CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2016 |
Jun. 30, 2015 |
| OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (29,166)
|
$ (47,787)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Non-cash adjustments |
50,995
|
42,564
|
| (Increase)/decrease in operating assets |
(11,776)
|
59,508
|
| Increase/(decrease) in operating liabilities |
33,156
|
(36,630)
|
| Payments for drydock and special survey costs |
(3,072)
|
(15,916)
|
| Net cash provided by operating activities |
40,137
|
1,739
|
| INVESTING ACTIVITIES: |
|
|
| Acquisition of investments in affiliates |
0
|
(20,471)
|
| Acquisition of vessels |
(60,115)
|
0
|
| Deposits for vessels, port terminals and other fixed assets acquisition |
(44,628)
|
(6,625)
|
| Dividends from affiliate companies |
0
|
7,298
|
| Loan to affiliate company |
(4,275)
|
(3,289)
|
| Decrease in long-term receivable from affiliate companies |
0
|
9,488
|
| Purchase of property, equipment and other fixed assets |
(3,301)
|
(4,577)
|
| Net cash used in investing activities |
(112,319)
|
(18,176)
|
| FINANCING ACTIVITIES: |
|
|
| Repayment of long-term debt and payment of principal |
(18,115)
|
(31,022)
|
| Proceeds from long-term loans, net of deferred finance fees |
63,008
|
0
|
| Dividends paid |
(3,681)
|
(20,644)
|
| Acquisition of treasury stock |
(819)
|
0
|
| Payments of obligations under capital leases |
(2,094)
|
(709)
|
| Decrease in restricted cash |
11,000
|
1,622
|
| Net cash provided by/(used in) financing activities |
49,299
|
(50,753)
|
| Decrease in cash and cash equivalents |
(22,883)
|
(67,190)
|
| Cash and cash equivalents, beginning of period |
163,412
|
247,556
|
| Cash and cash equivalents, end of period |
140,529
|
180,366
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
| Cash paid for interest, net of capitalized interest |
54,180
|
54,636
|
| Cash paid for income taxes |
92
|
29
|
| Non-cash investing and financing activities |
|
|
| Dividends payable |
0
|
162
|
| Accrued interest on loan receivable from affiliate company |
1,078
|
383
|
| Acquisition of vessels, port terminals and other fixed assets |
(100)
|
(1,211)
|
| Deposits for vessels, port terminals and other fixed assets |
(2,787)
|
0
|
| Revaluation of vessels due to restructuring of capital lease obligation |
0
|
210
|
| Decrease in capital lease obligation due to restructuring |
$ 0
|
$ (210)
|