| Closing Price ($) | Shares Out (MM) | Market Cap ($MM) |
| $0.00 | 42 | $342 |
| 8-K | 2020-01-29 | Earnings, Exhibits |
| 8-K | 2019-11-06 | Earnings, Regulation FD, Exhibits |
| 8-K | 2019-10-25 | Earnings |
| 8-K | 2019-08-07 | Earnings, Exhibits |
| 8-K | 2019-05-15 | Shareholder Vote |
| 8-K | 2019-05-08 | Earnings, Exhibits |
| 8-K | 2019-03-05 | Earnings, Exhibits |
| 8-K | 2018-12-18 | Officers, Regulation FD |
| 8-K | 2018-12-18 | Officers, Regulation FD |
| 8-K | 2018-11-07 | Earnings, Exhibits |
| 8-K | 2018-10-10 | Regulation FD |
| 8-K | 2018-08-14 | Enter Agreement, Off-BS Arrangement, Exhibits |
| 8-K | 2018-08-08 | Earnings, Exhibits |
| 8-K | 2018-07-18 | Other Events |
| 8-K | 2018-06-15 | Enter Agreement, Exhibits |
| 8-K | 2018-06-14 | Other Events, Exhibits |
| 8-K | 2018-05-31 | Enter Agreement, Off-BS Arrangement, Amend Bylaw, Regulation FD, Exhibits |
| 8-K | 2018-05-15 | Shareholder Vote |
| 8-K | 2018-05-08 | Earnings, Exhibits |
| 8-K | 2018-04-05 | Officers |
| 8-K | 2018-03-26 | Officers |
| 8-K | 2018-02-27 | Earnings, Exhibits |
| Part I. Financial Information |
| Item 1. Financial Statements |
| Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operations |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk |
| Item 4. Controls and Procedures |
| Part II. Other Information |
| Item 1A. Risk Factors |
| Item 5. Other Information |
| Item 6. Exhibits |
| EX-10.2 | gnk-20190930ex1026e9cac.htm |
| EX-10.3 | gnk-20190930ex103661be0.htm |
| EX-31.1 | gnk-20190930ex3116a567f.htm |
| EX-31.2 | gnk-20190930ex3123f5862.htm |
| EX-32.1 | gnk-20190930ex321f569bd.htm |
| EX-32.2 | gnk-20190930ex322f67536.htm |
| Balance Sheet | Income Statement | Cash Flow |
|---|---|---|
| Comparables ($MM TTM) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker | M Cap | Assets | Liab | Rev | G Profit | Net Inc | EBITDA | EV | G Margin | EV/EBITDA | ROA |
| SALT | 399 | 1,704 | 843 | 100 | 0 | -324 | -324 | 1,098 | 0% | -3.4 | -19% |
| MCFT | 382 | 249 | 176 | 466 | 113 | 21 | 45 | 490 | 24% | 10.9 | 9% |
| GNK | 342 | 1,564 | 552 | 381 | 0 | -18 | 87 | 691 | 0% | 7.9 | -1% |
| TK | 337 | 8,392 | 5,525 | 0 | 0 | 0 | 0 | 3,195 | 0% | ||
| SMHI | 335 | 1,077 | 565 | 262 | 83 | -77 | 17 | 708 | 32% | 42.9 | -7% |
| DSX | 330 | 1,188 | 560 | 0 | 0 | 0 | 0 | 713 | 0% | ||
| EGLE | 327 | 864 | 388 | 303 | 0 | 3 | 68 | 602 | 0% | 8.9 | 0% |
| NAT | 288 | 1,071 | 469 | 0 | 0 | 0 | 0 | 675 | 0% | ||
| TNK | 252 | 2,161 | 1,214 | 0 | 0 | 0 | 0 | 934 | 0% | ||
| TNP | 230 | 3,205 | 1,710 | 0 | 0 | 0 | 0 | 1,617 | 0% | ||
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-33393
GENCO SHIPPING & TRADING LIMITED
(Exact name of registrant as specified in its charter)
| Republic of the Marshall Islands |
| 98-043-9758 |
| (State or other jurisdiction of |
| (I.R.S. Employer |
299 Park Avenue, 12th Floor, New York, New York 10171
(Address of principal executive offices) (Zip Code)
(646) 443-8550
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☐ |
| Accelerated filer ☒ |
| Non-accelerated filer ☐ |
| Smaller reporting company ☒ | ||
|
|
|
|
|
|
| Emerging growth company ☐ | ||
If emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
| Common stock, par value $0.01 per share | GNK | New York Stock Exchange (NYSE) |
The number of shares outstanding of each of the issuer’s classes of common stock, as of November 7, 2019: Common stock, par value $0.01 per share — 41,754,413 shares.
