CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
| OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (164,787)
|
$ (300,149)
|
$ (126,067)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
104,112
|
113,825
|
120,310
|
| Amortization and write-off of deferred financing costs |
6,391
|
5,653
|
4,524
|
| Amortization of deferred drydock and special survey costs |
14,727
|
13,768
|
13,340
|
| Provision for losses on accounts receivable |
269
|
1,304
|
59
|
| Share based compensation |
4,296
|
3,446
|
5,591
|
| Gain on bond and debt extinguishment |
(185)
|
(29,187)
|
0
|
| Income tax (benefit)/expense |
(3,192)
|
1,265
|
(3,154)
|
| Realized holding loss on investments in-available-for-sale-securities |
0
|
345
|
1,782
|
| Loss/(equity) in affiliates, net of dividends received |
4,610
|
219,417
|
(30,398)
|
| Gain on sale of assets |
(1,064)
|
0
|
0
|
| Impairment losses |
50,565
|
0
|
0
|
| Changes in operating assets and liabilities: |
|
|
|
| Decrease/(increase) in restricted cash |
2,666
|
(2,906)
|
198
|
| Decrease/(increase) in accounts receivable |
5,293
|
(2,350)
|
20,588
|
| (Increase)/decrease in inventories |
(1,681)
|
(4,046)
|
8,079
|
| Decrease /(increase) in prepaid expenses and other assets |
3,123
|
(4,313)
|
375
|
| Decrease/(increase) in due from affiliate companies |
15,651
|
(6,984)
|
13,802
|
| (Decrease)/increase in accounts payable |
(7,392)
|
7,209
|
17,606
|
| Increase/ (decrease) in accrued expenses and other liabilities |
2,422
|
(9,159)
|
3,104
|
| Increase in due to affiliate companies |
23,980
|
22,694
|
14,142
|
| Increase/(decrease) in deferred income and cash received in advance |
1,847
|
(4,309)
|
1,046
|
| (Decrease)/increase in other long-term liabilities and deferred income |
(43)
|
22,493
|
3,391
|
| Payments for drydock and special survey costs |
(10,824)
|
(11,096)
|
(24,840)
|
| Net cash provided by operating activities |
50,784
|
36,920
|
43,478
|
| INVESTING ACTIVITIES: |
|
|
|
| Loan to affiliate company |
(4,461)
|
(4,275)
|
(7,327)
|
| Decrease in long-term receivable from affiliate companies |
0
|
0
|
10,351
|
| Dividends from affiliate companies |
7,298
|
0
|
18,244
|
| Deposits for vessels, port terminals and other fixed assets |
(36,589)
|
(86,911)
|
(26,713)
|
| Proceeds from lease receivable |
200
|
0
|
0
|
| Proceeds from sale of asset |
11,828
|
0
|
0
|
| Acquisition of investments in affiliates |
(7,638)
|
0
|
(22,846)
|
| Acquisition of vessels |
0
|
(60,115)
|
0
|
| Purchase of property, equipment and other fixed assets |
(10,279)
|
(4,567)
|
(8,208)
|
| Disposal of available-for-sale securities |
0
|
5,303
|
0
|
| Deposit for option to acquire vessel |
(2,724)
|
0
|
0
|
| Net cash used in investing activities |
(42,365)
|
(150,565)
|
(36,499)
|
| FINANCING ACTIVITIES: |
|
|
|
| Repurchase of preferred stock |
(571)
|
(9,323)
|
0
|
| (Repayment of)/proceeds from loan payable to affiliate company |
(55,132)
|
50,000
|
0
|
| Proceeds from transfer of rights to affiliate company |
4,050
|
0
|
0
|
| Proceeds from long-term loans |
125,495
|
116,331
|
0
|
| Proceeds from issuance of senior and ship mortgage notes net of discount and debt issuance costs |
291,218
|
0
|
0
|
| Repayment of long-term debt and payment of principal |
(48,600)
|
(40,737)
|
(36,056)
|
| Repayment/repurchase of senior notes |
(291,094)
|
(30,671)
|
0
|
| Payments of obligations under capital leases |
(12,374)
|
(3,032)
|
(1,501)
|
| Debt issuance costs |
(609)
|
(2,844)
|
(50)
|
| (Increase)/ decrease in restricted cash |
(3,839)
|
11,000
|
(11,114)
|
| Payment for acquisition of intangible asset |
0
|
0
|
(6,800)
|
| Acquisition of treasury stock |
0
|
(818)
|
(252)
|
| Dividends paid to noncontrolling shareholders |
(25,323)
|
0
|
0
|
| Dividends paid |
0
|
(3,681)
|
(35,350)
|
| Net cash (used in)/provided by financing activities |
(16,779)
|
86,225
|
(91,123)
|
| Decrease in cash and cash equivalents |
(8,360)
|
(27,420)
|
(84,144)
|
| Cash and cash equivalents, beginning of year |
135,992
|
163,412
|
247,556
|
| Cash and cash equivalents, end of year |
127,632
|
135,992
|
163,412
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
| Cash paid for interest, net of capitalized interest |
115,898
|
108,380
|
108,461
|
| Cash paid for income taxes |
393
|
92
|
139
|
| Non-cash investing and financing activities |
|
|
|
| Purchase of property, equipment and other fixed assets |
0
|
(472)
|
(710)
|
| Deposits for vessels, port terminals and other fixed assets |
(726)
|
(5,726)
|
(1,871)
|
| Revaluation of vessels due to termination/restructuring of capital lease obligations |
5,243
|
0
|
210
|
| Decrease in capital lease obligations due to restructuring |
0
|
0
|
(210)
|
| Dividends payable |
0
|
0
|
3,081
|
| Accrued interest income on loan receivable from affiliate company |
(2,643)
|
(2,259)
|
(1,356)
|
| Accrued interest expense on loan payable to affiliate company |
0
|
1,240
|
0
|
| Accrued interest expense payable to affiliate company |
815
|
0
|
0
|
| Acquisition of vessels, port terminals and other fixed assets |
(843)
|
0
|
0
|
| Long-term payable to affiliate company |
29,423
|
0
|
0
|
| Transfers from deposits for vessels, port terminals and other fixed assets |
$ 137,357
|
$ 0
|
$ 0
|