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Castor Maritime Inc. Reports $6.5 Million net profit for the Three Months Ended June 30, 2021 and $7.6 Million net profit for the Six Months Ended June 30, 2021

castor logoCastor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, today announced its results for the three and six months ended June 30, 2021. Highlights of the Second Quarter Ended June 30, 2021: ▪ Revenues, net: $21.8 million for the three months ended June 30, 2021, as compared to $2.6 million for the three months ended June 30, 2020; ▪ Net income/loss: Net income of $6.5 million for the three months ended June 30, 2021, as compared to net loss of $0.1 million for the three months ended June 30, 2020; ▪ Earnings/Loss per common share(1) : $0.07 earnings per share for the three months ended June 30, 2021, as compared to loss per share of $0.12 for the three months ended June 30, 2020; ▪ EBITDA(2) : $10.0 million for the three months ended June 30, 2021, as compared to $1.0 million for the three months ended June 30, 2020; ▪ Cash and restricted cash of $42.7 million as of June 30, 2021, as compared to $9.4 million as of December 31, 2020; ▪ During the second quarter of 2021 and as of the date of this press release, we have taken successful delivery of 12 vessels consisting of 4 Kamsarmax and 2 Panamax dry bulk carriers as well as 1 Aframax, 3 Aframax / LR2 and 2 MR1 tankers. We expect three remaining acquisitions to conclude in the third quarter of this year, subject to customary closing conditions. On a fully delivered basis, Castor will own a diversified fleet of 26 vessels with an aggregate capacity of 2.2 million dwt, having more than quadrupled its fleet size since December 31, 2020;
On June 14, 2021, we received written notice from the Nasdaq Stock Market (“Nasdaq”) that the Company has regained compliance with the Nasdaq's minimum bid price requirement for continued listing on the Nasdaq Capital Market; and ▪ In June 2021, we entered into an at-the-market (“ATM”) sales agreement for the offer and sale from time to time of our common shares, having an aggregate offering amount of up to $300.0 million. Page 2 Earnings Highlights of the Six Months Ended June 30, 2021: ▪ Revenues, net: $28.8 million for the six months ended June 30, 2021, as compared to $5.3 million for the six months ended June 30, 2020; ▪
Net income/loss: Net income of $7.6 million for the six months ended June 30, 2021, as compared to net loss of $0.4 million for the six months ended June 30, 2020; ▪ Earnings/Loss per common share(1) : $0.10 earnings per share for the six months ended June 30, 2021, as compared to loss per share of $0.50 for the six months ended June 30, 2020; and ▪ EBITDA(2) : $12.6 million for the six months ended June 30, 2021, as compared to $1.9 million for the six months ended June 30, 2020. (1) All share and per share amounts disclosed throughout this press release and in the financial information presented in Appendix B have been retroactively updated to reflect the one-for-ten (1-for-10) reverse stock split effected on May 28, 2021, unless otherwise indicated. (2) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented: “The first six months of 2021 was a transformational period for our Company, as we were able to raise $262.5 million of equity and $33.3 million of debt and grow our fleet from 6 vessels at the end of 2020 to 26 vessels on a fully delivered basis. Strong demand for dry bulk transportation services has resulted in robust freight rates, with the upward momentum expected to be sustained by the tight vessel supply and historically low newbuilding orderbook. Following our timely acquisitions, Castor is well positioned to take advantage of this strong market with a dry bulk fleet consisting of 18 vessels, on a fully delivered basis. At the same time, most of our newly acquired tanker vessels are in either term or pool employment ensuring a high utilization for that part of our fleet.”

Earnings Commentary: Second Quarter ended June 30, 2021 and 2020 Results Vessel revenues, net of charterers’ commissions, for the three months ended June 30, 2021, increased to $21.8 million from $2.6 million in the same period of 2020. This increase was largely driven by the increase in our Ownership days (defined below) from 273 in the three months ended June 30, 2020 to 1,477 in the three months ended June 30, 2021, following the acquisition and delivery to our fleet of 20 vessels since June 30, 2020. The increase in vessel revenues during the three months ended June 30, 2021 as compared with the same period of 2020 was further underpinned by a stronger dry bulk shipping market resulting in higher daily TCE earned on average for our fleet The increase in operating expenses by $6.8 million, from $1.2 million in the second quarter of 2020 to $8.0 million in the second quarter of 2021, as well as the increase in vessels’ depreciation costs by $2.5 million, from $0.3 million in the second quarter of 2020 to $2.8 million in the second quarter of 2021, mainly reflect the increase in our Ownership days following the expansion of our fleet.
Management fees in the second quarter of 2021 amounted to $1.8 million, whereas, in the same period of 2020 management fees totalled $0.1 million. This increase in management fees is primarily due to the sizeable increase of our fleet, resulting in a substantial increase in our Ownership days for which our managers charge us with a daily management fee, following the acquisitions discussed above. Effective September 1, 2020, the daily management fee for the technical management of our fleet by Pavimar S.A. was increased from $500 to $600 per vessel, and the daily management fee for the commercial and administrative management of our fleet by Castor Ships S.A. was set to $250 per vessel. General and administrative expenses in the second quarter of 2021 amounted to $0.7 million, whereas, in the same period of 2020 general and administrative expenses totalled $0.1 million. This increase stemmed from incurred legal and other corporate fees primarily related to the growth of our company and the $0.3 million quarterly flat fee we pay Castor Ships S.A. with effect from September 1, 2020. During the second quarter of 2021, we incurred net interest costs and finance costs amounting to $0.5 million compared to $0.8 million during the same period in 2020.

