|
Long-Term Debt (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Long-Term Debt |
|
| Schedule of long-term debt |
Long-term debt as of December 31, 2014 and 2013 consisted of the following (in thousands):
|
Lender
|
|
As of
December 31,
2014
|
|
Current
portion
|
|
Long-term
portion
|
|
As of
December 31,
2013
|
|
Current
portion
|
|
Long-term
portion
|
|
|
The Royal Bank of Scotland
|
|
$
|
678,954
|
|
$
|
12,657
|
|
$
|
666,297
|
|
$
|
683,614
|
|
$
|
4,628
|
|
$
|
678,986
|
|
|
HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank
|
|
|
628,513
|
|
|
—
|
|
|
628,513
|
|
|
658,160
|
|
|
11,447
|
|
|
646,713
|
|
|
HSH Nordbank
|
|
|
28,843
|
|
|
7,633
|
|
|
21,210
|
|
|
31,163
|
|
|
2,545
|
|
|
28,618
|
|
|
The Export-Import Bank of Korea ("KEXIM")
|
|
|
18,573
|
|
|
10,369
|
|
|
8,204
|
|
|
28,942
|
|
|
10,369
|
|
|
18,573
|
|
|
The Export-Import Bank of Korea & ABN Amro
|
|
|
56,859
|
|
|
11,250
|
|
|
45,609
|
|
|
68,109
|
|
|
11,250
|
|
|
56,859
|
|
|
Deutsche Bank
|
|
|
174,709
|
|
|
4,786
|
|
|
169,923
|
|
|
177,968
|
|
|
3,251
|
|
|
174,717
|
|
|
Canyon Capital Finance
|
|
|
144,467
|
|
|
8,228
|
|
|
136,239
|
|
|
151,239
|
|
|
6,770
|
|
|
144,469
|
|
|
Credit Suisse
|
|
|
208,585
|
|
|
9,328
|
|
|
199,257
|
|
|
215,613
|
|
|
7,026
|
|
|
208,587
|
|
|
ABN Amro-Bank of America Merrill Lynch-Burlington Loan Management-National Bank of Greece
|
|
|
239,896
|
|
|
11,422
|
|
|
228,474
|
|
|
247,001
|
|
|
7,537
|
|
|
239,464
|
|
|
Commerzbank-Credit Suisse-Credit Agricole
|
|
|
274,984
|
|
|
17,327
|
|
|
257,657
|
|
|
288,474
|
|
|
13,489
|
|
|
274,985
|
|
|
The Royal Bank of Scotland (January 2011 Credit Facility)
|
|
|
85,017
|
|
|
15,326
|
|
|
69,691
|
|
|
94,245
|
|
|
9,226
|
|
|
85,019
|
|
|
HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank (January 2011 Credit Facility)
|
|
|
94,812
|
|
|
22,476
|
|
|
72,336
|
|
|
110,396
|
|
|
15,503
|
|
|
94,893
|
|
|
ABN Amro-Bank of America Merrill Lynch-Burlington Loan Management -National Bank of Greece (January 2011 Credit Facility)
|
|
|
26,444
|
|
|
6,371
|
|
|
20,073
|
|
|
31,953
|
|
|
5,415
|
|
|
26,538
|
|
|
Sinosure CEXIM-Citi-ABN Amro Credit Facility
|
|
|
142,380
|
|
|
20,340
|
|
|
122,040
|
|
|
162,720
|
|
|
20,340
|
|
|
142,380
|
|
|
Club Facility (January 2011 Credit Facility)
|
|
|
65,457
|
|
|
14,773
|
|
|
50,684
|
|
|
78,001
|
|
|
12,618
|
|
|
65,383
|
|
|
Citi—Eurobank Credit Facility (January 2011 Credit Facility)
|
|
|
69,759
|
|
|
5,830
|
|
|
63,929
|
|
|
74,808
|
|
|
5,048
|
|
|
69,760
|
|
|
Comprehensive Financing Plan exit fees accrued
