Ardmore Shipping Corporation
(NYSE:ASC)

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. As of February 15, 2021, the company operated a fleet of 25 double-hulled product and chemical tankers. It serves oil majors, oil companies, oil and chemical traders, chemical companies...

Website: http://ardmoreshipping.com

Founded: 2010

Full Time Employees: 48

Sector: Industrials

Industry: Marine Shipping

Marine Shipping

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Quarterly

Annual

Unit: USD	2025-11-05	2025-09-30	2025-07-30	2025-06-30	2025-05-07	2025-03-31	2025-02-13	2024-12-31	2024-11-30	2024-09-30	2024-07-31	2024-06-30	2024-05-08	2024-03-31	2024-02-15	2023-11-07	2023-09-30	2023-08-01	2023-03-31	2022-05-04	2022-02-15	2021-12-31	2021-11-10	2021-07-27	2021-05-05	2020-03-31	2020-02-10	2019-12-31	2019-11-05	2019-09-30	2019-07-31	2019-06-30	2019-05-01	2019-03-31	2019-02-05	2018-12-31	2018-11-07	2018-09-30	2018-07-31	2018-06-30	2018-05-02	2018-03-31	2018-02-07	2017-12-31	2017-11-01	2017-09-30	2017-08-02	2017-06-30	2017-05-03	2017-03-31	2017-02-07	2016-12-31	2016-11-02	2016-09-30	2016-08-02	2016-03-31	2016-02-03	2015-12-31	2015-10-27	2015-08-04	2015-05-05	2015-02-03	2014-12-31	2014-11-04	2014-07-29	2014-05-13	2014-02-13	2013-12-31

revenue	81,245,000	81,245,000	72,046,000	72,046,000	73,996,000	73,996,000	82,039,000	82,039,000	96,118,000	96,118,000	121,325,000	121,325,000	106,301,000	106,301,000	98,878,000	86,940,000	86,940,000	91,927,000	118,233,000	63,368,000	52,459,069	52,459,069	47,199,860	47,274,052	45,551,320	65,193,515	60,685,029	60,685,029	52,098,723	52,098,723	54,992,101	54,992,101	62,266,387	62,266,387	58,421,019	58,421,019	48,923,231	48,923,231	52,363,407	52,363,407	50,471,524	50,471,524	47,766,635	47,766,635	48,652,951	48,652,951	49,850,796	49,850,796	49,665,010	49,665,010	43,179,031	43,179,031	37,969,400	37,969,400	39,719,211	43,536,296	41,771,399	41,771,399	47,182,310	39,312,613	29,615,937	22,250,566	22,250,566	18,861,206	13,828,598	12,386,264	9,626,591
yoy	9.80%	9.80%	-12.18%	-12.18%	-23.02%	-23.02%	-32.38%	-32.38%	-9.58%	-9.58%	22.70%	39.55%	22.27%	15.64%	-16.37%	37.20%	65.73%	75.24%	150.49%	34.04%	15.16%	-19.53%	-22.22%	-22.10%	-12.57%	25.13%	10.35%	10.35%	-16.33%	-16.33%	-5.87%	-5.87%	27.27%	27.27%	11.57%	11.57%	-3.07%	-3.07%	9.62%	9.62%	3.74%	3.74%	-4.18%	-4.18%	-2.04%	-2.04%	15.45%	15.45%	30.80%	30.80%	8.71%	-0.82%	-9.10%	-9.10%	-15.82%	10.74%	41.04%	87.73%	112.05%	108.43%	114.16%	79.64%	131.14%
qoq	0.00%	12.77%	0.00%	-2.64%	0.00%	-9.80%	0.00%	-14.65%	0.00%	-20.78%	0.00%	14.13%	0.00%	7.51%	13.73%	0.00%	-5.42%	-22.25%	86.58%	20.80%	0.00%	11.14%	-0.16%	3.78%	-30.13%	7.43%	0.00%	16.48%	0.00%	-5.26%	0.00%	-11.68%	0.00%	6.58%	0.00%	19.41%	0.00%	-6.57%	0.00%	3.75%	0.00%	5.66%	0.00%	-1.82%	0.00%	-2.40%	0.00%	0.37%	0.00%	15.02%	0.00%	13.72%	0.00%	-4.41%	-8.77%	4.23%	0.00%	-11.47%	20.02%	32.74%	33.10%	0.00%	17.97%	36.39%	11.64%	28.67%

