AEGEAN MARINE PETROLEUM NETWORK INC. | |
(registrant) |
Dated: March
5, 2010
|
By: /s/ E. Nikolas
Tavlarios
|
|
Name:
E. Nikolas Tavlarios
Title: President
|
|
·
|
Increased
sales volumes to 1,748,308 metric tons in Q4 2009 and 6,192,755 metric
tons for the full year.
|
|
·
|
Expanded
net revenues to $58.6 million in Q4 2009 and $198.0 million for the full
year.
|
|
·
|
Recorded
operating income of $16.1 million in Q4 2009 and $59.2 million for the
full year.
|
|
·
|
Reported
EBITDA (as defined in Note 2) of $22.2 million in Q4 2009 and $80.6
million for the full year.
|
|
·
|
Reported
net income of $13.7 million, or $0.32 basic and diluted earnings per
share, in Q4 2009 and $48.5 million, or $1.13 basic and diluted earnings
per share, for the full year.
|
|
·
|
Adjusted
net income, which excludes $0.7 million in due diligence acquisition costs
and $0.4 million related to other non-recurring expenses, was $14.8
million, or $0.35 basic and diluted earnings per share for Q4
2009.
|
|
·
|
Continued
expanding global presence and
infrastructure:
|
|
o
|
Launched
operations in Tangiers, Morocco and Trinidad and Tobago during
2009.
|
|
o
|
Expanded
Greek operations into Patras
market.
|
|
o
|
Entered
into an agreement to acquire Verbeke Bunkering
N.V.
|
|
o
|
Took
delivery of seven double-hull bunkering tanker newbuildings in 2009 and
year-to-date in 2010.
|
|
o
|
Acquired
three double-hull bunkering tankers and one double-hull bunkering barge in
the secondary market in 2009.
|
|
·
|
Signed
a new $100 million credit facility in Q4 2009, increasing total access to
$420 million in working capital credit
facilities.
|
|
·
|
Completed
share offering of $147.1 million gross proceeds in Q1
2010.
|
For
the Three Months
Ended December 31, |
For
the Year Ended
December 31, |
|||||||||||||||
2008
|
2009
|
2008
|
2009
|
|||||||||||||
(in
thousands of U.S. dollars, unless otherwise stated)
|
||||||||||||||||
Income
Statement Data:
|
||||||||||||||||
Sales
of marine petroleum products
|
$ | 550,497 | $ | 843,409 | $ | 2,768,067 | $ | 2,474,377 | ||||||||
Voyage
and other revenues
|
3,851 | 8,420 | 9,905 | 21,515 | ||||||||||||
Total
revenues
|
554,348 | 851,829 | 2,777,972 | 2,495,892 | ||||||||||||
Cost
of marine petroleum products sold
|
499,677 | 790,713 | 2,594,443 | 2,291,892 | ||||||||||||
Salaries,
wages and related costs
|
12,282 | 13,367 | 41,666 | 47,708 | ||||||||||||
Depreciation
and amortization
|
4,699 | 6,098 | 16,557 | 21,678 | ||||||||||||
Loss/
(Gain) on sale of vessel
|
- | 91 | - | (4,094 | ) | |||||||||||
All
other operating expenses
|
19,421 | 25,437 | 73,157 | 79,492 | ||||||||||||
Operating
income
|
18,269 | 16,123 | 52,149 | 59,216 | ||||||||||||
Net
financing cost
|
3,957 | 3,014 | 11,876 | 10,209 | ||||||||||||
FX
losses (gains), net
|
251 | (10 | ) | (1,521 | ) | 329 | ||||||||||
Income
taxes
|
989 | (580 | ) | 1,879 | 153 | |||||||||||
Net
income
|
$ | 13,072 | $ | 13,699 | $ | 39,915 | $ | 48,525 | ||||||||
Basic
earnings per share (U.S. dollars)
|
$ | 0.31 | $ | 0.32 | $ | 0.94 | $ | 1.13 | ||||||||
Diluted
earnings per share (U.S. dollars)
|
$ | 0.31 | $ | 0.32 | $ | 0.94 | $ | 1.13 | ||||||||
Other
Financial Data:
|
||||||||||||||||
Gross
spread on marine petroleum products(1)
|
$ | 47,728 | $ | 50,179 | $ | 160,963 | $ | 176,498 | ||||||||
Gross
spread on lubricants(1)
|
334 | 770 | 1,298 | 2,755 | ||||||||||||
Gross
spread on marine fuel(1)
|
47,394 | 49,409 | 159,665 | 173,743 | ||||||||||||
Gross
spread per metric ton of marine
fuel
sold (U.S. dollars)
(1)
|
30.2 | 28.3 | 30.7 | 28.1 | ||||||||||||
EBITDA(2) …..
