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Paragon Shipping Inc. for the second quarter and six months ended 30th June 2010 Results
Paragon Shipping Inc., or the Company, a global shipping transportation company specializing in drybulk cargoes and containers, announced yesterday its results for the second quarter and six months ended June 30, 2010. Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, “We are pleased to announce another set of profitable quarterly results. The successful
execution of our chartering and operating strategy, coupled with a
disciplined approach to control costs has allowed Paragon to deliver
strong financial results despite the continued challenging market
conditions.”
Mr. Bodouroglou concluded, “In the first half of 2010, a
particularly active period for Paragon, we have consistently
implemented our business strategy for growth, fleet renewal and
diversification. Specifically we entered into contracts to build four
Handysize and three Kamsarmax drybulk carriers and acquired a 2009 built
Panamax drybulk carrier. We also initiated our fleet diversification
into the containership sector with the negotiations for the acquisition
of two high specification 2010 built 3,400 TEU vessels. At the same time
we entered into a number of fixed rate period time charter contracts,
which resulted in securing a substantial portion of our fleet capacity
for the next twenty four months and beyond. As a result, we believe
Paragon is well positioned, both operationally and financially, to
create value for our shareholders and continue paying dividend.”
Second Quarter 2010 Financial Results:
Time
charter revenue for the second quarter of 2010 was $29.5 million,
compared to $42.3 million for the second quarter of 2009. The Company
reported net income of $7.3 million, or $0.14 per basic and diluted
share for the second quarter of 2010, calculated on 49,481,540 weighted
average number of basic and diluted shares outstanding for the period
and reflecting the impact of the non-cash items discussed below. For the
second quarter of 2009, the Company reported net income of $15.8
million, or $0.48 per basic and diluted share, calculated on 32,816,789
weighted average number of basic and diluted shares.
Excluding all
non-cash items described below, adjusted net income for the second
quarter of 2010 was $6.7 million, or $0.13 per basic and diluted share.
This compares to adjusted net income of $16.6 million, or $0.50 and
$0.51 per basic and diluted share respectively, for the second quarter
of 2009. Please refer to the table at the back of this press release for
reconciliations of GAAP net income to non-GAAP adjusted net income and
GAAP earnings per share to non-GAAP adjusted earnings per share.
EBITDA
was $17.5 million for the second quarter of 2010, compared to $27.2
million for the second quarter of 2009. This was calculated by adding to
net income of $7.3 million for the second quarter of 2010, net interest
expense and depreciation that in the aggregate amounted to $10.2
million for the second quarter of 2010. Adjusted EBITDA, excluding all
non-cash items described below, was $16.2 million for the second quarter
of 2010, compared to $27.3 million for the second quarter of 2009.
Please see the table at the back of this release for a reconciliation of
EBITDA and Adjusted EBITDA to net income.
The Company operated an
average of 11.0 vessels during the second quarter of 2010, earning an
average time charter equivalent rate, or TCE rate, of $29,054 per day,
compared to an average of 12.0 vessels during the second quarter of
2009, earning an average TCE rate of $36,833 per day. Please see the
table at the back of this release for a reconciliation of TCE rates to
time charter revenue.
Total adjusted operating expenses for the
second quarter of 2010 were $7.6 million, or approximately $7,618 per
day, including vessel operating expenses, management fees, general and
administrative expenses and drydocking costs, but excluding $2.4 million
of share-based compensation for the period. For the second quarter of
2009, total adjusted operating expenses were $6.6 million, or
approximately $6,005 per day, including vessel operating expenses,
management fees, general and administrative expenses and drydocking
costs, but excluding $0.2 million of share-based compensation.
Dividend Declared
The
Company’s Board of Directors declared a quarterly dividend of $0.05 per
share with respect to the second quarter of 2010, payable on or about
August 30, 2010 to shareholders of record as of the close of business on
August 16, 2010.
Recent Fleet Developments
The Company entered
into agreements to acquire two 3,400 TEU newly built containerships from
their builder Howaldtswerke-Deutsche Werft GmbH, Germany at a price of
EUR 40.0 million per vessel. On July 30, 2010, the Company took delivery
of the Box Voyager. The second containership will be named “Box Trader”
and is expected to be delivered to the Company within August 2010. Both
vessels have been contracted on a fixed rate period time charter term
of 24 months (plus / minus 45 days) with CSAV Valparaiso Chile at a
gross daily charter rate of $20,000 per vessel, with delivery dates
starting from the middle of August and through the first week of
September 2010.