voyage expenses	-28,465,000	-28,465,000	-25,177,000	-25,177,000	-31,032,000	-31,032,000	-32,769,000	-32,770,000	-34,574,000	-34,574,000	-34,720,000	-34,720,000	-30,548,000	-30,548,000	-33,169,000	-30,640,000	-30,640,000	-31,532,000	-36,563,000	-27,076,000	-24,592,032	-24,592,032	-23,100,685	-20,492,951	-20,392,051	-23,662,392	-22,606,473
vessel operating expenses	-16,425,000	-16,425,000	-15,424,000	-15,424,000	-15,196,000	-15,196,000	-15,141,000	-15,140,000	-13,970,000	-13,970,000	-16,223,000	-16,223,000	-14,920,000	-14,920,000	-15,149,000	-14,427,000	-14,427,000	-15,258,000	-14,937,000	-16,587,000	-15,800,667	-15,742,069	-15,511,136	-15,077,122	-14,503,210	-15,686,154	-15,971,685	-15,971,685	-14,857,895	-14,857,895	-14,878,738	-14,878,738	16,838,288	16,838,288	17,350,485	17,350,485	16,255,279	16,255,279	16,144,409	16,144,409	17,267,459	17,267,459	16,104,102	16,104,102	16,330,356	16,330,356	14,997,565	14,997,565	15,458,378	15,458,378	16,109,571	16,109,571	13,739,022	13,739,022	12,853,717	13,697,669	14,006,468	14,006,468	11,932,106	11,257,628	9,220,308	9,017,198	9,017,198	7,924,360	6,606,327	5,899,991	5,182,150
time charter-in
operating expense component	-2,373,000	-2,373,000	-2,984,000	-2,984,000	-3,039,000	-3,039,000	-3,015,000	-3,016,000	-3,082,000	-3,082,000	-2,895,000	-2,895,000	-2,836,000	-2,836,000	-2,964,000	-2,115,000	-2,115,000	-2,249,000	-2,865,000
vessel lease expense component	-2,183,000	-2,183,000	-2,745,000	-2,745,000	-2,796,000	-2,796,000	-2,775,000	-2,774,000	-2,835,000	-2,835,000	-2,664,000	-2,664,000	-2,609,000	-2,609,000	-2,728,000	-1,946,000	-1,946,000	-2,070,000	-2,636,000
depreciation	-8,755,000	-8,755,000	-7,900,000	-7,900,000	-7,653,000	-7,653,000	-7,830,000	-7,830,000	-7,833,000	-7,833,000	-7,605,000	-7,605,000	-6,975,000	-6,975,000	-7,134,000	-6,928,000	-6,928,000	-6,814,000	-6,942,000	-7,790,000	-8,009,390	-8,009,390	-7,978,252	-7,906,716	-7,808,947	-7,854,959	-8,032,954	-8,032,954	-8,026,856	-8,026,856	-8,032,393	-8,032,393	8,230,492	8,230,492	8,794,828	8,794,828	8,910,486	8,910,486	8,771,091	8,771,091	8,661,475	8,661,475	8,645,709	8,645,709	8,638,739	8,638,739	8,539,890	8,539,890	8,446,753	8,446,753	8,513,101	8,513,101	7,340,499	7,340,499	7,185,808	7,051,829	6,905,001	6,905,001	6,629,516	5,713,901	4,908,604	4,349,854	4,349,854	4,081,901	3,401,368	3,021,762	2,324,144
amortization of deferred drydock expenditures	-1,621,000	-1,621,000	-1,255,000	-1,255,000	-923,000	-923,000	-944,000	-944,000	-997,000	-997,000	-939,000	-939,000	-756,000	-756,000	-908,000	-733,000	-733,000	-895,000	-1,007,000	-1,197,000	-1,284,161	-1,284,161	-1,134,332	-1,267,511	-1,482,522	-1,285,342	-1,359,418
general and administrative expenses																																																			2,835,258	2,810,564	4,024,289	4,024,289	3,629,032	3,613,327	3,112,688	3,112,688	2,792,312	2,727,980	2,115,642	1,890,432	1,890,432	2,091,411	1,907,557	2,289,266	1,954,548
corporate	-5,265,000	-5,265,000	-4,831,000	-4,831,000	-4,950,000	-4,950,000	-6,792,000	-6,791,000	-6,274,000	-6,274,000	-5,307,000	-5,307,000	-5,067,000	-5,067,000	-5,663,000	-5,081,000	-5,081,000	-4,760,000	-5,060,000	-4,468,000	-3,341,437	-3,341,438	-4,293,560	-4,259,967	-4,176,900	-3,985,678	-3,561,327	-3,561,327	-3,897,939	-3,897,939	-3,909,557	-3,909,557	3,583,173	3,583,173	2,527,729	2,527,729	3,432,622	3,432,622	3,729,573	3,729,573	2,936,449	2,936,449	2,494,822	2,494,822	3,244,179	3,244,179	3,201,825	3,201,825	3,038,191	3,038,191
commercial and chartering	-1,089,000	-1,089,000	-1,252,000	-1,252,000	-1,237,000	-1,237,000	-1,304,000	-1,305,000	-1,212,000	-1,212,000	-1,021,000	-1,021,000	-1,063,000	-1,063,000	-1,366,000	-1,087,000	-1,087,000	-1,052,000	-1,171,000	-891,000	-928,386	-928,385	-750,472	-686,922	-759,795	-867,387	-700,846	-700,846	-843,692	-843,692	-593,059	-593,059	1,056,621	1,056,621	639,524	639,524	1,012,236	1,012,236	772,135	772,135	809,993	809,993	607,414	607,414	703,583	703,583	647,328	647,328	661,423
unrealized losses on derivatives								-6,500	-26,000	-26,000
interest expense and finance costs	-1,744,000	-1,744,000	-1,043,000	-1,043,000	-935,000	-935,000	-1,104,000	-1,105,000	-1,103,000	-1,103,000	-2,044,000	-2,044,000	-2,526,000	-2,526,000	-2,722,000	-2,998,000	-2,998,000	-2,825,000	-2,864,000	-4,138,000	-4,300,143	-4,300,143	-4,383,322	-4,311,306	-3,776,427	-5,446,621	-6,651,968	-6,651,968	-6,344,892	-6,344,892	-6,805,234	-6,805,234	-6,957,660	-6,957,660	-8,745,760	-8,745,760	-6,317,760	-6,317,760	-6,640,097	-6,640,097	-5,701,991	-5,701,991	-5,350,638	-5,350,638	-5,425,243	-5,425,243	-5,693,363	-5,693,363	-4,910,921	-4,910,921	-5,459,297	-5,459,297	-3,901,112	-3,901,112	-3,960,098	-4,433,611	-4,337,015	-4,337,015	-3,806,461	-2,529,459	-1,609,769	-1,172,531	-1,172,531	-1,056,730	-1,000,036	-889,986	-460,737
loss on extinguishment of debt	-469,000	-469,000
gain on extinguishment of finance leases
interest income	188,000	188,000	306,000	306,000	108,000	108,000	435,000	435,000	226,000	226,000	612,000	612,000	544,000	544,000	555,000	418,000	418,000	606,000	239,000	10,000	16,097	16,097	9,000	17,397	12,594	144,202	159,979	159,979	235,212	235,212	318,661	318,661	238,338	238,338	194,916	194,916	144,760	144,760	152,224	152,224	114,765	114,765	109,179	109,179	136,198	136,198	100,204	100,204	90,614	90,614	57,204	57,204	66,174	66,174	20,111	21,140	4,883	4,883	4,665	4,389	1,634	3,067	3,067	3,077	8,278	2,022	1,548
gain on vessel sold								3,080,500			12,322,000	12,322,000
income before taxes	13,044,000		9,741,000		6,343,000		11,481,000	31,563,750	24,438,000		62,273,000		39,545,000		27,399,000	21,403,000		25,078,000		-7,204,000	-7,644,296						1,960,337																	-2,153,276	-4,623,105	-4,623,105	-1,837,308	-1,837,308	-2,152,691	-2,152,691
income tax	-137,000	-137,000	-39,000	-39,000	-26,000	-26,000	-13,000	-12,000	-74,000	-74,000	-49,000	-49,000	-79,000	-79,000	-88,000	-50,000	-50,000	-240,000	-57,000	-34,000	-13,587	-13,587	-44,792	-33,373	-57,841	-30,503	-12,092	-12,092	35,246	35,246	-48,300	-48,300	-33,620	-33,620	-25,000	-25,000	-60,197	-60,197	-51,646	-51,646	-26,080	-26,080	-11,728	-11,728	-16,500	-16,500	-16,839	-16,839	-14,500	-14,500	16,816	16,816	-19,250	-19,250	-38,000	-20,000	-36,172	-36,172	-17,102	-14,098	-12,488	-9,641	-9,641	-11,054	-13,505	-12,549	-9,784
gain from equity method investments	-121,000	-121,000	-103,000	-103,000				4,750	-220,000	-220,000
net income	12,786,000	12,786,000	9,599,000	9,599,000	6,253,000	6,253,000	6,935,000	6,935,000	24,144,000	24,144,000	62,692,000	62,692,000	39,237,000	39,237,000	27,006,000	21,203,000	21,203,000	24,507,000		-7,002,000	-7,916,075						1,948,245	-6,202,375.5	-5,712,718	-5,712,718	-9,943,005	-9,943,005	-9,153,779	-9,153,779	-16,963,928	-6,493,768.25	-12,225,321	-12,225,321	-8,577,131	-8,577,131	-5,172,621	-5,172,621		-2,165,235.75	-4,639,605	-4,639,605	-1,854,147	-1,854,147	-2,167,191	-2,167,191																-413,452	-1,692,684
yoy	104.48%	104.48%	38.41%	38.41%	-74.10%	-74.10%	-88.94%	-88.94%	-38.47%	-38.47%	132.14%	195.68%	85.05%	60.11%		-402.81%	-367.85%										-119.59%	-37.62%	-37.59%	-37.59%	-41.39%	53.12%	-25.12%	-25.12%	97.78%	-24.29%	136.35%	136.35%		296.13%	11.49%	11.49%		16.78%	114.08%	114.08%
qoq	0.00%	33.20%	0.00%	53.51%	0.00%	-9.83%	0.00%	-71.28%	0.00%	-61.49%	0.00%	59.78%	0.00%	45.29%	27.37%	0.00%	-13.48%			-11.55%							-131.41%	8.57%	0.00%	-42.55%	0.00%	8.62%	0.00%	-46.04%	161.23%	-46.88%	0.00%	42.53%	0.00%	65.82%	0.00%			-53.33%	0.00%	150.23%	0.00%	-14.44%	0.00%																	-75.57%
net income margin %	15.74%	15.74%	13.32%	13.32%	8.45%	8.45%	8.45%	8.45%	25.12%	25.12%	51.67%	51.67%	36.91%	36.91%	27.31%	24.39%	24.39%	26.66%	0%	-11.05%	-15.09%	0%	0%	0%	0%	0%	3.21%	-10.22%	-10.97%	-10.97%	-18.08%	-18.08%	-14.70%	-14.70%	-29.04%	-11.12%	-24.99%	-24.99%	-16.38%	-16.38%	-10.25%	-10.25%	0%	-4.53%	-9.54%	-9.54%	-3.72%	-3.72%	-4.36%	-4.36%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	-3.34%	-17.58%
preferred dividends	-643,000	-643,000	-636,000	-636,000	-629,000	-629,000	-1,108,000	-1,108,000	-857,000	-857,000	-848,000	-848,000
net income attributable to common stockholders	12,143,000	12,143,000	8,963,000	8,963,000	5,624,000	5,624,000	5,088,000	5,088,000	23,287,000	23,287,000	61,844,000	61,844,000	38,389,000	38,389,000	26,149,000	20,346,000	20,346,000	23,659,000		-7,850,000	-8,553,010
earnings per share, basic	0.3	0.3	0.22	0.22	0.14	0.14	0.12	0.74	0.55	0.55	1.48	1.48	0.93	0.93	0.63	0.49	0.49	0.57
earnings per share, diluted	0.3	0.3	0.22	0.22	0.14	0.14	0.12	0.733	0.55	0.55	1.47	1.47	0.92	0.92	0.63	0.49	0.49	0.57
adjusted earnings	12,612		8,963		5,624		10,250	27,316	23,287		47,589		38,389		26,149	20,346		23,659									2,485,146
adjusted earnings per share, basic	0.31		0.22		0.14		0.25	0.655	0.55		1.14		0.93		0.63	0.49		0.57
adjusted earnings per share, diluted	0.31		0.22		0.14		0.25	0.65	0.55		1.13		0.92		0.63	0.49		0.57
weighted-average number of shares outstanding, basic	40,694,411	40,694,411	40,630,651	40,630,651	40,472,079	40,472,079	41,631,336	41,655,701	42,135,165	42,135,165	41,747,977	41,747,977	41,371,887	41,371,887	41,300,425	41,296,128	41,296,128	41,192,894	40,722,735	34,429,106	34,363,884		34,363,884	33,500,030	33,286,809	33,196,917
weighted-average number of shares outstanding, diluted	40,712,341	40,712,341	40,689,775	40,689,775	40,620,908	40,620,908	41,762,430	42,041,821	42,362,193	42,362,193	42,010,724	42,010,724	41,916,276	41,916,276	41,811,455	41,754,259	41,754,259	41,706,251	41,679,650	34,429,106	34,363,884		34,363,884	33,500,030	33,286,809	33,317,114
