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Business and Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2018
Business and Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment

Information about the Company’s reportable segments as of and for the three and six months ended June 30, 2018 and 2017 follows:







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Crude

 

Product

 

 

 

 

 

 



 

Tankers

 

Carriers

 

Other

 

Totals

Three months ended June 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

Shipping revenues

 

$

41,154 

 

$

15,755 

 

$

 -

 

$

56,909 

Time charter equivalent revenues

 

 

34,385 

 

 

15,627 

 

 

 -

 

 

50,012 

Depreciation and amortization

 

 

12,240 

 

 

4,530 

 

 

34 

 

 

16,804 

Gain on disposal of vessels and other property,

 

 

 

 

 

 

 

 

 

 

 

 

 net of impairments

 

 

(4,055)

 

 

(2,685)

 

 

 -

 

 

(6,740)

Adjusted (loss)/income from vessel operations

 

 

(5,198)

 

 

(4,149)

 

 

304 

 

 

(9,043)

Equity in income of affiliated companies

 

 

4,709 

 

 

 -

 

 

4,113 

 

 

8,822 

Investments in and advances to affiliated companies

 

 

 

 

 

 

 

 

 

 

 

 

at June 30, 2018

 

 

152,604 

 

 

13,583 

 

 

108,847 

 

 

275,034 

Adjusted total assets at June 30, 2018

 

 

1,338,120 

 

 

351,615 

 

 

108,847 

 

 

1,798,582 



 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

Shipping revenues

 

$

47,914 

 

$

24,043 

 

$

 -

 

$

71,957 

Time charter equivalent revenues

 

 

45,745 

 

 

23,535 

 

 

 -

 

 

69,280 

Depreciation and amortization

 

 

13,304 

 

 

5,762 

 

 

33 

 

 

19,099 

Adjusted income/(loss) from vessel operations

 

 

7,136 

 

 

(3,171)

 

 

(193)

 

 

3,772 

Equity in income of affiliated companies

 

 

10,258 

 

 

 -

 

 

3,608 

 

 

13,866 

Investments in and advances to affiliated companies

 

 

 

 

 

 

 

 

 

 

 

 

at June 30, 2017

 

 

268,863 

 

 

15,342 

 

 

87,904 

 

 

372,109 

Adjusted total assets at June 30, 2017

 

 

1,079,142 

 

 

410,024 

 

 

87,531 

 

 

1,576,697 









 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Crude

 

Product

 

 

 

 

 

 



 

Tankers

 

Carriers

 

Other

 

Totals

Six months ended June 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

Shipping revenues

 

$

73,519 

 

$

35,368 

 

$

 -

 

$

108,887 

Time charter equivalent revenues

 

 

63,605 

 

 

35,208 

 

 

 -

 

 

98,813 

Depreciation and amortization

 

 

25,113 

 

 

9,248 

 

 

67 

 

 

34,428 

Loss/(gain) on disposal of vessels and other property,

 

 

 

 

 

 

 

 

 

 

 

 

including impairments

 

 

5,933 

 

 

(6,100)

 

 

 -

 

 

(167)

Adjusted (loss)/income from vessel operations

 

 

(17,222)

 

 

(6,560)

 

 

635 

 

 

(23,147)

Equity in income of affiliated companies

 

 

10,284 

 

 

 -

 

 

6,878 

 

 

17,162 

Expenditures for vessels and vessel improvements

 

 

127,510 

 

 

1,415 

 

 

 -

 

 

128,925 

Payments for drydockings

 

 

2,683 

 

 

18 

 

 

 -

 

 

2,701 



 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

Shipping revenues

 

$

107,806 

 

$

52,901 

 

$

 -

 

$

160,707 

Time charter equivalent revenues

 

 

101,790 

 

 

51,622 

 

 

 -

 

 

153,412 

Depreciation and amortization

 

 

26,351 

 

 

11,298 

 

 

66 

 

 

37,715 

Adjusted income/(loss) from vessel operations

 

 

25,495 

 

 

(1,138)

 

 

(148)

 

 

24,209 

Equity in income of affiliated companies

 

 

20,173 

 

 

 -

 

 

7,299 

 

 

27,472 

Expenditures for vessels and vessel improvements

 

 

17,807 

 

 

776 

 

 

 -

 

 

18,583 

Payments for drydockings

 

 

12,160 

 

 

3,700 

 

 

 -

 

 

15,860 





Reconciliation of Revenue from Segments to Consolidated

Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow:







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Six Months Ended



 

June 30,

 

June 30,

 

 

2018

 

2017

 

2018

 

2017

Time charter equivalent revenues

 

$

50,012 

 

$

69,280 

 

$

98,813 

 

$

153,412 

Add: Voyage expenses

 

 

6,897 

 

 

2,677 

 

 

10,074 

 

 

7,295 

Shipping revenues

 

$

56,909 

 

$

71,957 

 

$

108,887 

 

$

160,707 



Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Reconciliations of adjusted (loss)/income from vessel operations of the segments to (loss)/income before income taxes, as reported in the condensed consolidated statements of operations follow:







 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Six Months Ended



 

June 30,

 

June 30,



 

2018

 

2017

 

2018

 

2017

Total adjusted (loss)/income from vessel operations

 

 

 

 

 

 

 

 

 

 

 

 

of all segments

 

$

(9,043)

 

$

3,772 

 

$

(23,147)

 

$

24,209 

General and administrative expenses

 

 

(6,064)

 

 

(5,096)

 

 

(12,093)

 

 

(11,370)

Third-party debt modification fees

 

 

(1,302)

 

 

(7,939)

 

 

(1,302)

 

 

(7,939)

Separation and transition costs

 

 

 -

 

 

(296)

 

 

 -

 

 

(1,031)

Gain on disposal of vessels and other property, net of impairments

 

 

6,740 

 

 

 -

 

 

167 

 

 

 -

Consolidated (loss)/income from vessel operations

 

 

(9,669)

 

 

(9,559)

 

 

(36,375)

 

 

3,869 

Equity in income of affiliated companies

 

 

8,822 

 

 

13,866 

 

 

17,162 

 

 

27,472 

Other expense

 

 

(4,863)

 

 

(6,644)

 

 

(4,184)

 

 

(6,440)

Interest expense

 

 

(13,086)

 

 

(9,278)

 

 

(24,707)

 

 

(18,445)

(Loss)/income before income taxes

 

$

(18,796)

 

$

(11,615)

 

$

(48,104)

 

$

6,456 



Reconciliation of Assets from Segment to Consolidated

Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow:







 

 

 

 

 

 

As of June 30,

 

2018

 

2017

Total assets of all segments

 

$

1,798,582 

 

$

1,576,697 

Corporate unrestricted cash and cash equivalents

 

 

115,843 

 

 

121,230 

Restricted cash

 

 

27,010 

 

 

 -

Other unallocated amounts

 

 

5,045 

 

 

3,163 

Consolidated total assets

 

$

1,946,480 

 

$

1,701,090