Global Ship Lease, Inc.
|
(Translation of registrant's name into English)
|
c/o 25 Wilton Road,
London SW1V 1LW,
United Kingdom
|
(Address of principal executive office)
|
GLOBAL SHIP LEASE, INC.
|
||
(registrant)
|
||
Dated: August 6, 2020
|
By:
|
/s/ Ian J. Webber
|
Ian J. Webber
|
||
Chief Executive Officer
|
||
• |
Charters for five 2,200 – 2,500 TEU feeder ships (Julie, Manet, Maira, Nikolas and Newyorker), to Sea
Consortium, Sea Lead and MSC, at rates between $6,600 and $8,000 per day, and with median redelivery periods between 4Q2020 and 1Q2021;
|
• |
A short charter for one 5,100 TEU Panamax ship (Dolphin II), to Sea-Lead, at a rate of $7,000 per day, and with median redelivery in 4Q2020;
|
• |
A charter extension for one 5,900 TEU Post-Panamax ship (Dimitris Y), to ZIM, at a rate of $14,500 per day, and with median redelivery in 2Q2022;
|
• |
Charters for two 6,800 TEU Post-Panamax ships (GSL Christen and GSL Nicoletta), to Maersk and MSC, at rates
expected to generate approximate Adjusted EBITDA of, respectively, $0.9 million and $2.2 million, over the median charter periods to 1Q2021 and 3Q2021;
|
• |
Charters for two ECO-9,100 TEU ships (Anthea Y and Maira XL), to COSCO and another leading liner operator, at
rates expected to generate approximate Adjusted EBITDA of, respectively, $2.1 million and $14.3 million, over the median charter periods to 4Q2020 and 2Q2022.
|
|
|
|
|
|||||||||||||
Three
months ended
|
Three
months ended
|
Six
months
ended
|
Six
months
ended
|
|||||||||||||
June 30, 2020
|
June 30, 2019
|
June 30, 2020
|
June 30, 2019
|
|||||||||||||
Operating Revenue (1)
|
71,376
|
63,087
|
142,323
|
127,601
|
||||||||||||
Operating Income
|
29,682
|
26,727
|
50,078
|
55,523
|
||||||||||||
Net Income (2)
|
12,605
|
8,368
|
13,226
|
17,991
|
||||||||||||
41,800
|
38,371
|
81,350
|
78,469
|
|||||||||||||
Normalized Net Income (3)
|
13,517
|
8,368
|
23,994
|
17,991
|
Three months ended
|
Six months ended
|
Year ended
|
||||||||||||||||||||||||||||||
June 30,
|
June 30,
|
June 30,
|
June 30,
|
Dec 31,
|
Dec 31,
|
Dec 31,
|
Dec 31,
|
|||||||||||||||||||||||||
Days
|
2020
|
2019
|
2020
|
2019
|
2019
|
2018
|
2017
|
2016
|
||||||||||||||||||||||||
Ownership days
|
4,095
|
3,492
|
8,111
|
6,912
|
14,326
|
7,675
|
6,570
|
6,588
|
||||||||||||||||||||||||
Planned offhire - dry-dockings
|
(210
|
)
|
(174
|
)
|
(434
|
)
|
(174
|
)
|
(537
|
)
|
(34
|
)
|
(62
|
)
|
(100
|
)
|
||||||||||||||||
Unplanned offhire
|
(20
|
)
|
(19
|
)
|
(59
|
)
|
(24
|
)
|
(105
|
)
|
(17
|
)
|
(40
|
)
|
(3
|
)
|
||||||||||||||||
Idle time
|
(194
|
)
|
(18
|
)
|
(250
|
)
|
(18
|
)
|
(164
|
)
|
(47
|
)
|
0
|
0
|
||||||||||||||||||
Operating days
|
3,671
|
3,281
|
7,368
|
6,696
|
13,520
|
7,577
|
6,468
|
6,485
|
||||||||||||||||||||||||
Utilization
|
89.6
|
%
|
94.0
|
%
|
90.8
|
%
|
96.9
|
%
|
94.4
|
%
|
