UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2018 |
Jun. 30, 2017 |
| OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (65,083)
|
$ (85,462)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Non-cash adjustments |
88,165
|
82,285
|
| (Increase)/decrease in operating assets |
(9,333)
|
39,416
|
| Increase in operating liabilities |
21,781
|
17,019
|
| Payments for drydock and special survey costs |
(6,016)
|
(7,054)
|
| Net cash provided by operating activities |
29,514
|
46,204
|
| INVESTING ACTIVITIES: |
|
|
| Acquisition of investments in affiliates |
(6,278)
|
(7,626)
|
| Acquisition of vessels |
(10,255)
|
0
|
| Deposits for vessels, port terminals and other fixed assets acquisition |
(3,437)
|
(25,972)
|
| Deposits for option to acquire vessels |
(8,699)
|
0
|
| Loans to affiliate companies |
0
|
(4,461)
|
| Proceeds from lease receivable |
118
|
100
|
| Proceeds from sale of asset |
7,682
|
5,280
|
| Purchase of property, equipment and other fixed assets |
(4,800)
|
(3,199)
|
| Dividends received from affiliate |
2,919
|
0
|
| Net cash used in investing activities |
(22,750)
|
(35,878)
|
| FINANCING ACTIVITIES: |
|
|
| Proceeds from transfer of rights to affiliate company |
0
|
4,050
|
| Fees for repurchase of preferred stock |
0
|
(482)
|
| Repayment of long-term debt and payment of principal |
(19,342)
|
(37,921)
|
| Proceeds from long-term loans, net of deferred finance fees |
0
|
29,694
|
| Debt issuance costs |
(180)
|
0
|
| Payments of obligations under capital leases |
0
|
(12,374)
|
| Net cash used in financing activities |
(19,522)
|
(17,033)
|
| Decrease in cash and cash equivalents and restricted cash |
(12,758)
|
(6,707)
|
| Cash and cash equivalents and restricted cash, beginning of period |
134,190
|
141,377
|
| Cash and cash equivalents and restricted cash, end of period |
121,432
|
134,670
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
| Cash paid for interest, net of capitalized interest |
54,938
|
49,630
|
| Cash paid for income taxes |
485
|
0
|
| Non-cash investing and financing activities |
|
|
| Deposits for vessels, port terminals and other fixed assets |
0
|
(1,613)
|
| Accrued interest income on loan receivable from affiliate company |
(1,476)
|
(1,258)
|
| Accrued interest expense on loan payable to affiliate company |
0
|
2,254
|
| Accrued interest expense payable to affiliate company |
514
|
325
|
| Long-term payable to affiliate company |
0
|
29,423
|
| Revaluation of vessels due to termination of capital lease obligations |
0
|
5,243
|
| Transfers from deposits for vessels, port terminals and other fixed assets |
32,032
|
137,357
|
| Acquisition of vessels, port terminals and other fixed assets |
$ (311)
|
$ 0
|