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Consolidated Consolidated Statements of Cash flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 47,208 $ 125,421 $ 98,178
Adjustments to reconcile net income to net cash provided by operating activities:      
Vessel depreciation and amortization (Note 5) 84,199 69,272 46,935
Impairment of vessels (Note 5) 11,497 0 0
Gain on sale of vessels (Note 5) 0 (47,275) (46,812)
Amortization and write-off of deferred financing costs 2,775 2,766 3,122
Amortization / accretion of above / below market acquired charters (Note 6) 891 12,010 7,287
Amortization of ineffective portion of derivatives (260) 0 0
Equity compensation expense (Note 14) 3,786 3,790 2,043
Change in fair value of derivatives (Note 8) (5,529) 10,959 3,167
Unrealized bonds exchange differences (Note 7) 6,018 (10,896) (3,374)
Unrealized cash, cash equivalents and restricted cash exchange differences 0 (493) 0
Changes in operating assets and liabilities:      
Trade accounts receivable, net (1,015) 3,923 (3,170)
Prepayments and other assets 1,574 (3,768) (201)
Due from related party 1,789 (3,636) 0
Inventories 1,106 (1,808) (1,481)
Claims 685 (157) (696)
Trade accounts payable 4,166 380 (252)
Due to related parties 4,963 (1,769) (472)
Accrued liabilities 5,100 4,215 2,687
Deferred revenue 23,400 9,634 6,098
Dry-docking costs paid (2,978) 0 (1,895)
Net cash provided by operating activities 189,375 172,568 111,164
Cash flows from investing activities:      
Vessel acquisitions, vessels under construction and improvements including time charter agreements (Notes 5, 6) (467,632) (117,233) (368,096)
Advances for vessels under construction – related party (Notes 4, 5) 0 (24,000) 0
Net proceeds from sale of vessels (Note 5) 20,540 127,124 193,031
Net cash used in investing activities (447,092) (14,109) (175,065)
Cash flows from financing activities:      
Proceeds from long-term debt (Note 7) 392,000 206,276 204,266
Deferred financing costs paid (3,841) (4,347) (6,131)
Payments of long-term debt (Note 7) (109,786) (218,954) (145,471)
Proceeds from rights offering (Notes 1, 13) 45,817 0 0
Rights offering costs paid (824)
Repurchase of common units (Note 13) (4,112) (5,911) (4,499)
Dividends paid (Note 13) (12,242) (12,155) (7,613)
Net cash provided by/ (used in) financing activities 307,012 (35,091) 40,552
Net increase / (decrease) in cash, cash equivalents and restricted cash 49,295 123,368 (23,349)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 493 0
Cash, cash equivalents and restricted cash at the beginning of the year 154,848 30,987 54,336
Cash, cash equivalents and restricted cash at the end of the year 204,143 154,848 30,987
Supplemental cash flow information      
Cash paid for interest 98,606 49,179 15,750
Non-Cash Investing and Financing Activities      
Capital expenditures included in liabilities 6,684 1,663 1,008
Capitalized dry-docking costs included in liabilities 4,149 29 123
Deferred financing costs included in liabilities 1,934 220 112
Expenses for sale of vessels included in liabilities (Note 5) 440 1,300 1,984
Seller’s credit agreements in connection with the acquisition of vessel owning companies (Notes 4, 5, 7) 0 0 16,000
Sale and lease back agreements and credit facility assumed in connection with the acquisition of vessel owning companies (Notes 5, 7) 196,317 0 866,344
Issuance of common units in connection with the acquisition of vessel owning companies (Notes 5, 13) 0 0 15,277
Amounts for the acquisition of vessel owning companies and companies owning vessels under construction, netted against the amount due from CMTC pursuant to the Standby Purchase Agreement (Notes 1, 4, 5, 13) 279,783 0 0
Advances for vessels under construction - related party, netted against the amount due from CMTC pursuant to the Standby Purchase Agreement (Notes 1, 4, 5, 13) 174,400 0 0
Re-issuance of treasury units in connection with the acquisition of a vessel owning company (Notes 5, 13) 0 6,583 0
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 192,422 144,635 20,373
Restricted cash - Non-current assets 11,721 10,213 10,614
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 204,143 $ 154,848 $ 30,987