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SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_____________________________
FORM
10-K
_____________________________
Annual
Report Pursuant to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
|
For
the fiscal year ended |
Commission
file number: |
|
December
31, 2004 |
1-10231 |
MC
SHIPPING INC.
(Exact
name of the registrant as specified in its charter)
_____________________________
|
LIBERIA |
98-0101881 |
|
State
or other jurisdiction of
incorporation or organization) |
(IRS
Employer Identification
No.) |
_____________________________
Richmond
House, 12 Par-la-ville Road, Hamilton HM CX, Bermuda
(Address
of principal executive offices)
_____________________________
441-295-7933
(Registrant's
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act :
|
COMMON
STOCK $.01 PAR VALUE |
AMERICAN
STOCK EXCHANGE |
|
(Title
of class) |
(Name
of exchange on which registered) |
_____________________________
Securities
registered pursuant to Section 12(g) of the Act : NONE
_____________________________
Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for the
past 90 days.
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein, and will not be contained, to the best
of the registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.
Indicate
by a check mark whether the registrant is an accelerated filer (as defined in
Rule 12b-2 of the Exchange Act).
The
aggregate market value of the voting stock held by non-affiliates of the
registrant computed by reference to the closing American Stock Exchange price on
March 10, 2005 was: $29,022,309.
_____________________________
Excluded
from this amount are the shares of Common Stock beneficially owned by V.
Investments, Navalmar and by each officer and director of the Company in that
such companies and persons may be deemed to be affiliates of the Company. The
determination of affiliate status for this purpose is not necessarily a
conclusive determination for other purposes.
_____________________________
The
number of shares outstanding of each of the registrant's classes of common stock
as of March 10, 2005 was:
Common
Stock, $.01 par value: 8,766,896
________________________
PART
I
ITEM
1: BUSINESS - GENERAL
MC
Shipping Inc. (the "Company") was incorporated on March 17, 1989, in the
Republic of Liberia.
Since its
founding, the Company has been engaged in the business of investing in, owning
and operating second-hand vessels. As of December 31, 2004, the Company's fleet
included seven liquid petroleum gas ("LPG") carriers, four containerships and
two multipurpose seariver vessels. Each of
the Company's vessels is owned by a separate wholly owned subsidiary of the
Company.
An LPG
carrier is designed to carry petroleum gases used primarily as low pollution
fuels and as feedstock in the petrochemical and fertiliser industries. A
containership is a vessel designed exclusively to carry containers. A
multipurpose seariver vessel is a small vessel capable of carrying general cargo
and/or bulk cargo both on rivers and at sea.
The
Company generally employs its vessels on time charter, bareboat charter or spot
charter. With time charters, the Company receives a fixed charterhire per
on-hire day and is responsible for meeting all the operating expenses of the
vessels, such as crew costs, voyage expenses, insurance, repairs and
maintenance. In the case of bareboat charters, the Company receives a fixed
charterhire per day for the vessel and the charterer is responsible for all the
costs associated with the vessel's operation during the bareboat charter period.
In the case of voyage charters, the vessel is contracted only for a voyage
between two ports: the Company is paid for the tonnage transported and pays all
voyage costs.
The level
of the Company's revenues and expenses will vary from year to year depending on,
inter alia, the number of vessels controlled by the Company during each year and
the charter rate of those vessels.
SHIPPING
INDUSTRY BACKGROUND
The
shipping industry is subject to cyclical fluctuations in charter rates and
vessel values based on changes in supply and demand. The industry has been
experiencing volatility in profitability, vessel values and charter rates
resulting from changes in the supply of, and demand for, shipping capacity. The
demand for ships is influenced by, among other factors, global and regional
economic conditions, developments in international trade, changes in seaborne
and other transportation patterns, weather patterns, crop yields, armed
conflicts, port congestion, canal closures, political developments, conflicts,
embargoes and strikes. The demand for ships is also influenced by, among other
things, the demand for consumer goods and perishable foodstuffs, dry bulk
commodities, crude oil and oil products. Demand for such products is affected
by, among other things, general economic conditions, commodity prices,
environmental concerns, weather and competition from alternative fuels. The
supply of shipping capacity is a function of the delivery of new vessels and the
number of older vessels scrapped, converted to other uses, reactivated or lost.
