BOX SHIPS INC ATHENS, Greece, June 8, 2015 /PRNewswire/ -- Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today its results for the first quarter ended March 31, 2015.
First Quarter 2015 Highlights & Recent Developments
-- Net revenue, net of voyage expenses, of $6.8 million in the first
quarter of 2015.
-- Reduced average daily adjusted total vessel operating expenses by 23.5%
year-over-year.
-- Adjusted net loss of $8.8 million, or $0.35 per common share, in the
first quarter of 2015.
Financial Highlights
(Expressed in thousands of United States Dollars, except for vessel data, TCE and share data)
Quarter Ended Quarter Ended
March 31, 2014 March 31, 2015
-------------- --------------
Average number of vessels 13.9 16.0
------------------------- ---- ----
Time charter equivalent rate
(TCE) (1) 8,557 4,801
---------------------------- ----- -----
Net Revenue, net of voyage
expenses 10,251 6,831
-------------------------- ------ -----
EBITDA (1) (19,052) (1,621)
--------- ------- ------
Adjusted EBITDA (1) 333 (1,445)
------------------ --- ------
Net Loss (25,885) (8,932)
-------- ------- ------
Adjusted Net Loss (1) (6,017) (8,756)
-------------------- ------ ------
Loss per common share basic
and diluted (1.24) (0.36)
--------------------------- ----- -----
Adjusted Loss per common share
basic and diluted (1) (0.29) (0.35)
------------------------------ ----- -----
(1) Please see the table at the back
of this release for a
reconciliation of TCE to
Charter Revenue, EBITDA and
Adjusted EBITDA to Net Income /
(Loss), Adjusted Net Income /
(Loss) to Net Income /(Loss)
and Adjusted Earnings /(Loss)
per common share to Earnings /
(Loss) per common share, the
most directly comparable
financial measures calculated
and presented in accordance
with generally accepted
accounting principles in the
United States ("U.S. GAAP").
Management Commentary
Commenting on the results, Michael Bodouroglou, Chairman, Chief Executive Officer and Interim Chief Financial Officer of Paragon Shipping, stated: "During the first quarter of 2015, charter rates remained at historically low levels. The demand and supply dynamics remain quite adverse and this resulted in lower revenues compared to the prior year. Given the current market environment, it has become even more critical to maintain our liquidity. Thus, we have further intensified our efforts to maintain our cost control efficiency. Within this context, we reported record low adjusted total vessel operating expenses for the first quarter of 2015 of $5,907 per vessel per day."
Mr. Bodouroglou continued, "We are pleased to report that our banks have also been supportive of our efforts to improve the Company's liquidity. We have already agreed with certain of our lenders to defer a portion of our quarterly installments, which were originally due from the first quarter of 2015 through the second quarter of 2016 and payable from the Company's available cash, of about $6.5 million in the aggregate. Moreover, we have agreed to postpone the delivery of the three Kamsarmax vessels currently under construction until the first quarter of 2016, or by an aggregate of about 22 months."
Mr. Bodouroglou concluded, "We believe that we are taking steps to the right direction, given this difficult market. We are pleased to note that positive signs have emerged with respect to the supply side, as a significant number of vessels are heading to the scrapyards, while the market participants refrain from ordering new vessels and delay the delivery of the already placed newbuilding orders. Nonetheless, it seems that a healthy equilibrium, by historical standards, is yet to be reached and, consequently, we continue to remain cautious for the near future."
First Quarter 2015 Financial Results
Gross charter revenue for the first quarter of 2015 was $10.7 million, compared to $14.2 million for the first quarter of 2014. The Company reported a net loss of $8.9 million, or $0.36 per basic and diluted share, for the first quarter of 2015, calculated based on a weighted average number of basic and diluted shares outstanding for the period of 24,460,642 and reflecting the impact of the non-cash items discussed below. For the first quarter of 2014, the Company reported a net loss of $25.9 million, or $1.24 per basic and diluted share, calculated based on a weighted average number of basic and diluted shares of 20,560,102.
Excluding all non-cash items described below, the adjusted net loss for the first quarter of 2015 was $8.8 million, or $0.35 per basic and diluted share, compared to adjusted net loss of $6.0 million, or $0.29 per basic and diluted share, for the first quarter of 2014.
