Leases (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| LEASES [Abstract] |
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| Recognition of lease expenses |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Drybulk Vessel Operations June 30, 2019 | | | Drybulk Vessel Operations January 1, 2019 | | | Logistics Business June 30, 2019 | | | Logistics Business January 1, 2019 | | | Total June 30, 2019 | | | Total January 1, 2019 | | Operating lease assets | | | | | | | | | | | | | | | | | | | | | | | | | Charter-in contracts (1) | | $ | 314,148 | | | $ | 342,353 | | | $ | — | | | $ | — | | | $ | 314,148 | | | $ | 342,353 | | Land lease agreements | | | — | | | | — | | | | 7,542 | | | | 7,427 | | | | 7,542 | | | | 7,427 | | Office lease agreements | | | 12,644 | | | | 12,453 | | | | 1,513 | | | | 1,619 | | | | 14,157 | | | | 14,072 | | Total | | $ | 326,792 | | | $ | 354,806 | | | $ | 9,055 | | | $ | 9,046 | | | $ | 335,847 | | | $ | 363,852 | | Operating lease liabilities, current portion (2) | | | | | | | | | | | | | | | | | | | | | | | | | Charter-in contracts | | $ | 91,268 | | | $ | 89,236 | | | $ | — | | | $ | — | | | $ | 91,268 | | | $ | 89,236 | | Land lease agreements | | | — | | | | — | | | | (227 | ) | | | 535 | | | | (227 | ) | | | 535 | | Office lease agreements | | | 780 | | | | 1,230 | | | | 667 | | | | 584 | | | | 1,447 | | | | 1,814 | | Total | | $ | 92,048 | | | $ | 90,466 | | | $ | 440 | | | $ | 1,119 | | | $ | 92,488 | | | $ | 91,585 | | Operating lease liabilities, net of current portion (2) | | | | | | | | | | | | | | | | | | | | | | | | | Charter-in contracts | | $ | 235,360 | | | $ | 267,301 | | | $ | — | | | $ | — | | | $ | 235,360 | | | $ | 267,301 | | Land lease agreements | | | — | | | | — | | | | 7,769 | | | | 6,892 | | | | 7,769 | | | | 6,892 | | Office lease agreements | | | 12,094 | | | | 11,223 | | | | 850 | | | | 1,035 | | | | 12,944 | | | | 12,258 | | Total | | $ | 247,454 | | | $ | 278,524 | | | $ | 8,619 | | | $ | 7,927 | | | $ | 256,073 | | | $ | 286,451 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | On January 1, 2019, operating lease assets were adjusted for $14,184 representing the balance of the carrying amount of the liabilities regarding straight line and the provision for losses on the time charters and voyages in progress recognized in the consolidated balance sheet as of December 31, 2018. | (2) | Based on the net present value of the remaining charter-in and rental payments for existing operating leases. |
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| Company’s lease expense |
| | Drybulk Vessel Operations Three Month Period Ended June 30, 2019 | | | Logistics Business Three Month Period Ended June 30, 2019 | | | Total | | Lease expense for charter-in contracts | | $ | 29,182 | | | $ | — | | | $ | 29,182 | | Lease expense for land lease agreements | | | — | | | | 135 | | | | 135 | | Lease expense for office lease agreements | | | 660 | | | | 166 | | | | 826 | | Total | | $ | 29,842 | | | $ | 301 | | | $ | 30,143 | |
| | Drybulk Vessel Operations Three Month Period Ended June 30, 2018 | | | Logistics Business Three Month Period Ended June 30, 2018 | | | Total | | Lease expense for charter-in contracts | | $ | 32,884 | | | $ | — | | | $ | 32,884 | | Lease expense for land lease agreements | | | — | | | | 78 | | | | 78 | | Lease expense for office lease agreements | | | 563 | | | | 177 | | | | 740 | | Total | | $ | 33,447 | | | $ | 255 | | | $ | 33,702 | |
| | Drybulk Vessel Operations Six Month Period Ended June 30, 2019 | | | Logistics Business Six Month Period Ended June 30, 2019 | | | Total | | Lease expense for charter-in contracts | | $ | 60,398 | | | $ | — | | | $ | 60,398 | | Lease expense for land lease agreements | | | — | | | | 271 | | | | 271 | | Lease expense for office lease agreements | | | 1,464 | | | | 340 | | | | 1,804 | | Total | | $ | 61,862 | | | $ | 611 | | | $ | 62,473 | |
| | Drybulk Vessel Operations Six Month Period Ended June 30, 2018 | | | Logistics Business Six Month Period Ended June 30, 2018 | | | Total | | Lease expense for charter-in contracts | | $ | 63,134 | | | $ | — | | | $ | 63,134 | | Lease expense for land lease agreements | | | — | | | | 153 | | | | 153 | | Lease expense for office lease agreements | | | 1,094 | | | | 351 | | | | 1,445 | | Total | | $ | 64,228 | | | $ | 504 | | | $ | 64,732 | |
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| Total amount of lease payments on an undiscounted basis |
| | Charter-in vessels in operation | | | Land Leases | | Office space | June 30, 2020 | | $ | 116,073 | | | $ | 556 | | $ | 2,679 | June 30, 2021 | | | 97,387 | | | | 556 | | | 2,385 | June 30, 2022 | | | 64,882 | | | | 556 | | | 2,186 | June 30, 2023 | | | 47,892 | | | | 556 | | | 2,337 | June 30, 2024 | | | 36,116 | | | | 556 | | | 1,988 | June 30, 2025 and thereafter | | | 27,435 | | | | 23,280 | | | 8,880 | Total | | $ | 389,785 | | | $ | 26,060 | | $ | 20,455 | Operating lease liabilities, including current portion | | $ | 326,628 | | | $ | 7,542 | | $ | 14,391 | Discount based on incremental borrowing rate | | $ | 63,157 | | | $ | 18,518 | | $ | 6,064 |
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| Chartered-out vessels, barges and pushboats |
| | Charter-in vessels in operation | | | Charter-in vessels to be delivered | | | Office space | | 2019 | | $ | 114,668 | | | $ | 5,165 | | | $ | 2,652 | | 2020 | | | 100,829 | | | | 14,261 | | | | 1,961 | | 2021 | | | 72,826 | | | | 15,391 | | | | 1,590 | | 2022 | | | 47,695 | | | | 15,119 | | | | 1,750 | | 2023 | | | 38,986 | | | | 14,298 | | | | 1,655 | | 2024 and thereafter | | | 42,685 | | | | 58,389 | | | | 7,346 | | Total | | $ | 417,689 | | | $ | 122,623 | | | $ | 16,954 | |
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