prevailing charter party, on
(10) The vessel’s daily gross charter rate is equal to 96% of BPI4TC. In accordance with the prevailing charter party, on
(11) The vessel’s daily gross charter rate is equal to 100% of BPI4TC. In accordance with the prevailing charter party, on
(12) The vessel’s daily gross charter rate is equal to 101% of BPI4TC. In accordance with the prevailing charter party, on
(13) The earliest redelivery under the prevailing charter party is 9 months after delivery. Thereafter, both we and the charterers have the option to terminate the charter by providing 3 months written notice to the other party.
(14) The earliest redelivery under the prevailing charter party is 7 months after delivery. Thereafter, both we and the charterers have the option to terminate the charter by providing 3 months written notice to the other party.
(15) The earliest redelivery under the prevailing charter party is 8 months after delivery. Thereafter, both we and the charterers have the option to terminate the charter by providing 3 months written notice to the other party.
(16) The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 5TC routes (“BPI5TC”) is a non-scrubber fitted 82,000mt dwt vessel (Kamsarmax) with specific age, speed–consumption, and design characteristics.
Financial Results Overview of Continuing Operations:
Set forth below are selected financial data of our dry bulk and containerships fleets (continuing operations) for each of the three months and year ended
Three Months Ended | Year Ended | |||||||
(Expressed in | 2023 (unaudited) | 2022 (unaudited) | 2023 (unaudited) | 2022 (unaudited) | ||||
Total vessel revenues | $ | 26,363,527 | $ | 31,296,037 | $ | 97,515,511 | $ | 150,216,130 |
Operating income | $ | 7,442,258 | $ | 9,846,891 | $ | 22,007,914 | $ | 73,093,725 |
Net income, net of taxes | $ | 25,013,724 | $ | 7,843,890 | $ | 21,303,156 | $ | 66,540,925 |
EBITDA (1) | $ | 31,375,113 | $ | 14,972,000 | $ | 51,607,538 | $ | 91,790,822 |
Adjusted EBITDA(1) | $ | 12,770,758 | $ | 14,972,000 | $ | 46,473,525 | $ | 91,790,822 |
Earnings (basic) per common share | $ | 0.25 | $ | 0.08 | $ | 0.21 | $ | 0.70 |
Earnings (diluted) per common share | $ | 0.11 | $ | 0.08 | $ | 0.10 | $ | 0.70 |
(1) EBITDA and Adjusted EBITDA are not recognized measures under
Consolidated Fleet Selected Financial and Operational Data:
Set forth below are selected financial and operational data of our dry bulk and containership fleets (continuing operations) for each of the three months and year ended
Three Months Ended | Year Ended | ||||||||
(Expressed in | 2023 | 2022 | 2023 | 2022 | |||||
Ownership Days(1)(7) | 1,740 | 1,911 | 7,507 | 7,367 | |||||
Available Days(2)(7) | 1,740 | 1,824 | 7,483 | 7,175 | |||||
Operating Days(3)(7) | 1,716 | 1,821 | 7,433 | 7,125 | |||||
Daily TCE Rate(4) | $ | 14,530 | $ | 16,295 | $ | 12,356 | $ | 20,417 | |
Fleet Utilization(5) | 99% | 100% | 99% | 99% | |||||
Daily vessel operating expenses(6) | $ | 5,802 | $ | 5,394 | $ | 5,583 | $ | 5,601 |
(1) Ownership Days are the total number of calendar days in a period during which we owned a vessel.
(2) Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.
(3) Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days.
(4) Daily TCE Rate is not a recognized measure under
(5) Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period.
(6) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period.
(7) Our definitions of Ownership Days, Available Days, Operating Days, Fleet Utilization may not be comparable to those reported by other companies.