EBITDA for the first quarter of 2015 was negative $1.6 million, compared to negative $19.1 million for the first quarter of 2014. EBITDA for the first quarter of 2015 was calculated by adding the net loss of $8.9 million to net interest expense, including interest expense from interest rate swaps, and depreciation that in the aggregate amounted to $7.3 million. Adjusted EBITDA, excluding all non-cash items described below, was negative $1.4 million for the first quarter of 2015, compared to positive $0.3 million for the first quarter of 2014.
The Company operated an average of 16.0 vessels during the first quarter of 2015, earning an average TCE rate of $4,801 per day, compared to an average of 13.9 vessels during the first quarter of 2014, earning an average TCE rate of $8,557 per day.
Adjusted total vessel operating expenses, which included vessel operating expenses, management fees, general and administrative expenses and dry-docking costs, and excluded share-based compensation, were $8.5 million for the first quarter of 2015, compared to $9.7 million for the first quarter of 2014. On a daily basis, adjusted total vessel operating expenses for the first quarter of 2015 were approximately $5,907 per vessel per day, or 23.5% lower than the adjusted total vessel operating expenses of $7,717 per vessel per day for the first quarter of 2014. The reduction in the average daily adjusted total vessel operating expenses is the result of the Company's cost control efficiency and the economies of scale of having a larger fleet, as well as of a favorable impact of the Euro / U.S. dollar exchange rate fluctuations.
As of March 31, 2015, the Company owned approximately 11.0% of the outstanding common stock of Box Ships Inc. (NYSE:TEU) ("Box Ships"), a former wholly-owned subsidiary of the Company which completed its initial public offering in April 2011. The investment in Box Ships is accounted for under the equity method and is separately reflected on the Company's unaudited condensed consolidated balance sheets. For the first quarter of 2015, the Company recorded a gain of $0.2 million, compared to a loss of $0.3 million income for the first quarter of 2014. In the second quarter of 2015, the Company proceeded with the sale of the total 3,437,500 shares of Box Ships at an average sale price of $0.8542 per share. The proceeds from the sale of such shares amounted to $2.9 million.
First Quarter 2015 Non-cash and One-off Items
The Company's results for the three months ended March 31, 2015 included the following non-cash items:
-- An unrealized gain on interest rate swaps of $0.1 million, or less than
$0.01 per basic and diluted share.
-- Non-cash expenses of $0.2 million, or $0.01 per basic and diluted share,
relating to the amortization of the compensation cost recognized for
non-vested share awards issued to executive officers, directors and
employees.
In the aggregate, these non-cash items decreased the Company's earnings by $0.2 million, which represents a $0.01 decrease in earnings per basic and diluted share, for the three months ended March 31, 2015.
Cash Flows
For the three months ended March 31, 2015, the Company's net cash used in operating activities was $2.5 million, compared to net cash generated from operating activities of $1.2 million for the three months ended March 31, 2014. For the three months ended March 31, 2015, net cash from investing activities was $0.8 million and net cash used in financing activities was $5.4 million. For the three months ended March 31, 2014, net cash used in investing activities was $63.2 million and net cash from financing activities was $61.8 million.
Newbuilding Program Update
In May 2015, the Company agreed to postpone the delivery of the three Kamsarmax vessels currently under construction until the first quarter of 2016.
Currently, the Company's outstanding newbuilding program consists of two Ultramax drybulk carriers, with expected deliveries between the third and fourth quarter of 2015, and three Kamsarmax drybulk carriers with expected deliveries in the first quarter of 2016. The aggregate cost of the newbuilding program is $148.2 million, of which $101.7 million is currently outstanding. With the $160.0 million syndicated secured loan facility led by Nordea Bank Finland Plc, the Company has currently secured debt financing of up to $78.0 million in the aggregate for the two Ultramax and two of its Kamsarmax newbuilding drybulk carriers, subject to certain conditions. For the remaining Kamsarmax newbuilding drybulk carrier, the Company is currently in discussions to secure debt financing.
Shares of Korea Line Corporation ("KLC")
During the second quarter of 2015, the Company sold 44,550 KLC shares at an average sale price of $21.68 per share. Following the sale of such shares, the Company does not hold any other shares of KLC. The total cash received from the sale of these shares amounted to $1.0 million, net of commissions.
Financing Update
In 2015, the Company entered into agreements with certain of its lenders to defer a portion of the scheduled quarterly installments, which were originally due from the first quarter of 2015 through the second quarter of 2016. Additionally, the Company amended the terms and conditions of certain of its facilities with respect to the financial and security cover ratio covenants that were either restated or waived for periods commencing on January 1, 2015 and ending the latest by March 31, 2016. Following these amendments, as of March 31, 2015, the Company was in compliance with the covenants of its loan facilities.
