CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
| OPERATING ACTIVITIES: |
|
|
|
| Net (loss)/income |
$ (126,067)
|
$ (62,064)
|
$ (105,291)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
120,310
|
104,690
|
98,124
|
| Amortization and write-off of deferred financing costs |
4,524
|
4,061
|
5,384
|
| Amortization of deferred drydock and special survey costs |
13,340
|
12,263
|
9,581
|
| Provision for losses on accounts receivable |
59
|
792
|
630
|
| Unrealized loss on FFA derivatives |
0
|
0
|
69
|
| Share based compensation |
5,591
|
7,719
|
5,021
|
| Gain on sale of assets |
0
|
0
|
(18)
|
| Loss on bond and debt extinguishment |
0
|
4,786
|
12,142
|
| Income tax (benefit)/ expense |
(3,154)
|
84
|
(4,260)
|
| Realized holding loss on investments in-available-for-sale-securities |
1,782
|
11,553
|
0
|
| Equity in affiliates, net of dividends received |
(30,398)
|
(22,179)
|
19,781
|
| Changes in operating assets and liabilities: |
|
|
|
| Decrease/ (increase) in restricted cash |
198
|
(168)
|
430
|
| Decrease/ (increase) in accounts receivable |
20,588
|
(107)
|
(1,110)
|
| Decrease/ (increase) in inventories |
8,079
|
(5,933)
|
4,966
|
| Decrease/ (increase) in prepaid expenses and other assets |
375
|
6,446
|
(26,653)
|
| Decrease/ (increase) in due from affiliate companies |
13,802
|
(18,263)
|
80,159
|
| Increase/ (decrease) in accounts payable |
17,606
|
1,738
|
(12,916)
|
| Increase/ (decrease) in accrued expenses and other liabilities |
3,104
|
31,154
|
(12,156)
|
| Increase in due to affiliate companies |
14,142
|
0
|
0
|
| Increase/ (decrease) in deferred income and cash received in advance |
1,046
|
(770)
|
(2,112)
|
| Increase/ (decrease) in other long-term liabilities and deferred income |
3,391
|
(8,509)
|
(1,109)
|
| Increase in derivative assets and liabilities |
0
|
0
|
1,206
|
| Payments for drydock and special survey costs |
(24,840)
|
(10,970)
|
(12,119)
|
| Net cash provided by operating activities |
43,478
|
56,323
|
59,749
|
| INVESTING ACTIVITIES: |
|
|
|
| Acquisition of intangible assets |
0
|
(10,200)
|
(2,092)
|
| Loan to affiliate company |
(7,327)
|
(4,465)
|
(2,660)
|
| Loan repayment from affiliate company |
0
|
0
|
35,000
|
| Decrease/ (increase) in long-term receivable from affiliate companies |
10,351
|
(5,087)
|
14,908
|
| Dividends from affiliate companies |
18,244
|
14,595
|
10,126
|
| Deposits for vessels, port terminals and other fixed assets |
(26,713)
|
(45,337)
|
(31,398)
|
| Acquisition of investments in affiliates |
(22,846)
|
(2,233)
|
(167,919)
|
| Acquisition of vessels |
0
|
(123,541)
|
(85,699)
|
| Purchase of property, equipment and other fixed assets |
(8,208)
|
(68,620)
|
(28,837)
|
| Net cash provided by/(used in) investing activities |
(36,499)
|
(244,888)
|
(258,571)
|
| FINANCING ACTIVITIES: |
|
|
|
| Proceeds from long-term loans |
0
|
72,250
|
51,250
|
| Proceeds from issuance of senior and ship mortgage notes including premium, net of debt issuance costs |
0
|
365,668
|
725,486
|
| Repayment of long-term debt and payment of principal |
(36,056)
|
(20,761)
|
(157,228)
|
| Repayment of senior and ship mortgage notes |
0
|
(290,000)
|
(488,000)
|
| Payments of obligations under capital leases |
(1,501)
|
(1,399)
|
(1,353)
|
| Debt issuance costs |
(50)
|
(1,223)
|
(905)
|
| Net proceeds from issuance of preferred stock |
0
|
163,602
|
0
|
| (Increase)/ decrease in restricted cash |
(11,114)
|
(355)
|
22,234
|
| Payment for acquisition of intangible asset |
(6,800)
|
0
|
0
|
| Acquisition of treasury stock |
(252)
|
0
|
0
|
| Acquisition of noncontrolling interest |
0
|
(10,889)
|
(750)
|
| Contribution from noncontrolling shareholders |
0
|
3,484
|
3,905
|
| Issuance of common stock |
0
|
643
|
551
|
| Dividends paid |
(35,350)
|
(32,730)
|
(26,405)
|
| Net cash (used in)/ provided by financing activities |
(91,123)
|
248,290
|
128,785
|
| (Decrease)/increase in cash and cash equivalents |
(84,144)
|
59,725
|
(70,037)
|
| Cash and cash equivalents, beginning of year |
247,556
|
187,831
|
257,868
|
| Cash and cash equivalents, end of year |
163,412
|
247,556
|
187,831
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
| Cash paid for interest, net of capitalized interest |
108,461
|
92,776
|
147,405
|
| Cash paid for income taxes |
139
|
694
|
586
|
| Non-cash investing and financing activities |
|
|
|
| Purchase of property, equipment and other fixed assets |
(710)
|
(624)
|
0
|
| Acquisition of intangible assets |
0
|
(6,800)
|
0
|
| Deposits for vessels, port terminals and other fixed assets |
1,871
|
0
|
0
|
| Debt issuance costs |
0
|
(225)
|
0
|
| Revaluation of vessels due to restructuring of capital lease obligations |
210
|
0
|
0
|
| Decrease in capital lease obligations due to restructuring |
(210)
|
0
|
0
|
| Dividends payable |
3,081
|
3,081
|
0
|
| Investments in available-for-sale securities |
0
|
0
|
17,715
|
| Accrued interest on loan receivable from affiliate company |
$ 1,356
|
$ 645
|
$ 0
|