SINGAPORE, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Grindrod Shipping Holdings Ltd. ( GRIN) (JSE: GSH) (“Grindrod Shipping” or “Company” or “we” or “us” or “our”), a global provider of maritime transportation services predominantly in the drybulk sector, today announced its earnings results for the three months and six months ended June 30, 2023.
Financial Highlights for the Three Months Ended June 30, 2023
- Revenues of $109.1 million
- Gross profit of $16.4 million
- Profit for the period and attributable to owners of the Company of $5.5 million, or $0.28 per ordinary share
- Adjusted net income of $5.5 million, or $0.28 per ordinary share(1)
- Adjusted EBITDA of $24.3 million(1)
- Handysize and supramax/ultramax TCE per day of $11,594 and $15,215, respectively(1)
Financial Highlights for the Six Months Ended June 30, 2023
- Revenues of $185.9 million
- Gross profit of $23.5 million
- Profit for the period and attributable to owners of the Company of $1.2 million, or $0.06 per ordinary share
- Adjusted net income of $1.2 million, or $0.06 per ordinary share(1)
- Adjusted EBITDA of $40.0 million(1)
- Handysize and supramax/ultramax TCE per day of $10,542 and $13,968, respectively(1)
- Period end cash and cash equivalents of $83.3 million and restricted cash of $7.0 million
(1) Adjusted EBITDA, Adjusted net income/(loss) and TCE per day are non-GAAP financial measures. For the definitions of these non-GAAP financial measures and the reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to the definitions and reconciliations in “Non-GAAP Financial Measures” at the end of this press release.
Operational & Corporate Highlights for the Three Months Ended June 30, 2023
- On May 4, 2023, we entered into a contract to charter-out the 2017-built supramax bulk carrier IVS Swinley Forest for 12 months.
- On May 25, 2023, we exercised the purchase option on the chartered-in 2016-built supramax bulk carrier, IVS Hayakita, with delivery planned on or about September 28, 2023. The vessel will remain chartered-in at her original contract rate until delivery to us.
- On June 9, 2023, the Company completed the previously disclosed sale of the 2014-built handysize bulk carrier, IVS Kestrel for $17.3 million (before costs). Approximately $7.0 million debt was repaid on the Company’s $114.1 million senior secured credit facility and the sale generated net proceeds to the Company of $10.3 million after the debt repayment. Following delivery to the new owners, IVS Kestrel was chartered-in for 11 to 13 months and has two one-year options to extend the charter.
- On June 27, 2023, we entered into a contract to sell the 2011-built handysize bulk carrier, IVS Orchard for a price of $10.8 million (before costs). The vessel is unencumbered.
Recent Developments
- On July 11, 2023, we exercised the option to extend the firm charter-in period of the 2016-built supramax bulk carrier IVS Windsor for 12 months.
- On July 13, 2023, we announced an EGM to be held on August 10, 2023 to propose a capital reduction which would result in a total cash distribution up to a maximum of $45.0 million.
- On July 17, 2023, we exercised the option to extend the firm charter-in period of the 2014-built supramax bulk carrier IVS Naruo for 12 months.
- On July 18, 2023, we entered into a contract to purchase the 2024-built handysize bulk carrier newbuilding for a price of $33.8 million (before costs) from Good Viscount (MI) Ltd (a wholly owned subsidiary of our parent company Taylor Maritime Investments Limited (“TMI”). The acquisition, which is at an agreed price consistent with two independent broker valuations obtained in connection with the transaction, was unanimously approved by the disinterested members of the Board.
- On July 24, 2023, we entered into a contract to purchase the 2011-built handysize bulk carrier, Steady Sarah, for a price of $15.0 million (before costs) from Billy (MI) Ltd (a wholly owned subsidiary of our parent company TMI). The acquisition, which is at an agreed price consistent with three independent broker valuations obtained in connection with the transaction, was unanimously approved by the disinterested members of the Board. We took delivery of the handysize bulk carrier on July 28, 2023.
- On August 4, 2023, we delivered the 2011-built handysize bulk carrier, IVS Orchard, to her new owners.
- On August 10, 2023, a special resolution was passed at an EGM for a capital reduction which would result in a total cash distribution up to a maximum of $45.0 million. The Company does not intend to declare any further dividends for 2023 in light of the cash distribution.