net income before taxes		13,044,000		9,741,000		6,343,000				24,438,000		62,273,000		39,545,000			21,403,000
loss from equity method investments					-64,000	-64,000	-4,533,000
unrealized gains on derivatives							681,000													604,000					101,572
extinguishment of preferred stock							-739,000
gain on extinguishment											1,432,000	1,432,000
gain / (loss) from equity method investments											468,000	468,000
income from equity method investments													-229,000	-229,000	-305,000						-258,192
preferred dividend													-848,000	-848,000	-857,000	-857,000	-857,000	-848,000	-838,000	-848,000	-636,935	-636,935	-535,616	-81,507
unrealized (losses) / gains on derivatives															-231,000				-31,000			13,663.75	-25,394	-21,523
loss on extinguishment
loss on vessels sold
unrealized gains / (losses) on derivatives																					221,613
(loss) / profit from equity method investments																-150,000	-150,000	-331,000	-249,000
net income / (loss) before taxes																			44,396,000
net income /																			44,090,000							6,518,681
net income / (loss) attributable to common stockholders																			43,252,000
earnings / (loss) per share, basic																			1.06							0.2
earnings / (loss) per share, diluted																			1.04							0.2
charter hire costs																				-2,122,000	-2,084,859	-2,084,859	-2,281,452	-1,359,626	-1,204,256
loss on vessels held for sale																				-6,917,000
profit from equity method investments																				236,000
loss per share, basic and diluted																				-0.23	-0.25									-0.17		-0.3				-0.198	-0.37	-0.37	-0.26	-0.26		-0.16																								-0.021	-0.09
adjusted (loss) / earnings																				-933	-8,553,010	-7,254,877	-12,804,759	-7,551,867	-8,581,375
adjusted (loss) / earnings per share, basic																				-0.03	-0.25	-0.215	-0.37	-0.23	-0.26
adjusted (loss) / earnings per share, diluted																				-0.03	-0.25	-0.215	-0.37	-0.23	-0.26
loss on vessel held for sale																																			-6,360,813
loss on sale of vessels																															-6,592,429	-6,592,429
(loss) / income before taxes																						-7,195,140.5	-12,249,745	-8,092,195	-8,438,622
net (loss) / income																						-7,229,142	-12,294,537	-8,125,568	-8,496,463
net (loss) / income attributable to common stockholders																						-7,383,422.75	-12,830,153	-8,207,075
(loss) / earnings per share, basic																						-0.22	-0.37	-0.24	-0.26
(loss) / earnings per share, diluted																						-0.22	-0.37	-0.24	-0.26
loss on sale of vessel																																	-6,569,763	-6,569,763
income / (loss) before taxes																										6,549,184
earnings per share, basic and diluted																											0.06																	-0.065	-0.14	-0.14	-0.06	-0.06	-0.06	-0.06		0.065	-0.14	-0.14	0.2	0.26	0.21	0.256	0.522	0.304	0.2	0.07	0.078	0.004
adjusted earnings per share																											0.08
weighted-average number of shares outstanding																											33,097,831
commissions and voyage expenses																												-18,362,479.5	-22,920,617	-22,920,617	-23,279,177	-23,279,177	27,250,124	27,250,124
amortization of deferred drydock expenditure																												-860,912.75	-1,190,008	-1,190,008	-1,114,880	-1,114,880	1,138,763	1,138,763	1,042,200	1,042,200	943,926	943,926	818,506	818,506	832,644	832,644	952,818	952,818	771,037	771,037			613,193							593,851	503,175
loss before taxes																												1,960,337	-5,747,964	-5,747,964	-9,894,705	-9,894,705	-9,120,159	-9,120,159	-16,938,928	-6,459,287.5	-12,165,124	-12,165,124	-8,525,485	-8,525,485	-5,146,541	-5,146,541																								-400,903	-1,682,900
net income per share																												0.06	-0.17		-0.3		-0.28	-0.28	-0.51
results from continuing operations
net income from continuing operations																												-2,911,827.5	-5,712,718		-3,350,576		-2,584,016		-8,750,557
weighted-average number of shares outstanding, basic and diluted																						33,882,932							33,097,831	33,097,831	33,097,831	33,097,831	33,097,831	33,097,831	33,097,831		33,097,831	33,097,831	32,703,717	32,703,717	32,445,415	32,445,415	33,045,043		33,575,610	33,575,610	33,575,610	33,575,610	33,575,610	33,575,610	33,575,611		33,518,013	33,518,013	27,339,539	26,059,879	26,159,808		26,079,260	26,014,629	25,980,600	26,047,244
net loss from continuing operations is a non-gaap measure and is defined and reconciled under the "non-gaap measures" section.
operating expenses
total operating expenses																																	58,097,461	58,097,461	60,448,290	60,448,290	54,915,355	54,915,355	54,401,019	54,401,019	50,030,839	50,030,839	46,342,840	46,342,840	47,987,011	47,987,011	46,094,945	46,094,945	46,997,394	46,997,394	41,481,528	41,456,834	35,886,721	35,886,721	30,697,057	32,364,323	32,037,545	32,037,545	29,761,433	28,853,292	22,928,031	19,209,578	19,209,578	17,679,201	12,728,590	11,899,203	10,850,302
profit from operations																																	4,168,926	4,168,926	-2,027,271	-2,027,271	-5,992,124	-5,992,124	-2,037,612	-2,037,612	440,685	440,685	1,423,795								1,697,503	1,722,197	2,082,679	2,082,679	9,022,154	11,171,973	9,733,854	9,733,854	17,420,877	10,459,321	6,687,906	3,040,988	3,040,988	1,182,005	1,100,008	487,061
commissions and voyage related costs																																			30,093,524	30,093,524	24,360,806	24,360,806	24,165,305	24,165,305	19,522,819	19,522,819	17,537,975	17,537,975	18,299,117	18,299,117	18,121,354	18,121,354	18,779,456	18,779,456	13,358,580	13,358,580	10,011,629	10,011,629	6,343,542	7,407,647	7,510,213	7,510,213	7,959,724	8,546,389	6,120,847	3,388,081	3,388,081	3,070,280	299,085	246,599	1,023,940
earnings per share from continuing operations is a non-gaap measure and is defined and reconciled under the "non-gaap measures" section below.
loss per share basic and diluted																																									-0.16
loss per share from continuing operations																																									-0.16
loss on disposal of vessels
profit before taxes																																											-3,817,664								-3,704,590	-3,704,590	-4,780,675	-4,780,675	5,534,129	6,759,502	5,401,722	5,401,722	13,619,081	7,934,251	5,079,771	1,871,524	1,871,524	128,352	108,250
net profit																																											-3,829,392								-3,687,774	-3,687,774	-4,799,925	-4,799,925	5,496,129	6,739,502	5,365,550	5,365,550	13,601,979	7,920,153	5,067,283	1,861,883	1,861,883	117,298	94,745
earnings per share basic and diluted																																											-0.12								-0.11
earnings per share from continuing operations																																											-0.12	-0.065	-0.14		-0.06				-0.11	0.088	-0.05
operating income																																												1,772,351.75	665,940	665,940	3,755,851	3,755,851	2,667,616	2,667,616
yoy																																												-52.81%	-75.04%	-75.04%
qoq																																												166.14%	0.00%	-82.27%	0.00%	40.79%	0.00%
operating margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	3.71%	1.37%	1.37%	7.53%	7.53%	5.37%	5.37%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
gain on disposal of vessels																																																				112,990.5			451,962
loss on asset held for sale																																																				-757,104	-3,028,416	-3,028,416
amortization of deferred dry dock expenditure																																															586,983	586,983		613,193	665,018	665,018	771,282	771,282	684,958			503,175	447,775	607,394	562,630	564,013	366,771.75	511,249	514,253	441,585	365,520
chartering and commercial																																																		661,423
weighted-average number of shares, basic and diluted																																																																26,100,000	26,100,000	19,858,333	18,050,000
earnings/loss per share, basic and diluted																																																																	0.004
income from operations																																																																			-1,223,711
proforma loss per share, basic and diluted																																																																			-0.09
proforma number of shares, basic and diluted																																																																			18,050,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-11-05	2025-09-30	2025-07-30	2025-06-30	2025-05-07	2025-03-31	2025-02-13	2024-12-31	2024-11-30	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-11-07	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2020-02-10	2019-12-31	2019-11-05	2019-09-30	2019-07-31	2019-06-30	2019-05-01	2019-03-31	2019-02-05	2018-12-31	2018-11-07	2018-09-30	2018-07-31	2018-06-30	2018-05-02	2018-03-31	2018-02-07	2017-12-31	2017-11-01	2017-09-30	2017-08-02	2017-06-30	2017-05-03	2017-03-31	2017-02-07	2016-12-31	2016-11-02	2016-09-30	2016-08-02	2016-03-31	2016-02-03	2015-12-31	2015-10-27	2015-08-04	2015-05-05	2015-02-03	2014-12-31	2014-11-04	2014-07-29	2014-05-13	2014-02-13	2013-12-31	2013-11-30	2013-08-31

