GlobeNewswire Inc | Nov 25, 2020 09:20AM EST

November 25, 2020

ATHENS, Greece, Nov. 25, 2020 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2020.

OPERATIONAL AND FINANCIAL HIGHLIGHTS1

-- Fleet utilization of 96.9% - with 114 days of technical off hire, as a result of five drydockings all completed within Q3 20. -- Fleet operational utilization of 96.0%, mainly due to 10 of our ships being in the spot market - equivalent to 21.4% of voyage days. -- Fleet calendar days down by 4.4% year over year to 3,865 - attributed mostly to the decrease in the number of operating vessels. -- About 68% of fleet days secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods representing approximately $80 million in contracted revenues. Period coverage for 2021 is currently 33%. -- Delivery of a 7,500 cbm newbuilding LPG vessel, the Eco Alice, on September 30, 2020. -- Sale of our LPG vessel the Gas Nemesis II (2001 built), on November 2, 2020 for further trading. -- Voyage revenues of $37.1 million in Q3 20, an increase of $0.5 million compared to Q3 19 mostly due to increased revenues from our LPG and Aframax time charters. -- Net Income of $0.8 million for Q3 20 corresponding to an EPS of $0.02. -- EBITDA of $13.3 million for Q3 20 compared to $14.1 million in Q3 19. -- Adjusted EBITDA of $15.8 million in Q3 20 compared to $14.7 million in Q3 19. -- Low gearing, as debt to assets stands at 36.5% and year over year reduction in finance costs by $2.0 million. -- Total cash of$42.0 million as of September 30, 2020 following theall cash delivery paymentfor the Eco Alice. Related loan drawdown took place in the beginning of October 2020 thus increasing our cash base. -- Adjusted Net Income of $3.2 million for Q3 20 corresponding to an Adjusted EPS of $0.08.

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1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

Third Quarter 2020 Results:

-- Revenues for the three months ended September 30, 2020 amounted to $37.1 million, an increase of $0.5 million, or 1.4%, compared to revenues of $36.6 million for the three months ended September 30, 2019, following an increase of our time charter revenue stemming from small LPGs, our 22,000 semirefrigerated LPG vessels and our aframax tanker. -- Voyage expenses and vessels operating expenses for the three months ended September 30, 2020 were $3.8 million and $13.8 million, respectively, compared to $4.9 million and $12.3 million, respectively, for the three months ended September 30, 2019. The $1.1 million decrease in voyage expenses, in spite of our higher exposure in the spot market, was mainly attributed to the decline of bunker costs by 20%. The 12.2% increase in vessels operating expenses compared to the same period of 2019, is a result of two of our vessels, a small LPG and our aframax tanker, coming off bareboat as well as increased crew costs faced due to the COVID-19 pandemic. -- Drydocking costs for the three months ended September 30, 2020 and 2019 were $2.3 million and $0.5 million, respectively. Drydocking expenses during the third quarter of 2020 relate to the drydocking of five vessels compared to the drydocking of one vessel in the same period of last year. -- General and Administrative expenses for the three months ended September 30, 2020 amounted to $0.6 million compared to $1.1 million for the same period of last year. This decrease is mainly attributed to the fact that for the three months ended September 30, 2019 share based compensation expense was incurred, which was not the case for the three months ended September 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019. -- Depreciation for each of the three months ended September 30, 2020 and 2019 was $9.4 million. -- Impairment loss for the three months ended September 30, 2020 was $2.5 million relating to the LPG vessel Gas Nemesis II for which the Company entered into an agreement to sell subsequent to September 30, 2020. No such loss was recorded in the same period of last year. -- Interest and finance costs for the three months ended September 30, 2020 and 2019 were $3.1 million and $5.1 million, respectively. The $2.0 million decrease from the same period of last year is mostly due to the decline of LIBOR rates and the decrease of our indebtedness. -- Equity income/(loss) in joint ventures for the three months ended September 30, 2020 and 2019 was income of $0.6 million and loss of $0.2 million, respectively. The $0.8 million increase from the same period of last year, is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 20. -- As a result of the above, for the three months ended September 30, 2020, the Company reported Net income of $0.8 million, compared to a net loss of $0.2 million for the three months ended September 30, 2019. The weighted average number of shares for the three months ended September 30, 2020 and 2019 was 37.9 million and 39.8 million, respectively. This decrease in the number of shares is as a result of our share buyback program and the tender offer during April 2020. -- Earnings per share, basic and diluted, for the three months ended September 30, 2020 amounted to $0.02 compared to loss per share of $0.01 for the same period of last year. -- Adjusted net income was $3.2 million or $0.08 per share for the three months ended September 30, 2020 compared to adjusted net income of $0.4 million or $0.01 per share for the same period of last year. -- EBITDA for the three months ended September 30, 2020 amounted to $13.3 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below. -- An average of 42 vessels were owned by the Company during the three months ended September 30, 2020 and 2019.

