XML 21 R9.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net (loss) income $ (18,771) $ 42,436
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 35,797 34,319
Amortization of deferred financing costs 992 997
Right-of-use asset amortization 670 739
Amortization of nonvested stock compensation expense 3,276 2,833
Impairment of vessel assets 651 5,634
Net gain on sale of vessels   (12,228)
Amortization of premium on derivatives   45
Insurance proceeds for protection and indemnity claims 79 266
Insurance proceeds for loss of hire claims 6  
Change in assets and liabilities:    
Decrease (increase) in due from charterers 7,282 (11,854)
Decrease in prepaid expenses and other current assets 742 1,374
Decrease in inventories 1,760 2,342
Increase in accounts payable and accrued expenses 8,921 2,899
Decrease in deferred revenue (1,109) (1,177)
Decrease in operating lease liabilities (1,046) (1,133)
Deferred drydock costs incurred (30,947) (6,209)
Net cash provided by operating activities 8,303 61,283
Cash flows from investing activities:    
Purchase of vessels and ballast water treatment systems, including deposits (5,799) (1,402)
Purchase of other fixed assets (1,726) (1,382)
Net proceeds from sale of vessels   67,743
Insurance proceeds for hull and machinery claims 864 159
Net cash (used in) provided by investing activities (6,661) 65,118
Cash flows from financing activities:    
Proceeds from the $500 Million Revolver 10,000  
Repayments on the $500 Million Revolver   (95,000)
Cash dividends paid (19,876) (35,872)
Payment of deferred financing costs (17) (38)
Net cash used in financing activities (9,893) (130,910)
Net decrease in cash, cash equivalents and restricted cash (8,251) (4,509)
Cash, cash equivalents and restricted cash at beginning of period 44,005 46,857
Cash, cash equivalents and restricted cash at end of period $ 35,754 $ 42,348