Safe Bulkers, Inc. Entered into a Bareboat Charter Agreement with a Purchase Option for a Capesize Class Dry-bulk Vessel

safebulkersSafe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that in relation to its fleet renewal strategy, it has entered into a twelve-month bareboat charter agreement, with a down payment by the Company of $4.5 million on signing, a payment of $4.5 million on delivery of the vessel to the Company scheduled for the fourth quarter of 2021, a payment of a daily charter rate of $14,500 over the period of the bareboat charter and a purchase option in favor of the Company at the end of the charter period of $18.0 million for the acquisition of a 2012, Japanesebuilt, dry-bulk 181,000 dwt, Capesize class vessel. Including this agreement and the previously announced agreements, the Company has contracted to acquire four second-hand vessels: i) the 2011-built, Panamax class, MV Paraskevi 2, delivered to us in March 8, 2021; ii) the 2013-built, Panamax class, MV Koulitsa 2, delivered to us in July 26, 2021; iii) the 2013-built, Post-Panamax class vessel to be named MV Venus Harmony, scheduled to be delivered in October 2021; and iv) upon the exercise of the purchase option, the 2012-built, Capesize class vessel, to be named MV Stelios Y, scheduled to be delivered in the fourth quarter of 2021, having sold six vessels and having an order book of eight Japanese newbuild vessels. Dr. Loukas Barmparis, President of the Company commented: “Selective second-hand acquisitions and newbuild orders are within the context of our fleet renewal strategy.”
About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services. The Company’s common stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.C”, and “SB.PR.D”, respectively.

A.P. Møller - Mærsk A/S – Trading update for Q2 2021 and 2021 full year guidance adjustment

maersk feederA.P. Møller - Mærsk A/S (APMM) reports an unaudited revenue of USD 14.2bn, an underlying EBITDA of USD 5.1bn and an underlying EBIT of USD 4.1bn for Q2 2021. The strong quarterly performance is mainly driven by the continuation of the exceptional market situation with strong rebound in demand causing bottlenecks in the supply chains and equipment shortage. Volumes in Ocean increased by 15% and average freight rates improved 59% in Q2 2021 compared to previous year. Consequently, given the strong result in Q2 2021 and the exceptional market situation still expected to continue at least until the end of the full-year 2021, the full year guidance for 2021 has been revised upwards with an underlying EBITDA now expected in the range of USD 18-19.5bn (previously USD 13-15bn) and underlying EBIT expected in the range of USD 14-15.5bn (previously USD 9-11bn). As a consequence of the higher earnings expectations, and despite increasing net working capital and higher instalments related to higher charter lease liabilities, the free cash flow (FCF) for the full-year 2021 is now expected to be minimum USD 11.5bn (previously minimum USD 7bn), while the cumulative CAPEX guidance for 2021-22 is unchanged of around USD 7bn. The outlook for the global market demand growth for the full-year 2021 has been revised up to 6-8% from previously 5-7%, primarily still driven by the export volumes out of China to the US. Earnings in the third quarter are expected to exceed the level for Q2 2021. Trading conditions for the quarters ahead are, however, still subject to a higher than normal volatility due to the temporary nature of current demand patterns, disruptions in the supply chains and equipment shortages. APMM will publish its Q2 interim result on 6 August 2021

CELESTYAL CRUISES ON TRACK TO SUCCESSFULLY COMPLETE SCHEDULED SUMMER ITINERARIES AT THE END OF AUGUST; POSTPONES FALL AND WINTER SAILINGS; SAILINGS WILL RESUME IN MARCH 2022

0CelestyalCelestyal Cruises, the award-winning, number one choice for cruise travelers to the Greek Islands and the Eastern Mediterranean is on track to successfully complete its summer itineraries.

NORWEGIAN CRUISE LINE ADDS KATAKOLON AS NEW EMBARKATION PORT IN GREECE

0Norwegian JadeNorwegian Cruise Line (NCL), the innovator in global cruise travel with a 54-year history of breaking boundaries, today announced the addition of Katakolon (Olympia) as its new embarkation port in Greece. Starting September 17, 2021, guests sailing onboard Norwegian Getaway’s immersive Mediterranean sailings in 2021 will have the chance to embark at the Ionian port, located on the Peloponnese peninsula.

NORWEGIAN CRUISE LINE RETURNS TO CRUISE

Norwegian Cruise Line (NCL), the innovator in global cruise travel, yesterday officially commemorated its highly-anticipated cruise comeback with a double debut: Norwegian Jade was not only the first of its 17-ship fleet to welcome guests after 500 days, she also made NCL history as the first vessel to 0Norwegianin Athens (Piraeus).

GRIMALDI LINES: FROM SHIPS TO CREWS, THE REAL COVID-FREE JOURNEY

GrimaldiThe Grimaldi Group has always paid great attention to the protection of the health of its passengers and crews. For this reason, since the outbreak of the Covid-19 pandemic, the Neapolitan company has implemented and constantly updated specific health protocols on all its ro-pax vessels, in compliance with current regulations.

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