Vessel
BUILT DWT
|
Sister
Ships*
|
Gross Rate (USD/Day)
|
Com**
|
Charterers
|
Delivery Date
to Charterers***
|
Redelivery Date
to Owners****
|
Notes
| |||||||||
3 Panamax Bulk Carriers
| ||||||||||||||||
1
|
PROTEFS
2004/ 73,630 dwt
|
A
|
$
|
7,000
|
5.00
|
%
|
REFINED SUCCESS LIMITED
|
30-May-23
|
29-Jul-23
| |||||||
$
|
3,000
|
5.00
|
%
|
CHINALAND SHIPPING PTE LTD.
|
01-Aug-23
|
12-Sep-23
| ||||||||||
$
|
10,500
|
5.00
|
%
|
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD
|
12-Sep-23
|
10-Jan-24 - 25-Mar-24
| ||||||||||
2
|
CALIPSO
2005/ 73,691 dwt
|
A
|
$
|
6,250
|
5.00
|
%
|
ORIENTAL PAL SHIPPING PTE., LTD.
|
07-Jun-23
|
14-Jul-23
| |||||||
$
|
6,300
|
5.00
|
%
|
GUO LONG XIANG LIMITED
|
14-Jul-23
|
13-Aug-23
| ||||||||||
$
|
6,000
|
5.00
|
%
|
13-Aug-23
|
26-Sep-23
|
1
| ||||||||||
3
|
MELIA
2005/ 76,225 dwt
|
$
|
14,000
|
5.00
|
%
|
LOUIS DREYFUS COMPANY FREIGHT ASIA PTE LTD
|
09-Apr-23
|
26-Aug-23
| ||||||||
$
|
6,250
|
5.00
|
%
|
ASL BULK SHIPPING LIMITED
|
26-Aug-23
|
20-Oct-23
|
2,3
| |||||||||
2 Capesize Bulk Carriers
| ||||||||||||||||
4
|
SALT LAKE CITY
2005/ 171,810 dwt
|
$
|
15,400
|
5.00
|
%
|
PACBULK SHIPPING PTE. LTD.
|
24-Apr-23
|
26-Jul-23
|
4
| |||||||
5
|
BALTIMORE
2005/ 177,243 dwt
|
$
|
13,300
|
5.00
|
%
|
Koch Shipping Pte. Ltd., Singapore
|
08-Feb-23
|
22-Sep-23
|
5
|
* |
Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.
|
** |
Total commission percentage paid to third parties.
|
*** |
In case of newly acquired vessel with new time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.
|
**** |
Range of redelivery dates, with the actual date of redelivery being at the Charterers' option, but subject to the terms, conditions, and exceptions of the particular charterparty.
|
1 |
Redelivery date on an estimated time charter trip duration of about 44 days.
|
2 |
For redelivery of the vessel in South of Xiamen, the gross rate will be 6,100USD/day.
|
3 |
Redelivery date on an estimated time charter trip duration of about 55 days.
|
4 |
Currently without an active charter party. Vessel on scheduled drydocking.
|
5 |
Based on latest information.
|
For the six
months ended
June 30, 2023
|
For the six
months ended
June 30, 2022
| |||||||
Ownership days
|
867
|
543
| ||||||
Available days
|
847
|
516
| ||||||
Operating days
|
840
|
498
| ||||||
Fleet utilization
|
99.2
|
%
|
96.5
|
%
| ||||
Time charter equivalent (TCE) rate
|
$
|
9,453
|
$
|
14,824
|
For the six
months ended
June 30, 2023
|
For the six
months ended
June 30, 2022
| |||||||
Time charter revenues
|
$
|
9,283
|
$
|
8,246
| ||||
Less:Voyage expenses
|
(1,276
|
)
|
(597
|
)
| ||||
Time charter equivalent revenues
|
$
|
8,007
|
$
|
7,649
| ||||
Available days
|
847
|
516
| ||||||
Time charter equivalent (TCE) rate
|
$
|
9,453
|
$
|
14,824
|
• |
the duration of our charters;
|
• |
our decisions relating to vessel acquisitions and disposals;
|
• |
the amount of time that we spend positioning our vessels;
|
• |
the amount of time that our vessels spend in drydock undergoing repairs;
|
• |
maintenance and upgrade work;
|
• |
the age, condition and specifications of our vessels;
|
• |
levels of supply and demand in the dry bulk shipping industry; and
|
• |
other factors affecting spot market charter rates for our dry bulk carriers.