APPENDIX A
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed in
(In | Three Months Ended | Year Ended | |||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
REVENUES | |||||||||||||
Total vessel revenues | $ | 26,363,527 | $ | 31,296,037 | $ | 97,515,511 | $ | 150,216,130 | |||||
EXPENSES | |||||||||||||
Voyage expenses (including commissions to related party) | (1,081,795 | ) | (1,573,556 | ) | (5,052,228 | ) | (3,721,277 | ) | |||||
Vessel operating expenses | (10,095,623 | ) | (10,308,607 | ) | (41,913,628 | ) | (41,259,554 | ) | |||||
Management fees - related parties | (1,718,598 | ) | (1,783,400 | ) | (7,167,397 | ) | (6,562,400 | ) | |||||
Depreciation and amortization | (4,851,439 | ) | (5,143,370 | ) | (22,076,831 | ) | (18,535,237 | ) | |||||
General and administrative expenses (including related party fees) | (1,279,218 | ) | (2,640,213 | ) | (5,681,371 | ) | (7,043,937 | ) | |||||
Net gain on sale of vessels | 105,404 | — | 6,383,858 | — | |||||||||
Operating income | $ | 7,442,258 | $ | 9,846,891 | $ | 22,007,914 | $ | 73,093,725 | |||||
Interest and finance costs, net (1) | (1,431,062 | ) | (1,848,545 | ) | (8,049,757 | ) | (6,325,991 | ) | |||||
Other income / (expenses), net | 19,081,416 | (18,261 | ) | 7,522,793 | 161,860 | ||||||||
Income taxes | (78,888 | ) | (136,195 | ) | (177,794 | ) | (388,669 | ) | |||||
Net income and comprehensive income from continuing operations, net of taxes | $ | 25,013,724 | $ | 7,843,890 | $ | 21,303,156 | $ | 66,540,925 | |||||
Net income and comprehensive income from discontinued operations, net of taxes | $ | — | 25,837,658 | $ | 17,339,332 | $ | 52,019,765 | ||||||
Net income and comprehensive income | $ | 25,013,724 | 33,681,548 | $ | 38,642,488 | $ | 118,560,690 | ||||||
Dividend on Series D Preferred Shares | (638,889 | ) | — | (1,020,833 | ) | — | |||||||
Deemed dividend on Series D Preferred Shares | (123,273 | ) | — | (196,296 | ) | — | |||||||
Deemed dividend on warrants repurchase | (444,885 | ) | — | (444,885 | ) | — | |||||||
Net income attributable to common shareholders | $ | 23,806,677 | 33,681,548 | $ | 36,980,474 | 118,560,690 | |||||||
Earnings per common share, basic, continuing operations | $ | 0.25 | $ | 0.08 | $ | 0.21 | $ | 0.70 | |||||
Earnings per common share, diluted, continuing operations | $ | 0.11 | $ | 0.08 | $ | 0.10 | $ | 0.70 | |||||
Earnings per common share, basic, discontinued operations | $ | — | $ | 0.27 | $ | 0.18 | $ | 0.55 | |||||
Earnings per common share, diluted, discontinued operations | $ | — | $ | 0.27 | $ | 0.08 | $ | 0.55 | |||||
Earnings per common share, basic, Total | $ | 0.25 | $ | 0.36 | $ | 0.39 | $ | 1.25 | |||||
Earnings per common share, diluted, Total | $ | 0.11 | $ | 0.36 | $ | 0.17 | $ | 1.25 | |||||
Weighted average number of common shares outstanding, basic | 96,623,876 | 94,610,088 | 95,710,781 | 94,610,088 | |||||||||
Weighted average number of common shares outstanding, diluted | 226,956,120 | 94,610,088 | 219,530,247 | 94,610,088 |
(1) Includes interest and finance costs and interest income, if any.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in
2023 | 2022 | |||
ASSETS | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ | 111,383,645 | $ | 100,593,557 |
Restricted cash | 2,327,502 | 1,684,269 | ||
Due from related parties | 5,650,168 | 2,664,976 | ||
Assets held for sale | 38,656,048 | — | ||
Other current assets | 84,259,511 | 6,762,778 | ||
Current assets of discontinued operations | — | 54,763,308 | ||
Total current assets | 242,276,874 | 166,468,888 | ||
NON-CURRENT ASSETS: | ||||
Vessels, net | 229,536,996 | 343,408,466 | ||
Restricted cash | 7,190,000 | 7,550,000 | ||
Due from related parties | 4,504,340 | 3,514,098 | ||
Investment in related party | 117,537,135 | — | ||
Other non-currents assets | 3,996,634 | 9,491,322 | ||
Non-Current assets of discontinued operations | — | 102,715,796 | ||
Total non-current assets | 362,765,105 | 466,679,682 | ||
Total assets | 605,041,979 | 633,148,570 | ||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | ||||