98.7
|
%
|
98.4
|
%
|
98.4
|
%
|
Vessel Name
|
Capacity in TEUs
|
Lightweight (tons)
|
Year Built
|
Charterer
|
Earliest Charter Expiry Date
|
Latest Charter Expiry Date
|
Daily Charter Rate $
|
||||||||||||||||||
CMA CGM Thalassa
|
11,040
|
38,577
|
2008
|
CMA CGM
|
4Q25
|
1Q26
|
47,200
|
||||||||||||||||||
UASC Al Khor(1)
|
9,115
|
31,764
|
2015
|
Hapag-Lloyd
|
1Q22
|
2Q22
|
34,000
|
||||||||||||||||||
Anthea Y(1)
|
9,115
|
31,890
|
2015
|
COSCO (2)
|
3Q20
|
4Q20
|
Confidential (2)
|
||||||||||||||||||
Maira XL(1)
|
9,115
|
31,820
|
2015
|
Confidential (3)
|
2Q22
|
3Q22
|
Confidential (3)
|
||||||||||||||||||
MSC Tianjin (4)
|
8,603
|
34,325
|
2005
|
MSC
|
2Q24
|
3Q24
|
Confidential (4)
|
||||||||||||||||||
MSC Qingdao (4)
|
8,603
|
34,305
|
2004
|
MSC
|
2Q24
|
3Q24
|
Confidential (4)
|
||||||||||||||||||
GSL Ningbo
|
8,603
|
34,340
|
2004
|
Maersk
|
3Q20
|
4Q20
|
18,000
|
||||||||||||||||||
GSL Eleni
|
7,847
|
29,261
|
2004
|
Maersk
|
3Q24
|
4Q24(5)
|
|
Confidential (5)
|
|||||||||||||||||
GSL Kalliopi
|
7,847
|
29,105
|
2004
|
Maersk
|
4Q22
|
4Q24(5)
|
|
Confidential (5)
|
|||||||||||||||||
GSL Grania
|
7,847
|
29,190
|
2004
|
Maersk
|
4Q22
|
4Q24(5)
|
|
Confidential (5)
|
|||||||||||||||||
Mary(1)
|
6,927
|
23,424
|
2013
|
CMA CGM
|
3Q23
|
4Q23
|
25,910
|
||||||||||||||||||
Kristina(1)
|
6,927
|
23,421
|
2013
|
CMA CGM
|
2Q24
|
3Q24
|
25,910
|
||||||||||||||||||
Katherine (1)
|
6,927
|
23,403
|
2013
|
CMA CGM
|
1Q24
|
2Q24
|
25,910
|
||||||||||||||||||
Alexandra (1)
|
6,927
|
23,348
|
2013
|
CMA CGM
|
1Q24
|
2Q24
|
25,910
|
||||||||||||||||||
Alexis (1)
|
6,882
|
23,919
|
2015
|
CMA CGM
|
1Q24
|
2Q24
|
25,910
|
||||||||||||||||||
Olivia I (1)
|
6,882
|
23,864
|
2015
|
CMA CGM
|
1Q24
|
2Q24
|
25,910
|
||||||||||||||||||
CMA CGM Berlioz
|
6,621
|
26,776
|
2001
|
CMA CGM
|
2Q21
|
4Q21
|
34,000
|
Vessel Name
|
Capacity in TEUs
|
Lightweight (tons)
|
Year Built
|
Charterer
|
Earliest Charter Expiry Date
|
Latest Charter Expiry Date
|
Daily Charter Rate $
|
||||||||||||||||||
Agios Dimitrios
|
6,572
|
24,746
|
2011
|
MSC
|
4Q23
|
1Q24
|
20,000
|
||||||||||||||||||
GSL Christen
|
6,840
|
27,954
|
2002
|
Maersk (6)
|
3Q20
|
1Q21
|
Confidential (6)
|
||||||||||||||||||
GSL Nicoletta
|
6,840
|
28,070
|
2002
|
MSC (6)
|
2Q21
|
3Q21
|
Confidential (6)
|
||||||||||||||||||
GSL Vinia
|
6,080
|
23,737
|
2004
|
Confidential (7)
|
3Q24
|
1Q25
|
Confidential (7)
|
||||||||||||||||||
GSL Christel Elisabeth
|
6,080
|
23,745
|
2004
|
Confidential (7)
|
2Q24
|
1Q25
|
Confidential (7)
|
||||||||||||||||||
Tasman
|
5,936
|
25,010
|
2000
|
Maersk
|
1Q22
|
3Q23(8)
|
|
12,500(8)
|
|
||||||||||||||||
Dimitris Y
|
5,936
|
25,010
|
2000
|
ZIM
|
2Q22
|
2Q22
|
14,500
|
||||||||||||||||||
Ian H
|
5,936
|
25,128
|
2000
|
ZIM
|
1Q21
|
2Q21
|
14,500
|
||||||||||||||||||
Dolphin II
|
5,095
|
20,596
|
2007
|
Sea Lead (9)