assets
current assets
cash and cash equivalents	47,057,000	47,057,000	49,479,000	49,479,000	47,447,000	47,447,000	46,988,000	46,988,000	47,574,000	47,574,000	47,396,000	48,624,000	46,805,000	50,760,000	50,760,000	50,974,000	52,553,000	50,569,000	50,622,000	45,385,000	53,246,000	55,448,895	54,476,651	55,421,015	50,196,352	58,365,330	58,217,162	72,913,274	64,468,662	51,723,107	51,723,107	46,213,758	46,213,758	54,842,012	54,842,012	52,288,378	52,288,378	56,903,038	56,903,038	33,271,166	33,271,166	47,890,533	47,890,533	35,283,796	35,283,796	39,457,407	39,457,407	45,814,043	45,814,043	54,814,325	54,814,325	45,239,647	45,239,647	55,952,873	55,952,873	52,970,481	52,970,481	103,129,226	47,470,436	40,109,382	40,109,382	43,306,191	41,888,184	22,083,834	59,879,596	59,879,596	65,997,724	65,986,688	128,117,346	56,860,845	56,860,845	76,977,519	9,855,950
accounts receivable	53,570,000	53,570,000	52,790,000	52,790,000	47,741,000	47,741,000	60,871,000	60,871,000	65,079,000	65,079,000	75,168,000	60,343,000	56,234,000	50,793,000	50,793,000	63,060,000	68,936,000	79,843,000	65,474,000	51,921,000	27,623,000	20,303,507	18,523,409	16,633,765	19,491,198	17,808,496	19,725,099	33,247,982	27,705,982		30,083,358
prepaid expenses and other assets	3,175,000	3,175,000	4,775,000	4,775,000	5,056,000	5,056,000	4,298,000	4,298,000	3,901,000	3,901,000	4,576,000	5,345,000	4,348,000	5,062,000	5,062,000	4,450,000	4,860,000	4,521,000	4,321,000	4,224,000	3,814,000	3,511,349	3,161,888	3,618,459	3,763,000	3,683,910	1,616,216	1,655,611	2,068,890		1,940,030
advances and deposits	2,368,000	2,368,000	3,086,000	3,086,000	3,545,000	3,545,000	3,084,000	3,084,000	4,635,000	4,635,000	2,029,000	3,055,000	6,833,000	1,802,000	1,802,000	2,145,000	1,532,000	2,160,000	2,463,000	11,547,000	2,765,000	3,550,942	3,779,031	4,247,135	3,350,581	2,516,646	2,881,774	4,757,881	4,083,461	4,114,065	4,114,065	3,045,292	3,045,292	2,813,756	2,813,756	2,857,280	2,857,280	2,132,804	2,132,804	1,970,983	1,970,983	2,568,906	2,568,906	2,377,886	2,377,886	3,015,807	3,015,807	5,019,298	5,019,298	4,546,043	4,546,043	4,071,948	4,071,948	3,136,362	3,136,362	6,482,360	6,482,360	5,189,134	5,006,659	3,511,872	3,511,872	2,578,489	4,427,949	3,321,892	2,509,433	3,052,992	1,926,274	1,653,322	1,316,909	1,894,317	1,894,317	669,370	987,595
inventories	10,005,000	10,005,000	9,997,000	9,997,000	11,190,000	11,190,000	11,308,000	11,308,000	11,574,000	11,574,000	13,208,000	11,934,000	12,558,000	14,895,000	14,895,000	14,219,000	14,537,000	15,718,000	19,178,000	18,638,000	15,084,000	11,095,318	10,267,752	9,457,085	9,055,373	10,274,062	8,921,239	6,571,304	10,696,789	10,158,735	10,158,735	9,027,903	9,027,903	9,748,034	9,748,034	11,264,168	11,264,168	12,812,039	12,812,039	14,773,932	14,773,932	12,488,040	12,488,040	10,918,449	10,918,449	9,632,246	9,632,246	9,150,686	9,150,686	7,680,806	7,680,806	7,970,981	7,970,981	7,339,252	7,339,252	6,588,014	6,588,014	4,751,848	4,300,202	3,969,483	3,969,483	4,128,318	4,228,606	3,817,631	2,486,340	2,486,340	2,855,781	1,680,412	1,161,805	1,131,466	1,131,466	1,221,991	977,694
total current assets	116,175,000	116,175,000	120,127,000	120,127,000	114,979,000	114,979,000	126,549,000	126,549,000	132,763,000	132,763,000	142,377,000	143,884,000	126,778,000	123,312,000	123,312,000	135,049,000	144,931,000	157,738,000	148,635,000	164,426,000	145,512,000	94,216,923	90,208,731	89,377,459	85,856,504	102,543,444	91,361,490	119,146,052	109,023,784	98,019,295	98,019,295	84,327,828	84,327,828	93,159,302	93,159,302	96,304,728	96,304,728	109,468,901	109,468,901	80,282,801	80,282,801	92,272,049	92,272,049	81,778,820	81,778,820	83,883,138	83,883,138	93,232,526	93,232,526	99,552,971	99,552,971	88,608,313	88,608,313	93,762,908	93,762,908	106,898,898	106,898,898	136,911,560	118,736,320	115,405,350	115,405,350	76,571,199	69,974,860	44,912,220	72,225,054	72,225,054	76,763,317	72,214,181	132,696,244	61,957,978	61,957,978	81,589,627	14,206,176