|
|
|
11,862
|
|
|
—
|
|
|
11,862
|
|
|
8,117
|
|
|
—
|
|
|
8,117
|
|
|
Fair value hedged debt
|
|
|
1,006
|
|
|
—
|
|
|
1,006
|
|
|
1,580
|
|
|
—
|
|
|
1,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term debt
|
|
$
|
2,951,120
|
|
$
|
178,116
|
|
$
|
2,773,004
|
|
$
|
3,112,103
|
|
$
|
146,462
|
|
$
|
2,965,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyundai Samho Vendor Financing
|
|
$
|
64,367
|
|
$
|
46,530
|
|
$
|
17,837
|
|
$
|
121,755
|
|
$
|
57,388
|
|
$
|
64,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Maturities of long-term debt for the years subsequent |
Maturities of long-term debt for the next five years subsequent to December 31, 2014 are as follows (in thousands):
|
|
|
Fixed
principal
repayments
|
|
Variable
principal
payments
|
|
Final Payment
due on
December 31, 2018*
|
|
Total
principal
payments
|
|
|
2015
|
|
$
|
155,317
|
|
$
|
22,799
|
|
$
|
—
|
|
$
|
178,116
|
|
|
2016
|
|
|
183,173
|
|
|
85,294
|
|
|
—
|
|
|
268,467
|
|
|
2017
|
|
|
180,430
|
|
|
113,611
|
|
|
—
|
|
|
294,041
|
|
|
2018
|
|
|
204,919
|
|
|
68,008
|
|
|
1,863,681
|
|
|
2,136,608
|
|
|
2019
|
|
|
20,340
|
|
|
—
|
|
|
—
|
|
|
20,340
|
|
|
2020 and thereafter
|
|
|
40,680
|
|
|
—
|
|
|
—
|
|
|
40,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term debt
|
|
$
|
784,859
|
|
$
|
289,712
|
|
$
|
1,863,681
|
|
$
|
2,938,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
The last payment due on December 31, 2018, includes the unamortized remaining principal debt balances under the Bank Agreement, as such amount will be determinable following the fixed and variable amortization.
|
|
| Schedule of quarterly principal payments in fixed amounts in relation to total debt commitments from the lenders under the Bank Agreement and New Credit Facilities |
|
|
|
February 15,
|
|
May 15,
|
|
August 15,
|
|
November 15,
|
|
December 31,
|
|
Total
|
|
|
2015
|
|
|
26,736,647
|
|
|
27,021,750
|
|
|
25,541,180
|
|
|
34,059,102
|
|
|
—
|
|
|
113,358,679
|
|
|
2016
|
|
|
30,972,971
|
|
|
36,278,082
|
|
|
32,275,598
|
|
|
43,852,513
|
|
|
—
|
|
|
143,379,164
|
|
|
2017
|
|
|
44,938,592
|
|
|
36,690,791
|
|
|
35,338,304
|
|
|
31,872,109
|
|
|
—
|
|
|
148,839,796
|
|
|
2018
|
|
|
34,152,011
|
|
|
37,585,306
|
|
|
44,398,658
|
|
|
45,333,618
|
|
|
65,969,274
|
|
|
227,438,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
633,016,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
The Company may elect to make the scheduled payments shown in the above table three months earlier.