|
4Q20
|
4Q20
|
7,000(9)
|
||||||||||||||||||
Orca I
|
5,095
|
20,633
|
2006
|
Maersk
|
3Q20(10)
|
|
2Q21(10)
|
|
9,000(10)
|
||||||||||||||||
CMA CGM Alcazar
|
5,089
|
20,087
|
2007
|
CMA CGM
|
4Q20
|
2Q21
|
33,750
|
||||||||||||||||||
CMA CGM Château d’If
|
5,089
|
19,994
|
2007
|
CMA CGM
|
4Q20
|
2Q21
|
33,750
|
||||||||||||||||||
CMA CGM Jamaica
|
4,298
|
17,272
|
2006
|
CMA CGM
|
3Q22
|
1Q23
|
25,350
|
||||||||||||||||||
CMA CGM Sambhar
|
4,045
|
17,429
|
2006
|
CMA CGM
|
3Q22
|
1Q23
|
25,350
|
||||||||||||||||||
CMA CGM America
|
4,045
|
17,428
|
2006
|
CMA CGM
|
3Q22
|
1Q23
|
25,350
|
||||||||||||||||||
GSL Valerie
|
2,824
|
11,971
|
2005
|
MSC
|
3Q20
|
3Q20
|
9,000
|
||||||||||||||||||
Athena
|
2,762
|
13,538
|
2003
|
MSC
|
1Q21
|
1Q21
|
9,000
|
||||||||||||||||||
Maira
|
2,506
|
11,453
|
2000
|
MSC
|
4Q20
|
4Q20
|
8,000
|
||||||||||||||||||
Nikolas
|
2,506
|
11,370
|
2000
|
MSC
|
4Q20
|
4Q20
|
8,000
|
||||||||||||||||||
Newyorker
|
2,506
|
11,463
|
2001
|
MSC
|
1Q21
|
1Q21
|
9,000(11)
|
|
|||||||||||||||||
La Tour
|
2,272
|
11,742
|
2001
|
MSC
|
4Q20
|
4Q20
|
8,800
|
||||||||||||||||||
Manet
|
2,272
|
11,727
|
2001
|
Sea Lead
|
4Q20
|
4Q20
|
7,750
|
||||||||||||||||||
GSL Keta
|
2,207
|
11,731
|
2003
|
OOCL
|
3Q20
|
4Q20
|
8,000
|
||||||||||||||||||
Julie
|
2,207
|
11,731
|
2002
|
Sea Consortium
|
3Q20
|
3Q20
|
6,600
|
||||||||||||||||||
Kumasi
|
2,207
|
11,791
|
2002
|
CMA CGM
|
4Q20
|
1Q21
|
9,800
|
||||||||||||||||||
Marie Delmas
|
2,207
|
11,731
|
2002
|
CMA CGM
|
4Q20
|
1Q21
|
9,800
|
||||||||||||||||||
Three
|
Three
|
Six
|
Six
|
||||||||||||||
months
|
months
|
months
|
months
|
||||||||||||||
ended
|
ended
|
ended
|
ended
|
||||||||||||||
June 30,
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||
2020
|
2019
|
2020
|
2019
|
||||||||||||||
Net income available to Common Shareholders
|
12,605
|
8,368
|
13,226
|
17,991
|
|||||||||||||
Adjust:
|
Depreciation and amortization
|
11,578
|
10,952
|
23,126
|
21,710
|
||||||||||||
Impairment charges
|
912
|
-
|
8,497
|
-
|
|||||||||||||
Interest income
|
(193
|
)
|
(367
|
)
|
(831
|
)
|
(784
|
)
|
|||||||||
Interest expense
|
15,984
|
18,708
|
35,539
|
38,060
|
|||||||||||||
Income tax
|
3
|
(56
|
)
|
3
|
(40
|
)
|
|||||||||||
Earnings allocated to preferred shares
|
911
|
766
|
1,790
|
1,532
|
|||||||||||||
Adjusted EBITDA
|
41,800
|
38,371
|
81,350
|
78,469
|
Three
|
Three
|
Six
|
Six
|
||||||||||||||
months
|
months
|
months
|
months
|
||||||||||||||
ended
|
ended
|
ended
|
ended
|
||||||||||||||
June 30,
|
June 30,
|
June 30,
|
June 30,
|
||||||||||||||
2020
|
2019
|
2020
|
2019
|
||||||||||||||
Net income available to Common Shareholders
|
12,605
|
8,368
|
13,226
|
17,991
|
|||||||||||||
Adjust:
|
Impairment charges
|
912
|
-
|
8,497
|
-
|
||||||||||||
Premium paid on redemption of 2022 Notes
|
-
|
-
|
2,271
|
