CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (300,149)
|
$ (126,067)
|
$ (62,064)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
113,825
|
120,310
|
104,690
|
| Amortization and write-off of deferred financing costs |
5,653
|
4,524
|
4,061
|
| Amortization of deferred drydock and special survey costs |
13,768
|
13,340
|
12,263
|
| Provision for losses on accounts receivable |
1,304
|
59
|
792
|
| Share based compensation |
3,446
|
5,591
|
7,719
|
| (Gain)/ loss on bond and debt extinguishment |
(29,187)
|
0
|
4,786
|
| Income tax expense/ (benefit) |
1,265
|
(3,154)
|
84
|
| Realized holding loss on investments in-available-for-sale-securities |
345
|
1,782
|
11,553
|
| (Equity)/ loss in affiliates, net of dividends received |
219,417
|
(30,398)
|
(22,179)
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase)/decrease in restricted cash |
(2,906)
|
198
|
(168)
|
| Decrease/ (increase) in accounts receivable |
(2,350)
|
20,588
|
(107)
|
| (Increase)/ decrease in inventories |
(4,046)
|
8,079
|
(5,933)
|
| (Increase)/ decrease in prepaid expenses and other assets |
(4,313)
|
375
|
6,446
|
| (Increase)/ decrease in due from affiliate companies |
(6,984)
|
13,802
|
(18,263)
|
| Increase in accounts payable |
7,209
|
17,606
|
1,738
|
| (Decrease)/ increase in accrued expenses and other liabilities |
(9,159)
|
3,104
|
31,154
|
| Increase in due to affiliate companies |
22,694
|
14,142
|
0
|
| (Decrease)/ increase in deferred income and cash received in advance |
(4,309)
|
1,046
|
(770)
|
| Increase/(decrease) in other long-term liabilities and deferred income |
22,493
|
3,391
|
(8,509)
|
| Payments for drydock and special survey costs |
(11,096)
|
(24,840)
|
(10,970)
|
| Net cash provided by operating activities |
36,920
|
43,478
|
56,323
|
| INVESTING ACTIVITIES: |
|
|
|
| Acquisition of intangible assets |
0
|
0
|
(10,200)
|
| Loan to affiliate company |
(4,275)
|
(7,327)
|
(4,465)
|
| Decrease/(increase) in long-term receivable from affiliate companies |
0
|
10,351
|
(5,087)
|
| Dividends from affiliate companies |
0
|
18,244
|
14,595
|
| Deposits for vessels, port terminals and other fixed assets |
(86,911)
|
(26,713)
|
(45,337)
|
| Acquisition of investments in affiliates |
0
|
(22,846)
|
(2,233)
|
| Acquisition of vessels |
(60,115)
|
0
|
(123,541)
|
| Purchase of property, equipment and other fixed assets |
(4,567)
|
(8,208)
|
(68,620)
|
| Disposal of available-for-sale securities |
5,303
|
0
|
0
|
| Net cash used in investing activities |
(150,565)
|
(36,499)
|
(244,888)
|
| FINANCING ACTIVITIES: |
|
|
|
| Repurchase of preferred stock |
(9,323)
|
0
|
0
|
| Repurchase of senior notes |
(30,671)
|
0
|
0
|
| Proceeds from loan payable to affiliate company |
50,000
|
0
|
0
|
| Proceeds from long-term loans |
116,331
|
0
|
72,250
|
| Proceeds from issuance of senior and ship mortgage notes including premium, net of debt issuance costs |
0
|
0
|
365,668
|
| Repayment of long-term debt and payment of principal |
(40,737)
|
(36,056)
|
(20,761)
|
| Repayment of senior and ship mortgage notes |
0
|
0
|
(290,000)
|
| Payments of obligations under capital leases |
(3,032)
|
(1,501)
|
(1,399)
|
| Debt issuance costs |
(2,844)
|
(50)
|
(1,223)
|
| Net proceeds from issuance of preferred stock |
0
|
0
|
163,602
|
| Decrease / (increase) in restricted cash |
11,000
|
(11,114)
|
(355)
|
| Payment for acquisition of intangible asset |
0
|
(6,800)
|
0
|
| Acquisition of treasury stock |
(818)
|
(252)
|
0
|
| Acquisition of noncontrolling interest |
0
|
0
|
(10,889)
|
| Contribution from noncontrolling shareholders |
0
|
0
|
3,484
|
| Issuance of common stock |
0
|
0
|
643
|
| Dividends paid |
(3,681)
|
(35,350)
|
(32,730)
|
| Net cash provided by/ (used in) financing activities |
86,225
|
(91,123)
|
248,290
|
| (Decrease)/increase in cash and cash equivalents |
(27,420)
|
(84,144)
|
59,725
|
| Cash and cash equivalents, beginning of year |
163,412
|
247,556
|
187,831
|
| Cash and cash equivalents, end of year |
135,992
|
163,412
|
247,556
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
| Cash paid for interest, net of capitalized interest |
108,380
|
108,461
|
92,776
|
| Cash paid for income taxes |
92
|
139
|
694
|
| Non-cash investing and financing activities |
|
|
|
| Purchase of property, equipment and other fixed assets |
(472)
|
(710)
|
(624)
|
| Acquisition of intangible assets |
0
|
0
|
(6,800)
|
| Deposits for vessels, port terminals and other fixed assets |
(5,726)
|
(1,871)
|
0
|
| Debt issuance costs |
0
|
0
|
(225)
|
| Revaluation of vessels due to restructuring of capital lease obligations |
0
|
210
|
0
|
| Decrease in capital lease obligations due to restructuring |
0
|
(210)
|
0
|
| Dividends payable |
0
|
3,081
|
3,081
|
| Accrued interest on loan receivable from affiliate company |
2,259
|
1,356
|
645
|
| Accrued interest on loan payable to affiliate company |
$ (1,240)
|
$ 0
|
$ 0
|