F-5
CONSOLIDATED STATEMENTS
OF CASH FLOWS
For the six months ended June 30, 2024 and 2023
(Expressed in thousands of U.S. Dollars)
2024
2023
Cash Flows from Operating Activities:
Net income/(loss)
$
(706)
$
33,077
Adjustments
to
reconcile
net
income/(loss)
to
cash
provided
by
operating
activities
Depreciation and amortization of deferred charges
22,106
26,661
Amortization of debt issuance costs (Note 12)
1,253
1,293
Compensation cost on restricted stock (Note 11(g))
5,007
4,826
Gain on derivative instruments (Note 8)
(361)
-
Gain on sale of vessels (Notes 6)
(1,572)
(4,995)
(Gain)/loss on investments (Note 5)
1,751
(761)
Loss on extinguishment of debt
-
748
Gain on deconsolidation of subsidiary
-
(844)
(Gain)/loss from equity method investments (Note 4)
231
(244)
Loss on warrants (Note 11(e))
6,773
-
(Increase) / Decrease
Accounts receivable, trade
(1,408)
2,832
Due from related parties
164
35
Inventories
341
(95)
Prepaid expenses and other assets
(43)
(2,833)
Other non-current assets
-
(409)
Investments in equity securities
20,329
-
Accounts payable, trade and other
508
(960)
Due to related parties
(540)
59
Accrued liabilities
(2,139)
(987)
(416)
(1,978)
Other non-current liabilities
19
77
Drydock cost
(2,114)
(2,947)
Net Cash Provided by Operating Activities
$
49,183
$
52,555
Cash Flows from Investing Activities:
Payments for vessels under construction and vessel improvements (Note 6)
(16,702)
(29,125)
Proceeds from sale of vessels, net of expenses (Note 6)
12,504
18,603
Payments to acquire investments (Note 4)
(26,671)
-
Time deposits (Note 2)
20,000
(7,500)
Payments to acquire other assets
-
(216)
Cash divested from deconsolidation
-
(771)
Proceeds from convertible loan with limited partnership
-
25,189
Payments to acquire property, furniture and fixtures (Note 7)
(2,755)
(308)
Net Cash Provided by / (Used in) Investing Activities
$
(13,624)
$
5,872
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt and finance liabilities
-
57,696
Proceeds from issuance of common stock, net of expenses (Note 11(e))
14,681
(76)
Payments of dividends, preferred stock (Note 11(b))
(2,884)
(2,884)
Payments of dividends, common stock (Note 11(f))
(18,368)
(15,965)
Payments of financing costs (Notes 8 and 9)
-
(1,656)
Repayments of long-term debt and finance liabilities (Notes 8 and 9)
(30,539)
(49,353)
Net Cash Used In Financing Activities
$
(37,110)
$
(12,238)
Cash, Cash Equivalents and Restricted Cash, Period Increase/(Decrease)
(1,551)
46,189
Cash, Cash Equivalents and Restricted Cash, Beginning Balance
121,592
97,428
Cash, Cash Equivalents and Restricted Cash, Ending Balance
$
120,041
$
143,617
RECONCILIATION OF CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
Cash and cash equivalents
$
100,541
$
123,117
Restricted cash, non-current
19,500
20,500
Cash, Cash Equivalents and Restricted Cash, Total
$
120,041
$
143,617
