| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|
Cash Flows from Operating Activities: | ||||||||
Net income / (loss) | ||||||||
-9,771 | -154,228 | -458,177 | -11,723 | 1,850 | -314,521 | -69,559 | -5,131 | -58,415 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||||||
Depreciation | ||||||||
82,623 | 81,935 | 82,070 | 37,150 | 16,061 | 33,045 | 50,224 | 46,937 | 58,298 |
Amortization of fair value of above market acquired time charters (Note 7) | ||||||||
0 | 254 | 9,540 | 6,113 | 6,352 | - | - | - | - |
Amortization of fair value of above market acquired time charters (Note 7) | ||||||||
- | - | - | - | - | 6,369 | 2,366 | 0 | 3,108 |
Amortization of fair value of below market acquired time charters (Note 7) | ||||||||
- | - | - | - | - | - | 179 | 1,360 | - |
Amortization of fair value of below market acquired time charters | ||||||||
- | - | - | - | - | - | - | - | 8,843 |
Amortization of debt issuance costs (Note 7) | ||||||||
2,660 | 2,855 | 2,732 | 681 | 522 | 502 | 329 | 329 | 350 |
Loss on debt extinguishment (Note 7) | ||||||||
-1,257 | -2,375 | -974 | -652 | 0 | 0 | -307 | 0 | - |
Gain on time charter agreement termination (Note 8) | ||||||||
- | - | - | - | - | - | 273 | 0 | - |
Impairment loss (Note 5) | ||||||||
0 | 29,221 | 321,978 | 0 | 0 | 303,219 | 62,020 | - | - |
Vessel's impairment loss (Note 18) | ||||||||
- | - | - | - | - | - | - | 34,692 | 75,208 |
Loss / (gain) on sale of vessels (Note 5) | ||||||||
2,598 | -15,248 | -20,585 | 0 | -87 | -3,190 | 0 | 0 | - |
Stock-based compensation (Note 11) | ||||||||
9,267 | 4,166 | 2,684 | 5,834 | 1,488 | 1,546 | 1,362 | 6,511 | 1,832 |
Non-cash effects of derivative financial instruments (Note 13) | ||||||||
1,821 | 4,182 | 121 | - | - | - | - | - | - |
Loss on debt extinguishment | ||||||||
- | - | - | - | - | - | - | - | 0 |
Loss on time-charter agreement termination | ||||||||
0 | 0 | -2,114 | 0 | 0 | - | - | - | -121 |
Change in fair value of forward freight derivatives (Note 13) | ||||||||
36 | 41 | 0 | -1,717 | 91 | 82 | -82 | -282 | 31 |
Other non-cash charges | ||||||||
-144 | -112 | -38 | -66 | -38 | -67 | -31 | -5 | -5 |
Amortization of deferred gain (Note 5) | ||||||||
52 | 75 | 22 | 0 | 0 | - | - | - | - |
Bad debt expense | ||||||||
- | - | - | 215 | 0 | 0 | 3,139 | 2,131 | 0 |
Write-off of claim receivable | ||||||||
0 | 225 | 0 | 0 | - | - | - | - | - |
Gain on hull and machinery claim | ||||||||
456 | 1,472 | 0 | 237 | 1,030 | 812 | 260 | 0 | 0 |
Gain from bargain purchase (Note 1) | ||||||||
- | - | - | 12,318 | 0 | 0 | - | - | - |
Write-off of liability in other operational gain (non cash gain) (Note 10) | ||||||||
- | - | - | 1,361 | 0 | 0 | - | - | - |
Equity in income of investee | ||||||||
93 | 126 | 210 | 106 | 0 | 0 | - | - | - |
Income tax | ||||||||
- | - | - | 0 | - | - | - | - | - |
Changes in operating assets and liabilities: | ||||||||
(Increase)/Decrease in: | ||||||||
Restricted cash for forward freight derivatives | ||||||||
1,834 | 216 | 0 | 0 | - | - | - | - | - |
Restricted cash for forward freight and bunker derivatives | ||||||||
- | - | - | - | - | -153 | 153 | -5,753 | 3,267 |
Trade accounts receivable | ||||||||
5,949 | 1,683 | -13,876 | 16,057 | -2,766 | 1,207 | 3,249 | 1,334 | 2,070 |
Inventories | ||||||||
4,811 | 184 | -121 | 5,409 | -1,887 | -254 | 2,773 | 112 | -294 |
Accrued income | ||||||||
- | - | - | - | - | - | -397 | 397 | 0 |
Prepaid expenses and other current assets | ||||||||
43 | -3,142 | 8,497 | 2,328 | 131 | 8,581 | 957 | 326 | 2,440 |
Deposit on forward freight agreements | ||||||||
- | - | - | - | - | - | - | - | -2,514 |