CURRENT LIABILITIES: | ||||
Current portion of long-term debt, net | 17,679,295 | 29,170,815 | ||
Debt related to assets held for sale, net | 2,406,648 | — | ||
Due to related parties, current | 541,666 | 227,622 | ||
Other current liabilities | 7,974,787 | 15,671,903 | ||
Current liabilities of discontinued operations | — | 6,519,051 | ||
Total current liabilities | 28,602,396 | 51,589,391 | ||
NON-CURRENT LIABILITIES: | ||||
Long-term debt, net | 65,709,842 | 109,600,947 | ||
Non-Current liabilities of discontinued operations | — | 10,463,172 | ||
Total non-current liabilities | 65,709,842 | 120,064,119 | ||
Total liabilities | 94,312,238 | 171,653,510 | ||
MEZZANINE EQUITY | ||||
5.00% Series D fixed rate cumulative perpetual convertible preferred shares: 0 and 50,000 shares issued and outstanding as of | 49,549,489 | — | ||
Total mezzanine equity | 49,549,489 | — | ||
SHAREHOLDERS’ EQUITY | ||||
Common shares, | 96,624 | 94,610 | ||
Series B Preferred Shares- 12,000 shares issued and outstanding as of | 12 | 12 | ||
Additional paid-in capital | 266,360,857 | 303,658,153 | ||
Retained Earnings | 194,722,759 | 157,742,285 | ||
Total shareholders’ equity | 461,180,252 | 461,495,060 | ||
Total liabilities, mezzanine equity and shareholders’ equity | $ | 605,041,979 | $ | 633,148,570 |
Unaudited Consolidated Statements of Cash Flows
(Expressed in | Year Ended | |||||
2023 | 2022 | |||||
Cash Flows provided by Operating Activities of continuing operations: | ||||||
Net income | $ | 38,642,488 | $ | 118,560,690 | ||
Less: Net income from discontinued operations, net of taxes | 17,339,332 | 52,019,765 | ||||
Net income from continuing operations, net of taxes | 21,303,156 | 66,540,925 | ||||
Adjustments to reconcile net income from continuing operations to net cash provided by Operating Activities: | ||||||
Depreciation and amortization | 22,076,831 | 18,535,237 | ||||
Amortization of deferred finance charges | 888,523 | 730,513 | ||||
Amortization of fair value of acquired time charters | 2,242,333 | 409,538 | ||||
Net gain on sale of vessels | (6,383,858 | ) | — | |||
Realized gain on sale of equity securities | (2,636 | ) | (27,450 | ) | ||
Unrealized gains on equity securities | (5,134,013 | ) | — | |||
Changes in operating assets and liabilities: | ||||||
Accounts receivable trade, net | (208,487 | ) | 1,415,828 | |||
Inventories | 539,742 | (640,665 | ) | |||
Due from/to related parties | (4,518,056 | ) | 7,573,712 | |||
Prepaid expenses and other assets | (86,333 | ) | 247,377 | |||
Other deferred charges | 51,138 | 114,761 | ||||
Accounts payable | (3,260,521 | ) | 3,344,840 | |||
Accrued liabilities | (1,894,102 | ) | 1,407,618 | |||
Deferred revenue | (1,034,987 | ) | (796,014 | ) | ||
Dry-dock costs paid | (2,395,365 | ) | (3,180,671 | ) | ||
22,183,365 | 95,675,549 | |||||
Cash flow used in Investing Activities of continuing operations: | ||||||
Vessel acquisitions and other vessel improvements | (623,283 | ) | (75,553,224 | ) | ||
Purchase of equity securities | (72,211,450 | ) | (60,750 | ) | ||
Proceeds from sale of equity securities | 258,999 | 88,200 | ||||
Net proceeds from sale of vessels | 63,607,430 | — | ||||
Net cash used in Investing Activities from continuing operations | (8,968,304 | ) | (75,525,774 | ) | ||
Cash flows (used in) / provided by Financing Activities of continuing operations: | ||||||
Gross proceeds from issuance of common shares | 881,827 | — | ||||
Common shares issuance expenses | (260,936 | ) | (65,797 | ) | ||
Repurchase of warrants | (941,626 | ) | — | |||
Proceeds from Series D Preferred Shares, net of costs | 49,853,193 | — | ||||
Dividends paid on Series D Preferred Shares | (479,167 | ) | — | |||
Proceeds from long-term debt | — | 77,500,000 | ||||
Repayment of long-term debt | (53,864,500 | ) | (24,493,000 | ) | ||
Payment of deferred financing costs | (25,178 | ) | (986,209 | ) | ||
Proceeds received from Toro related to Spin-Off | 2,694,647 | — | ||||
Net cash (used in) / provided by Financing Activities from continuing operations | (2,141,740 | ) | 51,954,994 | |||
