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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (138,554) $ (42,277)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 33,504 36,348
Amortization of deferred financing costs 1,909 1,867
Noncash operating lease expense 676 577
Amortization of nonvested stock compensation expense 957 1,021
Impairment of operating lease right of use asset   223
Impairment of vessel assets 112,814 13,897
Loss (gain) on sale of vessels 486 (611)
Insurance proceeds for protection and indemnity claims 278 389
Insurance proceeds for loss of hire claims 78  
Change in assets and liabilities:    
Decrease in due from charterers 331 6,588
Decrease in prepaid expenses and other current assets 504 165
Decrease in inventories 4,174 223
(Decrease) increase in accounts payable and accrued expenses (17,454) 828
(Decrease) increase in deferred revenue (2,259) 1,859
Decrease in operating lease liabilities (828) (786)
Deferred drydock costs incurred (5,593) (5,488)
Net cash (used in) provided by operating activities (8,977) 14,823
Cash flows from investing activities:    
Purchase of vessels and ballast water treatment systems, including deposits (2,275) (7,754)
Purchase of scrubbers (capitalized in Vessels) (10,839) (10,370)
Purchase of other fixed assets (2,716) (2,494)
Net proceeds from sale of vessels 14,726 6,309
Insurance proceeds for hull and machinery claims 484 612
Net cash used in investing activities (620) (13,697)
Cash flows from financing activities:    
Payment of common stock issuance costs   (105)
Cash dividends paid (8,126)  
Payment of deferred financing costs (283) (611)
Net cash used in financing activities (9,760) (38,451)
Net decrease in cash, cash equivalents and restricted cash (19,357) (37,325)
Cash, cash equivalents and restricted cash at beginning of period 162,249 202,761
Cash, cash equivalents and restricted cash at end of period 142,892 165,436
Secured Debt | $133 Million Credit Facility    
Cash flows from financing activities:    
Proceeds from credit facility 24,000  
Repayment of secured debt (3,280) (3,160)
Secured Debt | $495 Million Credit Facility    
Cash flows from financing activities:    
Proceeds from credit facility 11,250  
Repayment of secured debt $ (33,321) $ (34,575)