Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2015 |
Jun. 30, 2014 |
| OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (47,787)
|
$ (42,263)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Non-cash adjustments |
42,564
|
68,901
|
| Decrease/(increase) in operating assets |
59,508
|
(29,347)
|
| (Decrease)/Increase in operating liabilities |
(36,630)
|
47,928
|
| Payments for drydock and special survey costs |
(15,916)
|
(4,727)
|
| Net cash provided by operating activities |
1,739
|
40,492
|
| INVESTING ACTIVITIES: |
|
|
| Acquisition of investments in affiliates |
(20,471)
|
(2,233)
|
| Acquisition of vessels |
0
|
(71,862)
|
| Deposits for vessels, port terminals and other fixed assets acquisition |
(6,625)
|
(26,845)
|
| Dividends from affiliate companies |
7,298
|
7,298
|
| Loan to affiliate company |
(3,289)
|
(2,831)
|
| Decrease/ (Increase) in long-term receivable from affiliate companies |
9,488
|
(2,263)
|
| Purchase of property, equipment and other fixed assets |
(4,577)
|
(29,333)
|
| Net cash used in investing activities |
(18,176)
|
(128,069)
|
| FINANCING ACTIVITIES: |
|
|
| Repayment of long-term debt and payment of principal |
(31,022)
|
(9,631)
|
| Repayment of senior notes |
0
|
(290,000)
|
| Proceeds from long-term loans, net of deferred finance fees |
0
|
40,385
|
| Proceeds from issuance of senior notes including premium, net of debt issuance costs |
0
|
365,732
|
| Dividends paid |
(20,644)
|
(14,351)
|
| Issuance of common stock |
0
|
638
|
| Payments of obligations under capital leases |
(709)
|
(565)
|
| Proceeds from issuance of preferred stock |
0
|
47,847
|
| Acquisition of noncontrolling interest |
0
|
(10,889)
|
| Contribution from noncontrolling shareholders |
0
|
3,484
|
| Decrease/(increase) in restricted cash |
1,622
|
(469)
|
| Net cash (used in)/ provided by financing activities |
(50,753)
|
132,181
|
| (Decrease)/increase in cash and cash equivalents |
(67,190)
|
44,604
|
| Cash and cash equivalents, beginning of period |
247,556
|
187,831
|
| Cash and cash equivalents, end of period |
180,366
|
232,435
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
| Cash paid for interest, net of capitalized interest |
54,636
|
30,957
|
| Cash paid for income taxes |
29
|
669
|
| Non-cash investing and financing activities |
|
|
| Dividends payable |
162
|
913
|
| Accrued interest on loan receivable from affiliate company |
383
|
331
|
| Purchase of property, equipment and other fixed assets |
(1,211)
|
(950)
|
| Revaluation of vessels due to restructuring of capital lease obligation |
210
|
0
|
| Decrease in capital lease obligation due to restructuring |
$ (210)
|
$ 0
|