- On August 24, 2023, we entered into an en-bloc deal to sell the 2015-built ultramax bulk carrier, IVS Bosch Hoek and the 2016-built ultramax bulk carrier, IVS Hayakita, for $46.5 million (before costs) with delivery to the new owner planned on or about September 30, 2023. We can provide no assurances that the deliveries will take place by that time or at all.
- As of August 29, 2023, we have contracted the following TCE per day for the third quarter of 2023 (1):
- Handysize: approximately 1,353 operating days(2) at an average TCE per day of approximately $9,965
- Supramax/ultramax: approximately 1,327 operating days(2) at an average TCE per day of approximately $12,810
- Handysize: approximately 1,353 operating days(2) at an average TCE per day of approximately $9,965
(1) TCE per day is a non-GAAP financial measure. For the definition of this non-GAAP financial measure and the reconciliation of this measure to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to the definitions and reconciliations in “Non-GAAP Financial Measures” at the end of this press release.
(2) Operating days: the number of available days in the relevant period a vessel is controlled by us after subtracting the aggregate number of days that the vessel is off-hire due to a reason other than scheduled drydocking and special surveys, including unforeseen circumstances. We use operating days to measure the aggregate number of days in a relevant period during which vessels are actually available to generate revenue.
CEO Commentary
Edward Buttery, the Chief Executive Officer, commented:
“In addition to continuing to reduce debt through select asset sales, significant steps were taken to enhance the profile of the Grindrod fleet during the period as we strike a balance between deleveraging while maintaining a core, modern fleet of predominantly Japanese geared bulk carriers. Furthermore, those asset sales have resulted in surplus cash for distribution to shareholders. Despite recent weaker charter market conditions, asset values are still above historical averages suggesting a positive outlook remains for the geared dry bulk segment given the limited supply of ships over the medium to long-term after a long period of low fleet growth. In the near-term, re-stocking in China should result in improved rates towards the end of the year followed by what we expect will be a structural recovery, albeit a gentle one, in the Chinese economy in 2024. We continue to focus on the path to realising synergies from the combined management of Grindrod and TMI fleets ensuring we’re in a strong position to capitalise on the improved earnings environment when it arrives.”
Unaudited Results for the Three Months Ended June 30, 2023 and 2022
Revenue was $109.1 million for the three months ended June 30, 2023 and $161.6 million for the three months ended June 30, 2022. Vessel revenue was $56.8 million for the three months ended June 30, 2023 and $131.5 million for the three months ended June 30, 2022. Revenue decreased due to weakening market conditions in the drybulk business and a reduction in short-term operating days that was partially offset by the revenue generated from the sale of two handysize vessels and a supramax/ultramax vessel in the second quarter of 2023 compared to the sale of one medium range tanker in the second quarter of 2022 (included in the Other segment under a bareboat charter). Short-term operating days decreased due to the redelivery of the short-term vessels due to reduced demand for drybulk tonnage brought about by a global slowdown in GDP growth and higher interest rates.
Our handysize total revenue and supramax/ultramax total revenue was $51.6 million and $57.5 million, respectively, for the three months ended June 30, 2023, and $52.6 million and $78.2 million, respectively, for the three months ended June 30, 2022. Handysize vessel revenue and supramax/ultramax vessel revenue was $22.3 million and $34.4 million, respectively, for the three months ended June 30, 2023, and $52.4 million and $78.2 million, respectively, for the three months ended June 30, 2022. The results for the three months ended June 30, 2023 were negatively impacted by weaker spot markets and a reduction in short-term operating days. Handysize ship sale revenue and supramax/ultramax ship sale revenue was $29.3 million and $23.0 million, respectively, for the three months ended June 30, 2023, which was due to the sale of two handysize vessels and a supramax/ultramax vessel in the second quarter of 2023 compared to no sales for the same period in 2022.
Handysize TCE per day was $11,594 per day for the three months ended June 30, 2023 and $27,479 per day for the three months ended June 30, 2022. Supramax/ultramax TCE per day was $15,215 per day for the three months ended June 30, 2023 and $31,021 per day for the three months ended June 30, 2022.
Cost of sales was $92.6 million for the three months ended June 30, 2023 and $97.0 million for the three months ended June 30, 2022. Cost of sales decreased primarily as a result of decreased voyage expenses due to a reduction in short-term operating days and lower charter-in costs on short-term charters as spot rates weakened during the second quarter of 2023 which was partially offset by the sale of two handysize vessels and a supramax/ultramax vessel in the second quarter of 2023 compared to the sale of one medium range tanker in the second quarter of 2022 (included in the Other segment under a bareboat charter).