-
|
|||||||||||||
Normalized net income
|
13,517
|
8,368
|
23,994
|
17,991
|
• |
future operating or financial results;
|
• |
expectations regarding the future growth of the container shipping industry, including the rates of annual demand and supply growth;
|
• |
the length and severity of the ongoing outbreak of the novel coronavirus (COVID-19) around the world and governmental responses thereto;
|
• |
the financial condition of our charterers, particularly CMA CGM, our principal charterer and main source of operating revenue, and their ability to pay charterhire in accordance with the
charters;
|
• |
Global Ship Lease’s financial condition and liquidity, including its level of indebtedness or ability to obtain additional financing to fund capital expenditures, ship acquisitions and other
general corporate purposes;
|
• |
Global Ship Lease’s ability to meet its financial covenants and repay its credit facilities;
|
• |
Global Ship Lease’s expectations relating to dividend payments and forecasts of its ability to make such payments including the availability of cash and the impact of constraints under its
credit facility;
|
• |
risks relating to the acquisition of Poseidon Containers and Global Ship Lease’s ability to realize the anticipated benefits of the acquisition;
|
• |
future acquisitions, business strategy and expected capital spending;
|
• |
operating expenses, availability of crew, number of off-hire days, drydocking and survey requirements and insurance costs;
|
• |
general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand;
|
• |
assumptions regarding interest rates and inflation;
|
• |
changes in the rate of growth of global and various regional economies;
|
• |
risks incidental to ship operation, including piracy, discharge of pollutants and ship accidents and damage including total or constructive total loss;
|
• |
estimated future capital expenditures needed to preserve its capital base;
|
• |
Global Ship Lease’s expectations about the availability of ships to purchase, the time that it may take to construct new ships, or the useful lives of its ships;
|
• |
Global Ship Lease’s continued ability to enter into or renew long-term, fixed-rate charters or other ship employment arrangements;
|
• |
the continued performance of existing long-term, fixed-rate time charters;
|
• |
Global Ship Lease’s ability to capitalize on its management’s and board of directors’ relationships and reputations in the containership industry to its advantage;
|
• |
changes in governmental and classification societies’ rules and regulations or actions taken by regulatory authorities;
|
• |
expectations about the availability of insurance on commercially reasonable terms;
|
• |
unanticipated changes in laws and regulations including taxation;
|
• |
potential liability from future litigation.
