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v3.20.2

Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2020 | Jun. 30, 2019
Cash flows from operating activities: |  |
Net loss | $ (138,554) | $ (42,277)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |  |
Depreciation and amortization | 33,504 | 36,348
Amortization of deferred financing costs | 1,909 | 1,867
Noncash operating lease expense | 676 | 577
Amortization of nonvested stock compensation expense | 957 | 1,021
Impairment of operating lease right of use asset |  | 223
Impairment of vessel assets | 112,814 | 13,897
Loss (gain) on sale of vessels | 486 | (611)
Insurance proceeds for protection and indemnity claims | 278 | 389
Insurance proceeds for loss of hire claims | 78 |
Change in assets and liabilities: |  |
Decrease in due from charterers | 331 | 6,588
Decrease in prepaid expenses and other current assets | 504 | 165
Decrease in inventories | 4,174 | 223
(Decrease) increase in accounts payable and accrued expenses | (17,454) | 828
(Decrease) increase in deferred revenue | (2,259) | 1,859
Decrease in operating lease liabilities | (828) | (786)
Deferred drydock costs incurred | (5,593) | (5,488)
Net cash (used in) provided by operating activities | (8,977) | 14,823
Cash flows from investing activities: |  |
Purchase of vessels and ballast water treatment systems, including deposits | (2,275) | (7,754)
Purchase of scrubbers (capitalized in Vessels) | (10,839) | (10,370)
Purchase of other fixed assets | (2,716) | (2,494)
Net proceeds from sale of vessels | 14,726 | 6,309
Insurance proceeds for hull and machinery claims | 484 | 612
Net cash used in investing activities | (620) | (13,697)
Cash flows from financing activities: |  |
Payment of common stock issuance costs |  | (105)
Cash dividends paid | (8,126) |
Payment of deferred financing costs | (283) | (611)
Net cash used in financing activities | (9,760) | (38,451)
Net decrease in cash, cash equivalents and restricted cash | (19,357) | (37,325)
Cash, cash equivalents and restricted cash at beginning of period | 162,249 | 202,761
Cash, cash equivalents and restricted cash at end of period | 142,892 | 165,436
Secured Debt | $133 Million Credit Facility |  |
Cash flows from financing activities: |  |
Proceeds from credit facility | 24,000 |
Repayment of secured debt | (3,280) | (3,160)
Secured Debt | $495 Million Credit Facility |  |
Cash flows from financing activities: |  |
Proceeds from credit facility | 11,250 |
Repayment of secured debt | $ (33,321) | $ (34,575)

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