The Company is currently in negotiations with the rest of its lenders to obtain similar waivers or amendments. Although management believes that the lenders will continue to support the Company, there can be no assurance that the outcome of these negotiations will be successful and that the Company will remain in compliance with the required covenants of its facilities in the following quarters.
Conference Call and Webcast details
The Company's management team will host a conference call to discuss its first quarter 2015 results on June 8, 2015, at 10:00 am Eastern Time.
Participants should dial into the call ten minutes before the scheduled time using the following numbers 1-888-348-8931 (USA) or +1-412-902-4248 (international) to access the call. A replay of the conference call will be available for seven days and can be accessed by dialing 1-877-870-5176 (USA) or +1-858-384-5517 (international) and using passcode 10067022.
Slides and audio webcast
There will also be a simultaneous live webcast through the Company's website, www.paragonship.com. Participants should register on the website approximately ten minutes prior to the start of the webcast. If you would like a copy of the release mailed or faxed, please contact DresnerAllenCaron Investor Relations at 212-691-8087.
About Paragon Shipping Inc.
Paragon Shipping is an international shipping company incorporated under the laws of the Republic of the Marshall Islands with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. Paragon Shipping's current fleet consists of sixteen drybulk vessels with a total carrying capacity of 980,380 dwt. In addition, Paragon Shipping's current newbuilding program consists of two Ultramax and three Kamsarmax drybulk carriers that are scheduled to be delivered from the third quarter of 2015 through the first quarter of 2016. The Company's common shares and senior notes trade on NASDAQ under the symbols "PRGN" and "PRGNL," respectively. For more information, visit: www.paragonship.com. The information contained on Paragon Shipping's website does not constitute part of this press release.
Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for drybulk shipping capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our 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, as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov.
Contacts:
Paragon Shipping Inc.
ir@paragonshipping.gr
DresnerAllenCaron
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087
- Tables Follow -
Fleet List
Drybulk Fleet
The following tables represent our drybulk fleet and the drybulk newbuilding vessels that we have agreed to acquire as of June 8, 2015.
Operating Drybulk Fleet
-----------------------
Name Type / No. of Vessels Dwt Year Built
---- --------------------- --- ----------
Panamax
-------
Dream Seas Panamax 75,151 2009
---------- ------- ------ ----
Coral Seas Panamax 74,477 2006
---------- ------- ------ ----
Golden Seas Panamax 74,475 2006
----------- ------- ------ ----
Pearl Seas Panamax 74,483 2006
---------- ------- ------ ----
Diamond Seas Panamax 74,274 2001
------------ ------- ------ ----
Deep Seas Panamax 72,891 1999
--------- ------- ------ ----
Calm Seas Panamax 74,047 1999
--------- ------- ------ ----
Kind Seas Panamax 72,493 1999
--------- ------- ------ ----
Total Panamax 8 592,291
------------- --- -------
Ultramax
--------
Gentle Seas Ultramax 63,350 2014
----------- -------- ------ ----
Peaceful Seas Ultramax 63,331 2014
------------- -------- ------ ----
Total Ultramax 2 126,681
-------------- --- -------
Supramax
--------
Friendly Seas Supramax 58,779 2008
------------- -------- ------ ----
Sapphire Seas Supramax 53,702 2005
------------- -------- ------ ----
Total Supramax 2 112,481
-------------- --- -------
Handysize
---------
Prosperous Seas Handysize 37,293 2012
--------------- --------- ------ ----
Precious Seas Handysize 37,205 2012
------------- --------- ------ ----
Priceless Seas Handysize 37,202 2013
-------------- --------- ------ ----
Proud Seas Handysize 37,227 2014
---------- --------- ------ ----
Total Handysize 4 148,927
--------------- --- -------
Grand Total 16 980,380
----------- --- -------
Drybulk Newbuildings that we have agreed to acquire
---------------------------------------------------
Hull
no. Type / No. of Vessels Dwt Expected Delivery
---- --------------------- --- -----------------
Ultramax
--------
Hull
no.
DY4050 Ultramax 63,500 Q3 2015
------- -------- ------ -------
Hull
no.
DY4052 Ultramax 63,500 Q4 2015
------- -------- ------ -------
Total
Ultramax 2 127,000
--------- --- -------
Kamsarmax
---------
Hull
no.