|
22,717 | 22,231 | 70,227 | 80,565 | ||||||||||||
Net
cash provided by (used in) operating activities
|
87,845 | 8,861 | 136,737 | (61,353 | ) | |||||||||||
Net
cash used in investing activities
|
26,694 | 19,481 | 135,667 | 75,230 | ||||||||||||
Net
cash provided by (used in) financing activities
|
$ | (44,334 | ) | $ | 15,124 | $ | 43,890 | $ | 144,497 | |||||||
Sales Volume Data (Metric
Tons): (3)
|
||||||||||||||||
Total
sales volumes
|
1,568,770 | 1,748,308 | 5,200,256 | 6,192,755 | ||||||||||||
Other
Operating Data:
|
||||||||||||||||
Number
of bunkering tankers, end of period(4)
|
30.0 | 38.0 | 30.0 | 38.0 | ||||||||||||
Average
number of bunkering tankers(4)(5)
|
27.2 | 37.6 | 22.7 | 33.7 | ||||||||||||
Special
Purpose Vessels, end of period number(6)
|
1.0 | 1.0 | 1.0 | 1.0 | ||||||||||||
Number
of owned storage facilities, end of period(7)
|
4.0 | 3.0 | 4.0 | 3.0 |
As
of
December
31, 2008
|
As
of
December
31, 2009
|
|||||||
(in
thousands of U.S. dollars,
unless
otherwise stated)
|
||||||||
Balance
Sheet Data:
|
||||||||
Cash
and cash
equivalents
|
46,927 | 54,841 | ||||||
Gross
trade
receivables
|
132,589 | 277,381 | ||||||
Allowance
for doubtful
accounts
|
(1,323 | ) | (1,751 | ) | ||||
Inventories
|
55,330 | 140,115 | ||||||
Current
assets
|
251,387 | 507,456 | ||||||
Total
assets
|
641,907 | 966,115 | ||||||
Trade
payables
|
90,279 | 203,874 | ||||||
Current
liabilities (including current portion of long-term debt)
|
202,022 | 288,968 | ||||||
Total
debt
|
253,621 | 401,037 | ||||||
Total
liabilities
|
356,904 | 631,058 | ||||||
Total
stockholder's
equity
|
285,003 | 335,057 | ||||||
Working
Capital Data:
|
||||||||
Working
capital(8)
|
49,365 | 218,488 | ||||||
Working
capital excluding cash and debt (8)
|
100,158 | 221,794 | ||||||
|
1.
|
Gross
spread on marine petroleum products represents the margin the Company
generates on sales of marine fuel and lubricants. Gross spread
on marine fuel represents the margin that the Company generates on sales
of various classifications of marine fuel oil ("MFO") or marine gas oil
("MGO"). Gross spread on lubricants represents the margin that the Company
generates on sales of lubricants. The Company calculates the
above-mentioned gross spreads by subtracting from the sales of the
respective marine petroleum product the cost of the respective marine
petroleum product sold and cargo transportation costs. For arrangements in
which the Company physically supplies the respective marine petroleum
product using its bunkering tankers, costs of the respective marine
petroleum products sold represents amounts paid by the Company for the
respective marine petroleum product sold in the relevant reporting period.