Our handysize segment and supramax/ultramax segment cost of sales was $45.3 million and $48.1 million, respectively, for the three months ended June 30, 2023 and $24.8 million and $42.6 million, respectively, for the three months ended June 30, 2022. Cost of sales increased due to the sale of a two handysize and a supramax/ultramax vessel in the second quarter of 2023 compared to the sale of one medium range tanker in the second quarter of 2022 (included in the Other segment under a bareboat charter), which was partially offset by a decrease in voyage expenses and charter hire as a result of the weaker market.
Handysize voyage expenses and supramax/ultramax voyage expenses were $5.9 million and $12.1 million, respectively, for the three months ended June 30, 2023 and $9.6 million and $13.1 million, respectively, for the three months ended June 30, 2022. Handysize charter hire expense and supramax/ultramax charter hire expense were $2.3 million and $0.9 million, respectively, for the three months ended June 30, 2023 and $4.7 million and $13.9 million, respectively, for the three months ended June 30, 2022. Handysize vessel operating costs and supramax/ultramax vessel operating costs were $7.6 million and $4.3 million, respectively, for the three months ended June 30, 2023, and $7.2 million and $4.2 million, respectively, for the three months ended June 30, 2022. Handysize vessel operating costs per day were $6,076 per day for the three months ended June 30, 2023 and $5,247 per day for the three months ended June 30, 2022. Vessel operating costs per day were higher in the handysize drybulk carrier segment for the three months ended June 30, 2023 in comparison to the three months ended June 30, 2022 due to increased repairs on certain of the older vessels and the increased costs of lubricating oil. Supramax/ultramax vessel operating costs were $5,641 per day for the three months ended June 30, 2023 and $5,139 per day for the three months ended June 30, 2022. Vessel operating costs per day were higher in the supramax/ultramax drybulk carrier segment for the three months ended June 30, 2023 in comparison to the three months ended June 30, 2022 due to increased repair costs on a small number of vessels and the increased costs of lubricating oil.
During the three months ended June 30, 2023, out of 1,470 operating days in the supramax/ultramax segment, 92.9% were fulfilled with owned/long-term chartered-in vessels and the remaining 7.1% with short-term chartered-in vessels compared to 2,099 operating days in the supramax/ultramax segment, 68.3% were fulfilled with owned/long-term chartered-in vessels and the remaining 31.7% with short-term chartered-in vessels for the three months ended June 30, 2022.
Gross profit was $16.4 million for the three months ended June 30, 2023 and $64.6 million for the three months ended June 30, 2022.
Other operating income was $0.2 million for the three months ended June 30, 2023 and $4.1 million for the three months ended June 30, 2022. The decrease is primarily due to the reversal of impairment loss on vessels for the three months ended June 30, 2022.
Administrative expense was $7.0 million for the three months ended June 30, 2023 and $7.6 million for the three months ended June 30, 2022. The decrease was due to a reduced staff incentive accrual and no accrual for the forfeitable share incentive scheme due to the settlement and termination of the scheme in December 2022, which was partially offset by increased travel expenses and increased insurance costs relating to the TMI transaction in December 2022.
Interest income was $0.6 million for the three months ended June 30, 2023 and $0.2 million for the three months ended June 30, 2022.
Interest expense was $4.5 million for the three months ended June 30, 2023 and $4.3 million for the three months ended June 30, 2022. The increase is primarily due to the increase in interest rates.
Income tax expense remained flat at $0.2 million for the three months ended June 30, 2023 and June 30, 2022.
Profit for the three months ended June 30, 2023 was $5.5 million compared to a profit of $56.8 million for the three months ended June 30, 2022.
Unaudited Results for the six months ended June 30, 2023 and 2022
Revenue was $185.9 million for the six months ended June 30, 2023 and $271.9 million for six months ended June 30, 2022. Vessel revenue was $109.6 million for the six months ended June 30, 2023 and $241.7 million for the six months ended June 30, 2022. Revenue decreased due to weakening market conditions in the drybulk business and a reduction in short-term operating days, partially offset with the sale of two handysize and two supramax/ultramax vessels compared to the sale of a medium range tanker in the first half of 2022 (included in the Other segment under a bareboat charter).