YZJ1144 Kamsarmax 81,800 Q1 2016
-------- --------- ------ -------
Hull
no.
YZJ1145 Kamsarmax 81,800 Q1 2016
-------- --------- ------ -------
Hull
no.
YZJ1142 Kamsarmax 81,800 Q1 2016
-------- --------- ------ -------
Total
Kamsarmax 3 245,400
---------- --- -------
Grand
Total 5 372,400
------ --- -------
Summary Fleet Data
(Expressed in United States Dollars where applicable)
Quarter Ended March 31, Quarter Ended March 31,
2014 2015
------------------------ ------------------------
FLEET DATA
----------
Average number
of vessels (1) 13.9 16.0
--------------- ---- ----
Calendar days
for fleet (2) 1,254 1,440
-------------- ----- -----
Available days
for fleet (3) 1,211 1,428
-------------- ----- -----
Operating days
for fleet (4) 1,198 1,423
-------------- ----- -----
Fleet
utilization (5) 98.9% 99.6%
---------------- ---- ----
AVERAGE DAILY
RESULTS
-------------
Time charter
equivalent (6) 8,557 4,801
--------------- ----- -----
Vessel operating
expenses (7) 4,262 3,965
---------------- ----- -----
Dry-docking
expenses (8) 1,178 197
------------- ----- ---
Management fees
-related party
adjusted (9) 1,056 893
--------------- ----- ---
General and
administrative
expenses
adjusted (10) 1,221 852
--------------- ----- ---
Total vessel
operating
expenses
adjusted (11) 7,717 5,907
-------------- ----- -----
(1) Average number of vessels is the
number of vessels that constituted
our fleet for the relevant period,
as measured by the sum of the number
of calendar days each vessel was a
part of our fleet during the period
divided by the number of days in the
period.
(2) Calendar days for the fleet are the
total days the vessels were in our
possession for the relevant period.
(3) Available days for the fleet are the
total calendar days for the relevant
period less any off-hire days
associated with scheduled dry-
dockings or special or intermediate
surveys.
(4) Operating days for the fleet are the
total available days for the
relevant period less any off-hire
days due to any reason, other than
scheduled dry-dockings or special
or intermediate surveys, including
unforeseen circumstances. Any idle
days relating to the days a vessel
remains unemployed are included in
operating days.
(5) Fleet utilization is the percentage
of time that our vessels were able
to generate revenues and is
determined by dividing operating
days by fleet available days for the
relevant period.
(6) Time charter equivalent ("TCE") is a
measure of the average daily revenue
performance of a vessel on a per
voyage basis. Our method of
calculating TCE is consistent with
industry standards and is determined
by dividing Net Revenue generated
from charters less voyage expenses
by operating days for the relevant
time period. Voyage expenses consist
of all costs that are unique to a
particular voyage, primarily
including port expenses, canal dues,
war risk insurances and fuel costs,
net of gains or losses from the sale
of bunkers to charterers. TCE is a
non-GAAP standard shipping industry
performance measure used primarily
to compare period-to-period
changes in a shipping company's
performance despite changes in the
mix of charter types (i.e., spot
voyage charters, time charters and
bareboat charters) under which the
vessels may be employed between the
periods.
(7) Daily vessel operating expenses,
which includes crew costs,
provisions, deck and engine stores,
lubricating oil, insurance,
maintenance and repairs, is
calculated by dividing vessel
operating expenses by fleet calendar
days for the relevant time period.
(8) Daily dry-docking expenses are
calculated by dividing dry-docking
expenses by fleet calendar days for
the relevant time period.
(9) Daily management fees -related party
adjusted are calculated by dividing
management fees -related party,
excluding share based compensation
to the management company, by fleet
calendar days for the relevant time
period.
(10) Daily general and administrative
expenses adjusted are calculated by
dividing general and administrative
expenses, excluding non-cash
expenses relating to the
amortization of the share based
compensation cost for non-vested
share awards, by fleet calendar days
for the relevant time period.
(11) Total vessel operating expenses
("TVOE") is a measurement of our
total expenses associated with
operating our vessels. TVOE is the
sum of vessel operating expenses,
dry-docking expenses, management
fees and general and administrative
expenses. Daily TVOE adjusted is
calculated by dividing TVOE,
excluding non-cash expenses
relating to the amortization of the
share based compensation cost for
non-vested share awards and share
based compensation to the management
company, by fleet calendar days for
the relevant time period.