Due from related parties | ||||||||
-745 | -287 | 964 | -287 | 339 | 147 | 0 | -2,507 | 2,042 |
Due from managers | ||||||||
-1,430 | 1,430 | 0 | 0 | - | 11 | -5 | -72 | -1,870 |
Increase/(Decrease) in: | ||||||||
Accounts payable | ||||||||
4,709 | -4,236 | -5,276 | 1,995 | -1,626 | -237 | 5,268 | -744 | 2,946 |
Due to related parties | ||||||||
-127 | -66 | -1,744 | -449 | 297 | -174 | -167 | 267 | 180 |
Accrued liabilities | ||||||||
-863 | -2,633 | 1,465 | 6,713 | 350 | -719 | 2,005 | -427 | -773 |
Due to managers | ||||||||
1,420 | -2,291 | 2,291 | 0 | 0 | -48 | -7 | 55 | 0 |
Deferred revenue | ||||||||
5,169 | -405 | -35 | 1,384 | -986 | -2,807 | 646 | -1,761 | -2,968 |
Net cash provided by / (used in) Operating Activities | ||||||||
80,970 | -33,448 | -14,578 | 12,819 | 27,495 | 18,999 | 50,604 | 87,949 | 65,877 |
Cash Flows from Investing Activities: | ||||||||
Advances for vessels under construction and acquisition of vessels and other assets | ||||||||
143,684 | 396,154 | 473,917 | 518,447 | 127,814 | 91 | 96,388 | 87,563 | 49 |
Cash paid for above market acquired time charters (Note 7) | ||||||||
- | - | - | 4,856 | 0 | 0 | 23,065 | 0 | - |
Cash paid for above market acquired time charters | ||||||||
- | - | - | - | - | - | - | - | 0 |
Cash proceeds from vessel sales (Note 5) | ||||||||
15,153 | 380,193 | 70,300 | 1,100 | 8,267 | 7,962 | 0 | 20,342 | 19,129 |
Decrease in restricted cash | ||||||||
482 | 7,251 | 4,500 | 35 | 7,664 | 2,579 | 17,750 | -7,600 | 0 |
Increase in restricted cash | ||||||||
233 | 7,042 | 4,525 | 11,525 | 0 | 195 | 21,710 | -650 | -20,510 |
Proceeds from cancellation of vessels under construction | ||||||||
0 | 0 | 5,800 | 0 | 0 | - | - | - | - |
Long term investment (Note 3) | ||||||||
- | - | - | 200 | 0 | 0 | - | - | - |
Cash received from Merger & Pappas Transaction (Note 1) | ||||||||
- | - | - | 96,268 | 0 | 0 | - | - | - |
Hull and machinery insurance proceeds | ||||||||
1,430 | 2,536 | 309 | 550 | 4,265 | 6,983 | 1,076 | 120 | 0 |
Net cash provided by / (used in) Investing Activities | ||||||||
-126,852 | -13,216 | -397,533 | -437,075 | -107,618 | 17,238 | -122,337 | -60,151 | -1,430 |
Cash Flows from Financing Activities: | ||||||||
Proceeds from bank loans and leases | ||||||||
160,780 | 151,763 | 373,993 | 637,207 | 0 | 0 | - | - | - |
Loan and lease prepayments and repayments | ||||||||
86,262 | 181,201 | 244,529 | 173,986 | 33,780 | 42,026 | - | - | - |
Proceeds from bank loans | ||||||||
- | - | - | - | - | - | 162,775 | 26,000 | 0 |
Loan repayment | ||||||||
- | - | - | - | - | - | 101,464 | 68,421 | 49,250 |
Proceeds from dividend reinvestment | ||||||||
- | - | - | - | - | - | - | - | 1,885 |
Financing fees paid | ||||||||
2,910 | 474 | 13,094 | 6,513 | 271 | 91 | 1,488 | 310 | 230 |
Proceeds from issuance of common stock | ||||||||
51,454 | 50,589 | 418,771 | 0 | 150,905 | 0 | 28,786 | 0 | 0 |
Offering expenses paid related to the issuance of common stock | ||||||||
1,027 | 311 | 974 | 0 | 4,883 | 0 | 237 | 0 | 0 |
Repurchase of common shares | ||||||||
- | - | - | - | - | 861 | 0 | 0 | - |
Cash dividend | ||||||||
- | - | - | - | - | 3,631 | 14,391 | 12,385 | 6,185 |
Net cash provided by / (used in) Financing Activities | ||||||||
122,035 | 20,366 | 534,167 | 456,708 | 111,971 | -46,609 | 73,981 | -55,116 | -53,780 |
Net (decrease) / increase in cash and cash equivalents | ||||||||
76,153 | -26,298 | 122,056 | 32,452 | 31,848 | -10,372 | 2,248 | -27,318 | 10,667 |
Cash paid during the period for: | ||||||||
Interest | ||||||||
50,227 | 47,997 | 29,813 | 5,803 | 6,156 | 7,612 | 3,893 | 5,489 | 9,206 |