For arrangements in which the respective marine petroleum product is
purchased from the Company's related company, Aegean Oil S.A., or Aegean
Oil, cost of the respective marine petroleum products sold represents the
total amount paid by the Company to the physical supplier for the
respective marine petroleum product and its delivery to the customer. For
arrangements in which the Company purchases cargos of marine fuel for its
floating storage facilities, transportation costs may be included in the
purchase price of marine fuels from the supplier or may be incurred
separately from a transportation
provider.
|
|
Gross
spread per metric ton of marine fuel sold represents the margin the
Company generates per metric ton of marine fuel sold. The Company
calculates gross spread per metric ton of marine fuel sold by dividing the
gross spread on marine fuel by the sales volume of marine fuel. Marine
fuel sales do not include sales of lubricants. The following table
reflects the calculation of gross spread per metric ton of marine fuel
sold for the periods presented:
|
For
the Three Months
Ended December 31, |
For
the Year Ended
December 31, |
|||||||||||||||
2008
|
2009
|
2008
|
2009
|
|||||||||||||
(in
thousands of U.S. dollars, unless otherwise stated)
|
||||||||||||||||
Sales
of marine petroleum products
|
550,497 | 843,409 | 2,768,067 | 2,474,377 | ||||||||||||
Less:
Cost of marine petroleum products sold
|
(499,677 | ) | (790,713 | ) | (2,594,443 | ) | (2,291,892 | ) | ||||||||
Less:
Cargo transportation costs
|
(3,092 | ) | (2,517 | ) | (12,661 | ) | (5,987 | ) | ||||||||
Gross
spread on marine petroleum products
|
47,728 | 50,179 | 160,963 | 176,498 | ||||||||||||
Less:
Gross spread on lubricants
|
(334 | ) | (770 | ) | (1,298 | ) | (2,755 | ) | ||||||||
Gross
spread on marine fuel
|
47,394 | 49,409 | 159,665 | 173,743 | ||||||||||||
Sales
volume of marine fuel (metric tons)
|
1,568,770 | 1,748,308 | 5,200,256 | 6,192,755 | ||||||||||||
Gross
spread per metric ton of marine
fuel
sold (U.S. dollars)
|
30.2 | 28.3 | 30.7 | 28.1 |
|
The
amount that the Company has to pay for marine petroleum products to
fulfill a customer order has been the primary variable in determining the
prices quoted to customers. Therefore, the Company evaluates gross spread
per metric ton of marine fuel sold in pricing individual transactions and
in long-term strategic pricing decisions. The Company actively monitors
its pricing and sourcing strategies in order to optimize its gross spread
on marine petroleum products. The Company believes that this measure is
important to investors because it is an effective intermediate performance
measure of the strength of the Company's
operations.
|
|
Gross
spread on marine petroleum products, including gross spread on marine fuel
and gross spread on lubricants, and gross spread per metric ton of marine
fuel sold should not be considered as alternatives to operating income,
net income or other GAAP measures and may not be comparable to similarly
titled measures of other companies. These measures do not reflect certain
direct or indirect costs of delivering marine petroleum products to the
Company's customers (such as crew salaries, vessel depreciation, storage
costs, other vessel operating expenses or overhead costs) or other costs
of doing business.
|
|
For
all periods presented, the Company purchased marine petroleum products in
Greece from its related company, Aegean Oil, which is a physical supplier
in Greece. The cost of these marine petroleum products was contractually
calculated based on Aegean Oil's actual cost of these products plus a
margin.
|
|
2.