|
(in millions of U.S. dollars except for share and per share data) |
Six months ended
June 30, 2023
|
Six months ended
June 30, 2022
| ||||||
Results of Operations
| ||||||||
Time charter revenues
|
$
|
9.28
|
$
|
8.25
| ||||
Voyage Expenses
|
(1.28
|
)
|
(0.60
|
)
| ||||
Vessel Operating Expenses
|
(5.04
|
)
|
(2.94
|
)
| ||||
Depreciation and amortization of deferred charges
|
(4.04
|
)
|
(2.02
|
)
| ||||
General and Administrative expenses
|
(2.61
|
)
|
(1.22
|
)
| ||||
Management fees to related parties
|
(0.61
|
)
|
(0.41
|
)
| ||||
Change in fair value of warrants' liability
|
6.34
|
-
| ||||||
Finance costs
|
(0.90
|
)
|
-
| |||||
Interest income
|
0.21
|
-
| ||||||
Net income and comprehensive income
|
1.35
|
1.06
| ||||||
Net income / (loss) and comprehensive income / (loss) attributable to common stockholders
|
$
|
0.02
|
$
|
(0.28
|
)
| |||
Earnings/(Loss) per share, basic
|
0.02
|
(2.16
|
)
| |||||
Loss per share, diluted
|
(4.49
|
)
|
(2.16
|
)
| ||||
Weighted average number of common shares, basic
|
1,362,644
|
128,456
| ||||||
Weighted average number of common shares, diluted
|
1,405,001
|
128,456
|
Page
| |
Consolidated Balance Sheets as of June 30, 2023 (unaudited) and as of December 31, 2022 |
F-2
|
Unaudited Interim Consolidated Statements of Comprehensive Income/(Loss) for the six-month period ended June 30, 2023, and 2022 |
F-3
|
Unaudited Interim Consolidated Statements of Stockholders' Equity for the six-month period ended June 30, 2023, and 2022 |
F-4
|
Unaudited Interim Consolidated Statements of Cash Flows for the six-month period ended June 30, 2023, and 2022 |
F-5
|
Notes to Unaudited Interim Consolidated Financial Statements |
F-6
|
June 30, 2023
|
December 31, 2022
| |||||||
ASSETS | ||||||||
CURRENT ASSETS:
| ||||||||
Cash and cash equivalents
|
$
|
17,603
|
$
|
8,454
| ||||
Accounts receivable, trade
|
2,969
|
4,252
| ||||||
Due from a related party(Note 3(a))
|
66
|
5
| ||||||
Inventories
|
360
|
334
| ||||||
Prepaid expenses and other assets
|
1,420
|
1,126
| ||||||
Total current assets
|
22,418
|
14,171
| ||||||
FIXED ASSETS:
| ||||||||
Vessels, net (Note 4)
|
73,964
|
63,672
| ||||||
Total fixed assets
|
73,964
|
63,672
| ||||||
OTHER NON-CURRENT ASSETS:
| ||||||||
Deferred charges, net
|
1,178
|
1,175
| ||||||
Total assets
|
$
|
97,560
|
$
|
79,018
| ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES:
| ||||||||
Accounts payable, trade and other
|
464
|
281
| ||||||
Due to related parties(Note 3(b))
|
323
|
410
| ||||||
Dividends payable (Notes 6(c) and 6(e))
|
547
|
240
| ||||||
Accrued liabilities
|
693
|
1,154
| ||||||
Unearned revenue
|
174
|
374
| ||||||
Total current liabilities
|
2,201
|
2,459
| ||||||
NON-CURRENT LIABILITIES:
| ||||||||
Warrants' liability (Note 6(b))
|
409
|
-
| ||||||
Total non-current liabilities
|
409
|
-
| ||||||
Commitments and contingencies (Note 5)
| - |
- | ||||||
STOCKHOLDERS' EQUITY:
| ||||||||
Preferred stock, $0.01par value; 100,000,000shares authorized, 525,930issued and outstanding as at June 30, 2023, and 519,172issued and outstanding as at December 31, 2022(Note 6)
|
5
|
5
| ||||||
Common stock, $0.01par value; 1,000,000,000shares authorized; 3,549,484issued and outstanding as at June 30, 2023, and 509,200issued and outstanding as at December 31, 2022(Note 6)
|
35
|
5
| ||||||
Additional paid-in capital (Note 6)
|
96,999
|
78,870
| ||||||
Accumulated Deficit
|
(2,089
|
)
|
(2,321
|
)
| ||||
Total stockholders' equity
|
94,950
|
76,559
| ||||||