|
June 30, 2020
|
December 31, 2019
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
73,721
|
$
|
138,024
|
||||
Restricted cash
|
9,750
|
3,909
|
||||||
Accounts receivable, net
|
3,390
|
2,350
|
||||||
Inventories
|
6,071
|
5,595
|
||||||
Prepaid expenses and other current assets
|
6,910
|
8,132
|
||||||
Due from related parties
|
7,244
|
3,860
|
||||||
Assets held for sale
|
7,096
|
-
|
||||||
Total current assets
|
$
|
114,182
|
$
|
161,870
|
||||
NON - CURRENT ASSETS
|
||||||||
Vessels in operation
|
$
|
1,147,214
|
$
|
1,155,586
|
||||
Advances for vessels acquisitions and other additions
|
10,073
|
10,791
|
||||||
Intangible assets - charter agreements
|
108
|
1,467
|
||||||
Deferred charges, net
|
17,679
|
16,408
|
||||||
Restricted cash, net of current portion
|
6,215
|
5,703
|
||||||
Total non - current assets
|
1,181,289
|
1,189,955
|
||||||
TOTAL ASSETS
|
$
|
1,295,471
|
$
|
1,351,825
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
|
$
|
14,869
|
$
|
9,052
|
||||
Accrued liabilities
|
13,851
|
22,916
|
||||||
Current portion of long-term debt and deferred financing costs
|
81,358
|
87,532
|
||||||
Deferred revenue
|
5,019
|
9,987
|
||||||
Due to related parties
|
33
|
109
|
||||||
Total current liabilities
|
$
|
115,130
|
$
|
129,596
|
||||
LONG-TERM LIABILITIES
|
||||||||
Long - term debt, net of current portion and deferred financing costs
|
$
|
748,857
|
$
|
809,357
|
||||
Intangible liability-charter agreements
|
5,466
|
6,470
|
||||||
Total non - current liabilities
|
754,323
|
815,827
|
||||||
Total liabilities
|
$
|
869,453
|
$
|
945,423
|
||||
Commitments and Contingencies
|
- |
- | ||||||
SHAREHOLDERS' EQUITY
|
||||||||
Class A common shares - authorized 214,000,000 shares with a $0.01 par value
17,741,008 shares issued and outstanding (2019 – 17,556,738 shares)
|
177
|
175
|
||||||
Class B common shares - authorized 20,000,000 shares with a $0.01 par value
nil shares issued and outstanding (2019 – nil shares)
|
-
|
-
|
||||||
Series B Preferred Shares - authorized 44,000 shares with a $0.01 par value
16,655 shares issued and outstanding (2019 – 14,428 shares)
|
-
|
-
|
||||||
Series C Preferred Shares - authorized 250,000 shares with a $0.01 par value
250,000 shares issued and outstanding (2019 - 250,000 shares)
|
3
|
3
|
||||||
Additional paid in capital
|
571,974
|
565,586
|
||||||
Accumulated deficit
|
(146,136
|
)
|
(159,362
|
)
|
||||
Total shareholders' equity
|
426,018
|
406,402
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
1,295,471
|
$
|
1,351,825
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Time charter revenue (includes related party revenues of $36,848 and $37,845 for each of the three month periods ended June 30, 2020 and 2019, respectively, and $74,524 and
$72,478 for each of the six month periods ended June 30, 2020 and 2019, respectively)
|
$
|
71,376
|
$
|
63,087
|
$
|
142,323
|
$
|
127,601
|