Genco Shipping & Trading Limited
2
Website Information
We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website’s Investor section. Accordingly, investors should monitor the Investor portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. To subscribe to our e-mail alert service, please submit your e-mail address at the Investor Relations Home page of the Investor section of our website. The information contained in, or that may be accessed through, our website is not incorporated by reference into or a part of this document or any other report or document we file with or furnish to the SEC, and any references to our website are intended to be inactive textual references only.
3
Genco Shipping & Trading Limited
Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018
(U.S. Dollars in thousands, except for share and per share data)
(Unaudited)
|
|
| September 30, |
| December 31, |
| ||
|
|
| 2019 |
| 2018 |
| ||
|
|
|
|
|
|
| ||
| Assets |
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
| Cash and cash equivalents |
| $ | 165,876 |
| $ | 197,499 |
|
| Restricted cash |
|
| — |
|
| 4,947 |
|
| Due from charterers, net of a reserve of $1,257 and $669, respectively |
|
| 20,391 |
|
| 22,306 |
|
| Prepaid expenses and other current assets |
|
| 9,996 |
|
| 10,449 |
|
| Inventories |
|
| 22,982 |
|
| 29,548 |
|
| Vessels held for sale |
|
| 21,819 |
|
| 5,702 |
|
| Total current assets |
|
| 241,064 |
|
| 270,451 |
|
|
|
|
|
|
|
|
|
|
| Noncurrent assets: |
|
|
|
|
|
|
|
| Vessels, net of accumulated depreciation of $272,074 and $244,529, respectively |
|
| 1,290,741 |
|
| 1,344,870 |
|
| Deferred drydock, net of accumulated amortization of $11,860 and $13,553 respectively |
|
| 16,039 |
|
| 9,544 |
|
| Fixed assets, net of accumulated depreciation and amortization of $1,789 and $1,281, respectively |
|
| 5,229 |
|
| 2,290 |
|
| Operating lease right-of-use assets |
|
| 8,576 |
|
| — |
|
| Restricted cash |
|
| 315 |
|
| 315 |
|
| Total noncurrent assets |
|
| 1,320,900 |
|
| 1,357,019 |
|
|
|
|
|
|
|
|
|
|
| Total assets |
| $ | 1,561,964 |
| $ | 1,627,470 |
|
|
|
|
|
|
|
|
|
|
| Liabilities and Equity |
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
| Accounts payable and accrued expenses |
| $ | 41,145 |
| $ | 29,143 |
|
| Current portion of long-term debt |
|
| 70,111 |
|
| 66,320 |
|
| Deferred revenue |
|
| 6,325 |
|
| 6,404 |
|
| Current operating lease liabilities |
|
| 1,655 |
|
| — |
|
| Total current liabilities: |
|
| 119,236 |
|
| 101,867 |
|
|
|
|
|
|
|
|
|
|
| Noncurrent liabilities: |
|
|
|
|
|
|
|
| Long-term operating lease liabilities |
|
| 10,253 |
|
| — |
|
| Deferred rent |
|
| — |
|
| 3,468 |
|
| Long-term debt, net of deferred financing costs of $14,054 and $16,272, respectively |
|
| 434,440 |
|
| 468,828 |
|
| Total noncurrent liabilities |
|
| 444,693 |
|
| 472,296 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
| 563,929 |
|
| 574,163 |
|
|
|
|
|
|
|
|
|
|
| Commitments and contingencies (Note 14) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity: |
|
|
|
|
|
|
|
| Common stock, par value $0.01; 500,000,000 shares authorized; 41,656,947 and 41,644,470 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively |
|
| 416 |
|
| 416 |
|
| Additional paid-in capital |
|
| 1,741,759 |
|
| 1,740,163 |
|
| Retained deficit |
|
| (744,140) |
|
| (687,272) |
|
| Total equity |
|
| 998,035 |
|
| 1,053,307 |
|
| Total liabilities and equity |
| $ | 1,561,964 |
| $ | 1,627,470 |
|
See accompanying notes to condensed consolidated financial statements.