Total liabilities and stockholders' equity
|
$
|
97,560
|
$
|
79,018
|
June 30, 2023
|
June 30, 2022
| |||||||
REVENUES:
| ||||||||
Time charter revenues
|
$
|
9,283
|
$
|
8,246
| ||||
EXPENSES:
| ||||||||
Voyage expenses
|
1,276
|
597
| ||||||
Vessel operating expenses
|
5,036
|
2,936
| ||||||
Depreciation and amortization of deferred charges (Note 4)
|
4,042
|
2,024
| ||||||
General and administrative expenses
|
2,609
|
1,224
| ||||||
Management fees to related parties (Notes 3(a) and 3(b))
|
606
|
411
| ||||||
Other operating loss/(income)
|
17
|
(8
|
)
| |||||
Operating (loss)/income
|
$
|
(4,303
|
)
|
$
|
1,062
| |||
OTHER INCOME:
| ||||||||
Changes in fair value of warrants' liability (Note 6(b)) |
6,335
|
-
| ||||||
Finance costs (Note 6(b)) |
(901
|
)
|
-
| |||||
Interest income
|
216
|
-
| ||||||
Total other income, net
|
$
|
5,650
|
$
|
-
| ||||
Net income and comprehensive income |
$
|
1,347
|
$
|
1,062
| ||||
Deemed dividend on Series D Preferred Stock upon issuance of common stock (Note 6(e))
|
(154
|
)
|
-
| |||||
Dividends on Series C Preferred Stock (Note 6(c))
|
(575
|
)
|
(471
|
)
| ||||
Dividends on Series D Preferred Stock (Note 6(e))
|
(592
|
)
|
-
| |||||
Undistributed earnings on Class A warrants
|
(2
|
)
|
-
| |||||
Dividends on Class A warrants
|
-
|
(868
|
)
| |||||
Net income/(loss) and comprehensive income/(loss) attributable to common stockholders
|
$
|
24
|
$
|
(277
|
)
| |||
Earnings/ (Loss) per common share, basic (Note 7)
|
$
|
0.02
|
$
|
(2.16
|
)
| |||
Loss per common share, diluted (Note 7)
|
$
|
(4.49
|
)
|
$
|
(2.16
|
)
| ||
Weighted average number of common stock, basic (Note 7)
|
1,362,644
|
128,456
| ||||||
Weighted average number of common stock, diluted (Note 7)
|
1,405,001
|
128,456
|
Preferred Stock
Series B
|
Preferred Stock
Series C
|
Preferred Stock
Series D
|
Preferred Stock
Series E
|
Common Stock
|
Additional
Paid-in
Capital |
Retained
Earnings/
(Accumulated
Deficit) |
Total
Equity | |||||||||||||||||||||||||||||||||||||||||||||
# of Shares
|
Par Value
|
# of Shares
|
Par Value
|
# of Shares
|
Par Value
|
# of Shares
|
Par Value
|
# of Shares
|
Par Value
| |||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2021
|
500,000
|
$
|
5
|
10,000
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
44,101
|
$
|
0
|
$
|
48,079
|
$
|
65
|
$
|
48,149
| |||||||||||||||||||||||||||||||
Net income
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
-
|
-
|
-
|
-
|
$
|
-
|
$
|
-
|
$
|
1,062
|
$
|
1,062
| |||||||||||||||||||||||||||||||||
Issuance of 15,571,429units (comprising from common stock or prefunded warrants and warrants) and 628,751warrants at primary offering, net of issuance costs (Note 6)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
65,357
|
1
|
10,651
|
-
|
10,652
| |||||||||||||||||||||||||||||||||||||||
Issuance of 6,407shares of common stock upon exercise of underwriters' over-allotment option and exercise of 2,430,000Class A warrants (Note 6)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
6,407
|
-
|
894
|
-
|
894
| |||||||||||||||||||||||||||||||||||||||
Issuance of common stock following exercise of 4,156,000Class A warrants and 2,500,000prefunded warrants (Note 6)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
33,280
|
-
|
3,132
|
-
|
3,132
| |||||||||||||||||||||||||||||||||||||||
Compensation on restricted stock awards
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
158
|
-
|
158
| |||||||||||||||||||||||||||||||||||||||
