Pangaea logistics solutions ltd. (PANL)
CashFlow / TTM
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

5,798

17,048

21,235

21,213

22,927

23,981

27,327

25,688

14,639

9,100

4,916

2,741

7,550

9,158

4,046

245

5,641

13,367

-86

-6,683

-11,975

-13,647

0

0

0

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

18,394

18,529

18,001

17,759

17,659

17,620

17,150

16,690

16,010

15,614

15,135

14,717

14,534

14,107

13,849

13,513

13,255

12,730

12,710

12,633

12,107

11,668

0

0

0

Amortization of deferred financing costs

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of prepaid rent

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization Of Deferred Financing Costs And Bank Fees

-

-

-

-

-

-

-

-

673

681

676

676

654

662

667

694

703

745

918

889

895

954

0

0

0

Amortization of prepaid rent

-

-

-

-

-

-

-

-

-121

-121

0

0

0

-

-

-

0

-

-

-

-

-

-

-

-

Unrealized Gain (Loss) on Derivatives

-2,453

2,753

-2,142

-1,355

-1,016

-3,868

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized loss (gain) on derivative instruments

-

-

-

-

-

-

-

-

-

360

1,381

1,602

4,465

2,163

162

-512

-1,536

-377

1,565

1,528

-35

-1,230

0

0

0

Gain from equity method investee

457

156

550

381

262

224

64

151

265

256

350

224

111

0

-230

-192

-184

-100

-204

-204

-212

-265

0

0

0

Earnings attributable to non-controlling interest recorded as interest expense

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Recovery) provision for doubtful accounts

225

898

325

737

756

269

449

405

395

543

-70

-19

366

922

1,503

1,393

1,358

974

3,603

3,282

3,011

2,764

0

0

0

Gain on sale of vessel

0

-

0

0

0

-

-

-

-

-9,275

0

0

0

-

-

-

-549

-638

-638

1,094

3,858

3,947

0

0

0

Drydocking costs

4,155

1,633

2,199

2,182

1,018

2,135

4,230

4,519

5,209

3,775

1,043

754

63

42

792

1,435

1,435

1,393

1,883

4,592

4,471

4,880

0

0

0

Write off unamortized financing costs of repaid debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

72

255

255

497

471

0

0

0

Amortization of discount on related party long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

