XML 25 R8.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Consolidated Statements of Cash flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities of continuing operations:      
Net income from operations $ 193,634 $ 47,208 $ 125,421
Less: Net income from discontinued operations 139,025 40,118 39,093
Net income from continuing operation 54,609 7,090 86,328
Adjustments to reconcile net income to net cash provided by operating activities:      
Vessel depreciation and amortization (Note 6) 86,156 54,866 41,042
Impairment of vessels (Note 6) 0 11,157 0
Gain on sale of vessels 0 0 (47,275)
Amortization and write-off of deferred financing costs 3,347 1,977 1,430
Amortization / accretion of above / below market acquired charters (Note 7) 15,864 (4,646) 6,473
Amortization of ineffective portion of derivatives (209) (260) 0
Equity compensation expense (Note 15) 6,918 3,786 3,790
Change in fair value of derivatives (Note 9) 10,934 (5,529) 10,959
Unrealized bonds exchange differences (Note 8) (9,848) 6,018 (10,896)
Unrealized cash, cash equivalents and restricted cash exchange differences 0 0 (493)
Changes in operating assets and liabilities:      
Trade accounts receivable, net (750) (1,015) 3,739
Prepayments and other assets 557 682 (6,141)
Due from related party 716 (1,847) 0
Inventories (1,840) 1,476 (1,236)
Claims 0 0 302
Trade accounts payable 5,524 3,351 (791)
Due to related parties 1,386 1,140 (164)
Accrued liabilities 13,806 3,801 4,551
Deferred revenue 7,337 8,498 8,031
Net cash provided by operating activities of continuing operations 194,507 90,545 99,649
Cash flows from investing activities of continuing operations:      
Vessel acquisitions, vessels under construction and improvements including acquired time and bareboat charter agreements (Notes 6, 7) (1,200,981) (451,598) (139,781)
(Expenses paid for the sale of vessels) / Proceeds from sale of vessels, net (Note 6) (219) 20,540 127,123
Net cash used in investing activities of continuing operations (1,201,200) (431,058) (12,658)
Cash flows from financing activities of continuing operations:      
Proceeds from long-term debt (Note 8) 1,582,000 392,000 206,276
Deferred financing and offering costs paid (12,911) (3,841) (4,347)
Payments of long-term debt (Note 8) (792,480) (75,474) (102,125)
Proceeds from rights offering (Notes 1, 14) 0 45,817 0
Rights offering costs paid (476) (824) 0
Repurchase of common units (Note 14) 0 (4,112) (5,911)
Dividends paid (Note 14) (33,813) (12,242) (12,155)
Net cash provided by financing activities of continuing operations 742,320 341,324 81,738
Net (decrease) / increase in cash, cash equivalents and restricted cash from continuing operations (264,373) 811 168,729
Cash flows from discontinued operations      
Operating activities 46,011 98,830 72,919
Investing activities 448,062 (16,034) (1,451)
Financing activities (97,332) (34,312) (116,829)
Net increase / (decrease) in cash, cash equivalents and restricted cash from discontinued operations 396,741 48,484 (45,361)
Net increase in cash, cash equivalents and restricted cash 132,368 49,295 123,368
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 0 493
Cash, cash equivalents and restricted cash at the beginning of the year 204,141 154,846 30,987
Cash, cash equivalents and restricted cash at the end of the year 336,509 204,141 154,848
Supplemental cash flow information      
Cash paid for interest net of interest capitalized during the construction period (Note 2(m)) 131,870 98,606 49,179
Non-Cash Investing and Financing Activities      
Capital expenditures included in liabilities 4,140 6,684 1,663
Capitalized dry-docking costs included in liabilities 4,149 4,149 29
Deferred financing costs included in liabilities 86 1,934 220
Expenses for sale of vessels included in liabilities (Note 6) 5,396 440 1,300
Seller's credit agreements in connection with the acquisition of vessel owning companies (Notes 5, 6, 8) 134,764 0 0
Sale and lease back agreements and credit facility assumed in connection with the acquisition of vessel owning companies (Notes 6, 8) 0 196,317 0
Amounts for the acquisition of vessel owning companies and companies owning vessels under construction, netted against the amount due from CMTC pursuant to the Standby Purchase Agreement (Notes 1, 5, 6, 14) 0 279,783 0
Advances for vessels under construction - related party, netted against the amount due from CMTC pursuant to the Standby Purchase Agreement (Notes 1, 5, 6, 14) 0 174,400 0
Re-issuance of treasury units in connection with the acquisition of a vessel owning company (Notes 6, 14) 0 0 6,583
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 313,988 192,420 144,635
Restricted cash- Non-current assets 22,521 11,721 10,213
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 336,509 $ 204,141 $ 154,848