Such supply may be affected by regulation of maritime transportation practices
by governmental and international authorities. All of these factors which affect
the supply of and demand for vessel capacity are beyond the control of the
Company. In addition, the nature, timing and degree of changes in the shipping
markets, in which the Company operates, as well as future charter rates and
values of its vessels, are not readily predictable.
In 2004,
the market recovery accelerated in the small pressurised LPG sector. Charter
rates have increased substantially since December 31, 2003 and the Company is
slowly able to take advantage of such better rates as the existing charters come
for renewal. Management feels that market strength will remain strong for the
next twelve months. The Company owns six small fully pressurized LPG carriers.
The market for VLGC (very large gas carrier) was also quite strong in 2004,
however, the Company's very
large LPG carrier is fixed on a long-term charter until September 2006. Vessel
values of the LPG ships have also increased substantially and are currently as a
whole in excess of book value. In January 2005, the Company received appraisals
for its gas fleet from leading independent shipbrokers, which estimated the
total gas fleet value at approximately $60.7 million.
In 2004,
the market for containerships remained very strong. Market rates are
substantially in excess of the current charter rates of the Company's container
vessels. High freight rates and limited tonnage supply have also significantly
driven up the prices of the second-hand containerships. To take advantage of
this strong market, the container vessels were sold in January 2005 (see
Subsequent Events).
Certain
of the information contained in this Form 10-K may constitute "forward-looking
statements" as that term is defined under United States federal securities laws.
"Forward-looking statements" are subject to risks, uncertainties and other
factors which could cause actual events to differ materially from those stated
in such statements, including the identification of suitable vessels for
purchase, the availability of additional financing for the Company, if needed,
the cyclical nature of the shipping industry, competition, general economic
conditions and other risk factors detailed elsewhere herein and in the Company's
other filings with the SEC.
OPERATIONS
Shipowning
activities entail three separate functions: (i) the overall strategic management
function, which is that of an investment manager and includes the selection,
purchase, financing and sale of vessels and overall supervision of both
chartering and vessel technical management; (ii) the technical management
function, which encompasses the day to day operation, physical maintenance and
crewing of the vessels; and (iii) the commercial management function, which
involves obtaining employment for the vessels and managing relations with the
charterer.
Management
exercises direct control over the Company's overall strategic management
function. The technical management function is sub-contracted to V.Ships or its
affiliates ("V.Ships"), a company affiliated with the Company, or to other
technical managers. Other managers have been engaged to handle the
Company's two
multipurpose seariver vessels because of the specialised nature of the trade.
Management exercises regular controls over the technical managers of the vessels
to ensure that they are properly maintained. Management exercises direct control
of the commercial management function but may, on a case-by-case basis, engage
the services of V.Ships or independent brokers in order to obtain employment for
the Company's vessels and to manage its relations with its charterers.
The
Company, via its wholly owned subsidiaries, enters into management agreements
with V.Ships and other technical managers for the technical operation of the
Company's fleet. These agreements are "cost-plus" contracts under which the
Company reimburses all costs incurred by V.Ships and other technical managers
for the operation of the Company's vessels and V.Ships and other technical
managers are paid a fixed management fee. In addition, if the Company deems it
necessary to employ the services of V.Ships and/or other technical managers in
the chartering or commercial operation of any of the Company's vessels, V.Ships
and/or other technical managers are entitled to a commercial chartering
commission determined in the light of current industry practice. For the rates
of fees payable to V.Ships, see "COMPENSATION TO AFFILIATES".
The
Company had 11 charters covering the year 2004, all of which commenced prior to
2004, and three charterers provided revenues exceeding 10% of the Company's
total revenues. The Company's multipurpose seariver vessels were engaged on
voyage charters in 2004 and are excluded from these statistics.
COMPENSATION
TO AFFILIATES
Until May
2004, the Vlasov Group was the main shareholder of the Company. On May 13, 2004,
Vlasov Investment Corporation sold all of its 4,168,000 shares of Common Stock
of MC Shipping (approximately 47.78%).