On July 5, 2010, the Company entered into a
Memorandum of Agreement for the sale of the M/V Clean Seas to an
unrelated third party for $23.5 million less 3.5% commission. Under the
terms of the Memorandum of Agreement the vessel is to be delivered to
its new owner between September 1, 2010 and October 31, 2010. The exact
delivery date is to be determined by the Seller. The M/V Clean Seas has a
carrying value of $22.5 million as of June 30, 2010.
On July 8,
2010, the Company took delivery of the M/V Dream Seas, a 75,151 dwt
2009-built Panamax bulk carrier. The M/V Dream Seas has been time
chartered to Intermare Transport GMBH, a leading German based
commodities trading house, for a minimum 35 months and maximum 37 months
at a gross daily time charter rate of $20,000. The time charter was
commenced on July 9, 2010 and will expire between May and August 2013.
Time Charter Coverage Update
Pursuant
to its time chartering strategy, Paragon Shipping Inc. mainly employs
vessels under fixed rate time charters for periods ranging from one to
five years. Assuming all charter options are exercised, after taking
into consideration the sale of M/V Clean Seas and the acquisition of the
Box Voyager and the Box Trader but excluding the newbuilding vessels
which are under construction, the Company has secured under such
contracts 100%, 98% and 56% of its fleet capacity in the remainder of
2010, in 2011 and in 2012, respectively.
Cash Flows
For the six
months ended June 30, 2010, the Company generated net cash from
operating activities of $28.7 million, compared to $43.5 million for the
six months ended June 30, 2009. For the six months ended June 30, 2010,
net cash used in investing activities was $38.4 million and net cash
used in financing activities was $50.6 million. For the six months ended
June 30, 2009, net cash used in investing activities was $40.0 million
and net cash used in financing activities was $33.3 million.
Six months ended June 30, 2010 Financial Results:
Time
charter revenue for the six months ended June 30, 2010 was $60.9
million, compared to $83.9 million for the six months ended June 30,
2009. The Company reported net income of $16.5 million, or $0.32 per
basic and diluted share for the six months ended June 30, 2010,
calculated on 49,481,532 weighted average number of basic and diluted
shares outstanding for the period and reflecting the impact of the
non-cash items discussed below. For the six months ended June 30, 2009,
the Company reported net income of $35.0 million, or $1.17 per basic and
diluted share, calculated on 29,962,927 weighted average number of
basic and diluted shares.
Excluding all non-cash items described
below, adjusted net income for the six months ended June 30, 2010 was
$14.8 million, or $0.29 per basic and diluted share. This compares to
adjusted net income of $31.3 million, or $1.04 per basic and diluted
share for the six months ended June 30, 2009. Please refer to the table
at the back of this press release for reconciliations of GAAP net income
to non-GAAP adjusted net income and GAAP earnings per share to non-GAAP
adjusted earnings per share.
EBITDA was $37.1 million for the six
months ended June 30, 2010, compared to $59.0 million for the six months
ended June 30, 2009. This was calculated by adding to net income of
$16.5 million for the six months ended June 30, 2010, net interest
expense and depreciation that in the aggregate amounted to $20.6 million
for the six months ended June 30, 2010. Adjusted EBITDA, excluding all
non-cash items described below, was $34.0 million for the six months
ended June 30, 2010, compared to $54.0 million for the six months ended
June 30, 2009. Please see the table at the back of this release for a
reconciliation of EBITDA and Adjusted EBITDA to net income.
The
Company operated 11.1 vessels during the six months ended June 30, 2010,
earning an average time charter equivalent rate, or TCE rate, of
$29,475 per day, compared to an average of 12.0 vessels during the six
months ended June 30, 2009, earning an average time charter equivalent
rate of $37,004 per day. Please see the table at the back of this
release for a reconciliation of TCE rates to time charter revenue.
Total
adjusted operating expenses for the six months ended June 30, 2010 were
$14.5 million, or approximately $7,251 per day, including vessel
operating expenses, management fees, general and administrative expenses
and dry-docking costs, but excluding $4.8 million of share-based
compensation for the period. For the six months ended June 30, 2009,
total adjusted operating expenses were $13.6 million, or approximately
$6,284 per day, including vessel operating expenses, management fees and
general and administrative expenses and drydocking costs, but excluding
$0.3 million of share-based compensation.
Source: Paragon Shipping Inc.
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