|
EBITDA
represents net income before interest, taxes, depreciation and
amortization. EBITDA does not represent and should not be considered as an
alternative to net income or cash flow from operations, as determined by
the United States generally accepted accounting principles, or U.S. GAAP,
and our calculation of EBITDA may not be comparable to that reported by
other companies. EBITDA is included herein because it is a basis upon
which the Company assesses its liquidity position and because the Company
believes that it presents useful information to investors regarding a
company's ability to service and/or incur indebtedness. The following
table reconciles net income to EBITDA for the periods
presented:
|
For
the Three Months
Ended December 31, |
For
the Year Ended
December 31, |
|||||||||||||||
2008
|
2009
|
2008
|
2009
|
|||||||||||||
(in
thousands of U.S. dollars, unless otherwise stated)
|
||||||||||||||||
Net
income
|
13,072 | 13,699 | 39,915 | 48,525 | ||||||||||||
Add:
Net financing cost
|
3,957 | 3,014 | 11,876 | 10,209 | ||||||||||||
Add:
Income taxes
|
989 | (580 | ) | 1,879 | 153 | |||||||||||
Add:
Depreciation and amortization
|
4,699 | 6,098 | 16,557 | 21,678 | ||||||||||||
EBITDA
|
22,717 | 22,231 | 70,227 | 80,565 | ||||||||||||
|
3.
|
Sales
volume of marine fuel is the volume of sales of various classifications of
MFO and MGO for the relevant period and is denominated in metric tons. The
Company does not use the sales volume of lubricants as an indicator.
The Company's markets include its physical supply operations in the United
Arab Emirates, Gibraltar, Jamaica, Singapore, Northern Europe, Ghana,
Vancouver, Portland (U.K.), Trinidad and Tobago (Southern Caribbean),
Tangiers (Morocco), and Greece, where the Company conducts operations
through its related company, Aegean
Oil.
|
|
4.
|
Bunkering
fleet comprises both bunkering vessels and
barges.
|
|
5.
|
Figure
represents average bunkering fleet number for the relevant period, as
measured by the sum of the number of days each bunkering tanker or barge
was used as part of the fleet during the period divided by the cumulative
number of calendar days in the period multiplied by the number of
bunkering tankers at the end of the period. This figure
does not take into account non-operating days due to either scheduled or
unscheduled maintenance.
|
|
6.
|
Special
Purpose Vessels consists of the Orion, a 550 dwt tanker which is based in
our Greek market.
|
|
7.
|
The
Company operates two Panamax tankers, the Ouranos and the Fos, and one
Aframax tanker, the Leader as floating storage facilities in the United
Arab Emirates, Ghana and Gibraltar
respectively.
|
|
8.
|
Working
capital is defined as current assets minus current liabilities. Working
capital excluding cash and debt is defined as current assets minus cash
and cash equivalents minus restricted cash minus current liabilities plus
short-term borrowings plus current portion of long-term
debt.
|
December
31,
|
|||||||
2008
|
2009
|
||||||
ASSETS
|
|||||||
CURRENT
ASSETS:
|
|||||||
Cash
and cash equivalents
|
$ | 46,927 | $ | 54,841 | |||
Trade
receivables, net of allowance for doubtful accounts
of
$1,323 and $1,751, as of December 31, 2008 and 2009,
respectively
|
131,266 | 275,630 | |||||