||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Vessel operating expenses (includes related party vessel operating expenses of $3,068 and $2,428 for each of the three month periods ended June 30, 2020 and 2019,
respectively, and $6,105 and $4,233 for each of the six month periods ended June 30, 2020 and 2019, respectively)
|
24,170
|
20,810
|
49,682
|
41,765
|
||||||||||||
Time charter and voyage expenses (includes related party time charter and voyage expenses of $591 and $420 for each of the three month periods ended June 30, 2020 and 2019,
respectively, and $1,201 and $850 for each of the six month periods ended June 30, 2020 and 2019, respectively)
|
2,712
|
2,084
|
6,181
|
3,635
|
||||||||||||
Depreciation and amortization
|
11,578
|
10,952
|
23,126
|
21,710
|
||||||||||||
Vessel impairment losses
|
912
|
-
|
8,497
|
-
|
||||||||||||
General and administrative expenses
|
2,322
|
2,514
|
4,759
|
4,968
|
||||||||||||
Operating Income
|
29,682
|
26,727
|
50,078
|
55,523
|
||||||||||||
NON OPERATING INCOME/(EXPENSES)
|
||||||||||||||||
Interest income
|
193
|
367
|
831
|
784
|
||||||||||||
Interest and other finance expenses including premium on 2022 Notes
|
(15,984
|
)
|
(18,708
|
)
|
(35,539
|
)
|
(38,060
|
)
|
||||||||
Other (expenses) / income, net
|
(372
|
)
|
692
|
(351
|
)
|
1,236
|
||||||||||
Total non operating expenses
|
(16,163
|
)
|
(17,649
|
)
|
(35,059
|
)
|
(36,040
|
)
|
||||||||
Income before income taxes
|
13,519
|
9,078
|
15,019
|
19,483
|
||||||||||||
Income taxes
|
(3
|
)
|
56
|
(3
|
)
|
40
|
||||||||||
Net Income
|
13,516
|
9,134
|
15,016
|
19,523
|
||||||||||||
Earnings allocated to Series B Preferred Shares
|
(911
|
)
|
(766
|
)
|
(1,790
|
)
|
(1,532
|
)
|
||||||||
Net Income available to Common Shareholders
|
$
|
12,605
|
$
|
8,368
|
$
|
13,226
|
$
|
17,991
|
||||||||
Earnings per Share
|
||||||||||||||||
Weighted average number of Class A common shares outstanding
|
||||||||||||||||
Basic
|
17,708,609
|
9,942,950
|
17,632,674
|
9,937,836
|
||||||||||||
Diluted
|
17,806,742
|
9,964,607
|
17,730,628
|
10,012,442
|
||||||||||||
Net Earnings per Class A common share
|
|
|||||||||||||||
Basic
|
$ |
0.42
|
$ |
0.37
|
$ |
0.44
|
$ |
0.79
|
||||||||
Diluted
|
$ |
0.42
|
$ |
0.36
|
$ |
0.44
|
$ |
0.78
|
||||||||
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income
|
$
|
13,516
|
$
|
9,134
|
$
|
15,016
|
$
|
19,523
|
||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||
Depreciation and amortization
|
$
|
11,578
|
$
|
10,952
|
$
|
23,126
|
$
|
21,710
|
||||||||
Vessel impairment losses
|
912
|
-
|
8,497
|
-
|
||||||||||||
Amortization of deferred financing costs
|
994
|
744
|
1,921
|
1,489
|
||||||||||||
Amortization of original issue discount/premium on repurchase of notes
|
143
|
203
|
2,282
|
405
|
||||||||||||
Amortization of intangible liability/asset-charter agreements
|
(124
|
)
|
479
|
355
|
947
|
|||||||||||
Share based compensation
|
853
|
429
|
1,282
|
858
|
||||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||
