XML 17 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash Flows from Operating Activities:    
Net income / (loss) $ (81,696) $ (105,197)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:    
Depreciation 40,847 38,519
Amortization of fair value of above market acquired time charters (Note 7) 254 7,071
Amortization of deferred finance charges (Note 8) 1,561 1,199
Loss on debt extinguishment (Note 8) 1,801 974
Loss on time charter agreement termination (Note 7) 0 2,114
Vessel impairment loss (Note 5 and Note 6) 6,694 28,829
Loss / (gain) on sale of vessels (Note 5) 21 13,389
Stock-based compensation (Note 12) 2,285 1,407
Unrealized and accrued gain/(loss) on derivatives (Note 14) 1,805 59
Other non-cash charges 130 34
Amortization of deferred gain (Note 5) (37) 0
Equity of income of investee (69) (213)
(Increase)/Decrease in:    
Trade accounts receivable 255 6,449
Inventories (2,267) (2,323)
Prepaid expenses and other current assets 350 (1,069)
Due from related parties 537 (426)
Due from managers (3,585) 0
Increase/(Decrease) in:    
Accounts payable (27) (3,814)
Due to related parties (7) (1,266)
Accrued liabilities (2,705) 863
Due to managers (2,291) 4,539
Deferred revenue 172 (637)
Net cash provided by / (used in) Operating Activities (35,972) (9,499)
Cash Flows from Investing Activities:    
Advances for vessels under construction and acquisition of vessels and other assets (388,660) (317,538)
Cash proceeds from vessel sales (Note 5) 362,887 38,831
Decrease in restricted cash 7,034 3,487
Increase in restricted cash (6,944) (3,304)
Hull and Machinery Insurance proceeds 1,115 0
Net cash provided by / (used in) Investing Activities (24,568) (278,524)
Cash Flows from Financing Activities:    
Proceeds from bank loans and capital leases 151,763 266,181
Loan prepayments and repayments (158,699) (188,226)
Financing fees paid (25) (8,526)
Proceeds from issuance of common stock 0 418,771
Offering expenses paid related to the issuance of common stock 0 (974)
Net cash provided by / (used in) Financing Activities (6,961) 487,226
Net (decrease) / increase in cash and cash equivalents (67,501) 199,203
Cash and cash equivalents at beginning of period 208,056 86,000
Cash and cash equivalents at end of the period 140,555 285,203
Cash paid during the period for:    
Interest $ 23,279 $ 19,844