XML 15 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities:    
Net income / (loss) $ 20,628 $ (26,229)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
Depreciation 43,243 40,387
Amortization of debt issuance costs (Note 7) 1,367 1,288
Loss on debt extinguishment (Note 7) 21 358
Loss / (gain) on sale of vessels (Note 5) 0 370
Stock-based compensation (Note 11) 5,011 6,360
Non-cash effects of derivative financial instruments (Note 13) (573) (706)
Fair value hedge adjustment (1,405) 0
Change in fair value of forward freight derivatives (Note 13) (349) 41
Other non-cash charges 60 29
Amortization of deferred gain (Note 5) 0 (37)
Equity in income of investee (49) (4)
(Increase)/Decrease in:    
Trade accounts receivable (8,572) (7,843)
Inventories (2,912) 376
Prepaid expenses and other current assets (1,429) 424
Due from related parties 151 748
Due from managers 0 1,430
Increase/(Decrease) in:    
Accounts payable 3,771 651
Due to related parties 26 (22)
Accrued liabilities 957 (1,624)
Due to managers 2,984 4,320
Deferred revenue (1,843) (197)
Net cash provided by / (used in) Operating Activities 61,087 20,120
Cash Flows from Investing Activities:    
Advances for vessels under construction and acquisition of vessels and other assets (115,896) (116,679)
Cash proceeds from vessel sales (Note 5) 0 7,656
Hull and machinery insurance proceeds 304 0
Net cash provided by / (used in) Investing Activities (115,592) (109,023)
Cash Flows from Financing Activities:    
Proceeds from bank loans and leases 129,984 95,936
Loan and lease prepayments and repayments (108,722) (5,190)
Financing fees paid (569) (737)
Proceeds from issuance of common stock 0 51,454
Offering expenses paid related to the issuance of common stock 0 (900)
Refund of financing premia 1,247 0
Offering expenses paid related to secondary offerings (439) 0
Net cash provided by / (used in) Financing Activities 21,501 140,563
Net increase/(decrease) in cash and cash equivalents and restricted cash (33,004) 51,660
Cash and cash equivalents and restricted cash at beginning of period 273,500 195,762
Cash and cash equivalents and restricted cash at end of period 240,496 247,422
Cash paid during the period for:    
Interest $ 27,774 $ 23,575