4
Genco Shipping & Trading Limited
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018
(U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data)
|
|
| For the Three Months Ended |
| For the Nine Months Ended |
| ||||||||
|
|
| September 30, |
| September 30, |
| ||||||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage revenues |
| $ | 103,776 |
| $ | 92,263 |
| $ | 280,790 |
| $ | 255,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
| 103,776 |
|
| 92,263 |
|
| 280,790 |
|
| 255,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage expenses |
|
| 42,967 |
|
| 31,475 |
|
| 127,789 |
|
| 78,551 |
|
| Vessel operating expenses |
|
| 24,711 |
|
| 25,155 |
|
| 72,260 |
|
| 72,642 |
|
| Charter hire expenses |
|
| 5,475 |
|
| 723 |
|
| 12,743 |
|
| 1,231 |
|
| General and administrative expenses (inclusive of nonvested stock amortization expense of $575, $644, $1,596 and $1,776, respectively) |
|
| 6,144 |
|
| 5,033 |
|
| 18,253 |
|
| 16,761 |
|
| Technical management fees |
|
| 1,885 |
|
| 2,028 |
|
| 5,710 |
|
| 5,926 |
|
| Depreciation and amortization |
|
| 18,184 |
|
| 17,269 |
|
| 54,532 |
|
| 50,605 |
|
| Impairment of vessel assets |
|
| 12,182 |
|
| — |
|
| 26,078 |
|
| 56,586 |
|
| Gain on sale of vessels |
|
| — |
|
| (1,509) |
|
| (611) |
|
| (1,509) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
| 111,548 |
|
| 80,174 |
|
| 316,754 |
|
| 280,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating (loss) income |
|
| (7,772) |
|
| 12,089 |
|
| (35,964) |
|
| (25,457) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income |
|
| 86 |
|
| 213 |
|
| 523 |
|
| 272 |
|
| Interest income |
|
| 892 |
|
| 1,062 |
|
| 3,292 |
|
| 2,743 |
|
| Interest expense |
|
| (7,797) |
|
| (7,656) |
|
| (24,496) |
|
| (24,249) |
|
| Impairment of right-of-use asset |
|
| — |
|
| — |
|
| (223) |
|
| — |
|
| Loss on debt extinguishment |
|
| — |
|
| — |
|
| — |
|
| (4,533) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other expense |
|
| (6,819) |
|
| (6,381) |
|
| (20,904) |
|
| (25,767) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income |
| $ | (14,591) |
| $ | 5,708 |
| $ | (56,868) |
| $ | (51,224) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) earnings per share-basic |
| $ | (0.35) |
| $ | 0.14 |
| $ | (1.36) |
| $ | (1.37) |
|
| Net (loss) earnings per share-diluted |
| $ | (0.35) |
| $ | 0.14 |
| $ | (1.36) |
| $ | (1.37) |
|
| Weighted average common shares outstanding-basic |
|
| 41,749,200 |
|
| 41,618,187 |
|
| 41,739,287 |
|
| 37,263,200 |
|
| Weighted average common shares outstanding-diluted |
|
| 41,749,200 |
|
| 41,821,008 |
|
| 41,739,287 |
|
| 37,263,200 |
|
See accompanying notes to condensed consolidated financial statements.