Nine Months 2020 Results:

-- Revenues for the nine months ended September 30, 2020 amounted to $107.7 million, a decrease of $1.4 million, or 1.3%, compared to revenues of $109.1 million for the nine months ended September 30, 2019, primarily due to the reduction of our calendar days by 7.7% as a result of the decrease in the average number of our owned vessels by 1.7 vessels, along with a 86.9% reduction in the calendar days of our charter-in vessels. -- Voyage expenses and vessels operating expenses for the nine months ended September 30, 2020 were $8.7 million and $38.6 million, respectively, compared to $12.9 million and $37.0 million for the nine months ended September 30, 2019. The $4.2 million decrease in voyage expenses was mainly due to the 26.7% (or 555 days) reduction of spot days and the 10% reduction in bunker costs. The $1.6 million increase in vessels operating expenses is mostly due to fewer vessels on bareboat and increased crew costs faced due to the COVID-19 pandemic. -- Drydocking costs for the nine months ended September 30, 2020 and 2019 were $2.7 million and $0.7 million, respectively. The costs for the nine months ended September 30, 2020 mainly related to the drydocking of five vessels, while the costs for the same period of last year related to the docking survey of one small LPG and the drydocking of a second LPG vessel. -- General and Administrative expenses for the nine months ended September 30, 2020 amounted to $1.6 million compared to $3.1 million for the same period of last year. This derease is mainly attributed to the fact that for the nine months ended September 30, 2019 share based compensation expense was incurred, which was not the case for the nine months ended September 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019. -- Depreciation for the nine months ended September 30, 2020, was $28.0 million, a $0.4 million decrease from $28.4 million for the same period of last year, due to the decrease in the average number of our vessels. -- Impairment loss for the nine months ended September 30, 2020 was $3.1 million relating to two of its oldest vessels and one vessel for which the Company entered into an agreement to sell subsequent to September 30, 2020. No such loss was recorded in the same period of last year. -- Interest and finance costs for the nine months ended September 30, 2020 and 2019 were $11.0 million and $16.5 million respectively. The $5.5 million decrease from the same period of last year is mostly due to the decline of LIBOR rates particularly in the second quarter of 2020, along with the decrease of our indebtedness. -- Equity income in joint ventures for the nine months ended September 30, 2020 and 2019 was $3.2 million and $0.3 million, respectively. The $2.9 million increase from the same period of last year is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 20. -- As a result of the above, the Company reported net income for the nine months ended September 30, 2020 of $12.7 million, compared to net income of $1.6 million for the nine months ended September 30, 2019. The weighted average number of shares outstanding as of September 30, 2020 and 2019 was 38.5 million and 39.8 million, respectively. Earnings per share for the nine months ended September 30, 2020 amounted to $0.33 compared to earnings per share of $0.04 for the same period of last year. -- Adjusted net income was $15.8 million, or $0.41 per share, for the nine months ended September 30, 2020 compared to adjusted net income of $2.8 million, or $0.07 per share, for the same period of last year. -- EBITDA for the nine months ended September 30, 2020 amounted to $51.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. -- An average of 41.4 vessels were owned by the Company during the nine months ended September 30, 2020, compared to 43.1 vessels for the same period of 2019. -- As of September 30, 2020, cash and cash equivalents amounted to $27.6 million and total debt amounted to $346.8 million. During the nine months ended September 30, 2020 debt repayments amounted to $31.2 million.

Fleet Update Since Previous AnnouncementThe Company announced the conclusion of the following chartering arrangements:

-- A two year time charter for its 1997 built LPG carrier, the Gas Galaxy, to a Major International Chemical Producer until September 2022. -- A one year time charter extension for its 2001 built LPG carrier, the Gas Spirit, to an International LPG Trader until November 2021. -- A six month time charter extension for its 2020 built LPG carrier, the Eco Texiana, to an International LPG Trader until June 2021. -- A six month time charter extension for its 2018 built LPG carrier, the Eco Freeze, to an International LPG Trader until April 2021. -- A two month time charter for its 2008 built LPG carrier, the Gas Imperiale, to a Major International Trading House until November 2020.