Due
from related companies (Note 4)
|
2,501 | 7,224 | |||||
Inventories
(Note 5)
|
55,330 | 140,115 | |||||
Prepayments
and other current assets (Note 10)
|
13,731 | 24,476 | |||||
Deferred
tax asset (Note 20)
|
- | 170 | |||||
Restricted
cash (Note 2)
|
1,632 | 5,000 | |||||
Total
current assets
|
251,387 | 507,456 | |||||
FIXED
ASSETS:
|
|||||||
Advances
for vessels under construction and acquisitions (Note 6)
|
113,564 | 136,494 | |||||
Vessels,
cost (Notes 7, 12 and 20)
|
260,741 | 321,915 | |||||
Vessels,
accumulated depreciation (Notes 7, 12 and 22)
|
(26,606 | ) | (41,993 | ) | |||
Vessels'
net book value
|
234,135 | 279,922 | |||||
Other
fixed assets, net (Notes 8 and 22)
|
1,681 | 1,647 | |||||
Total
fixed assets
|
349,380 | 418,063 | |||||
OTHER
NON-CURRENT ASSETS:
|
|||||||
Restricted
cash (Notes 2 and 12)
|
3,838 | - | |||||
Deferred
charges, net (Note 9)
|
12,440 | 15,376 | |||||
Concession
agreement (Note 3)
|
7,407 | 7,095 | |||||
Goodwill
(Note 3)
|
17,431 | 17,431 | |||||
Deferred
tax asset (Note 20)
|
- | 598 | |||||
Other
non-current assets
|
24 | 96 | |||||
Total
assets
|
$ | 641,907 | 966,115 | ||||
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|||||||
CURRENT
LIABILITIES:
|
|||||||
Short-term
borrowings (Note 11)
|
$ | 90,000 | 50,000 | ||||
Current
portion of long-term debt (Note 12)
|
9,352 | 13,147 | |||||
Trade
payables to third parties
|
67,817 | 182,438 | |||||
Trade
payables to related companies (Note 4)
|
22,462 | 21,436 | |||||
Other
payables to related companies
|
187 | 2,763 | |||||
Accrued
and other current liabilities
|
12,204 | 19,184 | |||||
Total
current liabilities
|
202,022 | 288,968 | |||||
LONG-TERM
DEBT, net of current portion (Note 12)
|
154,269 | 337,890 | |||||
OTHER
NON-CURRENT LIABILITIES
|
613 | 4,200 | |||||
COMMITMENTS
AND CONTINGENCIES (Note 13)
|
- | - | |||||
STOCKHOLDERS'
EQUITY:
|
|||||||
Preferred
stock, $0.01 par value; 25,000,000 shares authorized, none
issued
|
- | - | |||||
Common
stock, $0.01 par value; 100,000,000 shares authorized at December 31, 2008
and 2009; 42,543,608 and 43,009,303 shares, issued and
outstanding at December 31, 2008 and 2009, respectively (Note
18)
|
425 | 426 | |||||
Additional
paid-in capital (Note 18)
|
190,658 | 194,116 | |||||
Accumulated
other comprehensive income (Note 21)
|
211 | - | |||||
Retained
earnings
|
93,709 | 140,515 | |||||
Total
stockholders' equity
|
285,003 | 335,057 | |||||
Total
liabilities and stockholders' equity
|
$ | 641,907 | 966,115 | ||||
For
the Year Ended December 31,
|
||||||||||||
2007
|
2008
|
2009
|
||||||||||
REVENUES:
|
||||||||||||
Sales
of marine petroleum products – third parties (Note 22)
|
$ | 1,331,144 | $ | 2,757,181 | $ | 2,436,340 | ||||||
Sales
of marine petroleum products – related companies (Notes 4 and
22)
|
14,705 | 10,886 | 38,037 | |||||||||
Voyage
revenues
|
5,758 | 1,379 | 9,044 | |||||||||
Other
revenues
|
1,266 | 8,526 | 12,471 | |||||||||
Total
revenues
|
1,352,873 | 2,777,972 | 2,495,892 | |||||||||
OPERATING
EXPENSES:
|
||||||||||||
Cost
of marine petroleum products sold – third parties
|
1,091,769 | 2,242,911 | 1,999,193 | |||||||||
Cost
of marine petroleum products sold – related companies (Note
4)
|
159,943 | 351,532 | 292,699 | |||||||||
