Pangaea logistics solutions ltd. (PANL)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14
Operating activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-6,769

-3,009

10,418

5,159

4,481

1,176

10,397

6,872

5,535

4,522

8,757

-4,175

-3

338

6,582

633

1,604

-4,773

2,780

6,029

9,329

-18,226

-3,816

738

7,657

Adjustments to reconcile net income to net cash (used in) provided by operations:
Depreciation and amortization expense

4,242

5,008

4,652

4,491

4,377

4,480

4,410

4,391

4,338

4,010

3,950

3,711

3,941

3,531

3,532

3,528

3,515

3,273

3,195

3,271

2,990

3,252

3,118

2,744

2,551

Amortization of deferred financing costs

176

-

172

182

182

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of prepaid rent

30

-

29

29

29

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization Of Deferred Financing Costs And Bank Fees

-

-

-

-

-

-

-

-

166

153

158

194

174

149

158

171

182

154

186

179

225

326

158

185

284

Amortization of prepaid rent

-

-

-

-

-

-

-

-

-30

-30

-30

-30

-30

-

-

-

0

-

-

-

-

-

-

-

-

Unrealized Gain (Loss) on Derivatives

-2,917

549

-301

215

2,289

-4,346

486

553

-562

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized loss (gain) on derivative instruments

-

-

-

-

-

-

-

-

-

-70

-59

-1,476

1,966

951

161

1,387

-335

-1,050

-513

363

823

893

-551

-1,200

-371

Gain from equity method investee

429

-260

169

119

128

134

0

0

90

-25

87

113

80

68

-38

0

-30

-162

0

8

53

-265

0

0

0

Earnings attributable to non-controlling interest recorded as interest expense

-27

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Recovery) provision for doubtful accounts

-185

945

-367

-166

487

373

44

-148

0

553

0

-158

147

-59

50

228

703

521

-59

193

319

3,149

-380

-78

73

Gain on sale of vessel

77

-

0

0

0

-

-

-

-

-140

0

-4,844

-4,289

-

-

-

0

0

-71

-477

-88

0

1,661

2,286

0

Drydocking costs

2,903

72

16

1,164

381

637

0

0

1,497

2,732

289

690

63

0

0

0

42

750

643

0

0

1,240

3,352

-121

409

Write off unamortized financing costs of repaid debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

47

0

0

25

230

0

241

0

Amortization of discount on related party long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0

0

0

322

Share-based compensation

1,102

371

320

370

674

135

225

226

612

195

200

230

446

327

98

39

136

84

66

139

166

1

0

0

0

Change in operating assets and liabilities:
Increase (Decrease) in Restricted Cash for Operating Activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,004