Dividends declared ($10.00per share of common stock and Class A warrant)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,767
|
)
|
(448
|
)
|
(2,215
|
)
| ||||||||||||||||||||||||||||||||||||
Dividends declared and paid ($2per share of common stock and Class A warrant)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(443
|
)
|
(443
|
)
| |||||||||||||||||||||||||||||||||||||
Dividends on series C preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(235
|
)
|
(236
|
)
|
(471
|
)
| ||||||||||||||||||||||||||||||||||||
BALANCE, June 30, 2022 |
500,000
|
$
|
5
|
10,000
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
149,145
|
$
|
1
|
$
|
60,912
|
$
|
-
|
$
|
60,918
|
BALANCE, December 31, 2022 |
500,000
|
$
|
5
|
10,000
|
$
|
-
|
9,172
|
$
|
-
|
-
|
$
|
-
|
509,200
|
$
|
5
|
$
|
78,870
|
$
|
(2,321
|
)
|
$
|
76,559
| ||||||||||||||||||||||||||||||
Net income
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
$
|
1,347
|
$
|
1,347
| |||||||||||||||||||||||||||||||
Issuance of Series D Preferred Stock (Notes 3(c) and 6(e))
|
-
|
-
|
-
|
-
|
13,157
|
-
|
-
|
-
|
-
|
-
|
10,000
|
-
|
10,000
| |||||||||||||||||||||||||||||||||||||||
Issuance of 15,000,000units (comprising from 615,000shares of common stock, 2,700,000prefunded warrants and 15,000,000Class B warrants) at primary offering, net of issuance costs (the "February 2023 Registered Direct Offering") (Note 6(a))
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
615,000
|
6
|
6,700
|
-
|
6,706
| |||||||||||||||||||||||||||||||||||||||
Issuance of common shares pursuant to exercises of 2,700,000pre-funded warrants in the February 2023 Registered Direct Offering (Note 6(a))
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
135,000
|
1
|
26
|
-
|
27
| |||||||||||||||||||||||||||||||||||||||
Issuance of Series E Preferred Stock (Notes 3(d) and 6(f))
|
-
|
-
|
-
|
-
|
-
|
-
|
1,200
|
-
|
-
|
-
|
35
|
-
|
35
| |||||||||||||||||||||||||||||||||||||||
Retirement of fractional common shares in June reverse stock split (Note 6(a))
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(65
|
)
|
-
|
-
|
-
|
-
| ||||||||||||||||||||||||||||||||||||||
Series D Preferred Stock redemption and issuance of common stock (Note 6(e))
|
-
|
-
|
-
|
-
|
(8,590
|
)
|
-
|
-
|
-
|
1,977,106
|
20
|
134
|
(154
|
)
|
-
| |||||||||||||||||||||||||||||||||||||
Alternative cashless exercise of private placement warrants (Note 6(b))
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
313,243
|
3
|
757
|
-
|
760
| |||||||||||||||||||||||||||||||||||||||
Vesting of Series C Preferred Stock and compensation cost under the Equity Incentive Plan (Notes 6(c) and 6(d))
|
-
|
-
|
991 |
-
|
-
|
-
|
-
|
-
|
-
|
-
|
819
|
-
|
819
| |||||||||||||||||||||||||||||||||||||||
Dividends declared on Series D Preferred Stock (Note 6(e))
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(73
|
)
|
(655
|
)
|
(728
|
)
| ||||||||||||||||||||||||||||||||||||
Dividends declared on Series C Preferred Stock (Note 6(c))
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(269
|
)
|
(306
|
)
|
(575
|
)
| ||||||||||||||||||||||||||||||||||||
BALANCE, June 30, 2023 |
500,000
|
$
|
5
|
10,991
|
$
|
-
|
13,739
|
$
|
-
|
1,200
|
-
|
3,549,484
|
$
|
35
|
$
|
96,999
|
$
|
(2,089
|
)
|
$
|
94,950
|
June 30, 2023
|
June 30, 2022
| |||||||
Cash Flows provided by Operating Activities:
| ||||||||
Net income
|
$
|
1,347
|
$
|
1,062
| ||||
Adjustments to reconcile net income to net cash from operating activities:
| ||||||||
Depreciation and amortization of deferred charges (Note 4)
