(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
(2) Average age of operational fleet is calculated as at September 30, 2012 and 2011, respectively.
(3) Ownership days are the total calendar days each vessel in the fleet was owned by the Company for the relevant period.
(4) Available days for the fleet are the ownership days after subtracting for off-hire days with major repairs, dry-docking or special or intermediate surveys or transfer of ownership.
(5) Voyage days are the total days the vessels were in our possession for the relevant period after subtracting all off-hire days incurred for any reason (including off-hire for dry-docking, major repairs, special or intermediate surveys).
(6) Fleet utilization is calculated by dividing voyage days by available days for the relevant period.
(7) Represents the weighted average per-day TCE rates, of our entire fleet. TCE rate is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE rate is determined by dividing voyage revenues (net of voyage expenses and amortization of fair value of above/below market acquired time charter agreements) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. We included TCE revenues, a non- GAAP measure, as it provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance.
Unaudited Consolidated Condensed Statement of Operations
3 months 3 months 9 months 9 months(Expressed in thousands of ended ended ended ended U.S. dollars except for September September September September share and per share data) 30, 2012 30, 2011 30, 2012 30, 2011 ---------- ---------- ---------- ----------Revenues:Voyage Revenues 18,346 26,186 68,016 78,356Management Fee Income 71 69 208 84 ---------- ---------- ---------- ---------- 18,417 26,255 68,224 78,440Expenses:Voyage expenses (3,424) (5,932) (17,453) (16,953)Vessel operating expenses (6,283) (6,523) (20,452) (17,194)Dry-docking expenses (1,971) (247) (2,997) (1,605)Depreciation (9,535) (12,675) (28,732) (36,684)Management fees - - - (54)(Loss)/gain on derivative instruments (23) (114) 41 (93)General and administrative expenses (1,988) (2,996) (7,325) (10,010)Vessel impairment loss (303,219) - (303,219) -Gain on time charter agreement termination - - 6,454 1,806Other operational gain 1,891 21 2,031 9,261Other operational loss (663) - (663) (4,050)Loss on sale of vessel (26) - (3,190) - ---------- ---------- ---------- ----------Operating (loss) / income (306,824) (2,211) (307,281) 2,864 ---------- ---------- ---------- ----------Interest and finance costs (1,905) (1,086) (6,047) (3,127)Interest and other income 52 301 191 647 ---------- ---------- ---------- ----------Total other expenses, net (1,853) (785) (5,856) (2,480) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------Net (loss) / income (308,677) (2,996) (313,137) 384 ========== ========== ========== ==========(Loss)/ earnings per share, basic* (57.15) (0.59) (58.09) 0.08 ========== ========== ========== ==========(Loss)/ earnings per share, diluted* (57.15) (0.59) (58.09) 0.08 ========== ========== ========== ==========Weighted average number of shares outstanding, basic 5,400,827 5,118,131 5,390,553 4,525,501 ========== ========== ========== ==========Weighted average number of shares outstanding, diluted 5,400,827 5,118,131 5,390,553 4,528,822 ========== ========== ========== ==========