Cash flows of discontinued operations: | ||||||
Net cash provided by Operating Activities from discontinued operations | 20,409,041 | 28,077,502 | ||||
Net cash (used in) / provided by Investing Activities from discontinued operations | (153,861 | ) | 11,788,681 | |||
Net cash used in Financing Activities from discontinued operations | (62,734,774 | ) | (3,050,000 | ) | ||
Net cash (used in) / provided by discontinued operations | (42,479,594 | ) | 36,816,183 | |||
Net (decrease)/increase in cash, cash equivalents, and restricted cash | (31,406,273 | ) | 108,920,952 | |||
Cash, cash equivalents and restricted cash at the beginning of the period | 152,307,420 | 43,386,468 | ||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 120,901,147 | $ | 152,307,420 |
APPENDIX B
Non-GAAP Financial Information
Daily Time Charter (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”) is a measure of the average daily revenue performance of a vessel. The Daily TCE Rate is not a measure of financial performance under
The following table reconciles the calculation of the Daily TCE Rate for our dry bulk and containership fleet (continuing operations) to Total vessel revenues (from continuing operations) for the periods presented (amounts in
Three Months Ended | Year Ended | ||||||||||||
(In | 2023 | 2022 | 2023 | 2022 | |||||||||
Total vessel revenues | $ | 26,363,527 | $ | 31,296,037 | $ | 97,515,511 | $ | 150,216,130 | |||||
Voyage expenses - including commissions to related party | (1,081,795 | ) | (1,573,556 | ) | (5,052,228 | ) | (3,721,277 | ) | |||||
TCE revenues | $ | 25,281,732 | $ | 29,722,481 | $ | 92,463,283 | $ | 146,494,853 | |||||
Available Days | 1,740 | 1,824 | 7,483 | 7,175 | |||||||||
Daily TCE Rate | $ | 14,530 | $ | 16,295 | $ | 12,356 | $ | 20,417 |
EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are not measures of financial performance under
The following table reconciles EBITDA and Adjusted EBITDA to Net income from continuing operations, the most directly comparable
Three Months Ended | Year Ended | ||||||||||||
(In | 2023 | 2022 | 2023 | 2022 | |||||||||
Net Income from continuing operations, net of taxes | $ | 25,013,724 | $ | 7,843,890 | $ | 21,303,156 | $ | 66,540,925 | |||||
Depreciation and amortization | 4,851,439 | 5,143,370 | 22,076,831 | 18,535,237 | |||||||||
Interest and finance costs, net (1) | 1,431,062 | 1,848,545 | 8,049,757 | 6,325,991 | |||||||||
US source income taxes | 78,888 | 136,195 | 177,794 | 388,669 | |||||||||
EBITDA | $ | 31,375,113 | $ | 14,972,000 | $ | 51,607,538 | $ | 91,790,822 | |||||
Unrealized gain on equity securities | (18,604,355 | ) | - | (5,134,013 | ) | - | |||||||
Adjusted EBITDA | $ | 12,770,758 | $ | 14,972,000 | $ | 46,473,525 | $ | 91,790,822 |
(1) Includes interest and finance costs and interest income, if any.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance (including the expected deliveries of vessels by us discussed herein), and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe 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, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include the effects of the spin-off of our tanker business, our business strategy, shipping markets conditions and trends, changes in the size and composition of our fleet, our ability to realize the expected benefits of vessel acquisitions, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our relationships with our current and future service providers and customers, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels, instances of off-hire, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, potential conflicts of interest involving members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events (including armed conflicts such as the war in
CONTACT DETAILS
For further information please contact:
Chief Executive Officer & Chief Financial Officer
Email: ir@castormaritime.com
Media Contact:
Capital Link
Email: castormaritime@capitallink.com
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