|
4,042
|
2,024
| ||||||
Compensation cost on restricted stock awards (Note 6(d))
|
819
|
158
| ||||||
Finance costs
| 901 | - | ||||||
Changes in fair value of warrants' liability (Note 6(b))
|
(6,335
|
)
|
-
| |||||
(Increase) / Decrease in:
| ||||||||
Accounts receivable, trade
|
1,283
|
386
| ||||||
Due from a related party
|
(61
|
)
|
-
| |||||
Inventories
|
(26
|
)
|
(1,610
|
)
| ||||
Prepaid expenses and other assets
|
(294
|
)
|
(93
|
)
| ||||
Deferred charges
|
-
|
(658
|
)
| |||||
Increase / (Decrease) in:
| ||||||||
Accounts payable, trade and other
|
183
|
64
| ||||||
Due to related parties
|
(87
|
)
|
151
| |||||
Accrued liabilities
|
(461
|
)
|
874
| |||||
Unearned revenue
|
(200
|
)
|
16
| |||||
Dry-dock costs
|
(556
|
)
|
-
| |||||
Net cash provided by Operating Activities
|
$
|
555
|
$
|
2,374
| ||||
Cash Flows used in Investing Activities:
| ||||||||
Payments for vessel improvements and vessel acquisitions (Note 4)
|
(4,098
|
)
|
(4,778
|
)
| ||||
Net cash used in Investing Activities
|
$
|
(4,098
|
)
|
$
|
(4,778
|
)
| ||
Cash Flows provided by Financing Activities:
| ||||||||
Proceeds from issuance of units and private placement warrants (Note 6(a))
|
15,123
|
15,147
| ||||||
Proceeds from exercise of prefunded warrants (Note 6(a))
|
27
|
-
| ||||||
Proceeds from issuance of Series E Preferred Stock (Note 3(d) and 6(f))
|
35
|
-
| ||||||
Payments of equity issuance and financing costs
|
(1,498
|
)
|
(469
|
)
| ||||
Payments of dividends on common stockholders and Class A warrant holders
|
-
|
(2,658
|
)
| |||||
Payments of dividends on Series C Preferred Stock (Note 6(c))
|
(508
|
)
|
(300
|
)
| ||||
Payments of dividends on Series D Preferred Stock (Note 6(e))
|
(487
|
)
|
-
| |||||
Net cash provided by Financing Activities
|
$
|
12,692
|
$
|
11,720
| ||||
Net increase in cash and cash equivalents
|
$
|
9,149
|
$
|
9,316
| ||||
Cash and cash equivalents at beginning of the period
|
8,454
|
1,673
| ||||||
Cash and cash equivalents at end of the period
|
$
|
17,603
|
$
|
10,989
| ||||
SUPPLEMENTAL CASH FLOW INFORMATION
| ||||||||
Series C Preferred Stock dividends declared, not paid (Note 6(c))
|
$
|
(307
|
)
|
$
|
(240
|
)
| ||
Series D Preferred Stock dividends declared, not paid (Note 6(e))
|
(240
|
)
| - | |||||
Deemed dividend on Series D Preferred Stock upon issuance of common stock (Note 6(e))
|
(154
|
)
| - | |||||
Non-cash consideration for vessel acquisition through the issuance of Series D Preferred Stock (Notes 3(c) and 6(e))
|
(10,000
|
)
| - | |||||
Alternative cashless exercise of private placement warrants (Note 6(b))
| $ | 760 | $ | - |
• |
Cypres Enterprises Corp., a company incorporated in the Republic of Panama on September 7, 2000, owner of the 2004 built Panamax dry bulk carrier Protefs,
|
• |
Darien Compania Armadora S.A., a company incorporated in the Republic of Panama on December 22, 1993, owner of the 2005 built Panamax dry bulk carrier Calipso,
|
• |
Marfort Navigation Company Limited, a company incorporated in the Republic of Cyprus on August 10, 2007, owner of the 2005 built Capesize dry bulk carrier Salt Lake City,
|
• |
Darrit Shipping Company Inc., a company incorporated in the Republic of the Marshall Islands on June 02, 2022, owner of the 2005 built Capesize dry bulk carrier Baltimore, and
|
• |
Fiji Shipping Company Inc., a company incorporated in the Republic of the Marshall Islands on January 27, 2023, owner of the 2005 built Panamax dry bulk carrier Melia (Notes 3(c) and 4).