With these charters, the Company has total contracted revenues of approximately $80 million. Total anticipated voyage days of our fleet is 68% coveredfor the remainder of 2020 and currently, 33% for 2021.

Board Chairman Michael Jolliffe Commented

In the third quarter of 2020, StealthGas marked a quite satisfactory performance given that we operated in a rather difficult market. With the COVID-19 pandemic still persisting our market has been heavily affected. Due to imposed lockdowns we witnessed a decline in demand for LPG, and charterers sentiment has been affected thus making them reluctant to take forward positions on period contracts. Adding to this, regulations pertaining to crew safety and crew changes have added to our costs- and will continue to do so up until the COVID-19 pandemic subsides. Nevertheless our Company not only achieved strong revenues but managed to end the quarter with profitable results. We feel confident that we can successfully navigate in our market even during testing times. In addition, we further acknowledge that had our market not been hit by the COVID-19 pandemic, it seems we would have had a far better run this year.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free Dial In).

Access Code: 8289180

In case of any problems with the above numbers, please dial +1 6467871226 (US Toll Dial In), +44 (0) 203 0095709 (Standard International Dial In).

Access Code: 8289180

A telephonic replay of the conference call will be available until December 2, 2020 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In). Access Code: 8289180

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About STEALTHGAS INC.

StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 51 vessels. The fleet is comprised of 47 LPG carriers, including eight Joint Venture vessels and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in the first quarter of 2021. These LPG vessels have a total capacity of 439,989 cubic meters (cbm). The Company also owns three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). StealthGas Inc.s shares are listed on the Nasdaq Global Select Market and trade under the symbol GASS.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, managements examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INCs operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment For information on our fleet and further information:Visit our website at www.stealthgas.com

Company Contact:Fenia Sakellaris STEALTHGAS INC.011-30-210-6250-001 E-mail: info@stealthgas.com

Fleet Data: The following key indicators highlight the Companys operating performance during the periods ended September 30, 2019 and September 30, 2020.

FLEET DATA Q3 2019 Q3 2020 9M 2019 9M 2020Average number of vessels (1) 41.97 42.01 43.10 41.38 Period end number of owned vessels in 41 43 41 43 fleetTotal calendar days for fleet (2) 4,045 3,865 12,376 11,419 Total voyage days for fleet (3) 4,005 3,746 12,321 11,266 Fleet utilization (4) 99.0 % 96.9 % 99.6 % 98.7 %Total charter days for fleet (5) 3,257 2,945 10,242 9,742 Total spot market days for fleet (6) 748 801 2,079 1,524 Fleet operational utilization (7) 98.0 % 96.0 % 97.4 % 97.0 %

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days (excluding commercially idle days) by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net (loss)/income before loss/(gain) on derivatives excluding swap interest received/(paid), net loss on sale of vessels, gain on deconsolidation of subsidiaries, impairment loss and share based compensation. EBITDA represents net (loss)/income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net (loss)/income before interest and finance costs, interest income, depreciation, share based compensation, impairment loss, loss/(gain) on derivatives, net loss on sale of vessels and gain on deconsolidation of subsidiaries.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

