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:
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Crude
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Product
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Tankers
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Carriers
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Other
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Totals
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Three months ended June 30, 2018:
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Shipping revenues
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$
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41,154
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$
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15,755
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$
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-
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$
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56,909
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Time charter equivalent revenues
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34,385
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15,627
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-
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50,012
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Depreciation and amortization
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12,240
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4,530
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34
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16,804
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Gain on disposal of vessels and other property,
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net of impairments
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(4,055)
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(2,685)
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-
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(6,740)
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Adjusted (loss)/income from vessel operations
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(5,198)
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(4,149)
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304
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(9,043)
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Equity in income of affiliated companies
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4,709
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-
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4,113
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8,822
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Investments in and advances to affiliated companies
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at June 30, 2018
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152,604
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13,583
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108,847
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275,034
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Adjusted total assets at June 30, 2018
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1,338,120
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351,615
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108,847
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1,798,582
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Three months ended June 30, 2017:
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Shipping revenues
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$
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47,914
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$
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24,043
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$
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-
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$
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71,957
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Time charter equivalent revenues
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45,745
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23,535
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-
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69,280
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Depreciation and amortization
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13,304
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5,762
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33
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19,099
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Adjusted income/(loss) from vessel operations
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7,136
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(3,171)
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(193)
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3,772
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Equity in income of affiliated companies
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10,258
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-
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3,608
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13,866
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Investments in and advances to affiliated companies
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at June 30, 2017
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268,863
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15,342
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87,904
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372,109
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Adjusted total assets at June 30, 2017
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1,079,142
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410,024
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87,531
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1,576,697
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Crude
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Product
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Tankers
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Carriers
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Other
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Totals
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Six months ended June 30, 2018:
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Shipping revenues
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$
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73,519
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$
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35,368
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$
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-
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$
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108,887
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Time charter equivalent revenues
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63,605
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35,208
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-
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98,813
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Depreciation and amortization
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25,113
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9,248
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67
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34,428
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Loss/(gain) on disposal of vessels and other property,
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including impairments
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5,933
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(6,100)
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-
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(167)
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Adjusted (loss)/income from vessel operations
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(17,222)
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(6,560)
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635
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(23,147)
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Equity in income of affiliated companies
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10,284
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-
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6,878
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17,162
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Expenditures for vessels and vessel improvements
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127,510
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1,415
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-
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128,925
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Payments for drydockings
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2,683
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18
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-
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2,701
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Six months ended June 30, 2017:
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Shipping revenues
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$
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107,806
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$
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52,901
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$
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-
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$
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160,707
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Time charter equivalent revenues
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101,790
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51,622
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-
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153,412
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Depreciation and amortization
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26,351
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11,298
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66
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37,715
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Adjusted income/(loss) from vessel operations
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25,495
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(1,138)
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(148)
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24,209
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Equity in income of affiliated companies
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20,173
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-
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7,299
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27,472
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Expenditures for vessels and vessel improvements
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17,807
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776
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-
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18,583
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Payments for drydockings
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12,160
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3,700
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-
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15,860
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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:
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2018
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2017
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2018
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2017
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Total adjusted (loss)/income from vessel operations
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of all segments
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$
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(9,043)
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$
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3,772
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$
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(23,147)
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$
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24,209
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General and administrative expenses
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(6,064)
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(5,096)
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(12,093)
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(11,370)
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Third-party debt modification fees
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(1,302)
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(7,939)
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(1,302)
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(7,939)
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Separation and transition costs
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-
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(296)
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-
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(1,031)
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Gain on disposal of vessels and other property, net of impairments
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6,740
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-
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167
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-
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Consolidated (loss)/income from vessel operations
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(9,669)
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(9,559)
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(36,375)
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3,869
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Equity in income of affiliated companies
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8,822
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13,866
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17,162
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27,472
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Other expense
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(4,863)
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(6,644)
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(4,184)
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(6,440)
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Interest expense
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(13,086)
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(9,278)
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(24,707)
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(18,445)
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(Loss)/income before income taxes
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$
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(18,796)
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$
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(11,615)
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$
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(48,104)
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$
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6,456
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