non-current assets
investments and other assets	5,038,000	5,038,000	5,028,000	5,028,000	5,164,000	5,164,000	5,236,000		9,690,000	9,690,000	9,950,000	11,145,000	11,186,000	11,574,000	11,574,000	11,484,000	11,699,000	11,219,000	11,444,000	11,481,000	11,434,000		11,009,518	10,906,384
vessels and vessel equipment	643,122,000	643,122,000	542,486,000	542,486,000	540,317,000	540,317,000	545,594,000		550,416,000	550,416,000	557,592,000	511,352,000	524,044,000	522,655,000	522,655,000	520,751,000	526,865,000	531,378,000	538,324,000	544,653,000	552,120,000		610,733,088	616,921,427	624,272,826		655,212,341	645,937,320	653,611,582	660,823,330		666,588,995	666,588,995	674,153,681	674,153,681	697,751,341	697,751,341	721,492,473		743,906,747	743,906,747	751,438,413	751,438,413	760,121,779	760,121,779	751,816,840		760,280,172	760,280,172	768,761,159	768,761,159	777,204,873	777,204,873	785,461,415		765,434,782	765,434,782		651,917,546	658,628,933		632,478,674	570,254,669	503,328,000	371,618,023		375,386,398	341,157,064	298,783,941	201,700,229		199,459,297	201,614,852
deferred drydock expenditures	26,406,000	26,406,000	22,921,000	22,921,000	17,048,000	17,048,000	14,252,000		14,512,000	14,512,000	15,130,000	13,580,000	12,022,000	8,290,000	8,290,000	4,650,000	5,049,000	4,716,000	4,093,000	4,627,000	5,345,000		10,089,582	8,449,824	9,057,693		7,346,125	8,773,038	10,172,068	7,668,711
advances for vessel equipment	1,958,000	1,958,000
deferred finance fees	5,144,000	5,144,000	2,205,000	2,205,000	2,477,000	2,477,000	2,746,000	2,746,000	3,003,000	3,003,000	3,280,000	3,554,000	2,835,000	3,054,000	3,054,000	3,273,000	2,568,000	2,717,000	2,796,000
operating lease, right-of-use asset	1,969,000	1,969,000	3,477,000	3,477,000	3,631,000	3,631,000	5,577,000		7,589,000	7,589,000	9,514,000	5,921,000	4,499,000	6,320,000	6,320,000	7,914,000	9,100,000	10,561,000	12,302,000	5,229,000	1,382,000	1,231,877	1,348,032	1,471,226	1,596,063	1,662,510	1,781,514				1,745,464
total non-current assets	683,637,000	683,637,000	583,692,000	583,692,000	575,440,000	575,440,000	578,250,000	578,250,000	590,050,000	590,050,000	599,653,000	560,250,000	564,173,000	563,088,000	563,088,000	561,100,000	563,453,000	566,121,000	571,467,000	568,617,000	576,246,000	630,313,991	638,348,253	643,602,444	641,246,366	649,464,411	670,642,280	661,012,209	669,746,730	674,419,135	674,419,135	682,348,532	682,348,532	690,097,843	690,097,843	713,542,139	713,542,139	735,290,900	735,290,900	757,039,511	757,039,511	762,638,090	762,638,090	770,669,357	770,669,357	761,656,851	761,656,851	768,478,090	768,478,090	776,191,237	776,191,237	781,234,447	781,234,447	789,879,815	789,879,815	773,037,600	773,037,600	667,799,608	656,768,496	662,792,258	662,792,258	674,231,471	635,721,724	588,760,238	498,615,819	498,615,819	480,585,745	425,888,015	374,174,718	296,007,655	296,007,655	282,284,138	224,752,941
total assets	799,812,000	799,812,000	703,819,000	703,819,000	690,419,000	690,419,000	704,799,000	704,799,000	722,813,000	722,813,000	742,030,000	704,134,000	690,951,000	686,400,000	686,400,000	696,149,000	708,384,000	723,859,000	720,102,000	733,043,000	721,758,000	724,530,914	728,556,984	732,979,903	727,102,870	752,007,855	762,003,770	780,158,261	778,770,514	772,438,430	772,438,430	766,676,360	766,676,360	783,257,145	783,257,145	809,846,867	809,846,867	844,759,801	844,759,801	837,322,312	837,322,312	854,910,139	854,910,139	852,448,177	852,448,177	845,539,989	845,539,989	861,710,616	861,710,616	875,744,208	875,744,208	869,842,760	869,842,760	883,642,723	883,642,723	879,936,498	879,936,498	804,711,168	775,504,816	778,197,608	778,197,608	750,802,670	705,696,584	633,672,458	570,840,873	570,840,873	557,349,062	498,102,196	506,870,962	357,965,633	357,965,633	363,873,765	238,959,117
liabilities, redeemable preferred stock and equity
current liabilities
accounts payable	5,223,000	5,223,000	8,659,000	8,659,000	9,734,000	9,734,000	6,070,000	6,070,000	7,251,000	7,251,000	13,402,000	6,212,000	2,016,000	7,258,000	7,258,000	6,456,000	3,320,000	8,814,000	7,140,000	6,390,000	6,209,000	8,577,567	7,929,529	6,017,704	8,344,968	9,125,321	4,159,441	3,373,587	6,679,219	4,403,486	4,789,935
accrued expenses and other liabilities	19,477,000	19,477,000	17,686,000	17,686,000	17,767,000	17,767,000	18,313,000	18,313,000	17,763,000	17,763,000	18,745,000	17,751,000	18,265,000	19,175,000	19,175,000	15,721,000	17,426,000	20,890,000	14,007,000	13,844,000	10,771,000	10,741,500	12,378,288	10,245,268	11,021,020	11,233,767	9,556,645				16,278,084
deferred revenue	655,000	655,000	2,532,000	2,532,000	197,000	197,000	482,000	482,000	2,792,000	2,792,000		1,385,000	347,000	1,611,000	1,611,000		480,000	1,220,000	707,000	1,455,000	860,000	2,069,750	1,364,185
current portion of operating lease obligations	669,000	669,000	2,059,000	2,059,000	3,162,000	3,162,000	4,965,000	4,965,000	6,860,000	6,860,000	7,887,000	4,399,000	3,807,000	5,554,000	5,554,000	6,975,000	6,630,000	6,358,000	6,331,000	2,293,000	471,000	273,141	332,868	379,946	462,969	463,559	464,918	430,272	402,619	289,231	289,231	342,504	342,504	416,278	416,278	452,617	452,617	477,147	477,147	464,167	464,167	502,674	502,674	467,396	467,396
total current liabilities	26,024,000	26,024,000	30,936,000	30,936,000	30,860,000	30,860,000	29,830,000	29,830,000	37,183,000	37,183,000	40,680,000	73,749,000	33,839,000	42,580,000	42,580,000	38,614,000	43,817,000	52,929,000	125,838,000	64,857,000	78,407,000	58,499,717	58,917,409	58,109,002	57,482,315	62,899,987	54,911,754	52,006,271	70,113,637	60,428,926	60,428,926	56,340,049	56,340,049	58,426,036	58,426,036	61,929,180	61,929,180	75,537,757	75,537,757	69,436,963	69,436,963	64,975,965	64,975,965	62,542,566	62,542,566	58,257,654	58,257,654	59,548,275	59,548,275	59,900,860	59,900,860	57,898,697	57,898,697	59,015,676	59,015,676	64,382,902	64,382,902	47,400,642	75,827,414	69,858,426	69,358,426	47,096,234	42,645,201	36,937,997	31,210,092	31,210,092	29,297,026	22,434,560	25,749,401	17,047,193	17,047,193	17,589,843	17,861,482
non-current liabilities
non-current portion of long-term debt	116,143,000	116,143,000	25,000,000	25,000,000	20,459,000	20,459,000	38,796,000	38,796,000	20,000,000	20,000,000	44,176,000	23,113,000	39,590,000	46,043,000	46,043,000	72,348,000	86,663,000	115,869,000	90,204,000	118,282,000	139,986,000	129,998,205	136,470,315	128,028,820	181,242,075	188,054,568	182,016,454	192,387,568	182,627,341	187,066,842	187,066,842	183,478,657	183,478,657	188,274,119	188,274,119	197,442,751	197,442,751	205,519,705	205,519,705	317,313,028	317,313,028	324,925,348	324,925,348	357,591,076	357,591,076	367,352,022	367,352,022	366,391,923	366,391,923	374,662,161	374,662,161	400,948,674	400,948,674	411,385,626	411,385,626	407,756,525	407,756,525	341,984,589	350,850,570	360,727,904	361,227,904	329,294,554	300,339,372	240,059,272	185,333,340	185,333,340	171,657,072	116,690,000	119,669,000	79,760,000	79,760,000	82,035,000	84,310,000
non-current portion of operating lease obligations	1,424,000	1,424,000	1,577,000	1,577,000	368,000	368,000	476,000	476,000	635,000	635,000	1,462,000	1,332,000	510,000	544,000	544,000	710,000	2,242,000	3,969,000	5,663,000	2,665,000	684,000	722,085	790,420	882,456	914,065	1,034,218	1,082,423	1,135,330	1,189,607	1,182,522	1,182,522	1,196,394	1,196,394	1,302,900	1,302,900	1,362,066	1,362,066	1,491,507	1,491,507	1,625,696	1,625,696	1,859,286	1,859,286	1,886,595	1,886,595
other non-current liabilities	273,000	273,000	273,000	273,000	273,000	273,000	273,000	273,000	954,000	954,000	954,000	954,000	954,000	1,007,000	1,007,000	1,007,000	1,007,000	1,007,000	943,000	943,000	943,000	942,508
total non-current liabilities	117,840,000	117,840,000	26,850,000	26,850,000	21,100,000	21,100,000	39,545,000	39,545,000	21,589,000	21,589,000	46,592,000	25,399,000	82,668,000	89,735,000	89,735,000	116,719,000	133,154,000	164,488,000	140,936,000	295,004,000	318,629,000	337,033,644	348,075,873	341,146,725	356,675,121	368,772,922	367,494,322	382,796,042	376,987,742	385,953,736	385,953,736	386,914,928	386,914,928	396,336,333	396,336,333	410,045,481	410,045,481	422,638,110	422,638,110	404,343,803	404,343,803	414,646,728	414,646,728	411,841,055	411,841,055	406,308,575	406,308,575	406,210,700	406,210,700	415,366,364	415,366,364	409,727,193	409,727,193	420,357,248	420,357,248	407,756,525	407,756,525	341,984,589	350,850,570	360,727,904	361,227,904	355,024,195	326,540,605	266,712,807	212,430,688	212,430,688	199,200,277	144,670,759	148,068,662	108,560,329	108,560,329	111,249,224	113,930,913
total liabilities	143,864,000	143,864,000	57,786,000	57,786,000	51,960,000	51,960,000	69,375,000	69,375,000	58,772,000	58,772,000	87,272,000	99,148,000	116,507,000	132,315,000	132,315,000	155,333,000	176,971,000	217,417,000	266,774,000	359,861,000	397,036,000	395,533,361	406,993,282	399,255,727
redeemable preferred stock
cumulative series a 8.5% redeemable preferred stock	27,782,000	27,782,000	27,782,000	27,782,000	27,782,000	27,782,000	27,782,000	27,782,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,138	23,041,348
total redeemable preferred stock	27,782,000	27,782,000	27,782,000	27,782,000	27,782,000	27,782,000	27,782,000	27,782,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,000	37,043,138
stockholders’ equity
common stock	443,000	443,000	443,000	443,000	442,000	442,000	440,000	440,000	440,000	440,000	439,000	436,000	433,000	433,000	433,000	433,000	430,000	426,000	425,000	391,000	366,000	363,839	363,839	363,839	353,554	352,067	352,067	352,067	351,469		350,192
additional paid in capital	477,718,000	477,718,000	477,098,000	477,098,000	476,458,000	476,458,000	475,812,000	475,812,000	474,805,000	474,805,000	472,910,000	472,040,000	471,216,000	470,400,000	470,400,000	469,583,000	468,730,000	468,006,000	467,372,000	445,051,000	426,671,000	426,102,179	425,312,334	424,629,576	418,698,007	418,180,983	417,617,733	416,811,014	415,934,903	416,841,494	416,841,494	416,155,354	416,155,354	415,516,029	415,516,029	414,950,454	414,950,454	414,508,403	414,508,403	414,083,265	414,083,265	413,603,844	413,603,844	405,373,275	405,373,275	405,549,986	405,549,985	405,622,042	405,622,042	405,507,780	405,507,780	405,393,519	405,393,519	405,279,257	405,279,257	405,118,751	405,118,751	404,169,028	339,099,530	338,226,370	338,226,370	335,764,826	335,404,721	336,836,409	339,082,131	339,082,131	341,317,134	343,579,550	345,730,317	244,702,577	244,702,577	245,686,480	117,078,877
treasury stock	-33,524,000	-33,524,000	-33,524,000	-33,524,000	-33,524,000	-33,524,000	-33,524,000	-33,524,000	-15,636,000	-15,636,000	-15,636,000	-15,636,000	-15,636,000	-15,636,000	-15,636,000	-15,636,000	-15,636,000	-15,636,000	-15,636,000	-15,636,000	-15,636,000	-15,635,765	-15,635,765	-15,635,765	-15,635,765	-15,635,765	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-15,348,909	-12,908,782	-12,908,782	-15,348,909	-15,348,909	-4,272,477	-4,272,477	-4,272,477	-4,272,477	-4,272,477	-4,272,477	-4,272,477	-4,272,477	-4,272,477	-4,272,477	-4,272,477	-4,272,477	-1,278,546	-1,278,546	-1,278,546	-1,278,546	-1,278,546	-1,278,546	-1,278,546
retained earnings	183,529,000	183,529,000	174,234,000	174,234,000	167,301,000	167,301,000	164,914,000	164,914,000	167,389,000	167,389,000	160,002,000	111,103,000	81,388,000	61,845,000	61,845,000	49,347,000	40,101,000
total stockholders’ equity	628,166,000	628,166,000	618,251,000	618,251,000	610,677,000	610,677,000	607,642,000		626,998,000	626,998,000	617,715,000	567,943,000																			326,055,768
total redeemable preferred stock and stockholders’ equity	655,948,000	655,948,000	646,033,000	646,033,000	638,459,000	638,459,000	635,424,000	635,424,000	664,041,000	664,041,000	654,758,000	604,986,000	574,444,000		554,085,000		531,413,000			373,182,000		328,997,553
total liabilities, redeemable preferred stock and equity	799,812,000	799,812,000	703,819,000	703,819,000	690,419,000	690,419,000	704,799,000	704,799,000	722,813,000	722,813,000	742,030,000	704,134,000	690,951,000	686,400,000	686,400,000	696,149,000	708,384,000	723,859,000	720,102,000	733,043,000	721,758,000	724,530,914	728,556,984
advances for ballast water treatment and scrubber systems			3,738,000	3,738,000	6,803,000	6,803,000	4,845,000	4,845,000	4,840,000	4,840,000	4,187,000	6,293,000	9,587,000	11,195,000	11,195,000	13,028,000	8,172,000	5,530,000
deposit for vessel acquisition			3,837,000	3,837,000								8,405,000																																		1,635,000	1,635,000									2,775,000	2,775,000	17,250,000
accrued interest on debt and finance leases											646,000	847,000	939,000	562,000	562,000	937,000	930,000	863,000	1,133,000	828,000	684,000	650,742	708,130	714,189	771,246	769,304	815,152	685,316	775,949	880,183	880,183	1,704,759	1,704,759	1,957,778	1,957,778	1,749,355	1,749,355
current portion of long-term debt									2,517,000	2,517,000			6,436,000	6,434,000	6,434,000	6,579,000	13,216,000	12,927,000	12,667,000	15,138,000	15,111,000	15,103,186	15,076,992	15,050,339	17,880,056	22,456,396	21,280,022	17,695,140	32,638,262	20,216,171	20,216,171	19,797,647	19,797,647	19,771,824	19,771,824	21,309,147	21,309,147	22,834,543	22,834,543	34,022,095	34,022,095	33,978,351	33,978,351	36,704,238	36,704,238	37,071,548	37,071,548	36,487,931	36,487,931	37,873,307	37,873,307	41,575,142	41,575,142	41,827,480	41,827,480	49,521,393	49,521,393	35,099,656	35,125,804	27,514,500	27,014,500	32,251,764	26,592,598	23,650,264	19,394,928	19,394,928	18,094,928	11,916,000	11,916,000	9,100,000	9,100,000	9,100,000	9,100,000
current portion of finance lease obligations												43,155,000	2,029,000	1,986,000	1,986,000	1,946,000	1,815,000	1,857,000	83,853,000	24,909,000	44,301,000	21,083,831	20,724,948	24,344,250	18,651,825	18,454,222	18,311,346	18,189,498	18,069,882	17,975,322	17,975,322	17,858,905	17,858,905	17,743,185	17,743,185	17,629,399	17,629,399	25,849,200	25,849,200	8,254,968	8,254,968	7,924,248	7,924,248	4,841,321	4,841,321
non-current portion of finance lease obligations													41,614,000	42,141,000	42,141,000	42,654,000	43,242,000	43,643,000	44,126,000	173,114,000	177,016,000	205,370,846	210,815,138	212,235,449	174,518,981	179,250,162	183,928,543	188,569,828	193,170,794	197,704,372	197,704,372	202,239,877	202,239,877	206,759,314	206,759,314	211,240,664	211,240,664	215,626,898	215,626,898	85,405,079	85,405,079	87,862,094	87,862,094	52,363,384	52,363,384
investments and other assets, net of accumulated depreciation of 2.5 million								5,236,000
vessels and vessel equipment, net of accumulated depreciation of 264.4 million								545,594,000
deferred drydock expenditures, net of accumulated amortization of 25.8 million								14,252,000
operating lease, right-of-use assets								5,577,000
liabilities and equity
commitments and contingencies
stockholders' equity
total stockholders' equity								607,642,000					537,401,000	517,042,000	517,042,000	503,773,000	494,370,000	469,399,000	416,285,000	336,139,000	287,679,000	291,954,415	298,522,354	310,676,885	312,945,434	320,334,946	339,597,694	345,355,948	331,669,135
vessel held for sale												14,583,000								26,938,000	39,912,000					9,895,000												8,083,405	8,083,405
current portion of derivative assets																201,000	2,513,000	4,927,000	6,577,000	5,773,000	3,068,000	306,912
accumulated other comprehensive income																46,000	745,000	1,468,000	2,069,000	5,253,000	4,048,000
total redeemable preferred stock and stockholders' equity														554,085,000		540,816,000		506,442,000	453,328,000		324,722,000
amount receivable in respect of finance leases																					2,880,000	2,880,000	2,880,000	2,880,000	2,880,000	2,880,000	2,880,000	2,880,000	2,880,000	2,880,000	2,880,000