5
Genco Shipping & Trading Limited
Condensed Consolidated Statements of Comprehensive (Loss) Income
For the Three and Nine Months Ended September 30, 2019 and 2018
(U.S. Dollars in Thousands)
(Unaudited)
|
|
| For the Three Months Ended |
| For the Nine Months Ended |
| ||||||||
|
|
| September 30, |
| September 30, |
| ||||||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income |
| $ | (14,591) |
| $ | 5,708 |
| $ | (56,868) |
| $ | (51,224) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive (loss) income |
| $ | (14,591) |
| $ | 5,708 |
| $ | (56,868) |
| $ | (51,224) |
|
See accompanying notes to condensed consolidated financial statements.
6
Genco Shipping & Trading Limited
Condensed Consolidated Statements of Equity
For the Three and Nine Months Ended September 30, 2019 and 2018
(U.S. Dollars in Thousands)
(Unaudited)
|
|
|
|
|
| Additional |
|
|
|
|
|
| ||
|
|
| Common |
| Paid-in |
| Retained |
|
|
| ||||
|
|
| Stock |
| Capital |
| Deficit |
| Total Equity |
| ||||
| Balance — January 1, 2019 |
| $ | 416 |
| $ | 1,740,163 |
| $ | (687,272) |
| $ | 1,053,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
|
|
|
|
|
| (7,801) |
|
| (7,801) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of 12,477 shares of vested RSUs |
|
| — |
|
| — |
|
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonvested stock amortization |
|
|
|
|
| 452 |
|
|
|
|
| 452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance — March 31, 2019 |
| $ | 416 |
| $ | 1,740,615 |
| $ | (695,073) |
| $ | 1,045,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
|
|
|
|
|
| (34,476) |
|
| (34,476) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonvested stock amortization |
|
|
|
|
| 569 |
|
|
|
|
| 569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance — June 30, 2019 |
| $ | 416 |
| $ | 1,741,184 |
| $ | (729,549) |
| $ | 1,012,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
|
|
|
|
|
| (14,591) |
|
| (14,591) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonvested stock amortization |
|
|
|
|
| 575 |
|
|
|
|
| 575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance — September 30, 2019 |
| $ | 416 |
| $ | 1,741,759 |
| $ | (744,140) |
| $ | 998,035 |
|
|
|
|
|
|
| Additional |
|
|
|
|
|
| ||
|
|
| Common |
| Paid-in |
| Retained |
|
|
|
| |||
|
|
| Stock |
| Capital |
| Deficit |
| Total Equity |
| ||||
| Balance — January 1, 2018 |
| $ | 345 |
| $ | 1,628,355 |
| $ | (654,332) |
| $ | 974,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
|
|
|
|
|
| (55,813) |
|
| (55,813) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonvested stock amortization |
|
|
|
|
| 493 |
|
|
|
|
| 493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance — March 31, 2018 |
| $ | 345 |
| $ | 1,628,848 |
| $ | (710,145) |
| $ | 919,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
|
|
|
|
|
| (1,118) |
|
| (1,118) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of 7,015,000 shares of common stock |
|
| 70 |
|
| 109,605 |
|
|
|
|
| 109,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonvested stock amortization |
|
|
|
|
| 638 |
|
|
|
|
| 638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance — June 30, 2018 |
| $ | 415 |
| $ | 1,739,091 |
| $ | (711,263) |
| $ | 1,028,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
|
|
|
|
|
| 5,707 |
|
| 5,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of 7,015,000 shares of common stock |
|
|
|
|
| (12) |
|
|
|
|
| (12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonvested stock amortization |
|
|
|
|
| 645 |
|
|
|
|
| 645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance — September 30, 2018 |
| $ | 415 |
| $ | 1,739,724 |
| $ | (705,556) |
| $ | 1,034,583 |
|
See accompanying notes to condensed consolidated financial statements.
