This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that such expectations will prove to have been correct, these statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the scope and timing of Securities and Exchange Commission ("SEC") and other regulatory agency review, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the SEC. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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·	Net revenues of $4.3 million.

·	EBITDA of $18.8 million.*

·	Net income of $17.1 million.*

·	Net revenues of $16.7 million.

·	EBITDA of $11.4 million.*

·	Net income of $3.4 million.*

(*)	For more information we refer you to the EBITDA, Adjusted EBITDA and Adjusted Net Loss reconciliation section contained in this press release.

 

"Moreover, on January 9, we received the decision of the NASDAQ Hearings Panel granting the Company's request for continued listing on the NASDAQ Stock Market, by extending its listing through April 28, 2014, to allow it to demonstrate compliance with NASDAQ's minimum shareholders' equity requirement. We expect to be in position to meet this requirement.

 

 

 

 

 

		Three Months Ended September 30, 2013				Three Months Ended September 30, 2012				Nine Months Ended September 30, 2013				Nine Months Ended September 30, 2012
Fleet Data
Average number of vessels (1)			4.6				17.2				7.0				18.5
Ownership days (2)			425				1,580				1,907				5,060
Available days (3)			393				1,551				1,850				4,993
Operating days (4)			287				1,217				1,491				4,458
Fleet utilization (5)			67.5	%			77.0	%			78.2	%			88.1	%
Fleet utilization excluding drydocking off-hire days (6)			73.0	%			78.5	%			80.6	%			89.3	%
Average Daily Results
TCE rate (7)			6,641				4,662				6,463				7,927
Vessel operating expenses (8)			5,442				4,346				4,926				4,376
Management fee (9)			447				349				404				340
Total vessel operating expenses (10)			5,889				4,695				5,330				4,716

(1)	Average number of vessels is the number of vessels that constituted the Company's fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of the Company's fleet during the relevant period divided by the number of calendar days in the relevant period.

 

 

(2)	Ownership days are the total number of days in a period during which the vessels in a fleet have been owned. Ownership days are an indicator of the size of the Company's fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.

(3)

Available days are the number of ownership days less the aggregate number of days that vessels are off-hire due to major repairs, dry dockings or special or intermediate surveys. The shipping industry uses available days to measure the number of ownership days in a period during which vessels should be capable of generating revenues. During the quarter ended September 30, 2013, the Company incurred 32 off-hire days for vessel scheduled drydocking. During the nine month period ended September 30, 2013, the Company incurred 57 off-hire days for vessel scheduled drydocking.

(4)

Operating days are the number of available days in a period less the aggregate number of days that vessels are off-hire for any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

(5)	Fleet utilization is the percentage of time that our vessels were generating revenue, and is determined by dividing operating days by ownership days for the relevant period.

(6)

Fleet utilization excluding drydocking off-hire days is calculated by dividing the number of the fleet's operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization excluding drydocking off-hire days to measure a Company's efficiency in finding suitable employment for its vessels and excluding the amount of days that its vessels are off-hire for reasons such as scheduled repairs, vessel upgrades, or dry dockings or special or intermediate surveys.

(7)

TCE rates are defined as our net revenues less voyage expenses during a period divided by the number of our operating days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions.

		Three Months Ended September 30,								Nine Months Ended September 30,
		2013				2012				2013				2012
Net revenues from vessels*			4,295				11,559				16,749				47,115
Voyage expenses			2,389				5,885				7,113				11,775
Net operating revenues			1,906				5,674				9,636				35,340
Operating days			287				1,217				1,491				4,458
Daily time charter equivalent rate			6,641				4,662				6,463				7,927

(8)	Average daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, are calculated by dividing vessel operating expenses by ownership days for the relevant time periods:

 

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2013				2012				2013				2012
Operating expenses			2,313				6,866				9,393				22,143
Ownership days			425				1,580				1,907				5,060
Daily vessel operating expenses			5,442				4,346				4,926				4,376

(9)	Daily management fees are calculated by dividing total management fees by ownership days for the relevant time period.

(10)	Total Vessel Operating Expenses ("TVOE") is a measurement of total expenses associated with operating the vessels. TVOE is the sum of vessel operating expenses and management fees. Daily TVOE is calculated by dividing TVOE by fleet ownership days for the relevant time period.

			Capacity
Vessel Name	Vessel Class		(DWT)				Year Built			Charter Rate ($)
M/V Bremen Max	Panamax			73,503				1993		Spot positioning
M/V Hamburg Max	Panamax			73,498				1994		Spot positioning
M/V Davakis G.	Supramax			54,051				2008		Spot positioning
M/V Delos Ranger	Supramax			54,057				2008		Spot positioning
Total				255,109

		Three Months Ended September30, 2013				Three Months Ended September30, 2012				Nine Months Ended September30, 2013				Nine Months Ended September30, 2012
Net income (loss)			17,138				(42,017	)			3,436				(76,739	)
Plus: Interest and finance costs, net (including interest income)			1,704				2,959				6,715				9,660
Plus: Income taxes			(29	)			(24	)			-				5
Plus: Depreciation and amortization			-				4,698				1,214				15,639
EBITDA			18,813				(34,384	)			11,365				(51,435	)
Minus: (Loss) on sale of vessels			-				-				-				(15,555	)
Minus: Re-measurement and Impairment of vessels, net			-				(26,401	)			(10,558	)			(38,186	)
Minus: Gain on disposal of subsidiaries			20,187				-				25,725				-
Minus: Impairment of goodwill, net			-				(4,365	)			-				(4,365	)
Adjusted EBITDA			(1,374	)			(3,618	)			(3,802	)			6,671

		Three Months Ended September30, 2013				Three Months Ended September30, 2012				Nine Months Ended September30, 2013				Nine Months Ended September30, 2012
Net income (loss)			17,138				(42,017	)			3,436				(76,739	)
Minus: (Loss) on sale of vessels			-				-				-				(15,555	)
Minus: Re-measurement, impairment of vessels and impairment of goodwill, net			-				(30,766	)			(10,558	)			(42,551	)
Minus: Gain on disposal of subsidiaries			20,187				-				25,725				-
Adjusted net (loss)			(3,049	)			(11,251	)			(11,731	)			(18,633	)

 

 

 

 

		September 30, 2013				December 31, 2012
ASSETS
Cash and restricted cash			1,067				6,298
Vessels, net			53,141				109,351
Other assets			2,581				5,311
TOTAL ASSETS			56,789				120,960
LIABILITIES AND EQUITY
Total debt			134,911				208,649
Due to related parties			8,410				6,135
Total other liabilities			11,638				7,793
Total shareholder's equity			(98,170	)			(101,617	)
TOTAL LIABILITIES AND EQUITY			56,789				120,960