Company Quick10K Filing
Genco Shipping & Trading
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 42 $342
10-Q 2019-11-07 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-03-05 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-10 Quarter: 2017-06-30
10-Q 2017-05-11 Quarter: 2017-03-31
10-K 2017-03-28 Annual: 2016-12-31
10-Q 2016-11-04 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-03-15 Annual: 2015-12-31
10-Q 2015-11-13 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-17 Quarter: 2014-09-30
10-Q 2014-08-15 Quarter: 2014-06-30
10-Q 2014-05-19 Quarter: 2014-03-31
10-K 2014-04-07 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-01 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-07-26 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-10 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-01 Annual: 2009-12-31
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
GNK 2019-09-30
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

Genco Shipping & Trading Earnings 2019-09-30

GNK 10Q Quarterly Report

Balance SheetIncome StatementCash 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%

10-Q 1 gnk-20190930x10q.htm 10-Q gnk_Current folio_10Q

 

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
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

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

 

 

 

Page

 

 

 

 

PART I — FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (unaudited)

4

 

 

 

 

a)

Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018

4

 

 

 

 

 

b)

Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2019 and 2018

5

 

 

 

 

 

c)

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months ended September 30, 2019 and 2018

6

 

 

 

 

 

d)

Condensed Consolidated Statements of Equity for the Three and Nine Months ended September 30, 2019 and 2018

7

 

 

 

 

 

e)

Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2019 and 2018

8

 

 

 

 

 

f)

Notes to Condensed Consolidated Financial Statements

9

 

 

 

Item 2. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

63

 

 

 

Item 4. 

Controls and Procedures

64

 

 

 

 

PART II —OTHER INFORMATION

 

 

 

 

Item 1A. 

Risk Factors

65

 

 

 

Item 5. 

Other information

65

 

 

 

Item 6. 

Exhibits

66

 

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

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

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)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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