Time Charter Equivalents Reconciliation
(Expressed in thousands of United States Dollars where
applicable, except for TCE)
Quarter Ended Quarter Ended
March 31, 2014 March 31, 2015
-------------- --------------
Charter
Revenue 14,237 10,685
-------- ------ ------
Commissions (808) (651)
----------- ---- ----
Voyage
Expenses,
net (3,178) (3,203)
---------- ------ ------
Net Revenue,
net of
voyage
expenses 10,251 6,831
------------ ------ -----
Total
operating
days 1,198 1,423
---------- ----- -----
Time Charter
Equivalent 8,557 4,801
------------ ----- -----
Condensed Cash Flow Information (Unaudited)
(Expressed in thousands of United States Dollars)
Quarter Ended Quarter Ended
March 31, 2014 March 31, 2015
-------------- --------------
Cash generated from / (used in):
--------------------------------
Operating
Activities 1,204 (2,495)
----------- ----- ------
Investing
Activities (63,240) 824
----------- ------- ---
Financing
Activities 61,794 (5,360)
----------- ------ ------
Reconciliation of U.S. GAAP Financial Information to Non-
GAAP Financial Information
EBITDA and Adjusted EBITDA Reconciliation (1)
(Expressed in thousands of United States Dollars)
Quarter Ended Quarter Ended
March 31, 2014 March 31, 2015
-------------- --------------
Net Loss (25,885) (8,932)
-------- ------- ------
Plus Net
interest
expense,
including
interest
expense
from
interest
rate swaps 2,406 2,384
----------- ----- -----
Plus
Depreciation 4,427 4,927
------------- ----- -----
EBITDA (19,052) (1,621)
------ ------- ------
Adjusted EBITDA Reconciliation
------------------------------
Net Loss (25,885) (8,932)
-------- ------- ------
Impairment
loss 15,695 -
---------- ------ ---
Loss on
investment
in
affiliate 2,754 -
----------- ----- ---
Unrealized
gain on
interest
rate swaps (177) (60)
----------- ---- ---
Non-cash
expenses compensation
from the to the
amortization management
of share company
based
compensation
cost
recognized
and share
based 1,113 236
------------- ----- ---
Write off
of
financing
expenses 483 -
---------- --- ---
Adjusted
Net Loss (6,017) (8,756)
--------- ------ ------
Plus Net
interest from swaps
expense,
net of
write off
of
financing
expenses,
including
interest
expense 1,923 2,384
---------- ----- -----
Plus
Depreciation 4,427 4,927
------------- ----- -----
Adjusted
EBITDA 333 (1,445)
-------- --- ------
(1) The Company considers EBITDA to
represent Net Income /(Loss)
plus net interest expense,
including interest expense from
interest rate swaps, and
depreciation and amortization.
The Company's management uses
EBITDA and Adjusted EBITDA as a
performance measure. EBITDA and
Adjusted EBITDA are not items
recognized by U.S. GAAP and
should not be considered as an
alternative to Net Income /
(Loss), Operating Income /
(Loss) or any other indicator
of a Company's operating
performance required by U.S.
GAAP. The Company's definition
of EBITDA and Adjusted EBITDA
may not be the same as that
used by other companies in the
shipping or other industries.
The Company believes that
EBITDA is useful to investors
because the shipping industry
is capital intensive and may
involve significant financing
costs. The Company excluded
non-cash items to derive the
Adjusted Net Income /(Loss)
and the Adjusted EBITDA because
the Company believes that these
adjustments provide additional
information on the fleet
operational results.