|
(a) |
Diana Wilhelmsen Management Limited, or DWM:
|
(b) |
Steamship Shipbroking Enterprises Inc. or Steamship:
|
(c) |
Diana Shipping Inc., or DSI:
|
(d) |
Issuance of Series E Preferred Stock:
|
Vessel Cost
|
Accumulated
Depreciation
|
Net Book Value
| ||||||||||
Balance, December 31, 2022
|
$
|
68,776
|
$
|
(5,104
|
)
|
$
|
63,672
| |||||
-Vessel acquisition
|
14,054
|
-
|
14,054
| |||||||||
-Additions for improvements
|
44
|
-
|
44
| |||||||||
- Depreciation for the period
|
-
|
(3,806
|
)
|
(3,806
|
)
| |||||||
Balance, June 30, 2023
|
$
|
82,874
|
$
|
(8,910
|
)
|
$
|
73,964
|
(a) |
Common Stock
|
(b) |
Warrants
|
(c) |
Series C Preferred Stock
|
(d) |
Equity Incentive Plan
|
(e) |
Series D Preferred Stock
|
(f) |
Series E Preferred Stock
|
June 30, 2023
|
June 30, 2022
| |||||||
Net income and comprehensive income |
$
|
1,347
|
$
|
1,062
| ||||
Less deemed dividend on Series D Preferred Stock upon issuance of common stock
|
(154
|
)
|
-
| |||||
Less dividends on Series C Preferred Stock
|
(575
|
)
|
(471
|
)
| ||||
Less dividends on Series D Preferred Stock
|
(592
|
)
|
-
| |||||
Less dividends on Class A warrants
|
-
|
(868
|
)
| |||||
Less undistributed earnings on Class A warrants
|
(2
|
)
|
-
| |||||
Net income/(loss) and comprehensive income/(loss) attributable to common stockholders for basic earnings/(loss) per share purposes |
$
|
24
|
$
|
(277
|
)
| |||
Less changes in fair value of warrants' liability |
(6,335
|
)
|
-
| |||||
Net loss and comprehensive loss attributable to common stockholders for diluted loss per share purposes
|
$
|
(6,311
|
)
|
$
|
(277
|
)
| ||
Weighted average number of common stock, basic
|
1,362,644
|
128,456
| ||||||
Effect of dilutive securities |
42,357
|
-
| ||||||
Weighted average number of common stock, diluted
|
1,405,001
|
128,456
| ||||||
Earnings/(Loss) per share, basic
|
$
|
0.02
|
$
|
(2.16
|
)
| |||
Loss per share, diluted
|
$ |
(4.49
|
)
|
$ |
(2.16
|
)
|
Charterer
|
Six months ended
June 30, 2023
|
Six months ended
June 30, 2022
| ||
A
| 26% |
-
| ||
B
| 21% |
-
| ||
C
| 11% |
-
| ||
D
| - |
32%
| ||
E | - |
25%
| ||
F | - |
22%
|
•
|
On subsequent remeasurement date as of June 30, 2023, a fair value of $409.
|
•
|
On initial measurement date as of February 10, 2023, a fair value of $7,504;
|
•
|
At partial settlement date as of June 8, 2023, a fair value of $286;
|
•
|
At partial settlement date as of June 15, 2023, a fair value of $276;
|
•
|
At partial settlement date as of June 16, 2023, a fair value of $141; and
|
•
|
At partial settlement date as of June 20, 2023, a fair value of $58.
|
(a) |
Dividend Payments on Series C and Series D Preferred Stock
|
(b) |
Exercises of private placement warrants
|
(c)
|
Investment in chemical tanker newbuildings
|
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Disclaimer
Oceanpal Inc. published this content on 12 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2023 09:39:30 UTC.