UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
| OPERATING ACTIVITIES: |
|
|
|
|
|
| Net loss |
$ (35,867)
|
$ (23,847)
|
$ (39,483)
|
$ (65,083)
|
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
| Non-cash adjustments |
|
|
134,916
|
88,165
|
|
| Increase in operating assets |
|
|
(7)
|
(9,333)
|
|
| (Decrease)/ increase in operating liabilities |
|
|
(45,833)
|
21,781
|
|
| Payments for drydock and special survey costs |
|
|
(6,917)
|
(6,016)
|
|
| Net cash provided by operating activities |
|
|
42,676
|
29,514
|
|
| INVESTING ACTIVITIES: |
|
|
|
|
|
| Acquisition of investments in affiliates |
|
|
(8)
|
(6,278)
|
|
| Acquisition of/additions to vessels |
|
|
(54,029)
|
(10,255)
|
|
| Deposits for vessels, port terminals and other fixed assets acquisitions |
|
|
0
|
(3,437)
|
|
| Deposits for option to acquire vessels |
|
|
(12,452)
|
(8,699)
|
|
| Loans to affiliate companies |
|
|
(4,000)
|
0
|
|
| Proceeds from lease receivable |
|
|
113
|
118
|
|
| Proceeds from sale of asset |
|
|
25,170
|
7,682
|
|
| Purchase of property, equipment and other fixed assets |
|
|
(2,418)
|
(4,800)
|
|
| Dividends received from affiliate companies |
|
|
2,919
|
2,919
|
|
| Net cash used in investing activities |
|
|
(44,705)
|
(22,750)
|
|
| FINANCING ACTIVITIES: |
|
|
|
|
|
| Repurchase of preferred stock |
|
|
(10,009)
|
0
|
|
| Repayment of long-term debt and payment of principal |
|
|
(119,138)
|
(19,342)
|
|
| Repurchase of senior notes |
|
|
(24,690)
|
0
|
|
| Proceeds from long-term loans, net of deferred finance fees |
|
|
127,171
|
0
|
|
| Debt issuance costs |
|
|
0
|
(180)
|
|
| Issuance of capital surplus |
|
|
(3)
|
0
|
|
| Net cash used in financing activities |
|
|
(26,669)
|
(19,522)
|
|
| Decrease in cash and cash equivalents and restricted cash |
|
|
(28,698)
|
(12,758)
|
|
| Cash and cash equivalents and restricted cash, beginning of period |
|
|
150,774
|
134,190
|
$ 134,190
|
| Cash and cash equivalents and restricted cash, end of period |
$ 122,076
|
$ 121,432
|
122,076
|
121,432
|
$ 150,774
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
| Cash paid for interest, net of capitalized interest |
|
|
70,698
|
54,938
|
|
| Cash paid for income taxes |
|
|
298
|
485
|
|
| Non-cash investing and financing activities |
|
|
|
|
|
| Accrued interest income on loan receivable from affiliate company |
|
|
(1,734)
|
(1,476)
|
|
| Accrued interest expense payable to affiliate company |
|
|
583
|
514
|
|
| Issuance of senior secured notes in exchange of preferred stock |
|
|
8,626
|
0
|
|
| Transfers from deposits for vessels, port terminals and other fixed assets |
|
|
0
|
32,032
|
|
| Acquisition of vessels, port terminals and other fixed assets, net |
|
|
$ 0
|
$ (311)
|
|