UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
| OPERATING ACTIVITIES: |
|
|
|
|
|
| Net loss |
$ (30,937)
|
$ (35,867)
|
$ (81,663)
|
$ (39,483)
|
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
| Non-cash adjustments |
|
|
58,997
|
88,802
|
|
| Decrease /(increase) in operating assets |
|
|
9,933
|
(7)
|
|
| Increase in operating liabilities |
|
|
32,392
|
281
|
|
| Payments for drydock and special survey costs |
|
|
(14,129)
|
(6,917)
|
|
| Net cash provided by operating activities |
|
|
5,530
|
42,676
|
|
| INVESTING ACTIVITIES: |
|
|
|
|
|
| Acquisition of investments in affiliates |
|
|
0
|
(8)
|
|
| Acquisition of/additions to vessels |
|
|
(96,573)
|
(54,029)
|
|
| Deposits for vessels, port terminals and other fixed assets acquisitions |
|
|
(1,250)
|
0
|
|
| Deposits for option to acquire vessels |
|
|
(2,099)
|
(12,452)
|
|
| Loans from/(to) affiliate companies |
|
|
18,629
|
(4,000)
|
|
| Proceeds from lease receivable |
|
|
79
|
113
|
|
| Proceeds from sale of assets |
|
|
23,078
|
25,170
|
|
| Purchase of property, equipment and other fixed assets |
|
|
(1,328)
|
(2,418)
|
|
| Dividends received from affiliate companies |
|
|
2,919
|
2,919
|
|
| Net cash used in investing activities |
|
|
(56,545)
|
(44,705)
|
|
| FINANCING ACTIVITIES: |
|
|
|
|
|
| Repurchase of preferred stock |
|
|
0
|
(10,009)
|
|
| Repayment of long-term debt and payment of principal |
|
|
(20,111)
|
(119,138)
|
|
| Repurchase of senior notes |
|
|
(9,443)
|
(24,690)
|
|
| Repayment of loan payable to affiliate companies |
|
|
(31,500)
|
0
|
|
| Proceeds from loan payable to affiliate companies |
|
|
31,500
|
0
|
|
| Proceeds from long-term loans, net of deferred finance fees |
|
|
66,862
|
127,171
|
|
| Dividends paid to noncontrolling shareholders |
|
|
(9,948)
|
0
|
|
| Issuance of capital surplus |
|
|
0
|
(3)
|
|
| Net cash provided by/ (used in) financing activities |
|
|
27,360
|
(26,669)
|
|
| Decrease in cash and cash equivalents and restricted cash |
|
|
(23,655)
|
(28,698)
|
|
| Cash and cash equivalents and restricted cash, beginning of period |
|
|
78,727
|
150,774
|
$ 150,774
|
| Cash and cash equivalents and restricted cash, end of period |
$ 55,072
|
$ 122,076
|
55,072
|
122,076
|
$ 78,727
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
| Cash paid for interest, net of capitalized interest |
|
|
62,040
|
70,698
|
|
| Cash paid for income taxes |
|
|
186
|
298
|
|
| Non-cash investing and financing activities |
|
|
|
|
|
| Acquisition of/additions to vessels |
|
|
(986)
|
0
|
|
| Accrued interest income on loan receivable from affiliate company |
|
|
0
|
(1,734)
|
|
| Accrued interest expense payable to affiliate company |
|
|
0
|
583
|
|
| Issuance of senior secured notes in exchange of preferred stock |
|
|
0
|
8,626
|
|
| Discontinued operations: |
|
|
|
|
|
| Net cash provided by operating activities of discontinued operations |
|
|
0
|
6,381
|
|
| Net cash used in investing activities of discontinued operations |
|
|
0
|
(53,707)
|
|
| Net cash provided by financing activities of discontinued operations |
|
|
$ 0
|
$ 45,289
|
|