Our handysize total revenue and supramax/ultramax total revenue was $71.8 million and $114.0 million, respectively, for the six months ended June 30, 2023 and $88.8 million and $151.0 million, respectively, for the six months ended June 30, 2022. Handysize vessel revenue and supramax/ultramax vessel revenue was $42.5 million and $67.0 million, respectively, for the six months ended June 30, 2023 and $88.6 million and $151.0 million, respectively, for the six months ended June 30, 2022. The results were negatively impacted by the weaker spot market rates and a reduction in short-term operating days. Handysize ship sale revenue and supramax/ultramax ship sale revenue was $29.3 million and $46.9 million, respectively, for the six months ended June 30, 2023 due to the sale of two handysize and two supramax/ultramax vessels compared to no ship sales for the same period in 2022.
Handysize TCE per day was $10,542 per day for the six months ended June 30, 2023 and $24,990 per day for the six months ended June 30, 2022. Supramax/ultramax TCE per day was $13,968 per day for the six months ended June 30, 2023 and $27,604 per day for the six months ended June 30, 2022.
Cost of sales was $162.4 million for the six months ended June 30, 2023 and $166.6 million for the six months ended June 30, 2022. The decreased costs are primarily as a result of decreased voyage expenses due to decrease in the number of short-term operating days and lower charter-in costs on short-term charters as spot rates weakened during the first half of 2023 which was partially offset by the sale of two handysize and two supramax/ultramax vessels in the first half of 2023 compared to the sale of one medium range tanker for the same period in 2022 (included in the Other segment under a bareboat charter).
In the drybulk business, our handysize segment and supramax/ultramax segment cost of sales was $64.9 million and $99.0 million, respectively, for the six months ended June 30, 2023 and $45.2 million and $92.1 million, respectively, for the six months ended June 30, 2022.
Our handysize voyage expenses and supramax/ultramax voyage expenses was $12.6 million and $23.2 million, respectively, for the six months ended June 30, 2023 and $14.9 million and $31.5 million, respectively, for the six months ended June 30, 2022. Handysize charter hire expenses and supramax/ultramax charter hire expenses were $3.3 million and $4.1 million for the six months ended June 30, 2023 and $5.9 million, and $28.6 million for the six months ended June 30, 2022. Handysize vessel operating costs and supramax/ultramax vessel operating costs were $15.7 million and $9.2 million for the six months ended June 30, 2023 and $14.8 million, and $8.7 million for the six months ended June 30, 2022. Handysize vessel operating costs per day were $6,011 per day for the six months ended June 30, 2023 and $5,461 per day for the six months ended June 30, 2022. These increases were primarily due to increased repairs on certain older vessels and an increase in cost of lubricating oils. Supramax/ultramax vessel operating costs per day were $5,610 per day for the six months ended June 30, 2023 and $5,338 per day for the six months ended June 30, 2022. These increases were primarily due to repair costs on a small number of vessels and increased cost of lubricating oils.
Gross profit was $23.5 million for the six months ended June 30, 2023 and $105.3 million for the six months ended June 30, 2022.
Other operating income was $0.1 million for the six months ended June 30, 2023 and $3.8 million for the six months ended June 30, 2022. The decrease is primarily due to the reversal of impairment loss on vessels for the six months ended June 30, 2022.
Administrative expense was $14.0 million for the six months ended June 30, 2023 and $15.9 million for the six months ended June 30, 2022. The decrease was due to a reduced staff incentive accrual and no accrual for the forfeitable share incentive scheme due to the settlement and termination of the scheme in December 2022, which was partially offset by increased travel expenses and insurance costs relating to the TMI transaction in December 2022.
Interest income was $1.0 million for the six months ended June 30, 2023 and $0.3 million for the six months ended June 30, 2022.
Interest expense was $9.0 million for the six months ended June 30, 2023 and $7.4 million for the six months ended June 30, 2022. The increase is primarily due to the increase in interest rates.
Income tax expense remained flat at $0.3 million for the six months ended June 30, 2023 compared to six months ended June 30, 2022.
Profit for the six months ended June 30, 2023 was to $1.2 million and $85.8 million for the six months ended June 30, 2022.
Net cash flows generated from operating activities was $90.8 million for the six months ended June 30, 2023 and $137.8 million for the six months ended June 30, 2022. Net cash utilised in investing activities was $0.1 million for the six months ended June 30, 2023 and $0.1 million for the six months ended June 30, 2022. Net cash flows used in financing activities was $53.7 million for the six months ended June 30, 2023 and $81.6 million for the six months ended June 30, 2022.