Reconciliation of U.S. GAAP Financial Information to Non-GAAP Financial Information
Adjusted Net Income / (Loss) and Adjusted Earnings / (Loss) per common share Reconciliation
(Expressed in thousands of United States Dollars - except for shares and share data)
U.S. GAAP Financial
Information Quarter Ended Quarter Ended
March 31, 2014 March 31, 2015
--- -------------- --------------
Net Loss (25,885) (8,932)
-------- ------- ------
Net Loss attributable
to non-vested share
awards (446) (137)
--------------------- ---- ----
Net Loss available to
common shareholders (25,439) (8,795)
--------------------- ------- ------
Weighted average number
of common shares basic
and diluted 20,560,102 24,460,642
----------------------- ---------- ----------
Loss per common share
basic and diluted (1.24) (0.36)
--------------------- ----- -----
Reconciliation of Net Income /(Loss) to Adjusted Net
Income /(Loss)
----------------------------------------------------
Net Loss (25,885) (8,932)
-------- ------- ------
Impairment loss 15,695 -
--------------- ------ ---
Loss on investment in
affiliate 2,754 -
--------------------- ----- ---
Unrealized gain on
interest rate swaps (177) (60)
-------------------- ---- ---
Non-cash expenses from
the amortization of
share based
compensation cost
recognized and share
based compensation to
the management company 1,113 236
----------------------- ----- ---
Write off of financing
expenses 483 -
---------------------- --- ---
Adjusted Net Loss (1) (6,017) (8,756)
-------------------- ------ ------
Adjusted Net Loss
attributable to non-
vested share awards (104) (134)
--------------------- ---- ----
Adjusted Net Loss
available to common
shareholders (5,913) (8,622)
-------------------- ------ ------
Weighted average number
of common shares basic
and diluted 20,560,102 24,460,642
----------------------- ---------- ----------
Adjusted Loss per
common share basic and
diluted (1) (0.29) (0.35)
----------------------- ----- -----
(1) Adjusted Net Income /(Loss) and
Adjusted Earnings /(Loss) per
common share are not items
recognized by U.S. GAAP and
should not be considered as
alternatives to Net Income /
(Loss) and Earnings /(Loss)
per common share, respectively,
or any other indicator of a
Company's operating performance
required by U.S. GAAP. The
Company excluded non-cash
items to derive at the Adjusted
Net Income /(Loss) and the
Adjusted Earnings /(Loss) per
common share basic and diluted
because the Company believes
that these adjustments provide
additional information on the
fleet operational results. The
Company's definition of
Adjusted Net Income /(Loss)
and Adjusted Earnings /(Loss)
per common share may not be the
same as that used by other
companies in the shipping or
other industries.
Paragon Shipping Inc.
Unaudited Condensed
Consolidated Balance
Sheets
As of December 31, 2014
and March 31, 2015
(Expressed in thousands
of United States
Dollars)
-----------------------
December 31, 2014 March 31, 2015
Assets
Cash and restricted cash
(current and non-
current) 20,920 11,768
Vessels, net 369,033 364,167
Advances for vessels
under construction 49,972 51,042
Other fixed assets, net 923 860
Investment in affiliate 2,956 3,124
Other assets 12,800 11,636
Total Assets 456,604 442,597
------------ ------- -------
Liabilities and
Shareholders' Equity
Total debt 226,418 221,586
Total other liabilities 7,786 7,356
Total shareholders'
equity 222,400 213,655
Total Liabilities and
Shareholders' Equity 456,604 442,597
--------------------- ------- -------
Paragon Shipping Inc.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
For the three months ended March 31, 2014 and 2015
(Expressed in thousands of United States Dollars - except for shares and share data)
-----------------------------------------------------------------------------------
Three Months Ended Three Months Ended
March 31, 2014 March 31, 2015
Revenue
Charter revenue 14,237 10,685
Commissions (808) (651)
Net Revenue 13,429 10,034
----------- ------ ------
Expenses / (Income)
Voyage expenses, net 3,178 3,203
Vessels operating expenses 5,345 5,710
Dry-docking expenses 1,477 283
Management fees - related party 2,204 1,286
Depreciation 4,427 4,927
General and administrative expenses 1,765 1,464
Impairment loss 15,695 -
Bad debt provisions - 27
Other income (40) -
Operating Loss (20,622) (6,866)
-------------- ------- ------
Other Income / (Expenses)
Interest and finance costs (2,210) (2,183)
Loss on derivatives, net (26) (156)
Interest income 7 15
Equity in net (loss) /income of
affiliate (276) 174
Loss on investment in affiliate (2,754) -
Foreign currency (loss) / gain (4) 84
Total Other Expenses, net (5,263) (2,066)
------------------------- ------ ------
Net Loss (25,885) (8,932)
Other Comprehensive Income / (Loss)
Unrealized loss on cash flow hedges (12) -
Transfer of realized loss on cash
flow hedges to "Interest and finance
costs" 76 -
Equity in other comprehensive income
/(loss) of affiliate 5 (6)
Unrealized loss on change in fair
value of marketable securities (251) (44)
--------------------------------- ---- ---
Total Other Comprehensive Loss (182) (50)
Comprehensive Loss (26,067) (8,982)
Loss per Class A common share, basic
and diluted ($1.24) ($0.36)
Weighted average number of Class A
common shares, basic and diluted 20,560,102 24,460,642
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SOURCE Paragon Shipping Inc.