(Expressed in United States Third Quarter Ended Nine Months Period EndedDollars, September 30th, September 30th,except number of shares) 2019 2020 2019 2020 Net (Loss)/Income - Adjusted Net IncomeNet (loss)/income (227,767 ) 788,496 1,561,843 12,724,522 Less/Plus (gain)/loss on (14,389 ) (18,899 ) 126,402 21,411 derivativesPlus/Less swap interest 52,100 (54,047 ) 132,052 (64,690 )received/(paid)Plus net loss on sale of 492,989 -- 485,516 -- vesselsLess gain ondeconsolidation of -- -- (145,000 ) -- subsidiariesPlus impairment loss -- 2,489,333 -- 3,142,412 Plus share based 140,548 -- 611,644 -- compensationAdjusted Net Income 443,481 3,204,883 2,772,457 15,823,655 Net (loss)/income ? EBITDA Net (loss)/income (227,767 ) 788,496 1,561,843 12,724,522 Plus interest and finance 5,123,454 3,069,385 16,506,372 10,993,227 costsLess interest income (226,577 ) (1,591 ) (675,156 ) (153,079 )Plus depreciation 9,423,444 9,430,419 28,371,811 27,998,487 EBITDA 14,092,554 13,286,709 45,764,870 51,563,157 Net (loss)/income - Adjusted EBITDANet (loss)/income (227,767 ) 788,496 1,561,843 12,724,522 Less/Plus (gain)/loss on (14,389 ) (18,899 ) 126,402 21,411 derivativesPlus net loss on sale of 492,989 -- 485,516 -- vesselsLess gain ondeconsolidation of -- -- (145,000 ) -- subsidiariesPlus impairment loss -- 2,489,333 -- 3,142,412 Plus share based 140,548 -- 611,644 -- compensationPlus interest and finance 5,123,454 3,069,385 16,506,372 10,993,227 costsLess interest income (226,577 ) (1,591 ) (675,156 ) (153,079 )Plus depreciation 9,423,444 9,430,419 28,371,811 27,998,487 Adjusted EBITDA 14,711,702 15,757,143 46,843,432 54,726,980 EPS - Adjusted EPS Net (loss)/income (227,767 ) 788,496 1,561,843 12,724,522 Adjusted net income 443,481 3,204,883 2,772,457 15,823,655 Weighted average number of 39,792,047 37,858,437 39,830,876 38,525,594 sharesEPS - Basic and Diluted (0.01 ) 0.02 0.04 0.33 Adjusted EPS 0.01 0.08 0.07 0.41

StealthGas Inc.Unaudited Consolidated Statements of Operations(Expressed in United States Dollars, except for number of shares)

Quarters Ended Nine Month Periods Ended September 30, September 30, 2019 2020 2019 2020 Revenues Revenues 36,568,295 37,079,960 109,094,614 107,708,562 Expenses Voyage expenses 4,475,319 3,350,502 11,524,998 7,409,136 Voyage expenses 454,950 458,863 1,355,178 1,332,033 - related party Charter hire 1,469,915 -- 5,034,969 318,606 expenses Vessels' operating 12,083,979 13,588,561 36,271,225 37,937,668 expenses Vessels' operating 238,000 247,000 726,500 697,000 expenses - related party Drydocking 548,393 2,302,754 734,017 2,703,931 costs Management fees 1,432,040 1,434,930 4,346,720 4,106,010 - related party General and administrative 1,079,027 573,200 3,103,635 1,643,825 expenses Depreciation 9,423,444 9,430,419 28,371,811 27,998,487 Impairment loss -- 2,489,333 -- 3,142,412 Net loss on 492,989 -- 485,516 -- sale of vesselsTotal expenses 31,698,056 33,875,562 91,954,569 87,289,108 Income from 4,870,239 3,204,398 17,140,045 20,419,454 operations Other (expenses) / income Interest and (5,123,454 ) (3,069,385 ) (16,506,372 ) (10,993,227 ) finance costs Gain on deconsolidation -- -- 145,000 -- of subsidiaries Gain/(Loss) on 14,389 18,899 (126,402 ) (21,411 ) derivatives Interest income 226,577 1,591 675,156 153,079 Foreign (9,500 ) (5,762 ) (19,057 ) (2,392 ) exchange lossOther expenses, (4,891,988 ) (3,054,657 ) (15,831,675 ) (10,863,951 )net Income beforeequity in income (21,749 ) 149,741 1,308,370 9,555,503 of investeesEquity (loss)/income in joint (206,018 ) 638,755 253,473 3,169,019 venturesNet (Loss)/Income (227,767 ) 788,496 1,561,843 12,724,522 (Loss)/Earnings per share- Basic & Diluted (0.01 ) 0.02 0.04 0.33 Weighted average number of shares- Basic & Diluted 39,792,047 37,858,437 39,830,876 38,525,594

StealthGas Inc.Unaudited Consolidated Balance Sheets(Expressed in United States Dollars)