As of June 30, 2023, we had cash and cash equivalents of $83.3 million and restricted cash of $7.0 million.
About Grindrod Shipping
Grindrod Shipping owns and operates a diversified fleet of owned, long-term and short-term chartered-in drybulk vessels predominantly in the handysize and supramax/ultramax segments. The drybulk business, which operates under the brand “Island View Shipping” (“IVS”) includes a core fleet of 29 vessels consisting of 14 handysize drybulk carriers and 15 supramax/ultramax drybulk carriers. The Company is based in Singapore, with offices in London, Durban, Tokyo and Rotterdam. Grindrod Shipping is listed on NASDAQ under the ticker “GRIN” and on the JSE under the ticker “GSH”.
Fleet Table
The following table sets forth certain summary information regarding our fleet as of the date of this press release.
Drybulk Carriers — Owned Fleet (21 Vessels)
| Vessel Name | Built | Country of Build | DWT | Type of Employment | ||||
| Handysize – Eco | ||||||||
| IVS Tembe | 2016 | Japan | 37,740 | IVS Commercial(1) | ||||
| IVS Sunbird | 2015 | Japan | 33,400 | IVS Handysize Pool | ||||
| IVS Thanda | 2015 | Japan | 37,720 | IVS Commercial(1) | ||||
| IVS Phinda | 2014 | Japan | 37,720 | IVS Commercial(1) | ||||
| IVS Sparrowhawk | 2014 | Japan | 33,420 | IVS Handysize Pool | ||||
| Handysize | ||||||||
| IVS Merlion | 2013 | China | 32,070 | IVS Handysize Pool | ||||
| IVS Raffles | 2013 | China | 32,050 | IVS Handysize Pool | ||||
| IVS Ibis | 2012 | Japan | 28,240 | IVS Handysize Pool | ||||
| IVS Kinglet(2) | 2011 | Japan | 33,130 | IVS Handysize Pool | ||||
| IVS Magpie(2) | 2011 | Japan | 28,240 | IVS Handysize Pool | ||||
| IVS Knot(2) | 2010 | Japan | 33,140 | IVS Handysize Pool | ||||
| IVS Kingbird | 2007 | Japan | 32,560 | IVS Handysize Pool | ||||
| Steady Sarah | 2011 | Japan | 38,468 | IVS Handysize Pool | ||||
| Supramax/Ultramax – Eco | ||||||||
| IVS Prestwick | 2019 | Japan | 61,300 | IVS Supramax Pool | ||||
| IVS Okudogo | 2019 | Japan | 61,330 | IVS Supramax Pool | ||||
| IVS Phoenix(2) | 2019 | Japan | 61,470 | IVS Supramax Pool | ||||
| IVS Swinley Forest | 2017 | Japan | 60,490 | IVS Supramax Pool | ||||
| IVS Gleneagles | 2016 | Japan | 58,070 | IVS Supramax Pool | ||||
| IVS North Berwick | 2016 | Japan | 60,480 | IVS Supramax Pool | ||||
| IVS Bosch Hoek(3) | 2015 | Japan | 60,270 | IVS Supramax Pool | ||||
| IVS Wentworth | 2015 | Japan | 58,090 | IVS Supramax Pool | ||||
Drybulk Carriers — Long-Term Charter-In Fleet (8 Vessels)
| Vessel Name | Built | Country of Build | DWT | Charter-in Period (4) | Purchase Option Price (Millions) | Type of Employment | |||||||
| Handysize – Eco | |||||||||||||
| IVS Kestrel(5) | 2014 | Japan | 32,770 | 2023-24 | $ | - | IVS Handysize Pool | ||||||
| Supramax/Ultramax – Eco | |||||||||||||
| Aries Karin(6) | 2021 | Japan | 64,230 | 2024-25 | $ | - | IVS Supramax Pool | ||||||
| IVS Atsugi(7) | 2020 | Japan | 62,660 | 2023-24 | $ | 25.2 | IVS Supramax Pool | ||||||
| IVS Pebble Beach(8) | 2020 | Japan | 62,660 | 2023-24 | $ | 25.2 | IVS Supramax Pool | ||||||
| IVS Hayakita(9) | 2016 | Japan | 60,400 | 2023-26 | $ | ~21.2 | IVS Supramax Pool | ||||||
| IVS Windsor(10) | 2016 | Japan | 60,280 | 2023-26 | $ | - | IVS Supramax Pool | ||||||
| IVS Crimson Creek(11) | 2014 | Japan | 57,950 | 2023 | $ | - | IVS Supramax Pool | ||||||
| IVS Naruo(12) | 2014 | Japan | 60,030 | 2023-24 | $ | ~12.4 | IVS Supramax Pool |
| (1 | ) | Commercially managed by Grindrod Shipping alongside the IVS Handysize Pool. |
