CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
| OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (265,511)
|
$ (164,787)
|
$ (300,149)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
102,839
|
104,112
|
113,825
|
| Amortization and write-off of deferred financing costs |
7,880
|
6,391
|
5,653
|
| Amortization of deferred drydock and special survey costs |
13,828
|
14,727
|
13,768
|
| Provision for losses on accounts receivable |
575
|
269
|
1,304
|
| Share based compensation |
4,556
|
4,296
|
3,446
|
| Gain on bond and debt extinguishment |
(6,464)
|
(185)
|
(29,187)
|
| Income tax (benefit)/expense |
(1,108)
|
(3,192)
|
1,265
|
| Realized holding loss on investments in-available-for-sale-securities |
0
|
0
|
345
|
| Loss in affiliates, net of dividends received |
84,317
|
4,610
|
219,417
|
| Bargain gain upon obtaining control |
(58,313)
|
0
|
0
|
| Gain on sale of assets |
(894)
|
(1,064)
|
0
|
| Impairment losses |
200,657
|
50,565
|
0
|
| Changes in operating assets and liabilities: |
|
|
|
| Decrease/(increase) in accounts receivable |
6,575
|
5,293
|
(2,350)
|
| Decrease/(increase) in inventories |
2,672
|
(1,681)
|
(4,046)
|
| (Increase)/decrease in prepaid expenses and other assets |
(19,171)
|
3,123
|
(4,313)
|
| (Increase)/decrease in due from affiliate companies |
(15,708)
|
15,651
|
(6,984)
|
| (Decrease)/increase in accounts payable |
(3,023)
|
(7,393)
|
7,209
|
| Increase/(decrease) in accrued expenses and other liabilities |
20,569
|
2,422
|
(9,159)
|
| (Decrease)/increase in due to affiliate companies |
(3,031)
|
23,980
|
22,694
|
| (Decrease)/increase in deferred income and cash received in advance |
(1,535)
|
1,847
|
(4,309)
|
| (Decrease)/increase in other long-term liabilities and deferred income |
(6,318)
|
(43)
|
22,493
|
| Payments for drydock and special survey costs |
(7,755)
|
(10,824)
|
(11,096)
|
| Net cash provided by operating activities |
55,637
|
48,117
|
39,826
|
| INVESTING ACTIVITIES: |
|
|
|
| Cash acquired upon obtaining control |
24,400
|
0
|
0
|
| Loan to affiliate company |
(12,875)
|
(4,461)
|
(4,275)
|
| Dividends from affiliate companies |
5,838
|
7,298
|
0
|
| Deposits for vessels, port terminals and other fixed assets |
(12,572)
|
(36,589)
|
(86,911)
|
| Proceeds from lease receivable |
233
|
200
|
0
|
| Proceeds from sale of asset |
102,217
|
11,828
|
0
|
| Acquisition of investments in affiliates |
(6,305)
|
(7,638)
|
0
|
| Acquisition of vessels |
(46,395)
|
0
|
(60,115)
|
| Purchase of property, equipment and other fixed assets |
(11,444)
|
(10,279)
|
(4,567)
|
| Disposal of available-for-sale securities |
0
|
0
|
5,303
|
| Deposit for option to acquire vessel |
(15,234)
|
(2,724)
|
0
|
| Net cash provided by/(used in) investing activities |
27,863
|
(42,365)
|
(150,565)
|
| FINANCING ACTIVITIES: |
|
|
|
| Repurchase of preferred stock |
0
|
(571)
|
(9,323)
|
| (Repayment of)/proceeds from loan payable to affiliate company |
0
|
(55,132)
|
50,000
|
| Proceeds from transfer of rights to affiliate company |
0
|
4,050
|
0
|
| Proceeds from long-term loans |
56,919
|
125,495
|
116,331
|
| Proceeds from issuance of senior and ship mortgage notes net of discount and debt issuance costs |
0
|
291,218
|
0
|
| Repayment of long-term debt and payment of principal |
(94,298)
|
(48,600)
|
(40,737)
|
| Repayment/repurchase of senior notes |
(28,796)
|
(291,094)
|
(30,671)
|
| Payments of obligations under capital leases |
0
|
(12,374)
|
(3,032)
|
| Debt issuance costs |
(740)
|
(609)
|
(2,844)
|
| Acquisition of treasury stock |
(1)
|
0
|
(818)
|
| Dividends paid to noncontrolling shareholders |
0
|
(25,323)
|
0
|
| Dividends paid |
0
|
0
|
(3,681)
|
| Net cash (used in)/provided by financing activities |
(66,916)
|
(12,940)
|
75,225
|
| Increase/(decrease) in cash and cash equivalents and restricted cash |
16,584
|
(7,188)
|
(35,514)
|
| Cash and cash equivalents and restricted cash, beginning of year |
134,190
|
141,378
|
176,892
|
| Cash and cash equivalents and restricted cash, end of year |
150,774
|
134,190
|
141,378
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
| Cash paid for interest, net of capitalized interest |
121,902
|
115,898
|
108,380
|
| Cash paid for income taxes |
485
|
393
|
92
|
| Non-cash investing and financing activities |
|
|
|
| Purchase of property, equipment and other fixed assets |
0
|
0
|
(472)
|
| Deposits for vessels, port terminals and other fixed assets |
0
|
(726)
|
(5,726)
|
| Revaluation of vessels due to termination/restructuring of capital lease obligations |
0
|
5,243
|
0
|
| Accrued interest income on loan receivable from affiliate company |
(3,103)
|
(2,643)
|
(2,259)
|
| Accrued interest expense on loan payable to affiliate company |
0
|
0
|
1,240
|
| Accrued interest expense payable to affiliate company |
1,071
|
815
|
0
|
| Acquisition of vessels, port terminals and other fixed assets |
(1,662)
|
(843)
|
0
|
| Long-term payable to affiliate company |
0
|
29,423
|
0
|
| Transfers from deposits for vessels, port terminals and other fixed assets |
49,421
|
137,357
|
0
|
| Transfers to other long-term assets |
$ (26)
|
$ 0
|
$ 0
|