|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities: |
|
|
|
| Net (loss) income |
$ (157,021) |
$ (157,776) |
$ 25,068 |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |
|
|
|
| Depreciation and amortization |
140,743 |
139,063 |
136,203 |
| Amortization of deferred financing costs |
9,116 |
5,413 |
3,188 |
| Amortization of time charters acquired |
(334) |
(746) |
(1,611) |
| Amortization of discount on Convertible Senior Notes |
4,963 |
4,537 |
4,072 |
| Receipt of stock in lieu of cash payment |
(100) |
0 |
0 |
| Unrealized loss (gain) on derivative instruments |
4 |
(100) |
(51) |
| Amortization of nonvested stock compensation expense |
4,482 |
5,864 |
8,338 |
| Change in assets and liabilities: |
|
|
|
| (Increase) decrease in due from charterers |
(2,527) |
1,974 |
(4,894) |
| Increase in prepaid expenses and other current assets |
(919) |
(437) |
(3,721) |
| Increase in other noncurrent assets |
0 |
0 |
(514) |
| Increase (decrease) in accounts payable and accrued expenses |
2,765 |
(4,880) |
1,091 |
| Increase (decrease) in deferred revenue |
273 |
(2,903) |
(6,139) |
| Increase in lease obligations |
143 |
1,324 |
1,166 |
| Deferred drydock costs incurred |
(4,732) |
(10,167) |
(4,013) |
| Net cash (used in) provided by operating activities |
(3,144) |
(18,834) |
158,183 |
| Cash flows from investing activities: |
|
|
|
| Purchase of vessels, including deposits |
(145,350) |
(1,155) |
(130,328) |
| Changes in deposits of restricted cash |
0 |
(400) |
(750) |
| Purchase of other fixed assets |
(1,205) |
(2,114) |
(2,289) |
| Net cash used in investing activities |
(146,555) |
(3,669) |
(133,367) |
| Cash flows from financing activities: |
|
|
|
| Repayments on the 2007 Credit Facility |
0 |
(118,588) |
(102,500) |
| Proceeds from the 2010 Baltic Trading Credit Facility |
1,000 |
0 |
0 |
| Proceeds from issuance of common stock |
0 |
50,721 |
0 |
| Payment of common stock issuance costs |
0 |
(847) |
0 |
| Payment of Convertible Senior Notes issuance costs |
0 |
0 |
(51) |
| Proceeds from issuance of common stock by subsidiary |
136,980 |
0 |
0 |
| Payment of common stock issuance costs by subsidiary |
(706) |
0 |
0 |
| Payment of dividend by subsidiary |
(1,589) |
(4,081) |
(7,603) |
| Payment of deferred financing costs |
(1,489) |
(4,085) |
(4,144) |
| Net cash provided by (used in) financing activities |
199,821 |
(132,865) |
(67,725) |
| Net increase (decrease) in cash and cash equivalents |
50,122 |
(155,368) |
(42,909) |
| Cash and cash equivalents at beginning of year |
72,600 |
227,968 |
270,877 |
| Cash and cash equivalents at end of year |
122,722 |
72,600 |
227,968 |
|
$100 Million Term Loan Facility [Member]
|
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from Term Loan Facility |
0 |
0 |
60,000 |
| Repayments on Term Loan Facility |
0 |
(15,385) |
(8,011) |
|
$253 Million Term Loan Facility [Member]
|
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from Term Loan Facility |
0 |
0 |
21,500 |
| Repayments on Term Loan Facility |
0 |
(40,600) |
(26,916) |
|
Baltic Trading $22 Million Term Loan Facility [Member]
|
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from Term Loan Facility |
22,000 |
0 |
0 |
| Repayments on Term Loan Facility |
(375) |
0 |
0 |
|
Baltic Trading $44 Million Term Loan Facility [Member]
|
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from Term Loan Facility |
$ 44,000 |
$ 0 |
$ 0 |