| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||
Net loss | ||||||
-12,490 | 3,747 | 31,954 | 1,660 | -3,842 | -4,539 | -2,975 |
Non-cash items: | ||||||
Depreciation | ||||||
34,271 | 30,091 | 24,157 | 14,854 | 8,388 | 6,195 | 5,343 |
Amortization of deferred drydock expenditure | ||||||
2,924 | 2,715 | 2,120 | 2,031 | 1,420 | 441 | 0 |
Share based compensation | ||||||
457 | 1,304 | 1,436 | 1,383 | 571 | 11 | 16 |
Loss on disposal of vessels | ||||||
0 | -2,601 | 0 | 0 | - | - | - |
Amortization of deferred finance fees | ||||||
3,060 | 3,415 | 1,711 | 917 | 772 | 254 | 290 |
Deferred tax (benefit) / expense | ||||||
- | - | - | - | - | 24 | -16 |
Changes in operating assets and liabilities: | ||||||
Receivables, trade | ||||||
4,116 | -3,040 | 21,203 | 4,242 | -120 | -1,126 | 1,629 |
Working capital advances | ||||||
-200 | -175 | 2,975 | -34 | -1,039 | -2,098 | 1,331 |
Prepayments | ||||||
609 | -239 | 358 | 212 | 248 | -26 | 214 |
Advances and deposits | ||||||
-120 | -375 | 458 | 1,158 | 1,470 | -145 | 419 |
Other receivables | ||||||
-82 | 58 | -612 | 314 | -176 | 104 | -155 |
Inventories | ||||||
2,292 | 3,369 | 1,483 | 1,354 | 465 | 44 | 315 |
Payables, trade | ||||||
1,656 | 1,965 | 5,443 | 3,039 | 1,485 | 324 | 1,401 |
Charter revenue received in advance | ||||||
-507 | -684 | -350 | -263 | 955 | 411 | -14 |
Other payables | ||||||
0 | -139 | -503 | 642 | 3 | -70 | -86 |
Amounts due to related parties | ||||||
- | - | - | - | -600 | 625 | -25 |
Accrued interest on loans | ||||||
-530 | 315 | 869 | 325 | 54 | 17 | 219 |
Deferred drydock expenditure | ||||||
3,809 | 3,099 | 3,314 | 4,921 | 242 | 2,959 | 0 |
Net cash provided by operating activities | ||||||
- | - | - | 12,421 | 8,120 | 3,985 | - |
Net cash provided by operating activities | ||||||
18,416 | 42,634 | 37,659 | - | - | - | 397 |
INVESTING ACTIVITIES | ||||||
Payments for acquisition of vessels and equipment | ||||||
372 | 174,012 | 232,497 | 152,222 | 63,497 | 1,330 | 41,381 |
Payments for vessels under construction | ||||||
- | - | - | 57,463 | 81,072 | 13,560 | 15,418 |
Net proceeds from sale of vessels | ||||||
0 | 52,656 | 0 | 0 | - | - | - |
Transfer to segregated account in respect of agreement to buy new vessels | ||||||
1,635 | 0 | 0 | - | - | - | - |
Payments for leasehold improvements | ||||||
12 | 530 | 0 | 0 | - | - | - |
Payments for other non-current assets | ||||||
262 | 424 | 352 | 55 | 68 | 51 | 120 |
Net cash (used in) / provided by investing activities | ||||||
- | - | - | -209,741 | -144,637 | -14,941 | - |
Net cash used in investing activities | ||||||
-2,282 | -122,311 | -232,849 | - | - | - | -56,920 |
FINANCING ACTIVITIES | ||||||
Short-term revolving credit facility | ||||||
- | - | - | - | - | -30,265 | 15,495 |
Proceeds from long-term debt | ||||||
11,092 | 110,010 | 216,490 | 128,625 | 47,030 | 38,700 | 32,000 |
Repayments of long-term debt | ||||||
62,691 | 42,208 | 24,753 | 12,756 | 25,270 | 37,200 | 4,400 |
Proceeds from finance leases | ||||||
33,120 | 9,245 | 0 | 0 | 31,500 | 0 | 0 |
Repayments of finance leases | ||||||
2,060 | 27,097 | 1,702 | 1,578 | 1,120 | 0 | 0 |
Payments for deferred finance fees | ||||||
826 | 6,036 | 1,633 | 5,748 | 1,333 | 1,719 | 1,255 |
Net proceeds from equity offering | ||||||
0 | 63,927 | 0 | 102,711 | 128,429 | 0 | 0 |
Repurchase of common stock | ||||||
11,262 | 2,993 | 0 | 1,278 | 0 | 0 | - |
Payment of dividend | ||||||
0 | 9,327 | 12,980 | 9,635 | 1,191 | 0 | 0 |
Shareholder contributions | ||||||
- | - | - | - | 0 | 51,314 | 14,940 |
Shareholder contributions | ||||||
- | - | - | - | - | 51,314 | 14,940 |
Net cash (used in) / provided by financing activities | ||||||
- | - | - | 200,339 | 178,044 | 20,830 | - |
Net cash provided by / (used in) financing activities | ||||||
-32,629 | 95,520 | 175,419 | - | - | - | 56,779 |
Net decrease in cash and cash equivalents | ||||||
-16,495 | 15,843 | -19,770 | 3,018 | 41,526 | 9,873 | 256 |
Interest payments, net of capitalised interest | ||||||
16,918 | 13,382 | 11,305 | 6,813 | 3,619 | 3,235 | - |
Interest payments, net of capitalised interest | ||||||
- | - | - | - | - | - | 2,570 |
Taxation | ||||||
58 | 122 | 40 | 5 | 33 | 42 | 12 |