|
|
| Hyundai Samho vendor financing |
|
| Long-Term Debt |
|
| Schedule of Maturities of long-term debt for the years subsequent |
Maturities of Hyundai Samho vendor financing for the years subsequent to December 31, 2014, are as follows (in thousands):
|
2015
|
|
$
|
46,530
|
|
|
2016
|
|
|
17,837
|
|
|
|
|
|
|
|
|
Total vendor financing
|
|
$
|
64,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit Facilities |
|
| Long-Term Debt |
|
| Schedule of long-term debt |
|
Lender
|
|
Outstanding
Principal
Amount
(in millions)(1)
|
|
Collateral Vessels
|
|
The Royal Bank of Scotland(2)
|
|
$
|
679.0
|
|
The Hyundai Progress, the Hyundai Highway, the Hyundai Bridge, the Federal (ex Hyundai Federal), the Zim Monaco, the Hanjin Buenos Aires, the Hanjin Versailles, the Hanjin Algeciras, the CMA CGM Racine and the CMA CGM Melisande
|
|
Aegean Baltic Bank—HSH Nordbank—Piraeus Bank(3)
|
|
$
|
628.5
|
|
The Hyundai Vladivostok, the Hyundai Advance, the Hyundai Stride, the Hyundai Future, the Hyundai Sprinter, the Amalia C, the MSC Zebra (ex Niledutch Zebra), the Niledutch Palanca (ex Danae C), the Dimitris C, the MOL Performance and the MOL Priority
|
|
Canyon Capital Finance
|
|
$
|
144.5
|
|
The CMA CGM Moliere and the CMA CGM Musset
|
|
Deutsche Bank
|
|
$
|
174.7
|
|
The Zim Rio Grande, the Zim Sao Paolo and the OOCL Istanbul (ex Zim Kingston)
|
|
Credit Suisse
|
|
$
|
208.6
|
|
The Zim Luanda, the CMA CGM Nerval and the YM Mandate
|
|
ABN Amro—Bank of America Merrill Lynch—Burlington Loan Management—National Bank of Greece
|
|
$
|
239.9
|
|
The SNL Colombo, the YM Seattle, the YM Vancouver and the YM Singapore
|
|
Commerzbank—Credit Suisse—Credit Agricole
|
|
$
|
275.0
|
|
The OOCL Novorossiysk (ex ZIM Dalian), the Hanjin Santos, the YM Maturity, the Hanjin Constantza and the CMA CGM Attila
|
|
HSH Nordbank
|
|
$
|
28.8
|
|
The Deva and the Derby D
|
|
KEXIM
|
|
$
|
18.6
|
|
The CSCL Europe and the CSCL America
|
|
KEXIM-ABN Amro
|
|
$
|
56.9
|
|
The CSCL Pusan and the CSCL Le Havre
|
|
January 2011 Credit Facilities
|
|
Aegean Baltic—HSH Nordbank—Piraeus Bank(3)
|
|
$
|
94.8
|
|
The Hyundai Speed, the Hanjin Italy and the CMA CGM Rabelais
|
|
RBS(2)
|
|
$
|
85.0
|
|
The Hyundai Smart and the Hanjin Germany
|
|
ABN Amro Club Facility
|
|
$
|
26.4
|
|
The Hanjin Greece
|
|
Club Facility
|
|
$
|
65.4
|
|
The Hyundai Together and the Hyundai Tenacity
|
|
Citi-Eurobank
|
|
$
|
69.7
|
|
The Hyundai Ambition
|
|
Sinosure-CEXIM-Citi-ABN Amro
|
|
$
|
142.4
|
|
The CMA CGM Tancredi, the CMA CGM Bianca and the CMA CGM Samson
|
|
Vendor Financing
|
|
Hyundai Samho
|
|
$
|
64.4
|
|
Second priority liens on the Hyundai Smart, the Hyundai Speed, the Hyundai Ambition, the Hyundai Together, the Hyundai Tenacity, the Hanjin Greece, the Hanjin Italy and the Hanjin Germany
|
|
(1)
|
As of December 31, 2014.
|
|
(2)
|
Pursuant to the Bank Agreement, this credit facility is also secured by a second priority lien on the Derby D, the CSCL America and the CSCL Le Havre.
|
|
(3)
|
Pursuant to the Bank Agreement, this credit facility is also secured by a second priority lien on the Deva, the CSCL Europe and the CSCL Pusan.
|
|