7
Genco Shipping & Trading Limited
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018
(U.S. Dollars in Thousands)
(Unaudited)
|
|
| For the Nine Months Ended |
| ||||
|
|
| September 30, |
| ||||
|
|
| 2019 |
| 2018 |
| ||
| Cash flows from operating activities: |
|
|
|
|
|
|
|
| Net loss |
| $ | (56,868) |
| $ | (51,224) |
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
| Depreciation and amortization |
|
| 54,532 |
|
| 50,605 |
|
| Amortization of deferred financing costs |
|
| 2,828 |
|
| 2,110 |
|
| Payment of PIK interest |
|
| — |
|
| (5,341) |
|
| Noncash operating lease expense |
|
| 911 |
|
| — |
|
| Amortization of nonvested stock compensation expense |
|
| 1,596 |
|
| 1,776 |
|
| Impairment of right-of-use asset |
|
| 223 |
|
| — |
|
| Impairment of vessel assets |
|
| 26,078 |
|
| 56,586 |
|
| Gain on sale of vessels |
|
| (611) |
|
| (1,509) |
|
| Loss on debt extinguishment |
|
| — |
|
| 4,533 |
|
| Insurance proceeds for protection and indemnity claims |
|
| 413 |
|
| 268 |
|
| Insurance proceeds for loss of hire claims |
|
| — |
|
| 58 |
|
| Change in assets and liabilities: |
|
|
|
|
|
|
|
| Decrease (increase) in due from charterers |
|
| 1,915 |
|
| (6,329) |
|
| Increase in prepaid expenses and other current assets |
|
| (655) |
|
| (5,966) |
|
| Decrease (increase) in inventories |
|
| 6,566 |
|
| (14,647) |
|
| Decrease in other noncurrent assets |
|
| — |
|
| 514 |
|
| Increase in accounts payable and accrued expenses |
|
| 5,061 |
|
| 8,169 |
|
| (Decrease) increase in deferred revenue |
|
| (79) |
|
| 5,017 |
|
| Decrease in operating lease liabilities |
|
| (1,187) |
|
| — |
|
| Increase in deferred rent |
|
| — |
|
| 988 |
|
| Deferred drydock costs incurred |
|
| (11,965) |
|
| (2,233) |
|
| Net cash provided by operating activities |
|
| 28,758 |
|
| 43,375 |
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
| Purchase of vessels, including deposits |
|
| (10,392) |
|
| (239,695) |
|
| Purchase of scrubbers (capitalized in Vessels) |
|
| (24,736) |
|
| — |
|
| Purchase of other fixed assets |
|
| (3,590) |
|
| (888) |
|
| Net proceeds from sale of vessels |
|
| 6,309 |
|
| 10,626 |
|
| Insurance proceeds for hull and machinery claims |
|
| 612 |
|
| 3,466 |
|
| Net cash used in investing activities |
|
| (31,797) |
|
| (226,491) |
|
|
|
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
| Proceeds from the $108 Million Credit Facility |
|
| — |
|
| 108,000 |
|
| Repayments on the $108 Million Credit Facility |
|
| (4,740) |
|
| — |
|
| Proceeds from $495 Million Credit Facility |
|
| 21,500 |
|
| 460,000 |
|
| Repayments on the $495 Million Credit Facility |
|
| (49,575) |
|
| — |
|
| Repayments on the $400 Million Credit Facility |
|
| — |
|
| (399,600) |
|
| Repayments on the $98 Million Credit Facility |
|
| — |
|
| (93,939) |
|
| Repayments on the 2014 Term Loan Facilities |
|
| — |
|
| (25,544) |
|
| Payment of debt extinguishment costs |
|
| — |
|
| (2,962) |
|
| Proceeds from issuance of common stock |
|
| — |
|
| 110,249 |
|
| Payment of common stock issuance costs |
|
| |||||