Decrease/(increase) in accounts receivable and other assets
|
$
|
390
|
$
|
(1,652
|
)
|
$
|
182
|
$
|
(1,746
|
)
|
||||||
Increase in inventories
|
(80
|
)
|
(636
|
)
|
(476
|
)
|
(194
|
)
|
||||||||
(Decrease)/increase in accounts payable and other liabilities
|
(11,749
|
)
|
(2,930
|
)
|
(5,154
|
)
|
789
|
|||||||||
Decrease in related parties' balances, net
|
(1,526
|
)
|
(4,329
|
)
|
(3,460
|
)
|
(6,367
|
)
|
||||||||
Decrease in deferred revenue
|
(1,659
|
)
|
(307
|
)
|
(4,968
|
)
|
(788
|
)
|
||||||||
Unrealized foreign exchange loss
|
1
|
14
|
1
|
10
|
||||||||||||
Net cash provided by operating activities
|
$
|
13,249
|
$
|
12,101
|
$
|
38,604
|
$
|
36,636
|
||||||||
Cash flows from investing activities:
|
||||||||||||||||
Acquisition of vessels
|
$
|
-
|
$
|
(18,496
|
)
|
$
|
(23,060
|
)
|
$
|
(18,496
|
)
|
|||||
Cash paid for vessel expenditure
|
(277
|
)
|
(6,139
|
)
|
(1,385
|
)
|
(6,776
|
)
|
||||||||
Advances for vessel acquisitions and other additions
|
(1,079
|
)
|
-
|
(1,279
|
)
|
-
|
||||||||||
Cash paid for drydockings
|
(3,117
|
)
|
(646
|
)
|
(7,189
|
)
|
(696
|
)
|
||||||||
Advances from sale of vessels
|
4,119
|
-
|
4,119
|
-
|
||||||||||||
Net cash used in investing activities
|
$
|
(354
|
)
|
$
|
(25,281
|
)
|
$
|
(28,794
|
)
|
$
|
(25,968
|
)
|
||||
Cash flows from financing activities:
|
||||||||||||||||
Proceeds from issuance of 2024 Notes
|
$
|
-
|
$
|
-
|
$
|
19,193
|
$
|
-
|
||||||||
Repurchase of 2022 Notes, including premium
|
(625
|
)
|
-
|
(57,822
|
)
|
-
|
||||||||||
Proceeds from drawdown of credit facilities
|
-
|
13,000
|
47,000
|
13,000
|
||||||||||||
Repayment of credit facilities
|
(20,460
|
)
|
(20,320
|
)
|
(33,912
|
)
|
(26,546
|
)
|
||||||||
Repayment of refinanced debt
|
-
|
-
|
(44,366
|
)
|
-
|
|||||||||||
Deferred financing costs paid
|
(89
|
)
|
(322
|
)
|
(969
|
)
|
(322
|
)
|
||||||||
Proceeds from offering of Class A common shares, net of offering costs
|
(37
|
)
|
-
|
(76
|
)
|
-
|
||||||||||
Proceeds from offering of Series B preferred shares, net of offering costs
|
1,179
|
-
|
4,982
|
-
|
||||||||||||
Series B Preferred Shares-dividends paid
|
(911
|
)
|
(766
|
)
|
(1,790
|
)
|
(1,532
|
)
|
||||||||
Net cash used in financing activities
|
$
|
(20,943
|
)
|
$
|
(8,408
|
)
|
$
|
(67,760
|
)
|
$
|
(15,400
|
)
|
||||
Decrease in cash and cash equivalents and restricted cash
|
(8,048
|
)
|
(21,588
|
)
|
(57,950
|
)
|
(4,732
|
)
|
||||||||
Cash and cash equivalents and restricted cash at beginning of the period
|
97,734
|
106,928
|
147,636
|
90,072
|
||||||||||||
Cash and cash equivalents and restricted cash at end of the period
|
$
|
89,686
|
$
|
85,340
|
$
|
89,686
|
$
|
85,340
|
||||||||
Supplementary Cash Flow Information:
|
||||||||||||||||
Cash paid for interest
|
21,909
|
25,688
|
33,098
|
34,895
|
||||||||||||
Non-cash Investing activities:
|
||||||||||||||||
Unpaid drydocking expenses
|
482
|
-
|
482
|
-
|
||||||||||||
Unpaid vessel additions
|
2,823
|
-
|
2,823
|
-
|