As of May
14, 2004, V. Investments Limited ("V. Investments") V. Ships Group LTD., V
Holdings Limited, Greysea Limited, Close Securities Limited, Close Investment
Partners Limited, Navalmar (UK) Limited ("Navalmar"), Bogazzi Fimpar SpA, and
Enrico Bogazzi filed a joint Form 13D to report that they might be deemed to
have shared beneficial ownership of 4,308,790 common shares, which represented
approximately 49.39% of the common stock outstanding. Following the purchase of
additional shares in the open market by Navalmar in the later part of 2004, V.
Investments and Navalmar control now over 50% of the outstanding stock of the
Company.
Prior to
March 28, 2003, V.Ships had been an affiliate of the Company, as it was 39%
owned by the Vlasov Group, the main shareholder of the Company at that time.
V.Ships was also owned 31% by Greysea Limited ("Greysea"), a Guernsey
corporation controlled by certain senior officers and former officers of
V.Ships, 19% by General Electric Capital Corporation and 11% by some officers of
V.Ships. Following a change in the shareholding structure of V.Ships, V.Ships is
now controlled 50% by Greysea and management and 50% by a third party
independent investor group (4% warrants are held by lending banks).
The
disclosure on related parties transaction in the form 10-K as of December
31,2003 was limited to the period ending March 28, 2003, because the Company was
affiliated with V Ships only until such date. In this report, we have reinstated
the year 2003 as a whole for comparison purposes.
Certain
of the directors and executive officers of the Company are involved in outside
business activities similar to those conducted by the Company. Mr. Antony
Crawford (Chief Executive Officer, President and Director) is also the Chief
Executive Officer of V. Investments, a subsidiary of V Ships handling the
financial, commercial and investment activities of the group; he is a Director
and minority shareholder of V. Holdings Limited, the holding company of the V.
Ships group; he is joint managing director of AL Ships, a marketing company
jointly owned by V Ships and KGAL; he is a director of Finship, a Rotterdam
based financial advisory company jointly owned by V Ships and ING Bank. Mr Biggi
is the President and Chief Executive Officer of V. Holdings Ltd and an executive
officer of its principal subsidiaries which provide management related services
to the Company. Mr Biggi is also President and Managing Director of V.Ships Inc.
and a shareholder of Greysea, which owns a
participation in V.Ships. Mr
Bogazzi (Director) is involved in the business of purchasing, owning and selling
cargo vessels through the Bogazzi Group of shipping companies. As a result of
these affiliations, such persons may experience conflicts of interest in
connection with the selection, purchase, operation and sale of the Company's
vessels and those of other entities affiliated with such persons.
The
By-Laws of the Company provide that any of the transactions giving rise to
potential conflicts of interest are subject to review by the Audit Committee of
the Company's Board of Directors which is also charged with the responsibility
of monitoring and reviewing transactions to be entered into with affiliates.
The
Company, via its wholly owned subsidiaries, has entered into Management
Agreements (the "Agreements") with V.Ships for the technical operation of all
the Company's fleet, excluding the seariver vessels which are managed by another
independent vessel manager because of the specialised nature of the trade, and
excluding the vessels which are on bareboat charter which are managed by the
charterer.
The
Agreements are "cost-plus" contracts under which the Company reimburses all
costs incurred by V. Ships for the operation of the Company's vessels and
V.Ships is paid a fixed management fee. For 2004,
the management fees were fixed at the rate of $8,855 per vessel/per month for
the container ships and the La Forge, and at the rate of $8,753 per vessel/per
month for the other LPG carriers managed by V.Ships (in 2003, $8,600 and $8,500
respectively). In 2004, the Company paid $1,150,926 to V.Ships for services
provided to the Company pursuant to the Agreements (2003 - $1,128,000; 2002 -
$1,233,510).
If the
Company deems it necessary to employ the services of V.Ships in the chartering
or commercial operation of any of the Company's vessels, V.Ships is entitled to
a commercial chartering commission determined in the light of current industry
practice. This commission can vary between 0.5% and 1.25% of such
vessels' gross
charter revenue and demurrage. In 2004 no commercial chartering commissions were
paid by the Company to V.Ships (2003 - $4,500; 2002 - $81,714).
If the
Company deems it necessary to employ the services of V.Ships in the acquisition
or disposal of vessels, the Company will pay commissions and legal fees
determined in light of current industry practice. In 2004, legal fees and
expenses totalling $33,443 were paid by the Company to affiliates of V.Ships
(2003 - $9,220; 2002 - $35,493).
