F
-6
CONSOLIDATED STATEMENTS
OF CASH FLOWS
For the six months ended June 30, 2025 and 2024
(Expressed in thousands of U.S. Dollars)
2025
2024
Cash Flows from Operating Activities:
Net income/(loss)
$
7,539
$
(706)
Adjustments
to
reconcile
net
income/(loss)
to
cash
provided
by
operating
activities
Depreciation and amortization of deferred charges
22,839
22,106
Amortization of debt issuance costs (Note 11)
1,073
1,253
Compensation cost on restricted stock (Note 10(h))
5,270
5,007
(Gain)/loss on derivative instruments (Note 7)
227
(361)
Gain on sale of vessels (Notes 5)
(1,500)
(1,572)
(Gain)/loss on related party investments (Note 4)
(2,482)
1,351
Loss from equity method investments, net of dividend (Note 3)
767
231
Loss on equity securities (Note 4(b))
403
400
(Gain)/loss on warrants (Note 10(g))
(515)
6,773
(Increase) / Decrease
Accounts receivable, trade
1,464
(1,408)
Due from related parties
96
164
Inventories
(140)
341
Prepaid expenses and other assets
(2,471)
(43)
Investments in equity securities
-
20,329
Accounts payable
2,002
508
Due to related parties
(25)
(540)
Accrued liabilities
(1,945)
(2,139)
(162)
(416)
Other non-current liabilities
139
19
Drydock cost
(6,744)
(2,114)
Net Cash Provided by Operating Activities
$
25,835
$
49,183
Cash Flows from Investing Activities:
Payments for vessels under construction and vessel improvements (Note 5)
(727)
(16,702)
Proceeds from sale of vessels, net of expenses (Note 5)
11,535
12,504
Return of capital from equity method investment (Note 3)
3,505
-
Payments to acquire investments (Note 3 and 4 (b))
(40,295)
(26,671)
Time deposit placements
(20,000)
-
Time deposit maturities
17,500
20,000
Payments to acquire property, furniture and fixtures (Note 6)
(851)
(2,755)
Net Cash Used in Investing Activities
$
(29,333)
$
(13,624)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock, net of fees (Note 10(g))
69
14,681
Payments of dividends, preferred stock (Note 10(b))
(2,884)
(2,884)
Payments of dividends, common stock (Note 10(f))
(2,316)
(18,368)
Payments for repurchase of common stock
(23,048)
-
Repayments of long-term debt and finance liabilities (Notes 7 and 8)
(28,391)
(30,539)
Net Cash Used in Financing Activities
$
(56,570)
$
(37,110)
Cash, Cash Equivalents and Restricted Cash, Period Increase/(Decrease)
(60,068)
(1,551)
Cash, Cash Equivalents and Restricted Cash, Beginning Balance
143,666
121,592
Cash, Cash Equivalents and Restricted Cash, Ending Balance
$
83,598
$
120,041
RECONCILIATION OF CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
Cash and cash equivalents
$
65,098
$
100,541
Restricted cash, non-current
18,500
19,500
Cash, Cash Equivalents and Restricted Cash, Total
$
83,598
$
120,041
SUPPLEMENTAL CASH FLOW INFORMATION
Stock issued in noncash financing activities
-
13,111
Interest paid, net of amounts capitalized (Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
$
21,246
$
22,677
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
エドガーで原本を確認する