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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income/(loss) $ 131,253 $ (32,936) $ 83,905
Adjustments to reconcile net income/(loss) to net cash provided by operating activities      
Depreciation 96,505 107,757 115,228
Amortization of deferred drydocking and special survey costs 8,733 9,237 6,748
Impairment losses   210,715  
Amortization of finance costs 10,795 11,771 11,153
Exit fee accrued on debt 556 2,059 3,169
Debt discount amortization 6,071 3,186  
Gain on debt extinguishment   (116,365)  
PIK interest 3,375 1,433  
Loss on sale of securities     2,357
Payments for drydocking and special survey costs deferred (7,157) (13,306) (7,511)
Stock based compensation 4,241 1,006  
Amortization of deferred realized losses on interest rate swaps 3,622 5,137 3,694
Equity income/(loss) on investments (1,602) (1,365) (965)
(Increase)/Decrease in:      
Accounts receivable 2,080 (2,723) (2,544)
Inventories 390 (43) 2,554
Prepaid expenses (244) 20 117
Due from related parties (2,542) 16,037 (1,404)
Other assets, current and non-current (17,354) (13,728) (9,099)
Increase/(Decrease) in:      
Accounts payable 114 (894) 215
Accrued liabilities (3,295) (3,456) (238)
Unearned revenue, current and long-term (14,995) (17,529) (19,301)
Other liabilities, current and long-term (668) (1,327) (7,005)
Net cash provided by operating activities 219,878 164,686 181,073
Cash flows from investing activities      
Vessels additions (5,680) (2,830) (4,478)
Advances for vessels additions (13,173) (5,420)  
Advances for vessels acquisition (2,507)    
Net proceeds from sale of securities     6,236
Net cash provided by/(used in) investing activities (21,360) (8,250) 1,758
Cash flows from financing activities      
Proceeds from long-term debt   325,852  
Payments of long-term debt (262,572) (440,990) (189,653)
Proceeds from sale-leaseback of vessels 146,523    
Payments of leaseback obligation (8,309)    
Payments of accumulated accrued interest (35,358) (8,556)  
Finance costs (30,474) (35,005)  
Paid-in capital 54,440 10,000  
Share issuance costs (873) (169)  
Net cash used in financing activities (136,623) (148,868) (189,653)
Net increase/(decrease) in cash, cash equivalents and restricted cash 61,895 7,568 (6,822)
Cash, cash equivalents and restricted cash, beginning of year 77,275 69,707 76,529
Cash, cash equivalents and restricted cash, end of year 139,170 77,275 69,707
Supplemental cash flow information      
Cash paid for interest $ 54,868 $ 71,915 $ 74,643