non-current portion of derivative assets																				561,000	1,833,000	981,835	255,139	246,830	219,336
retained earnings /																		15,135,000
advances for ballast water treatment systems																			2,508,000	2,066,000	1,252,000	2,032,894	2,032,894	2,726,753	2,591,300	2,568,874	2,633,234
accumulated deficit																			-37,945,000	-98,920,000	-127,770,000	-119,919,905	-111,366,895	-98,536,742	-90,329,667	-81,833,204	-62,317,802	-55,684,805	-69,268,328	-75,787,009	-75,787,009	-77,735,254	-77,735,254	-72,022,536	-72,022,536	-62,079,531	-62,079,531	-52,925,752	-52,925,752	-35,543,002	-35,543,002	-23,317,681	-23,317,681	-14,740,550	-14,740,550																			-5,797,209	-10,864,492	-10,864,492	-12,726,375	-12,843,673	-12,938,418	-12,524,966	-12,524,966	-10,832,282	-9,912,255
investments and other assets, net of accumulated depreciation of 1.9 million																						11,081,579
vessels and vessel equipment, net of accumulated depreciation of 201.7 million																						603,227,228
deferred drydock expenditures, net of accumulated amortization of 18.4 million																						8,878,578
current portion of derivative liabilities																							402,469	381,336	350,231	397,418	324,230	169,473
non-current portion of derivative liabilities																										433,974	466,902	703,316
accumulated other comprehensive income /																						1,044,067
preferred stock
total preferred stock																							23,041,348	23,047,291
accumulated other comprehensive loss																							-151,159	-144,023	-140,695	-729,135	-705,395	-773,419
total stockholders' equity and preferred stock																							321,563,702	333,724,176
charter revenue received in advance																								975,970																														507,780	507,780	1,609,367	1,609,367	2,135,525	2,569,505	1,192,317	1,192,317	1,861,504	2,586,109	495,229	1,542,863	1,542,863	1,325,101	796,583	2,208,877	1,806,600	1,806,600	874,175	1,241,426
cumulative series a 8.5% cumulative preferred redeemable preferred stock																								23,047,291
total liabilities and equity																								732,979,903						772,438,430		766,676,360	766,676,360	783,257,145	783,257,145	809,846,867	809,846,867	844,759,801	844,759,801	837,322,312	837,322,312	854,910,139	854,910,139	852,448,177	852,448,177	845,539,989	845,539,989	861,710,616	861,710,616	875,744,208	875,744,208	869,842,760	869,842,760	883,642,723	883,642,723	879,963,498	879,963,498	804,711,168	775,504,816	778,197,608	778,197,608	750,802,670	705,696,584	633,672,458	570,840,873	570,840,873	557,349,062	498,102,196	506,870,962	357,965,633	357,965,633	363,873,765	238,959,117
other non-current assets																									629,148		789,066	812,447	841,054	917,222		3,503,628	3,503,628	3,553,101	3,553,101	3,537,367	3,537,367	3,549,511		3,593,680	3,593,680	3,611,822	3,611,822	3,658,006	3,658,006	3,640,311		3,610,085	3,610,085	3,586,484	3,586,484	676,986	676,986	697,546		635,588	635,588		592,014	432,951		388,380	164,195	174,306	156,311		168,243	162,779	170,660	158,308		164,854	589,555
total liabilities and stockholders' equity																									727,102,870	752,007,855	762,003,770	780,158,261	778,770,514
vessels and vessel equipment, net of accumulated depreciation of 170.2 million																										631,458,305
deferred drydock expenditures, net of accumulated amortization of 13.3 million																										10,216,090
other non-current assets, net of accumulated depreciation of 1.7 million																										678,632
ballast water treatment systems, installation in progress																												750,120	320,607		384,408
operating lease, right of use asset																												1,859,284	1,921,419	1,745,464		1,839,800	1,839,800	1,958,062	1,958,062	2,051,985	2,051,985	2,169,158	2,169,158	2,255,771	2,255,771	2,361,960	2,361,960	2,353,991	2,353,991
accrued expenses																												11,462,985	11,547,706	16,664,533
receivables, net of a provision of 0.6 million																														30,083,358
prepayments																														1,858,398		1,201,682	1,201,682	1,354,454	1,354,454	1,534,639	1,534,639	1,291,399	1,291,399	1,440,263	1,440,263	1,312,006	1,312,006	1,879,305	1,879,305	1,412,875	1,412,875	1,014,020	1,014,020	1,031,263	1,031,263	1,060,594	1,060,594	803,003	803,003	1,069,560	1,069,560	905,298	1,130,488	1,042,359	1,042,359	1,681,530	1,160,328	814,105	1,227,321	683,762	1,240,364	495,996	593,148	471,563	471,563	529,343	372,336
other receivables																														81,632		136,200	136,200	198,778	198,778	709,781	709,781	786,084	786,084	943,258	943,258	1,464,218	1,464,218	1,198,394	1,198,394									82,636	82,636	23,035	23,035	23,157	23,953	23,953	23,953	45,861	350,058	689,094	636,464	636,464	511,071	425,637	454,277	321,810	321,810	348,257	198,491
ballast water treatment systems in progress																														384,408
equity
share capital																														350,192		350,192	350,192	350,192	350,192	350,192	350,192	350,192	350,192	350,192	350,192	350,192	350,192	340,613	340,613	340,613	340,613	340,613	340,613	340,613	340,613	340,613	340,613	340,613		340,613	340,613	339,754	263,990	263,297		262,287	261,659	261,000	261,000	261,000	261,000	261,000	261,000	180,500	180,500	180,500	100
total equity																														326,055,768		323,421,383	323,421,383	328,494,776	328,494,776	337,872,206	337,872,206	346,583,934	346,583,934	363,541,546	363,541,546	375,287,446	375,287,446	378,064,556	378,064,556	380,973,760	380,973,760	395,951,641	395,951,641	400,476,984	400,476,984	402,216,870	402,216,870	404,269,799	404,269,799	407,797,071	407,797,071	415,325,937	348,826,832	347,611,278	347,611,278	348,682,241	336,510,778	330,021,654	327,200,093	327,200,093	328,851,759	330,996,877	333,052,899	232,358,111	232,358,111	235,034,698	107,166,722
vessels and vessel equipment, net of accumulated depreciation of 146.2 million																															660,823,330
deferred drydock expenditures, net of accumulated amortization of 10.3 million																															7,668,711
other non-current assets, net of accumulated depreciation of 1.4 million																															917,222
total liabilities and stockholders’ equity																															772,438,430
receivables, trade																																24,702,993	24,702,993	24,202,268	24,202,268	27,650,482	27,650,482	27,460,132	27,460,132	27,883,199	27,883,199	24,548,346	24,548,346	27,020,990	27,020,990	27,264,803	27,264,803	28,784,479	28,784,479	28,030,534	28,030,534	26,815,143	26,815,143	23,148,782	23,148,782	21,469,853	21,469,853	19,887,897	20,245,597	26,189,316	26,189,316	21,855,810	16,444,735	12,710,664	4,985,900	4,985,900	3,732,103	1,472,126	535,822	743,406	743,406	1,061,885	874,991
deferred drydock expenditure																																7,716,950	7,716,950	8,127,177	8,127,177	8,452,410	8,452,410	7,127,364		6,839,243	6,839,243	4,761,375	4,761,375	4,050,298	4,050,298	4,118,168		4,127,718	4,127,718	3,369,904	3,369,904	2,865,323		3,232,293		3,699,130			3,756,659	3,730,374
ballast water treatment systems																																2,333,451	2,333,451	1,917,976	1,917,976	1,339,292	1,339,292	528,774
leasehold improvements																																365,708	365,708	387,846	387,846	409,744	409,744	423,620		444,070	444,070	464,520	464,520	485,283	485,283	446,532		460,115	460,115	473,690	473,690	487,265	487,265	488,561		493,100	493,100	483,999	502,277
payables, trade																																16,563,570	16,563,570	18,453,053	18,453,053	20,721,248	20,721,248	24,608,108	24,608,108	24,836,540	24,836,540	20,774,502	20,774,502	18,210,130	18,210,130	16,104,399	16,104,399	17,790,162	17,790,162	16,905,748	16,905,748	13,988,584	13,988,584	14,448,043	14,448,043	11,238,756	11,238,756	8,716,511	9,652,632	12,482,540	12,482,540	9,436,193	9,959,103	9,566,892	7,038,621	7,038,621	6,657,248	7,338,603	9,267,319	3,999,311	3,999,311	5,468,205	4,340,317
other payables																																72,664	72,664	83,918	83,918	67,414	67,414	35,900	35,900	65,900	65,900	45,499	45,499	705,545	705,545	6,265	6,265	51,113	51,113	34,608	34,608	19,854	19,854	5,354	5,354	111,799	111,799	144,484	106,479	144,932	144,932	243,164	419,070	452,783	648,105	648,105	647,896	31,489	17,985	5,436	5,436	23,339	466,249
the accompanying notes are an integral part of these condensed interim consolidated financial statements.
current portion of finance lease obligations at december 31, 2018 includes 8.3 million related to vessel sold in january 2019, which amount was repaid on january 2, 2019.
working capital advances																																										2,000,000	2,000,000	3,100,000	3,100,000	3,100,000	3,100,000	3,450,000	3,450,000	3,450,000	3,450,000	3,450,000	3,450,000	3,300,000	3,300,000	3,100,000	3,100,000	3,025,000	3,475,000	3,475,000	3,475,000	2,975,000	1,475,000	1,475,000	500,000	500,000	500,000	500,000	516,937	534,571	534,571	781,262	939,119
accrued interest on loans and finance leases																																						1,732,859	1,732,859
includes 8.3 million related to vessel held for sale, which amount was repaid on january 2, 2019.
vessels and equipment, net of accumulated depreciation of 135.2 million																																							721,492,473
ballast water treatment systems, net of accumulated depreciation of 0																																							528,774
deferred drydock expenditure, net of accumulated amortization of 11.5 million																																							7,127,364
leasehold improvements, net of accumulated depreciation of 0.2 million																																							423,620
other non-current assets, net of accumulated depreciation of 0.8 million																																							3,549,511
accrued interest on loans																																								1,793,293	1,793,293	1,750,691	1,750,691	1,613,936	1,613,936	1,537,976	1,537,976	1,919,970	1,919,970	1,905,815	1,905,815	2,016,774	2,016,774	2,067,991	2,067,991	1,901,587	1,901,587	1,304,466	2,133,741	1,752,226	1,752,226	1,490,045	1,308,795	1,026,702	882,594	882,594	900,834	712,229	730,338	557,160	557,160	575,067	594,004
current portion of capital lease obligations																																														3,537,466	3,537,466	3,299,099	3,299,099	3,181,382	3,181,382	298,343	298,343	159,028	159,028				26,239,253	26,771,911	26,771,911	1,813,564	1,779,526	1,746,127	1,702,981	1,702,981	1,671,019	1,639,656	1,608,882	1,578,686	1,578,686	1,549,057	1,519,486
non-current portion of capital lease obligations																																														38,956,553	38,956,553	39,818,777	39,818,777	40,704,203	40,704,203	8,778,519	8,778,519	8,971,622	8,971,622							25,729,641	26,201,233	26,653,535	27,097,348	27,097,348	27,543,205	27,980,759	28,399,662	28,800,329	28,800,329	29,214,224	29,620,913
accumulated (deficit) / surplus																																														-9,567,930		-5,738,537	-5,738,537	-1,098,932	-1,098,932
vessels and equipment, net of accumulated depreciation of 110.2 million																																															751,816,840
deferred drydock expenditure, net of accumulated amortization of 10.8 million																																															4,118,168
leasehold improvements, net of accumulated depreciation of 96k																																															446,532
other non-current assets, net of accumulated depreciation of 0.6 million																																															3,640,311
accumulated (deficit)/surplus																																															-9,567,929
accumulated surplus																																																				755,215	755,215	2,922,406		6,610,184	6,610,184	15,089,632	13,735,789
deferred dry dock expenditure																																																					2,865,323				3,699,130					4,346,774	4,089,484	4,623,233	4,229,617		3,666,216	2,913,569	2,219,550	1,339,238		1,677,070	2,054,425
vessels held for sale																																																								15,195,595	15,195,595		37,083,985	37,083,985	37,083,985
vessels and equipment, net of accumulated depreciation of 76.2 million																																																							785,461,415
deferred dry dock expenditure, net of accumulated amortization of 7.8 million																																																							3,232,293
leasehold improvements, net of accumulated depreciation of 42k)																																																							488,561
other non-current assets, net of accumulated depreciation of 0.4 million																																																							697,546
share capital (0.01 par value...																																																							340,613						263,297
accumulated surplus/																																																							2,922,406						10,400,157
amounts due to related parties																																																																									600,000
vessels and vessel equipment, net of accumulated depreciation 66.8 million																																																										644,795,131
deferred drydock expenditure, net of accumulated depreciation 6.8 million																																																										4,672,715
other non-current assets, net of accumulated depreciation 0.3 million																																																										597,763
vessels under construction																																																														28,009,066	51,982,986	71,732,800	113,985,986	113,985,986	93,273,156	74,843,882	67,113,541	89,015,139	89,015,139	77,122,645	16,518,150
accumulated surplus /																																																												10,400,157		13,933,674	2,122,944
vessels and equipment, net of accumulated depreciation of 59.7 million																																																													658,628,933
deferred dry dock expenditure, net of accumulated amortization of 6.0 million																																																													3,730,374
other non-current assets, net of accumulated depreciation of 0.2 million																																																													432,951					156,311
deferred finance charges																																																														9,008,577	9,230,390	8,901,899	8,625,882		8,091,732	6,810,721	5,887,026	3,794,741		3,860,272	3,975,959
vessels and equipment, net of accumulated depreciation of 35.6 million																																																																		371,618,023
deferred dry dock expenditure, net of accumulated amortization of 3.9 million																																																																		4,229,617
deferred finance charges, net of accumulated amortization of 1.6 million																																																																		8,625,882
vessels and equipment, net of accumulated depreciation of 20.8 million																																																																							201,700,229
deferred drydock expenditure, net of accumulated amortization of 1.9 million																																																																							1,339,238
other non-current assets, net of accumulated depreciation of 0.1 million																																																																							158,308
deferred finance charges, net of accumulated amortization of 0.7 million																																																																							3,794,741
amounts due from related parties
short-term revolving credit facility

