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Consolidated Statements Of Cash Flows (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Operating Activities    
Net loss $ (33,118) $ (18,334)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 39,436 51,230
Loss on change in value of interest swap contract 1,027 368
Amortization and write-off of deferred financing costs 2,578 2,212
Allowance for doubtful accounts   315
Stock based compensation 1,496 4,498
Long term accrued interest 471  
Drydocking expenditures (6,553) (6,120)
Net loss on vessel held for sale   5,154
Income from non-consolidated joint ventures   (56)
Changes in operating assets and liabilities:    
Decrease in charter hire receivables 4,426 5,058
Decrease (increase) in fuel and other inventories 410 (1,920)
Increase in prepaid expenses and other current assets (5,256) (858)
Decrease (increase) in other assets and deferred charges 441 (3,357)
Increase in accounts payable and accrued expenses 305 2,190
Decrease in voyages in progress (315) (1,068)
Increase in advances from/to affiliates, net 136 784
Net cash provided by operating activities 5,484 40,096
Investing Activities    
Vessel acquisitions / capital improvement costs (28,024) (35,970)
Payments from restricted cash 6,337 2,500
Payments to restricted cash   (400)
Repayment of loan made to nonconsolidated joint venture   237
Investment in nonconsolidated joint venture (1,005) (947)
Net cash used in investing activities (22,692) (34,580)
Financing Activities    
Repayment of debt principal (10,908) (35,081)
Proceeds from credit facilities 14,563 15,000
Payment of deferred financing costs (3,946) (4,023)
Payment to terminate interest swap contract   (3,014)
Loan from noncontrolling interests 913  
Proceeds from private offering of Preference Shares 10,817  
Proceeds from noncontrolling interest's capital contributions   1,440
Acquisition of treasury stock (238) (686)
Net cash provided by (used in) financing activities 11,201 (26,364)
Effect of exchange rate changes on cash 84 (95)
Net decrease in cash and cash equivalents (5,923) (20,943)
Cash and cash equivalents - beginning of period 18,976 51,040
Cash and cash equivalents - end of period 13,053 30,097
Supplemental cash flow information:    
Interest paid, net of amounts capitalized $ 16,284 $ 11,977