The
Company leases office space from and reimburses telecommunication expenses to
various affiliates of V.Ships. In 2004, the rental cost and telecommunications
expenses paid to affiliates of V. Ships were approximately $133,416 (2003 -
$101,218; 2002 - $88,365).
In August
2004, the Company entered into a service agreement with V. Investments Limited
whereby the Company pays a fee of £10,000 per month in consideration of V. Ships
permitting the Chief Executive Officer to provide his services to the Company. V
Ships is also entitled to reimbursement of all business expenses incurred by the
CEO in the provision of his services.
The
Company outsources some bookkeeping functions to an affiliate of V.Ships. In
2004, the Company paid a total of approximately $31,000 for such accounting
services (2003 - $31,000; 2002 - $32,375). In 2003, $5,700 were paid to the
Vlasov Group for the outsourcing of some bookkeeping tasks.
In
addition, on a case by case basis, as technical manager of the Company's fleet,
V.Ships uses on behalf of the Company the services of other V.Ships affiliates
to arrange for insurance, crew and staff travelling, port agency services,
manning, safety and training services, and miscellaneous services described
below. The payments described below represent part fees and for the most part
payments to third parties.
Up to the
later part of 2004, the
Company placed
part of its vessel hull and machinery insurance, increased value insurance and
war risk insurance through a captive insurance company, affiliated with V.
Ships. In 2004, the
Company was charged with insurance premiums of approximately $706,946
which were included in vessel operating expenses (2003 -
$919,127; 2002 - $993,595).
The
Company uses, for crew and staff travelling, the services of a company
affiliated with V.Ships. In 2004, such travelling expenses amounted to
approximately $267,670 and were included in vessel operating expenses or in
general and administrative expenses (2003 - $278,831; 2002 -
$144,577).
The
Company uses from time to time the port agency services of various companies
affiliated with V.Ships. In 2004, the Company paid to these companies
approximately $313,754 for port and other costs, which were included in vessel
operating expenses (2003 - $480,660; 2002 - $344,018).
The
Company uses various companies affiliated with V.Ships for manning, safety and
training. . In 2004, such expenses amounted to approximately $346,129 and were
included in vessel operating expenses (2003 - $347,179; 2002 -
$563,954).
At
December 31, 2004, the Company had intercompany balances of trade accounts
receivables of $80,492 due from affiliates ($76,094 in 2003).
INSURANCE
AND CLASSIFICATION
The
business of the Company is affected by the risks of mechanical failure of the
Company's vessels, collisions, property losses to the vessels, cargo loss or
damage, and business interruption due to political action in foreign countries
and labour strikes. In addition, the operation of any ocean-going vessel entails
an inherent risk of catastrophic marine disaster. The Company maintains Hull and
Machinery Insurance, War Risk Insurance, Protection and Indemnity Insurance,
Freight Demurrage and Defence Insurance and Loss of Earnings Insurance on its
vessels consistent with industry practice. The Company maintains total or
constructive total loss coverage for each of its vessels. The insurance
underwriters may require that additional premiums be paid for Hull and Machinery
and War Risk Insurance prior to any vessels entering certain geographical areas
subject to unstable political or military conditions. Although
the Company has had no difficulty in obtaining such insurance for its vessels,
there can be no assurance that the Company will be able to continue to procure
sufficient amounts of insurance to cover the repair and replacement cost of any
vessel which is damaged or destroyed, loss of earnings on a vessel or the
Company's liability in the event of a catastrophic marine or ecological
disaster.
The
Company's insurers require that the Company's vessels meet certain requirements
set by maritime classification societies as a condition to obtaining insurance.
The classification societies determine that the vessels are safe and seaworthy
in accordance with the International Maritime Organisation and the Safety of
Life at Sea Convention. All LPG carriers, containerships and multipurpose
carriers are inspected by a surveyor of the classification society every year
("Annual Survey"), every two and one half years ("Intermediate Survey"), and
every five years ("Special Survey"). The Company has purchased and intends to
purchase only vessels which are able to comply with such classification society
requirements. It is expected that, under classification society rules, the
Company's vessels will be required to undergo dry-docking at least once every
three years. Normal dry-docking takes one to two weeks. The Company estimates
that current dry-docking costs in the geographical areas where the Company
anticipates having such work performed will vary between approximately $150,000
and $1,600,000 per vessel, depending upon the size and complexity of the vessel
concerned. This estimate is based on a dry-docking cycle of two and one half to
three years between each visit to a dry-dock facility and assumes regular but no
extraordinary expenses for maintenance and repairs. In addition to dry-docking,
the Company is required to purchase spare parts and perform repairs on its
vessels from time to time. In the case of bareboat charter arrangements, the
bareboat charterer undertakes, at its expense, to ensure that the vessel is
regularly dry-docked and is properly maintained.