| (2 | ) | IVS Knot, IVS Kinglet, IVS Magpie and IVS Phoenix have each undergone separate financing arrangements in which we sold these vessels but retained the right to control the use of these vessels for a period up to 2030, 2031, 2031 and 2036, respectively, and we have an option to acquire IVS Knot, IVS Kinglet and IVS Magpie commencing in 2021 and IVS Phoenix in 2023. We regard the vessels as owned since we have retained the right to control the use of the vessels. |
| (3 | ) | IVS Bosch Hoek has been contracted for sale and is planned to deliver to the new owners on or about September 30, 2023. |
| (4 | ) | Expiration date range represents the earliest and latest re-delivery periods due to extension options. |
| (5 | ) | Chartered-in until Q2 2024 with two one-year options to extend. |
| (6 | ) | Chartered-in until Q4 2024 with one-year option to extend. |
| (7 | ) | Chartered-in until Q4 2023 with one-year option to extend. The purchase option is exercisable beginning in Q4 2022 and any time thereafter to expiry date, subject to contract terms and conditions. The purchase option price reduces with a linear depreciation of $1.0 million per year or prorate. |
| (8 | ) | Chartered-in until Q3 2023 with one-year option to extend. The purchase option is exercisable beginning in Q3 2022 and any time thereafter to expiry date, subject to contract terms and conditions. The purchase option price reduces with a linear depreciation of $1.0 million per year or prorate. |
| (9 | ) | Chartered-in until Q3 2023. The purchase option has been exercised on May 25, 2023 and the IVS Hayakita has been contracted for sale and is planned to deliver to new owners on or about September 28, 2023. The Japanese Yen component has been converted at a rate of 138 to $1 and excludes estimated 50/50 profit sharing with vessel owner. |
| (10 | ) | Chartered-in until Q3 2024 with one one-year option and one nine-month option to extend. |
| (11 | ) | Chartered-in for a period of 9 to 14 months commencing March 11, 2023. |
| (12 | ) | Chartered-in until Q4 2024. The purchase option is exercisable at any time prior to expiry date, subject to contract terms and conditions. The option includes an estimated Japanese Yen denominated component which has been converted at a rate of 145 Yen to $1. |
Unaudited Segment Information
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| (In thousands of U.S. dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||
| Drybulk Carriers Business | ||||||||||||
| Handysize Segment | ||||||||||||
| Revenue | $ | 51,605 | $ | 52,570 | $ | 71,847 | $ | 88,815 | ||||
| Cost of sales | (45,329 | ) | (24,786 | ) | (64,925 | ) | (45,160 | ) | ||||
| Gross Profit | 6,276 | 27,784 | 6,922 | 43,655 | ||||||||
| Supramax/Ultramax Segment | ||||||||||||
| Revenue | $ | 57,460 | $ | 78,246 | $ | 114,003 | $ | 150,990 | ||||
| Cost of sales | (48,069 | ) | (42,641 | ) | (99,038 | ) | (92,137 | ) | ||||
| Gross Profit | 9,391 | 35,605 | 14,965 | 58,853 | ||||||||
Selected Historical and Statistical Data of Our Operating Fleet
Set forth below are selected historical and statistical data of our operating fleet for the three months ended June 30, 2023 and 2022 and the six months ended June 30, 2023 and 2022 that we believe may be useful in better understanding our operating fleet’s financial position and results of operations. This table contains certain information regarding TCE per day and vessel operating costs per day which are non-GAAP measures. For a discussion of certain of these measures, see “Non-GAAP Financial Measures” at the end of this press release.
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| (In thousands of U.S. dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||
| Drybulk Carriers Business | ||||||||||||
| Handysize Segment | ||||||||||||
| Calendar days(1) | 1,435 | 1,597 | 2,900 | |||||||||