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-09-30	2025-06-30	2025-05-07	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-05-04	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-05-05	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-05-01	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-05-02	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-05-03	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-05-05	2015-03-31	2014-12-31	2014-11-04	2014-06-30	2014-05-13	2014-03-31	2013-12-31	2013-11-30

●
cash flows from operating activities

net income		12,787,000	9,600,000	6,253,000	6,253,000	6,935,000	24,143,000	62,691,000	39,237,000	27,009,000	21,203,000						-7,002,000	-7,002,000																					-4,639,605	-1,854,147	-2,167,191	-2,167,191														-413,452
adjustments to reconcile net income to net cash from operating activities:
depreciation		8,755,000	7,900,000	7,653,000	7,653,000	7,830,000	7,833,000	7,606,000	6,975,000	7,134,000	6,927,000	6,814,000	6,942,000	7,251,000	7,253,000	6,982,000	7,790,000	7,790,000	8,009,390	7,978,252	7,906,716	7,808,947	7,808,947	8,268,960	8,117,971	7,945,434	7,854,959	8,032,954	8,026,856	8,032,393	8,230,492	8,230,492	8,794,828	8,910,486	8,771,091	8,661,475	8,661,475	8,645,708	8,638,740	8,539,890	8,446,753	8,446,753	8,513,101	7,340,499	7,185,808	7,051,829	6,905,001	6,629,516	5,713,901	4,908,604	4,908,604	4,349,854	4,081,901	3,401,368	3,021,762	3,021,762	2,324,144	2,335,138
amortization of deferred drydock expenditures		1,621,000	1,255,000	923,000	923,000	944,000	998,000	938,000	756,000	907,000	733,000	895,000	1,007,000	999,000	1,006,000	959,000	1,197,000	1,197,000	1,284,161	1,134,332	1,267,511	1,482,522	1,482,522	1,712,360	1,708,215	1,492,328	1,285,342
share-based compensation		620,000	641,000	647,000	647,000	1,054,000	1,897,000	873,000	826,000	816,000	816,000	856,000	729,000	703,000	1,108,000	675,000	571,000	571,000	789,845	682,758	621,854	518,511	518,511	563,250	806,720	876,708	753,994	686,140	639,325	565,575	442,051	442,051
gain on vessel sold							0
amortization of deferred finance fees		242,000	272,000	269,000	269,000	276,000	277,000	325,000	260,000	324,000	324,000	287,000	302,000	1,222,000	1,012,000	437,000	366,000	366,000	394,312	396,782	968,905	432,178	432,178	464,087	433,875	432,263	435,046		504,023	507,507	514,887	514,887	2,438,789	618,189	1,018,845	592,254	592,254
loss on extinguishment of debt
gain on extinguishment of finance leases
unrealized losses on derivatives						-681,000																		25,588	-11,289
operating lease rou - lease liability		-34,000	259,000	35,000	35,000	-41,000	71,000			40,000
loss / (profit) from equity method investments		121,000										331,000	249,000
deferred drydock payments		-7,007,000	-4,023,000	-1,454,000	-1,454,000	-685,000	-2,037,000	-2,484,000	-1,275,000	-6,626,000	-2,943,000	-1,052,000	-1,659,000	-682,000	-471,000	-240,000	-520,000	-520,000
changes in operating assets and liabilities:
receivables		-786,000	-5,046,000	13,130,000	13,130,000	4,206,000	10,090,000	-14,825,000	-4,111,000	-5,442,000	12,269,000	5,878,000	10,905,000	-14,372,000	-13,551,000	-24,316,000	-7,320,000	-7,320,000	-1,780,098	-1,889,644	2,857,433	-1,682,702	-1,682,702	1,916,603	13,522,883	-5,542,000	2,377,376
prepaid expenses and other assets		1,599,000	281,000	-757,000	-757,000	-397,000	675,000	768,000	-997,000	715,000	-612,000	410,000	-339,000	-200,000	-96,000	-411,000	-303,000	-303,000	-349,461	456,571	144,542	-79,091	-79,091	-2,067,696	39,399	413,277	-128,860
advances and deposits			458,000	-460,000	-460,000	1,551,000	-2,606,000	1,101,000	3,778,000	-5,030,000	342,000	-613,000	628,000	303,000	-168,000	470,000	786,000	786,000	228,089	468,104	-896,554	-833,935	-833,935	365,128	1,876,107	-674,420	30,604	-1,068,770	-231,537	43,521	-724,475	-724,475	-161,821	597,923	-191,088	637,954	637,954	2,003,491	-473,255	-474,095	-935,586	-935,586	3,345,998	-1,293,226	-182,475	-1,494,787	-933,383	1,849,460	-562,498	-812,459	-812,459	-1,126,718	-272,952	-336,413	577,408	577,408	-1,224,947	318,225
inventories		-7,000	1,193,000	118,000	118,000	267,000	1,633,000	-1,274,000	624,000	2,337,000	-677,000	319,000	1,181,000	3,460,000	-541,000	-3,553,000	-3,989,000	-3,989,000	-827,566	-810,667	-401,712	1,218,689	1,218,689	-1,352,823	-2,349,935	4,125,485	-538,054	-1,130,832	720,131	1,516,134	1,547,871	1,547,871	1,961,893	-2,285,892	-1,569,591	-1,286,203	-1,286,203	-481,560	-1,469,881	290,176	-631,729	-631,729	-751,238	-1,836,166	-451,646	-330,719	158,835	100,288	-410,975	-1,331,291	-1,331,291	369,441	-1,175,369	-518,607	-30,339	-30,339	90,525	-244,297
accounts payable		-1,401,000	-2,500,000	1,270,000	1,270,000	-1,180,000	-4,668,000	6,892,000	3,010,000	-4,257,000	114,000	3,184,000	-3,451,000	-468,000	749,000	181,000	-2,074,000	-2,074,000	1,301,216	964,296	-2,327,264	1,212,953	1,212,953	3,479,206	966,797	-2,464,052	561,129
accrued expenses and other liabilities		2,597,000	-1,600,000	-1,518,000	-1,518,000	143,000	-817,000	1,583,000	-1,074,000	1,168,000	2,077,000	736,000	-3,126,000	6,809,000	102,000	3,194,000	-72,000	-72,000	-1,514,053	1,525,691	-871,210	158,113	158,113	1,323,726	-1,885,444	370,845	-4,907,658
deferred revenue		-1,877,000	2,335,000	-285,000	-285,000	-2,310,000	2,792,000	-1,385,000	1,038,000	-1,264,000	1,611,000	-480,000	-740,000	513,000	-749,000	596,000	-1,210,000	-1,210,000	705,565
net cash from operating activities		17,944,000	11,233,000	26,257,000	26,257,000	22,977,000	39,880,000	48,410,000	49,178,000	18,743,000	41,967,000													-821,505	15,790,532	19,214,195	11,911,227	7,194,720	2,098,403	9,613,086	1,565,051	1,565,051	1,953,463	-2,409,166	4,882,584	4,999,496	4,999,496	6,457,079	2,236,518	8,916,684	805,947	805,947	10,075,679	4,200,206	10,752,979	17,605,636	9,673,660	14,404,113	12,399,634	1,182,279	1,182,279	5,256,209	153,987	-1,646,620	8,657,551	8,657,551	432,832	2,076,131
capital expenditures		0	0	0	0	0	0	0	0	0	0													0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows		17,944,000	11,233,000	26,257,000	26,257,000	22,977,000	39,880,000	48,410,000	49,178,000	18,743,000	41,967,000													-821,505	15,790,532	19,214,195	11,911,227	7,194,720	2,098,403	9,613,086	1,565,051	1,565,051	1,953,463	-2,409,166	4,882,584	4,999,496	4,999,496	6,457,079	2,236,518	8,916,684	805,947	805,947	10,075,679	4,200,206	10,752,979	17,605,636	9,673,660	14,404,113	12,399,634	1,182,279	1,182,279	5,256,209	153,987	-1,646,620	8,657,551	8,657,551	432,832	2,076,131
cash flows from investing activities
proceeds from sale of vessels						0	0							0	26,153,000				0	0	0	9,895,000	9,895,000
payments for acquisition of vessels and vessel equipment, including deposits		-98,823,000	-12,208,000	-2,385,000	-2,385,000	-2,964,000	-1,262,000	-43,578,000	-13,216,000
advances for vessel equipment
payments for other non-current assets		-187,000	-24,000	-46,000	-46,000	-128,000	-35,000	-36,000	-233,000	-139,000	-16,000	-32,000	-21,000	-10,000	-50,000	-7,000	-39,000	-39,000	-13,490	-46,516	-17,889	-15,903	-15,903	32,795	-59,589	-52,468	-9,368	-31,124	-19,221	-79,543	-48,062	-48,062	-17,990	-44,786	-15,577	-73,266	-73,266	-85,551	-74,828	-77,481	-24,608	-24,608	-78,767	-98,986	-48,556	-198,450	-68,909	-242,476	-7,235	-33,901	-33,901	-3,393	-19,970	-6,275	-25,628	-25,628	-5,849	-36,478
proceeds from equity investments
net cash from investing activities		-104,376,000	-11,081,000	-3,582,000	-3,582,000	-3,092,000								-2,249,000	24,407,000													-239,229	-1,049,278	8,574,282	16,608,390	16,608,390	-808,045	-1,340,227	-20,710	-15,387,897	-15,387,897	-1,834,022	-167,777	-112,098	-168,354	-168,354	-10,776,089	-130,897,463		-1,000,125	-40,481,913	-45,103,786	-52,880,645	-94,383,390	-94,383,390	-21,282,377	-56,745,972	-53,496,952	-78,216,228	-78,216,228	-16,451,024	-60,809,377
cash flows from financing activities
proceeds from revolving facilities		102,493,000	25,000,000	25,000,000	25,000,000	36,279,000	39,535,000	21,063,000	7,987,000
repayments of long term debt						0	0	0	-1,678,000																																		-22,509,911	-9,421,816	-9,421,444	-855,000	-6,844,191	-7,148,152	-5,912,566	-4,848,732	-4,848,732	-4,523,732	-2,979,000				-2,275,000	-2,275,000
repayments on revolving facilities		-15,000,000	-20,459,000	-43,337,000	-43,337,000	-20,000,000	-61,194,000
repayments of finance leases						0	0	-41,774,000	-488,000	-513,000	-503,000	-488,000	-472,000	-1,377,000	16,624,000	-23,606,000	-5,316,000	-5,316,000	-5,268,740	-5,225,412	-4,771,653	-4,694,139	-4,694,139	-4,701,031	-4,687,382	-4,650,573	-4,611,023	-4,594,726	-4,581,680	-4,546,610	-12,787,540	-12,787,540	-2,752,973	-2,216,879	-1,246,767	-1,119,901	-1,119,901
payment of common share dividends		-2,848,000	-2,032,000	-3,236,000	-3,236,000	-7,562,000	-15,899,000
payment of preferred share dividends		-635,000	-629,000	-643,000	-643,000	-1,253,000	-847,000
net cash from financing activities		84,010,000	1,880,000	-22,216,000	-22,216,000	-20,471,000													2,483,064									-1,446,142	-9,677,379	-15,633,734	-22,788,101	-22,788,101	22,486,454	-10,869,974	7,744,863	6,214,790	6,214,790	-10,979,693	-11,069,023	770,092	-11,350,819	-11,350,819	3,682,801	76,538,512	24,543,365	-9,244,457	27,611,444	32,117,680	60,285,361	55,405,349	55,405,349	9,908,040	56,603,021	-6,987,086	140,815,178	140,815,178	-4,098,482	125,854,815
net increase in cash and cash equivalents		-2,422,000	2,032,000	459,000	459,000	-586,000	178,000	-1,228,000	1,819,000																													-6,356,636	-9,000,282	9,574,678	-10,713,226	-10,713,226	2,982,392	-50,158,745		7,361,054	-3,196,809			-37,795,762		-6,118,128	11,036				-20,116,674
cash and cash equivalents at the beginning of the year		0	0	46,988,000	46,988,000	0	0	0	46,805,000	0	0	0	50,569,000	0	0	0	55,449,000	55,449,000	0	0	0	58,365,330	58,365,330	0	0	0	51,723,107	0	0	0	56,903,038	56,903,038	0	0	0	39,457,407	39,457,407	0				55,952,873		0			0	0	0	59,879,596	59,879,596	0	0	0	56,860,845	56,860,845
cash and cash equivalents at the end of the period					47,447,000		178,000	-1,228,000	48,624,000		-214,000	-1,579,000	52,553,000	-53,000	5,237,000	-7,861,000	53,246,000	53,246,000	972,244	-944,364	5,224,663	50,196,352	50,196,352	148,168	-14,696,112	8,444,612	64,468,662		-8,628,254	2,553,634	52,288,378	52,288,378		-14,619,367	12,606,737	35,283,796	35,283,796		-9,000,282	9,574,678	45,239,647	45,239,647		-50,158,745	55,658,790	47,470,436		1,418,007	19,804,350	22,083,834	22,083,834		11,036	-62,130,658	128,117,346	128,117,346		67,121,569
cash paid during the period for interest in respect of debt					829,000		1,063,000						2,408,000
cash paid during the period for interest in respect of finance leases							0						932,000
cash paid during the period for operating lease liabilities					228,000		190,000						153,000
cash paid during the period for income taxes							20,000						1,000
non-cash financing activity. non cash conversion from term loan to revolving facility							0
non-cash operating activity: rou / lease liability increase in respect of time-charter extensions							0
non-cash financing activity: accrued preferred dividends					419,000		10,000						568,000
non-cash investing activity. movement in accruals and accounts payable during the period in respect of drydocks and scrubber systems
accrued interest			105,000	369,000	369,000	532,000	-647,000	-201,000	-91,000	376,000	-374,000	7,000	67,000	-270,000
payments for deferred finance fees						0	0	0	-200,000					-100,000					0	0													-2,689,150	-405,000	-324,000	-322,000	-322,000
cash and cash equivalents at the end of the year				47,447,000
non-cash investing activity. movement in accruals and accounts payable during the period in respect of drydocks, ballast water treatment systems and scrubber systems					-3,009,000
loss from equity method investments				64,000	64,000
advances for ballast water treatment and scrubber systems				-1,151,000	-1,151,000					531,000	2,634,000	-5,133,000	-2,854,000
proceeds for equity investments
repurchase of common stock																																												0
repayment of preferred stock
loss on vessels sold														0
loss on extinguishment
prepayment of finance lease obligation														-81,856,000	-75,471,000
proceeds from long term debt
issuance of common stock														-68,000	22,230,000
gain on extinguishment							0
(profit) / loss from equity method investments
proceeds / payments for equity investments
non-cash investing activity. movement in accruals during the period in respect of ballast water treatment systems and scrubber systems							0
(profit) / income from equity method investments
payments for equity investments										-102,000	-267,000	-125,000	-750,000	-225,000	-125,000	-125,000	-113,000	-113,000	-428,771	-114,791
net cash (used in) investing activities								-15,135,000	-13,449,000				-6,182,000
net cash (used in) financing activities								-34,503,000	-33,910,000	-14,505,000	-35,712,000			-58,545,000	-73,763,000										-11,739,544
income from equity method investments									229,000	305,000				159,000
repayments on revolver									-30,000,000
payment of common share dividend									-8,674,000	-6,608,000	-7,846,000	-14,414,000	-18,286,000
payment of preferred share dividend									-857,000	-857,000	-838,000	-848,000	-857,000
unrealized losses / (gains) on derivatives										231,000	0	0	31,000
payments for acquisition of vessels and vessel equipment										-8,483,000	-8,820,000	-702,000	-2,557,000	-186,000	-1,106,000	-116,000	73,000	73,000	-489,583	-928,890	-497,859	-559,067	-559,067	-1,055,522	-16,804,397