REGULATION
The
Company's business is materially affected by government regulation in the form
of international conventions, national, state or local laws and regulations, and
laws and regulations of the flag nations of its vessels, including laws relating
to the discharge of materials into the environment. Because such conventions,
laws and regulations are often revised, the Company is unable to predict the
ultimate costs of complying with such conventions, laws and regulations. Under
certain regulations, a vessel owner may be liable for property and environmental
damages and all of its assets could be subject to claim for such damages.
Moreover, in certain jurisdictions, under the "sister ship" doctrine, all of the
affiliates in a fleet of ships may be liable for damages caused by, or debts
incurred with respect to, a ship owned by one affiliate, and the ships and other
assets of all the affiliates may be subject to attachments.
In
addition, the Company is required by various governmental and quasi-governmental
agencies to obtain certain permits, licenses and certificates with respect to
its operations. The Company believes that it will readily be able to obtain all
such permits, licenses and certificates as may be required.
Some
countries have laws or practices which restrict the carriage of cargoes
depending upon the nationality of a vessel or its crew or the origin or
destination of the vessel, as well as other considerations relating to
particular national interests. The Company cannot predict the effect that such
laws or practices may have on its ability to obtain cargoes. It is expected that
the Company's vessels, all of which are non-United States flag vessels, will be
permitted to enter the territorial waters of the United States, but will not be
permitted, under the Merchant Marine Act, 1920 (the Jones Act), to
transport cargoes
between United States ports. Such restriction is not expected to have a material
adverse impact on the Company's operations.
None of
the Company's vessels made any call to a United States port in
2004.
COMPETITION
Competition
in the operation of containerships and LPG carriers is intense. Typically, each
of the numerous owners of such vessels owns a relatively small number of
vessels. However, a few large and experienced operators, with greater financial
resources than those of the Company, dominate the LPG and containership sectors,
particularly in the larger ship segments, and there is no assurance that the
Company will be able to compete successfully with other shipping
firms.
As
shipping rates are not materially different among competitors, competition is
based primarily upon the reputation of the vessel and its operators and the
operator's relationship with charterers.
It is the
opinion of Management that the most effective technique in dealing with
competitive pressures is to maintain its vessels to a very high standard and to
develop strong long-term relationships with charterers of high standing.
Management believes that its reputation and extensive experience contributes to
the Company's ability to compete effectively.
EMPLOYEES
At the
end of 2004, the Company employed four persons on a full-time basis and one
person on a part time basis, three of whom are officers of the
Company.
The
Company, through its vessel-owning subsidiaries, hires officers and crews for
each of the Company's vessels. Seamen from India, Latvia, Russia, Ukraine and
the United Kingdom currently man the Company's vessels and a total of
approximately two hundred and fifty seafarers currently serve on the Company's
vessels. These seamen are generally unionised and the Company believes its
relationships with the seamen who serve on board its vessels are
good.
______________________________
ITEM
2: PROPERTIES
The
Company, through its wholly owned subsidiary MC Shipping S.A.M., directly rents
office space from V.
Ships and procures administrative services in Monaco. In 2004, the Company
leased office space at a cost of $87,206 (2003 - $76,078; 2002 - $75,889).
Additionally, the Company has at its disposal office space and administrative
services in Bermuda.