0

0

-500

1,003

0

0

0

-

-

-

-

Accounts receivable

-5,354

33

12,858

3,098

-15,264

2,028

8,487

-3,448

593

-4,785

4,261

3,842

2,324

5,605

380

1,166

-5,371

-4,331

3,406

1,632

-7,477

-104

3,620

2,286

-20,364

Bunker inventory

-1,844

4,645

-444

2,031

-3,806

-1,641

3,472

3,097

-1,063

-1,113

1,525

-424

2,166

3,866

945

578

321

-2,523

-2,596

-1,181

-1,808

-5,448

-779

1,637

-879

Advance hire, prepaid expenses and other current assets

-1,369

-8,973

9,218

5,129

872

-910

-1,558

4,870

-4,026

-5,749

3,774

3,273

69

1,237

1,388

302

779

-846

-1,184

2,041

-3,863

-2,521

-611

1,418

-2,577

Accounts payable, accrued expenses and other current liabilities

-6,729

4,130

4,624

6,910

-5,363

-1,265

28

8,244

-7,400

-1,044

1,167

7,692

-838

4,434

1,575

4,023

-6,342

-2,175

-1,527

-3,373

-10,771

-1,185

8,118

1,590

-14,936

Deferred revenue

-6,759

79

5,482

2,405

-8,308

3,704

1,984

2,446

-3,962

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by operating activities

-6,844

21,056

3,817

7,624

11,959

12,910

6,419

18,015

2,790

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-

-

-

-

-

-

-

-

-

-

1,008

-431

913

2,899

-826

660

-759

-1,020

-387

-2,426

-3,464

5,885

-903

318

-9,708

Net cash provided by operating activities

-

-

-

-

-

-

-

-

-

-

5,393

5,920

2,431

896

8,332

5,850

4,134

8,626

4,571

1,627

11,183

7,245

2,719

-688

10,438

Investing activities
Purchase of vessels and vessel improvements

283

1,149

14,644

14,130

11,426

2,430

12,178

2,218

298

16,701

482

8,943

37,902

-3,053

2,970

148

253

3

25

-53

44,824

5,625

23,237

668

14,382

Investment in newbuildings in-process

33

7,665

34

7,657

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale and leaseback of vessel

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

3,741

0

4,523

0

10,878

12,400

0

Deposits on newbuildings in-process

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

6,140

3,498

3,398

63

Purchase of fixed assets and equipment

0

-10

12

121

159

73

-18

249

110

0

-16

9

7

0

285

30

0

-4

6

47

5

2

329

225

3

Proceeds from sale of vessels

8,397

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of derivative instrument

628

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of equipment

-

-

-

-

-

0

0

0

31

306

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of non-controlling interest in consolidated subsidiary

-

-

-

-

-

-

-

-

-

-1

0

33

799

0

0

0

0

-

-

-

-

-

-

-

-

Net cash used in investing activities

7,452

1,584

-14,691

-21,909

-11,585

-2,504

-12,159

-2,468

-377

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-

-

-

-

-

-

-

-

-

-

-465

-8,986

-38,709

-6,566

-3,255

-178

-253

-23,738

324

-328

-40,306

-8,129

-19,538

8,230

-14,859

Financing activities
Proceeds from long-term debt

-

-

-

-

-

-

-

-

-

10,000

0

5,500

19,500

0

279

1,096

0

21,500

1,000

0

45,000

0

22,500

0

13,000

Proceeds from Related Party Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,173

2,173

0

2,506

12,901

2,375

2,375

0

Payments of related party debt

90

913

-10

853

838

823

821

-53

2,541

0

0

0

0

0

-0

27

2,473

0

0

1,216

0

170

-108

0

162

Payments of financing fees and debt issuance costs

149

2,314

368

17

260

25

335

275

91

126

19

113

763

0

11

0

34

250

198

65

664

117

229

96

41

Payments of long-term debt

3,284

-

-

-

4,203

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from finance leases

0

-

-

-

13,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of long-term debt

-

-

-

-

-

-

4,710

7,379

4,765

4,693

4,911

11,664

4,059

2,913

7,698

6,984

6,126

4,946

7,824

4,939

4,837

5,250

9,279

11,683

3,837

Proceeds from finance leases

-

-

-

-

-

0

14,750

13,000

0

0

0

7,000

21,000

-

-

-

-

-

-

-

-

-

-

-

-

Payments of finance lease obligations

7,376

-

-

-

1,429

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on finance lease obligation

-

-

-

-

-

1,323

1,163

578

436

430

423

344

0

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid to non-controlling interests

-

-

-

-

-

0

0

0

904

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Accrued common stock dividends paid

499

2,847

1,487

2,619

1,135

1,135

1,135

0

0

-

-

-

-

0

0

0

100

0

0

0

100

0

0

0

100

Cash paid for incentive compensation shares relinquished

43

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contributions from non-controlling interest recorded as long-term liability

322

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments to non-controlling interest recorded as long-term liability

70

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

-11,189

-6,256

3,883

-3,677

5,134

-7,556

6,585

4,667

-8,739

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

-

-

-

-

-

-

-

-

-

-

-5,028

8,680

35,677

-199

-9,306

-5,915

-8,734

18,431

-4,849

-9,742

41,904

10,544

15,474

-9,405

8,858

Net (decrease) increase in cash, cash equivalents and restricted cash

-10,582

16,384

-6,990

-17,961

5,508

2,849

845

20,214

-6,326

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental cash flow information
Disclosure of noncash items
Dividends declared, not paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

2,739

1,463

2,101

Imputed interest on related party long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0

0

122

200

Cash paid for interest

-

-

-

-

-

-

-

-

-

-

2,029

1,602

1,420

1,138

1,139

1,190

1,191

1,525

1,475

1,221

1,185

1,452

1,225

995

1,439

Cash paid for interest

-

-

-

-

-

-

-

2,050

1,758

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease in cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-601

-5,869

-4,230

-243

-4,854

3,318

46

-8,444

12,781

9,659

-1,344

-1,863

4,437

Extinguishment of Related Party Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-