CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
| OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (188,605)
|
$ (184,452)
|
$ (265,511)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
71,015
|
104,581
|
102,839
|
| Amortization and write-off of deferred financing costs |
7,863
|
8,242
|
7,880
|
| Amortization of deferred drydock and special survey costs |
10,255
|
11,714
|
13,828
|
| Allowance for credit losses |
541
|
999
|
575
|
| Stock-based compensation expenses |
1,268
|
2,885
|
4,556
|
| Gain on bond and debt extinguishment, net |
(7,047)
|
(47,430)
|
(6,464)
|
| Income tax expense/(benefit) |
2,052
|
1,475
|
(1,108)
|
| Equity in net losses of affiliate companies, net of dividends received |
2,709
|
13,722
|
84,317
|
| Loss on loss of control/(Bargain gain upon obtaining control) |
0
|
61,741
|
(58,313)
|
| Gain on sale of business/assets |
0
|
(9,802)
|
(894)
|
| Impairment of loan receivable from affiliate company |
6,050
|
0
|
0
|
| Impairment loss/ loss on sale of vessels, net |
88,367
|
156,106
|
200,657
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase)/decrease in accounts receivable |
(2,992)
|
5,425
|
6,575
|
| (Increase)/decrease in inventories |
(3,641)
|
12,606
|
2,672
|
| Increase in prepaid expenses and other assets |
(5,505)
|
(10,753)
|
(19,171)
|
| Decrease/(increase) in due from affiliate companies |
18,895
|
(1,029)
|
(15,708)
|
| Increase/(decrease) in accounts payable |
7,763
|
47,491
|
(3,023)
|
| Increase/(decrease) in accrued expenses and other liabilities |
18,469
|
(15,855)
|
20,569
|
| Decrease in operating lease liabilities, net |
(3,985)
|
(3,078)
|
0
|
| Increase/(decrease) in due to affiliate companies |
18,626
|
(32,081)
|
(3,031)
|
| Increase/(decrease) in deferred income and cash received in advance |
648
|
(2,323)
|
(1,535)
|
| Decrease in other long-term liabilities and deferred income |
(173)
|
(966)
|
(6,318)
|
| Payments for drydock and special survey costs |
(17,362)
|
(23,106)
|
(7,755)
|
| Net cash provided by operating activities |
25,211
|
96,112
|
55,637
|
| INVESTING ACTIVITIES: |
|
|
|
| Proceeds from sale of business |
0
|
3,000
|
0
|
| Impact to cash from deconsolidation/sale of business |
0
|
(21,439)
|
0
|
| Cash acquired upon obtaining control |
0
|
0
|
24,400
|
| Loan from/(to) affiliate companies |
18,629
|
8,000
|
(12,875)
|
| Dividends from affiliate companies |
5,838
|
4,379
|
5,838
|
| Deposits for vessels, port terminals and other fixed assets |
(5,153)
|
(4,504)
|
(12,572)
|
| Proceeds from lease receivable |
189
|
150
|
233
|
| Proceeds from sale of asset |
83,445
|
48,830
|
102,217
|
| Acquisition of investments in affiliate companies |
0
|
(8)
|
(6,305)
|
| Acquisition of/additions to vessels |
(96,969)
|
(74,294)
|
(46,395)
|
| Purchase of property, equipment and other fixed assets |
(3,288)
|
(5,166)
|
(11,444)
|
| Deposit for option to acquire vessels |
(2,099)
|
(15,415)
|
(15,234)
|
| Net cash provided by/(used in) investing activities |
592
|
(56,467)
|
27,863
|
| FINANCING ACTIVITIES: |
|
|
|
| Repurchase of preferred stock |
0
|
(10,228)
|
0
|
| Issuance of capital surplus |
0
|
(3)
|
0
|
| Repayment of loans payable to affiliate companies |
(50,000)
|
(13,420)
|
0
|
| Proceeds from loans payable to affiliate companies |
50,000
|
0
|
0
|
| Proceeds from long-term loans |
81,625
|
129,022
|
56,919
|
| Proceeds from issuance of senior notes, net of deferred financing costs |
487,504
|
0
|
0
|
| Repayment of long-term debt and payment of principal |
(164,638)
|
(146,887)
|
(94,298)
|
| Repayment/repurchase of senior notes |
(384,443)
|
(68,325)
|
(28,796)
|
| Debt issuance costs |
(1,138)
|
(1,851)
|
(740)
|
| Acquisition of treasury stock |
0
|
0
|
(1)
|
| Dividends paid to noncontrolling shareholders |
(12,256)
|
0
|
0
|
| Net cash provided by/(used in) financing activities |
6,654
|
(111,692)
|
(66,916)
|
| Increase/(decrease) in cash and cash equivalents and restricted cash |
32,457
|
(72,047)
|
16,584
|
| Cash and cash equivalents and restricted cash, beginning of year |
78,727
|
150,774
|
134,190
|
| Cash and cash equivalents and restricted cash, end of year |
111,184
|
78,727
|
150,774
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
| Cash paid for interest, net of capitalized interest |
110,454
|
135,693
|
121,902
|
| Cash paid for income taxes |
186
|
298
|
485
|
| Non-cash investing and financing activities |
|
|
|
| Acquisition of/additions to vessels |
(986)
|
0
|
0
|
| Sale of vessels |
4,378
|
0
|
0
|
| Proceeds from seller’s credit agreement for the construction of six liquid barges |
11,229
|
0
|
0
|
| Accrued interest income on loan receivable from affiliate company |
0
|
(2,948)
|
(3,103)
|
| Accrued interest expense payable to affiliate company |
0
|
1,173
|
1,071
|
| Acquisition of vessels, port terminals and other fixed assets |
0
|
0
|
(1,662)
|
| Issuance of senior secured notes in exchange of preferred stock |
0
|
8,626
|
0
|
| Loans payable to affiliate companies |
0
|
141,795
|
0
|
| Transfers from deposits for vessels, port terminals and other fixed assets |
0
|
0
|
49,421
|
| Transfers to other long-term assets |
0
|
0
|
(26)
|
| Discontinued operations |
|
|
|
| Net cash provided by/(used in) operating activities of discontinued operations |
0
|
9,728
|
(3,791)
|
| Net cash used in investing activities of discontinued operations |
0
|
(54,808)
|
(24,763)
|
| Net cash provided by financing activities of discontinued operations |
$ 0
|
$ 42,164
|
$ 23,045
|