net cash (used in) / provided by investing activities										-8,193,000	-6,469,000						-279,000	-279,000						-958,367	-18,747,100	-673,075	-614,891
proceeds from long-term debt														35,865,000	86,208,000	-3,509,000	13,320,000	13,320,000				83,957	83,957	12,573,995	-2,376,853	-770,626	10,948,727				3,048	3,048	314,961	901,431									17,374,000	90,626,000	0	2,010,000	41,762,500	41,762,500	69,135,000	63,830,000	63,830,000	19,500,000	64,125,000	0	45,000,000	45,000,000	0	0
repayments of long-term debt										-6,527,000	-26,310,000	-22,129,000	-29,041,000	-10,152,000	-116,221,000	-18,359,000	-3,513,000	-3,513,000	-6,656,897	8,257,166	-56,767,374	-11,744,407	-11,744,407	-5,438,068	-4,675,309	-4,675,309	-3,229,177	-196,015,329	-5,095,699	-11,084,076	-10,003,609	-10,003,609	-125,601,951	-8,997,612	-39,038,786	-10,667,920	-10,667,920	-10,140,071			-11,270,681	-11,270,681													-2,275,000	-2,275,000
net (decrease) in cash and cash equivalents														-53,000	5,237,000	-7,861,000	-2,203,000	-2,203,000
net increase / (decrease) in cash and cash equivalents											-214,000	-1,579,000	1,984,000											148,168	-14,696,112	8,444,612	12,745,555
non-cash investing activity. accruals during the period in respect of ballast water treatment systems and scrubber systems
foreign exchange												-1,000	6,000	75,000	-39,000	-44,000	10,000	10,000	-11,906	-15,920	10,204	-54,295	-54,295	69,441	59,508	35,514	-55,485
proceeds from finance leases																			0	0													153,125,500	0	40,500,000	16,100,000	16,100,000
net income /													44,090,000	53,936,000	61,832,000										-6,632,997	13,583,523	6,518,681
adjustments to reconcile net income / (loss) to net cash from / (used in) operating activities:
net cash from / (used in) operating activities													56,822,000	60,741,000
net cash (used in) / provided by financing activities													-48,656,000									-16,354,589	-16,354,589
unrealized (gains) on derivatives														1,303,000	-3,364,000	-296,000	-604,000	-604,000
issuance of preferred stock																			14,944,298	-5,943
payment of preferred dividend														-857,000	-848,000	-838,000	-742,000	-742,000	-535,597
advances for ballast water treatment systems															-465,000	20,000	-200,000	-200,000	0	0	-135,453	-22,426	-22,426	64,360
loss on vessels held for sale
profit from equity method investments																81,000	-250,000	-250,000
accrued interest on debt and finance leases																143,000	34,000	34,000	-52,779	-15,319	-63,350	-25,518	-25,518	-53,410	107,600	-85,020	-104,234	-824,576	-253,019	208,423	16,496	16,496
adjustments to reconcile net income to net cash (used in) / provided by operating activities:
loss on vessel held for sale																	6,917,000	6,917,000
net cash (used in) operating activities																	-5,673,000	-5,673,000
net cash from / (used in) financing activities																	3,749,000	3,749,000									1,449,219
loss on sale of vessels																												0	0
unrealized (gains) / losses on derivatives																			-221,613	25,394
net cash (used in) / provided by operating activities																			-578,976			-1,111,993	-1,111,993
net cash from / (used in) investing activities																			-931,844	-1,090,197	-5,649,003	9,297,604	9,297,604
payment of dividend																								0	0	0	-1,659,308																26,771	-3,054,630	-3,448,390	-2,851,002	-6,798,544	-1,790,621	-1,793,060	-2,598,060	-2,598,060	-2,610,000	-2,610,000	-2,610,000	-1,805,000	-1,805,000
net (decrease) / increase in cash and cash equivalents																			972,244	-944,364	5,224,663	-8,168,978	-8,168,978																												-37,795,762
non-cash investing activity: investment in element 1 by issuing 950,000 shares of common stock
non-cash financing activity: mp profits interest
net (loss) / income																				-12,294,537	-8,125,568	-8,496,463	-8,496,463
adjustments to reconcile net (loss) / income to net cash (used in) / provided by operating activities:
deferred drydock expenditures																				-1,618,102	-659,641	-2,670,330	-2,670,330	-2,467,832	-968,878	-1,394,982	-2,171,613
adjustments to reconcile net (loss) / income to net cash from operating activities:
charter revenue received in advance																																						0	0	0	-507,780	-507,780	-1,101,587	-526,158	-433,980	1,377,188	-669,187	-724,605	2,090,880	-1,047,634	-1,047,634	217,762	528,518	-1,412,294	402,277	402,277	932,425	-367,251
unrealized gains on derivatives																						-101,572	-101,572
working capital advances																																	0	2,000,000				350,000	0	0	-150,000	-150,000	100,000	-75,000			-500,000	-1,500,000	0	-975,000	-975,000	0	0	16,937	17,634	17,634	246,691	157,857
net proceeds from equity offerings																																	90,067
adjustments to reconcile net income / (loss) to net cash from operating activities:
loss on sale of vessel																															6,569,763	6,569,763
ballast water treatment systems, installation in progress
adjustment to reconcile net income / (loss) to net cash from operating activities:
payments for vessel equipment and ballast water treatment systems, installation in progress																											-605,523
operating activities
net loss																												1,948,245	-5,712,718	-9,943,005	-9,153,779	-9,153,779		-12,225,321	-8,577,131	-5,172,621	-5,172,621																117,298		-413,452		-1,692,684	-920,027
adjustments to reconcile net loss to net cash from operating activities:
foreign exchange on operating leases																													-62,019	-1,580	-36,799	-36,799	-34,596
adoption of accounting standard
prepayments																													152,772	180,185	-243,240	-243,240	148,864	-128,257	567,299	-466,430	-466,430	-398,855	17,243	29,331	-257,591	-257,591	266,557	-164,262	224,819	-87,758	639,171	-521,202	-889,782	413,216	413,216	556,602	-744,369	97,153	-121,585	-121,585	57,780	-157,007
other receivables																													62,578	511,003	76,303	76,303	157,174	520,960	-265,824	-1,198,394	-1,198,394	0	0	0	82,636	82,636	-59,601	122			21,908	304,197	339,036	-52,630	-52,630	-125,393	-85,434	28,640	-132,467	-132,467	26,447	-149,766
accrued expenses
investing activities
ballast water treatment systems in progress
financing activities
net proceeds from equity offering																																			5,168,686	2,224,611	2,224,611						-191,916	0								27,414	0	125,134	102,559,385	102,559,385
amortization and write-off of deferred finance fees
deposits for purchases of new vessels
adjustment to reconcile net loss to net cash flow from operating activities:
amortization of deferred drydock expenditure																													1,190,008	1,114,880	1,138,763	1,138,763	1,042,200	943,926	818,506	832,644	832,644	952,818
receivables, trade																													-500,725	3,448,214	-190,350	-190,350	423,067	-3,334,853	2,472,644	243,813	243,813	1,519,676	-753,945	-1,215,391	-3,666,361	-3,666,361	-1,678,929	-1,581,955	357,700	5,943,719	-4,333,506	-5,411,075	-3,734,071	-7,724,764	-7,724,764	-1,253,797	-2,259,977	-936,304	207,584	207,584	318,479	-186,894
payables, trade																													-1,889,483	-1,934,597	-3,886,860	-3,886,860	-224,440	4,942,403	1,684,007	2,105,731	2,105,731	-1,685,763	884,414	2,917,164	-459,459	-459,459	3,209,287	2,522,245	-936,121	-2,829,908	3,046,347	-522,910	392,211	2,528,271	2,528,271	381,373	-681,355	-1,928,716	5,268,008	5,268,008	-1,468,894	1,127,888
accruals for capital items																													93,732	500,427	-849,900		605,260
other payables																													-10,246	17,500	32,500	32,500	-30,000	20,401	-660,046	699,280	699,280	-44,848	16,505	14,754	14,500	14,500	-106,445	-30,295	35,615	-38,453	-98,232	-175,906	-33,713	-195,322	-195,322	209	616,407	13,504	12,549	12,549	-17,903	7,090
deferred drydock expenditure																													-631,275	-1,745,923	-1,918,672	-1,918,672	-2,420,455	-2,359,639	-1,054,218	-764,773	-764,773	-943,268
net proceeds from sale of vessels																													0	8,999,335	17,558,372	17,558,372											15,044,000	0
payments for acquisition of vessels and equipment																													-339,904	-103,590	-48,241	-48,241	-261,281	-1,295,441	-5,685	-15,261,695	-15,261,695	-113,469	-92,951	-34,617	-131,467	-131,467	-28,478,705	-145,264,376	30,311	-299,398	-63,505,467	-40,908,039	-49,599,062	-78,484,645	-78,484,645	366,422	-38,296,728	-45,760,335	-68,532,225	-68,532,225
payments for acquisition of ballast water treatment systems																													-690,153	-241,920	-840,649	-840,649
payments for leasehold improvements																													0	0	-13,030	-13,030	0	0	552	-52,936	-52,936	-2	2	0	-12,279	-12,279	-37,617	-9,101	18,278	-502,277
net decrease in cash and cash equivalents																															-4,614,660	-4,614,660				-4,173,611	-4,173,611
accruals for drydocking																																-849,900
non-cash items:
share based compensation																																	335,071	631,335	631,335	38,806	38,806	114,261	114,262	114,261	114,262	114,262	325,653	325,653	332,034	320,985	362,031	360,105	362,031	352,338	352,338	347,583	347,584	334,099	353,855	353,855	-202,834	213,883
accrued interest on loans and finance leases
transfer to segregated account in respect of agreement to buy new vessels
this adjustment is a result of the adoption of the new accounting standard asc 842, leases and relates to the timing of recognition of revenue. the net adjustment to the company's revenue in 2018 attributable to the adoption of the new accounting standard from january 1, 2018 is 35,759, comprised of (418,822) in 2017 and 454,581 in 2018.
net profit																																											-3,687,774	-4,799,925	5,496,129	6,739,502	5,365,550			5,067,283
loss on disposal of vessels																																											24,694
payment of dividends
cash paid during the year for:
interest payments in respect of debt and finance leases
taxation
accrued interest on loans																																		42,602	136,755	75,960	75,960	-381,994	14,155	-110,959	-51,217	-51,217	168,764	594,761	-829,276	381,516	262,181	181,250	282,093	144,108	144,108	-18,240	188,605	-18,109	173,178	173,178	-17,907	-18,937
amortization of deferred finance charges																																						636,805	645,699	1,170,281	607,740	607,740	1,342,890	600,532	871,567	600,463	523,381	490,306	396,619	301,175	301,175	259,051	245,777	211,396	201,451	201,451	169,031	182,874
proceeds from capital leases																																						1,475	0																		0	0
repayments of capital leases																																						-666,891	-788,949	-545,113	-59,311	-59,311	0	0	-26,653,535	-443,813	-445,857	-437,554	-418,903	-400,667	-400,667	-413,895	-406,191	-388,129	-370,471	-370,471	-384,266	-377,118
payments for deferred finance charges																																						-3,613	-140,000	-662,400	-20,827	-20,827	-261,892	-1,611,042	-52,598	-4,110,711	-62,464	-268,493	-725,110	-577,192	-577,192	-793,201	-1,526,788	-1,135,091	-2,293,736	-2,293,736	-103,500	-67,187
interest payments, net of capitalised interest
deposit for vessel acquisition																																												14,475,000
amortization of deferred dry dock expenditure																																								586,983	613,193	613,193	665,018	771,282	684,958	593,851	503,175	447,775	607,394	562,630	562,630	564,013	511,249	514,253	441,585	441,585		340,872
gain on disposal of vessels
deferred dry dock expenditure																																								-1,091,564	-246,223	-246,223		-676,317	-1,600,987	-621,792		-705,065	-73,645	-956,246	-956,246	-1,127,414	-1,263,896	-1,208,272	-1,321,897	-1,321,897		36,483
payments for treasury stock																																													0	-2,993,931
cash and cash equivalents at the beginning of the period																																									55,952,873				0	40,109,382												0
payments for vessels under construction																																																-3,953,271	-3,274,348	-15,864,844	-15,864,844	-21,645,406	-18,429,274	-7,730,342	-9,658,375	-9,658,375	-11,892,494	-60,926,340
interest payments, net of capitalized interest
amounts due to related parties																																																									0
shareholder contributions
proceeds from equity offering
net profit /																																																			5,067,283
deferred tax expense
short-term revolving credit facility
total cash interest payments
net increase/(decrease) in cash and cash equivalents
net increase / decrease in cash and cash equivalents																																																							71,256,501	71,256,501
revenue
operating expenses
commissions and voyage related costs
vessel operating expenses
charter hire costs
general and administrative expenses
total operating expenses
profit from operations
interest expense and finance costs
interest income
loss before taxes
income tax
loss per share, basic and diluted
weighted-average number of common shares, basic and diluted
balance as at january 1, 2011
loss for year
balance as at december 31, 2011
balance as at december 31, 2012
dividend payment
balance as at december 31, 2013
payments for vessels and equipment																																																										153,441
formation of asc
proceeds from ipo
ipo related expenses
additional paid in capital
net movement in cash and cash equivalents

Ardmore Shipping Corporation(NYSE:ASC)

Ardmore Shipping Corporation
(NYSE:ASC)