December 31, September 30, 2019 2020 Assets Current assets Cash and cash equivalents 68,465,342 27,585,637 Trade and other receivables 4,217,101 3,555,893 Other current assets 118,246 298,594 Claims receivable 314,217 154,652 Inventories 2,447,703 3,172,426 Advances and prepayments 749,681 698,019 Restricted cash 1,589,768 976,785 Fair value of derivatives 30,381 -- Total current assets 77,932,439 36,442,006 Non-current assets Advances for vessel under construction 2,988,903 6,275,970 Operating lease right-of-use assets 473,132 22,627 Vessels, net 835,152,403 848,855,175 Other receivables 286,915 89,873 Restricted cash 12,065,222 13,397,078 Investments in joint ventures 25,250,173 43,636,692 Deferred finance charges -- 491,869 Fair value of derivatives 39,744 -- Total non current assets 876,256,492 912,769,284 Total assets 954,188,931 949,211,290 Liabilities and Stockholders' Equity Current liabilities Payable to related parties 7,043,121 11,953,765 Trade accounts payable 9,032,690 11,004,310 Accrued and other liabilities 6,002,079 4,421,585 Operating lease liabilities 473,132 22,627 Customer deposits 968,000 968,000 Deferred income 2,843,994 3,434,370 Fair value of derivatives 37,567 211,564 Current portion of long-term debt 40,735,556 68,973,364 Total current liabilities 67,136,139 100,989,585 Non current liabilities Fair value of derivatives 2,618,250 5,526,367 Long-term debt 325,247,902 277,860,624 Total non current liabilities 327,866,152 283,386,991 Total liabilities 395,002,291 384,376,576 Commitments and contingencies Stockholders' equity Capital stock 445,496 431,836 Treasury stock (24,361,145 ) (25,373,380 ) Additional paid-in capital 502,419,122 499,564,087 Retained earnings 82,942,210 95,666,732 Accumulated other comprehensive loss (2,259,043 ) (5,454,561 )Total stockholders' equity 559,186,640 564,834,714 Total liabilities and stockholders' equity 954,188,931 949,211,290

StealthGas Inc.Unaudited Consolidated Statements of Cash Flows(Expressed in United States Dollars)

Nine Month Periods Ended September 30, 2019 2020 Cash flows from operating activities Net income for the period 1,561,843 12,724,522 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 28,371,811 27,998,487 Amortization of deferred finance charges 704,265 529,971 Amortization of operating lease right-of-use 1,171,221 450,505 assets Share based compensation 611,644 -- Change in fair value of derivatives 258,454 (43,279 ) Equity income in joint ventures (253,473 ) (3,169,019 ) Impairment loss -- 3,142,412 Net loss on sale of vessels 485,516 -- Gain on deconsolidation of subsidiaries (145,000 ) -- Changes in operating assets and liabilities: (Increase)/decrease in Trade and other receivables (209,104 ) 858,250 Other current assets 77,671 (180,348 ) Claims receivable (1,307,764 ) 159,565 Inventories 1,082,352 (724,723 ) Changes in operating lease liabilities (1,171,221 ) (450,505 ) Advances and prepayments 222,725 51,662 Increase/(decrease) in Balances with related parties (8,909,006 ) 8,915,017 Trade accounts payable (699,722 ) 1,898,448 Accrued liabilities (142,396 ) (1,781,467 ) Deferred income (1,611,954 ) 590,376 Net cash provided by operating activities 20,097,862 50,969,874 Cash flows from investing activities Insurance proceeds 683,225 -- Proceeds from sale of interests in subsidiaries 20,720,975 -- Proceeds from sale of vessels, net 18,721,124 -- Vessels? acquisitions and advances for vessels (2,948,303 ) (47,914,966 ) under construction Investment in joint ventures (10,220,400 ) (41,998,500 ) Return of investments by joint ventures 7,363,147 26,781,000 Advances to joint ventures (2,908,354 ) (29,245 ) Advances from joint ventures 1,714,898 29,245 Net cash provided by/(used in) investing 33,126,312 (63,132,466 )activities Cash flows from financing activities Stock repurchase (1,046,854 ) (3,880,930 ) Deferred finance charges paid (477,201 ) (462,259 ) Advances from joint ventures 2,604,223 1,837,299 Advances to joint ventures -- (5,841,672 ) Customer deposits paid (368,000 ) -- Loan repayments (87,287,891 ) (31,155,678 ) Proceeds from long-term debt 33,480,000 11,505,000 Net cash used in financing activities (53,095,723 ) (27,998,240 )Net increase/(decrease) in cash, cash equivalents 128,451 (40,160,832 )and restricted cashCash, cash equivalents and restricted cash at 79,430,991 82,120,332 beginning of yearCash, cash equivalents and restricted cash at end 79,559,442 41,959,500 of period Cash breakdown Cash and cash equivalents 66,147,291 27,585,637 Restricted cash, current 1,218,712 976,785 Restricted cash, non current 12,193,439 13,397,078 Total cash, cash equivalents and restricted cash 79,559,442 41,959,500 shown in the statements of cash flows