322

0

0

0

Share-based compensation

2,165

1,737

1,501

1,406

1,262

1,200

1,259

1,235

1,239

1,074

1,206

1,103

912

601

358

327

427

457

374

307

168

1

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,503

504

503

503

1,003

0

0

0

-

-

-

-

Accounts receivable

10,635

725

2,721

-1,649

-8,196

7,661

847

-3,378

3,912

5,642

16,034

12,153

9,477

1,781

-8,156

-5,130

-4,663

-6,769

-2,542

-2,328

-1,674

-14,561

0

0

0

Bunker inventory

4,388

2,425

-3,861

55

1,121

3,865

4,393

2,445

-1,076

2,153

7,134

6,553

7,557

5,712

-678

-4,220

-5,980

-8,111

-11,035

-9,218

-6,399

-5,470

0

0

0

Advance hire, prepaid expenses and other current assets

4,005

6,247

14,310

3,533

3,274

-1,624

-6,463

-1,130

-2,727

1,368

8,355

5,969

2,998

3,708

1,625

-948

790

-3,852

-5,527

-4,954

-5,578

-4,291

0

0

0

Accounts payable, accrued expenses and other current liabilities

8,936

10,301

4,905

309

1,644

-392

-171

967

415

6,976

12,455

12,863

9,194

3,690

-2,918

-6,021

-13,418

-17,846

-16,856

-7,211

-2,247

-6,413

0

0

0

Deferred revenue

1,208

-340

3,284

-213

-172

4,172

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by operating activities

25,654

44,458

36,311

38,913

49,304

40,134

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-

-

-

-

-

-

-

-

-

-

4,390

2,555

3,647

1,974

-1,946

-1,508

-4,595

-7,300

-393

-908

1,836

-4,406

0

0

0

Net cash provided by operating activities

-

-

-

-

-

-

-

-

-

-

14,641

17,580

17,510

19,213

26,943

23,183

18,959

26,009

24,627

22,775

20,460

19,714

0

0

0

Investing activities
Purchase of vessels and vessel improvements

30,207

41,350

42,632

40,165

28,253

17,126

31,396

19,700

26,425

64,029

44,275

46,763

37,968

319

3,376

431

228

44,799

50,421

73,634

74,356

43,914

0

0

0

Investment in newbuildings in-process

15,390

15,357

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale and leaseback of vessel

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,741

8,265

8,265

15,402

27,803

23,279

0

0

0

Deposits on newbuildings in-process

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

13,101

0

0

0

Purchase of fixed assets and equipment

123

283

366

335

464

414

341

343

103

0

0

302

323

315

311

32

49

55

61

385

562

560

0

0

0

Proceeds from sale of vessels

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of derivative instrument

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of equipment

-

-

-

-

-

31

338

338

338

306

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of non-controlling interest in consolidated subsidiary

-

-

-

-

-

-

-

-

-

830

832

832

799

0

0

0

0

-

-

-

-

-

-

-

-

Net cash used in investing activities

-27,564

-46,602

-50,690

-48,158

-28,718

-17,509

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-

-

-

-

-

-

-

-

-

-

-54,727

-57,517

-48,710

-10,254

-27,427

-23,846

-23,996

-64,048

-48,439

-68,303

-59,744

-34,297

0

0

0

Financing activities
Proceeds from long-term debt

-

-

-

-

-

-

-

-

-

35,000

25,000

25,279

20,875

1,375

22,875

23,596

22,500

67,500

46,000

67,500

67,500

35,500

0

0

0

Proceeds from Related Party Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,853

17,581

17,782

20,157

17,651

0

0

0

Payments of related party debt

1,847

2,595

2,504

3,336

2,428

4,131

3,308

2,487

2,541

0

0

-0

26

2,500

2,500

2,500

3,690

1,216

1,387

1,278

62

225

0

0

0

Payments of financing fees and debt issuance costs

2,849

2,960

671

638

896

728

829

513

350

1,022

896

887

774

45

295

482

548

1,178

1,045

1,076

1,108

484

0

0

0

Payments of long-term debt

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from finance leases

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of long-term debt

-

-

-

-

-

-

21,549

21,751

26,035

25,329

23,549

26,336

21,655

23,722

25,755

25,881

23,837

22,548

22,852

24,307

31,051

30,051

0

0

0

Proceeds from finance leases

-

-

-

-

-

27,750

27,750

13,000

7,000

28,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payments of finance lease obligations

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on finance lease obligation

-

-

-

-

-

3,501

2,608

1,868

1,635

1,198

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid to non-controlling interests

-

-

-

-

-

904

904

904

904

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Accrued common stock dividends paid

7,454

8,090

6,377

6,024

3,405

2,270

0

0

0

-

-

-

-

100

100

100

100

100

100

100

100

100

0

0

0

Cash paid for incentive compensation shares relinquished

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

-17,240

-916

-2,215

486

8,831

-5,042

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

-

-

-

-

-

-

-

-

-

-

39,129

34,851

20,255

-24,156

-5,525

-1,068

-4,896

45,742

37,855

58,179

58,517

25,472

0

0

0

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

-19,150

-3,059

-16,594

-8,758

29,417

17,582

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,303

0

0

0

Imputed interest on related party long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

322

0

0

0

Cash paid for interest

-

-

-

-

-

-

-

-

-

-

6,190

5,300

4,887

4,659

5,045

5,381

5,413

5,407

5,335

5,085

4,858

5,112

0

0

0

Cash paid for interest

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease in cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-10,944

-15,197

-6,008

-1,731

-9,932

7,702

14,043

12,652

19,233

10,889

0

0

0

Extinguishment of Related Party Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-