Salaries,
wages and related costs
|
24,363 | 41,666 | 47,708 | |||||||||
Depreciation
(Notes 7 and 8)
|
6,373 | 12,604 | 16,792 | |||||||||
Amortization
of drydocking costs (Note 9)
|
3,172 | 3,640 | 4,574 | |||||||||
Amortization
of concession agreement (Note 3)
|
52 | 313 | 312 | |||||||||
Management
fees (Note 4)
|
54 | - | - | |||||||||
Gain
on sale of vessel, net (Note 7)
|
(2,693 | ) | - | (4,094 | ) | |||||||
Other
operating expenses (Note 14)
|
39,042 | 73,157 | 79,492 | |||||||||
Total
operating expenses
|
1,322,075 | 2,725,823 | 2,436,676 | |||||||||
Operating
income
|
30,798 | 52,149 | 59,216 | |||||||||
OTHER
INCOME/(EXPENSE):
|
||||||||||||
Interest
and finance costs (Notes 11, 12 and 15)
|
(3,473 | ) | (12,377 | ) | (10,255 | ) | ||||||
Interest
income
|
1,990 | 501 | 46 | |||||||||
Foreign
exchange gains (losses), net
|
(1,569 | ) | 1,521 | (329 | ) | |||||||
(3,052 | ) | (10,355 | ) | (10,538 | ) | |||||||
Income
before income taxes
|
27,746 | 41,794 | 48,678 | |||||||||
Income
taxes (Note 20)
|
(8 | ) | (1,879 | ) | (153 | ) | ||||||
Net
income
|
$ | 27,738 | $ | 39,915 | 48,525 | |||||||
Basic
earnings per common share
|
$ | 0.65 | $ | 0.94 | $ | 1.13 | ||||||
Diluted
earnings per common share
|
$ | 0.65 | $ | 0.94 | $ | 1.13 | ||||||
Weighted
average number of shares, basic
|
42,417,111 | 42,497,450 | 42,579,187 | |||||||||
Weighted
average number of shares, diluted
|
42,505,704 | 42,625,801 | 42,644,448 | |||||||||
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive Income
|
Total
|
||||||||||||||||||||
#
of Shares
|
Par
Value
|
|||||||||||||||||||||||
BALANCE,
December 31, 2006
|
42,410,000 | $ | 424 | $ | 185,103 | $ | 29,472 | - | $ | 214,999 | ||||||||||||||
-
Net income
|
- | - | - | 27,738 | - | 27,738 | ||||||||||||||||||
-
Dividends declared and paid ($0.14 per share)
|
- | - | - | (1,705 | ) | - | (1,705 | ) | ||||||||||||||||
-
Issuance of common stock in connection with an acquisition
|
20,000 | - | 773 | - | - | 773 | ||||||||||||||||||
-
Share-based compensation (Note 17)
|
31,428 | 1 | 1,919 | - | - | 1,920 | ||||||||||||||||||
BALANCE,
December 31, 2007
|
42,461,428 | $ | 425 | $ | 187,795 | $ | 55,505 | - | $ | 243,725 | ||||||||||||||
-
Net income
|
- | - | - | 39,915 | - | 39,915 | ||||||||||||||||||
-
Dividends declared and paid ($0.04 per share)
|
- | - | - | (1,711 | ) | - | (1,711 | ) | ||||||||||||||||
-
Share-based compensation (Note 17)
|
82,180 | - | 2,863 | - | - | 2,863 | ||||||||||||||||||
-
Foreign currency translation adjustment (Note 21)
|
- | - | - | - | 211 | 211 | ||||||||||||||||||
BALANCE,
December 31, 2008
|
42,543,608 | $ | 425 | $ | 190,658 | $ | 93,709 | $ | 211 | $ | 285,003 | |||||||||||||
-
Net income
|
- | - | - | 48,525 | - | 48,525 | ||||||||||||||||||
-
Dividends declared and paid ($0.04 per share)
|
- | - | - | (1,719 | ) | - | (1,719 | ) | ||||||||||||||||
-
Share-based compensation (Note 17)
|
465,695 | 5 | 3,454 | - | - | 3,459 | ||||||||||||||||||
-
Foreign currency translation adjustment (Note 21)
|
- | - | - | - | (211 | ) | (211 | ) | ||||||||||||||||
BALANCE,
December 31, 2009
|
43,009,303 | $ | 430 | $ | 194,112 | $ | 140,515 | - | $ | 335,057 |
For
the Year Ended December 31,
|
||||||||||||
