XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (159,652) $ (56,868)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 49,619 54,532
Amortization of deferred financing costs 2,906 2,828
Noncash operating lease expense 1,016 911
Amortization of nonvested stock compensation expense 1,491 1,596
Impairment of right-of-use asset   223
Impairment of vessel assets 134,710 26,078
Loss (gain) on sale of vessels 844 (611)
Insurance proceeds for protection and indemnity claims 330 413
Insurance proceeds for loss of hire claims 78  
Change in assets and liabilities:    
Decrease in due from charterers 2,795 1,915
Decrease (increase) in prepaid expenses and other current assets 143 (655)
Decrease in inventories 6,049 6,566
(Decrease) increase in accounts payable and accrued expenses (17,956) 5,061
Increase (decrease) in deferred revenue 1,691 (79)
Decrease in operating lease liabilities (1,250) (1,187)
Deferred drydock costs incurred (6,799) (11,965)
Net cash provided by operating activities 16,015 28,758
Cash flows from investing activities:    
Purchase of vessels and ballast water treatment systems, including deposits (3,379) (10,392)
Purchase of scrubbers (capitalized in Vessels) (10,948) (24,736)
Purchase of other fixed assets (3,684) (3,590)
Net proceeds from sale of vessels 29,854 6,309
Insurance proceeds for hull and machinery claims 484 612
Net cash provided by (used in) investing activities 12,327 (31,797)
Cash flows from financing activities:    
Payment of common stock issuance costs   (105)
Cash dividends paid (8,963)  
Payment of deferred financing costs (462) (611)
Net cash used in financing activities (29,816) (33,531)
Net decrease in cash, cash equivalents and restricted cash (1,474) (36,570)
Cash, cash equivalents and restricted cash at beginning of period 162,249 202,761
Cash, cash equivalents and restricted cash at end of period 160,775 166,191
Secured Debt | $133 Million Credit Facility    
Cash flows from financing activities:    
Proceeds from credit facility 24,000  
Repayment of secured debt (5,660) (4,740)
Secured Debt | $495 Million Credit Facility    
Cash flows from financing activities:    
Proceeds from credit facility 11,250 21,500
Repayment of secured debt $ (49,981) $ (49,575)