At
December 31, 2004, the Company's wholly-owned fleet consisted of the following
vessels:
Name |
Type |
Year
Built |
DWT |
| |
|
|
|
|
Deauville |
LPG
Carrier |
1995 |
2,601 |
|
Auteuil |
" |
1995 |
2,588 |
|
Coniston |
" |
1991 |
4,833 |
|
Cheltenham |
" |
1990 |
4,318 |
|
Longchamp |
" |
1990 |
4,316 |
|
Malvern |
" |
1990 |
4,148 |
|
La
Forge |
" |
1981 |
45,587 |
|
Maersk
Belawan |
Container
Carrier |
1983 |
37,212 |
|
Maersk
Brisbane |
" |
1976 |
37,129 |
|
Maersk
Barcelona |
" |
1976 |
37,115 |
|
Maersk
Bahrain |
" |
1975 |
37,116 |
|
Bay
Trader |
Multipurpose
Seariver Carrier |
1980 |
1,579 |
|
Link
Trader |
" |
1980 |
1,579 |
______________________________
ITEM
3: LEGAL
PROCEEDINGS
The
Company has no material legal proceedings.
______________________________
ITEM
4: SUBMISSION
OF MATTERS TO A VOTE OF SECURITYHOLDERS
None
_________________________
PART
II
|
ITEM
5: |
MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS |
PRICE
RANGE OF COMMON STOCK
Since May
31, 1989, the Company's Common Stock has traded on the American Stock Exchange.
The ticker symbol for the Company's Common Stock is "MCX". As of February 28,
2005, there were 63 record holders of Common Stock.
The high
and low sales prices for the Company's Common Stock for the last two fiscal
years are set forth below:
|
Quarter
ended |
2004 |
2003 |
|
High |
Low |
High |
Low |
| |
|
|
|
|
|
March
31 |
3.00 |
2.00 |
1.15 |
0.87 |
|
June
30 |
2.90 |
2.16 |
1.34 |
1.01 |
|
September
30 |
4.61 |
1.86 |
1.75 |
1.05 |
|
December
31 |
5.82 |
3.28 |
2.32 |
1.47 |
DIVIDENDS
In March
2005, the Company's Board of Directors declared a dividend of $0.25 per share to
be paid in four equal quarterly instalments commencing in April 2005.
In March
2004, the Company's Board of Directors decided to distribute a stock dividend of
1 share for every 20 shares owned, rounded up to the nearest multiple of 20:
415,513 shares were issued to that effect. In March
2003, the Company's Board of Directors determined that no dividends would be
paid out of the 2002 results.
The
Company has been advised that distributions to shareholders who are not citizens
or residents of Liberia will not be subject to tax by Liberia under its laws as
currently in effect. There is no income tax treaty between Liberia and the
United States.
SECURITIES
AUTHORISED UNDER EQUITY COMPENSATION PLAN
As of
December 31, 2004
|
Plan
category |
(a)
Number of securities to
be
issued upon exercise of outstanding options |
(b)
Weighted average exercise price of outstanding options |
(c)
Number of securities remaining available for future issuance under equity
compensation
plans
(excluding securities reflected in column (a) |
|
Equity
compensation plans approved by security holders |
142,411 |
$1.84 |
186,945 |
|
Equity
compensation plans not approved by security holders |
- |
- |
- |
|
Total |
142,411 |
$1.84 |
186,945 |
ITEM
6: SELECTED FINANCIAL DATA
The
following selected financial data for the years ended December 31, 2004, 2003,
2002, 2001 and 2000 are derived from the Consolidated Financial Statements of
the Company. The Company's books and records are maintained in U.S. dollars,
which is the Company's functional currency. The data should be read in
conjunction with the Consolidated Financial Statements, related notes and other
information included herein.
Consolidated
Statements of Operations Data
| |
|
Years
ended December 31 |
|
| |
|
|
|
| |
|
2004 |
|
2003 |
|
2002 |
|
2001 |
|
2000 |
|
|
Charterhire
and Other Income |
|
$ |
31,895,393 |
|
$ |
35,797,522 |
|
$ |
41,858,999 |
|
$ |
44,823,301 |
|
$ |
59,482,840 |
|
|
Commission
on Charterhire |
|
|
(759,673 |
) |
|
(895,394 |
) |
|
(1,100,422 |
) |
|
(1,223,268 |
) |
|
(1,667,349 |
) |
|
Vessel
Operating Expenses |
|
|
(16,821,562 |
) |
|
(17,875,984 |
) |
|
(19,547,436 |
) |
|
(22,321,851 |
) |
|
(30,879,820 |
) |
|
Amortisation
of Dry- docking Costs |
|
|
(1,433,150 |
) |
|
(1,176,659 |
) |
|
(575,185 |
) |
|