2007
|
2008
|
2009
|
||||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
income
|
$ | 27,738 | $ | 39,915 | $ | 48,525 | ||||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||||
Depreciation
|
6,373 | 12,604 | 16,792 | |||||||||
Provision
for (release of) doubtful accounts
|
497 | (280 | ) | 428 | ||||||||
Share-based
compensation
|
1,920 | 2,863 | 3,458 | |||||||||
Amortization
|
3,457 | 4,783 | 5,562 | |||||||||
Provision
for income taxes
|
8 | 1,879 | 153 | |||||||||
Gain
on sale of vessel
|
(2,693 | ) | - | (4,094 | ) | |||||||
Other
non-cash charges
|
- | (136 | ) | - | ||||||||
(Increase)
decrease in:
|
||||||||||||
Trade
receivables
|
(115,707 | ) | 87,228 | (144,792 | ) | |||||||
Due
from related companies
|
(3,217 | ) | 1,185 | (4,723 | ) | |||||||
Inventories
|
(65,205 | ) | 44,550 | (84,785 | ) | |||||||
Prepayments
and other current assets
|
(9,414 | ) | (1,187 | ) | (10,915 | ) | ||||||
Increase
(decrease) in:
|
||||||||||||
Trade
payables
|
27,213 | (35,680 | ) | 111,214 | ||||||||
Other
payables to related companies
|
35 | 27 | 2,576 | |||||||||
Accrued
and other current liabilities
|
3,743 | (14,314 | ) | 5,345 | ||||||||
(Increase)
decrease in other non-current assets
|
(10 | ) | 93 | (670 | ) | |||||||
Increase
in other non-current liabilities
|
320 | 97 | 77 | |||||||||
Payments
for drydocking
|
(3,186 | ) | (6,890 | ) | (5,504 | ) | ||||||
Net
cash (used in) provided by operating activities
|
(128,128 | ) | 136,737 | (61,353 | ) | |||||||
Cash
flows from investing activities:
|
||||||||||||
Advances
for vessels under construction
|
(55,529 | ) | (116,990 | ) | (84,444 | ) | ||||||
Advances
for vessel acquisitions
|
(66,217 | ) | (21,665 | ) | (25,420 | ) | ||||||
Corporate
acquisitions, net of cash acquired
|
(5,728 | ) | (9,065 | ) | - | |||||||
Net
proceeds from sale of vessels
|
8,276 | - | 34,499 | |||||||||
Purchase
of other fixed assets
|
(409 | ) | (549 | ) | (335 | ) | ||||||
Decrease
in restricted cash
|
2,915 | 14,234 | 5,470 | |||||||||
Increase
in restricted cash
|
(8,000 | ) | (1,632 | ) | (5,000 | ) | ||||||
Net
cash used in investing activities
|
(124,692 | ) | (135,667 | ) | (75,230 | ) | ||||||
Cash
flows from financing activities:
|
||||||||||||
Proceeds
from long-term debt
|
41,815 | 93,636 | 215,648 | |||||||||
Repayment
of long-term debt
|
(280 | ) | (4,120 | ) | (28,232 | ) | ||||||
Net
change in short-term borrowings
|
133,000 | (43,000 | ) | (40,000 | ) | |||||||
Financing
costs paid
|
(468 | ) | (915 | ) | (1,200 | ) | ||||||
Dividends
paid
|
(1,705 | ) | (1,711 | ) | (1,719 | ) | ||||||
Net
cash provided by financing activities
|
172,362 | 43,890 | 144,497 | |||||||||
Net
(increase) decrease in cash and cash equivalents
|
(80,458 | ) | 44,960 | 7,914 | ||||||||
Cash
and cash equivalents at beginning of year
|
82,425 | 1,967 | 46,927 | |||||||||
Cash
and cash equivalents at end of year
|
$ | 1,967 | $ | 46,927 | 54,841 | |||||||
SUPPLEMENTAL CASH FLOW
INFORMATION
|
||||||||||||
Cash
paid during the year for interest, net of capitalized
interest:
|
$ | 3,935 | $ | 12,638 | $ | 7,727 | ||||||
Cash
paid during the year for income taxes:
|
$ | 8 | - | $ | 1,788 | |||||||
Shares
issued to acquire a business:
|
$ | 773 | - | - | ||||||||