| Dec'17 | Dec'16 | Dec'15 | ||||
|---|---|---|---|---|---|---|
Operating activities | ||||||
Net loss | ||||||
-158,240 | -24,903 | 217,749 | ||||
Gain on sale of Dorian Shares | ||||||
0 | 0 | 1,179 | ||||
Loss on sales of vessels and write-down of vessel held for sale | ||||||
-23,345 | -2,078 | -35 | ||||
Write-off of vessel purchase options | ||||||
0 | 0 | 731 | ||||
Depreciation | ||||||
141,418 | 121,461 | 107,356 | ||||
Amortization of restricted stock | ||||||
22,385 | 30,207 | 33,687 | ||||
Amortization of deferred financing fees | ||||||
13,381 | 14,149 | 14,688 | ||||
Write-off of deferred financing fees | ||||||
2,467 | 14,479 | 2,730 | ||||
Bargain purchase gain | ||||||
-5,417 | 0 | 0 | ||||
Share-based transaction costs | ||||||
5,973 | 0 | 0 | ||||
Unrealized (gain) / loss on derivative financial instruments | ||||||
0 | 1,371 | -1,255 | ||||
Amortization of acquired time charter contracts | ||||||
0 | 65 | 513 | ||||
Accretion of convertible notes | ||||||
12,211 | 11,562 | 11,096 | ||||
Accretion of fair market measurement on debt assumed from merger with NPTI | ||||||
1,478 | 0 | 0 | ||||
Gain on repurchase of Convertible Notes | ||||||
0 | 994 | 46 | ||||
Cash inflows from operating activities before changes in assets and liabilities | ||||||
59,001 | 166,733 | 388,615 | ||||
Changes in assets and liabilities: | ||||||
Decrease in inventories | ||||||
-1,319 | 564 | -1,909 | ||||
Decrease in accounts receivable | ||||||
-1,478 | 26,688 | 9,184 | ||||
Decrease / (increase) in prepaid expenses and other current assets | ||||||
12,219 | -5,546 | -1,615 | ||||
Increase in other assets | ||||||
-22,651 | 2,045 | -14,153 | ||||
Increase / (decrease) in accounts payable | ||||||
3,694 | -2,487 | 775 | ||||
(Decrease) / increase in accrued expenses | ||||||
-7,665 | -9,486 | 11,206 | ||||
Interest rate swap termination payment | ||||||
0 | 0 | 128 | ||||
Total changes in assets and liabilities | ||||||
17,200 | -11,778 | -3,360 | ||||
Net cash inflow from operating activities | ||||||
41,801 | 178,511 | 391,975 | ||||
Investing activities | ||||||
Acquisition of vessels and payments for vessels under construction | ||||||
258,311 | 126,842 | 905,397 | ||||
Proceeds from disposal of vessels | ||||||
127,372 | 158,175 | 90,820 | ||||
Net cash paid for the acquisition of the four LR1 vessels from NPTI | ||||||
23,062 | 0 | 0 | ||||
Drydock payments (owned and bareboat-in vessels) | ||||||
5,922 | 0 | 0 | ||||
Proceeds from sale of Dorian shares | ||||||
0 | 0 | 142,436 | ||||
Deposit returned for vessel purchases | ||||||
0 | 0 | -31,277 | ||||
Net cash outflow from investing activities | ||||||
-159,923 | 31,333 | -703,418 | ||||
Financing activities | ||||||
Debt repayments | ||||||
546,296 | 753,431 | 226,260 | ||||
Issuance of debt | ||||||
525,642 | 565,028 | 643,550 | ||||
Debt issuance costs | ||||||
11,758 | 10,679 | 8,497 | ||||
Increase in restricted cash | ||||||
-2,279 | 0 | 0 | ||||
Repayment of Convertible Notes | ||||||
0 | -8,393 | -1,632 | ||||
Gross proceeds from issuance of common stock | ||||||
303,500 | 0 | 159,747 | ||||
Equity issuance costs | ||||||
15,056 | 24 | 7,554 | ||||
Dividends paid | ||||||
9,561 | 86,923 | 87,056 | ||||
Redemption of NPTI Redeemable Preferred Shares | ||||||
39,495 | 0 | 0 | ||||
Repurchase of common stock | ||||||
0 | 16,505 | 76,028 | ||||
Net cash (outflow) / inflow from financing activities | ||||||
204,697 | -310,927 | 396,270 | ||||
(Decrease) / increase in cash and cash equivalents | ||||||
86,575 | -101,083 | 84,827 | ||||
Supplemental information: | ||||||
Interest paid | ||||||
92,034 | 69,008 | 63,418 | ||||