CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Shipping Revenues: | ||||
Pool revenues, including $20,514, $13,309, $49,639 and $21,725 received from companies accounted for by the equity method | $ 36,721 | $ 37,798 | $ 105,836 | $ 129,910 |
Time and bareboat charter revenues | 5,932 | 12,024 | 20,453 | 43,816 |
Voyage charter revenues | 18,273 | 10,146 | 43,524 | 46,949 |
Shipping revenues | 60,926 | 59,968 | 169,813 | 220,675 |
Operating Expenses: | ||||
Voyage expenses | 9,673 | 3,479 | 19,747 | 10,774 |
Vessel expenses | 34,433 | 37,095 | 102,619 | 106,196 |
Charter hire expenses | 10,739 | 9,958 | 30,085 | 32,345 |
Depreciation and amortization | 19,317 | 20,528 | 53,745 | 58,243 |
General and administrative | 5,434 | 6,516 | 17,527 | 17,886 |
Third-party debt modification fees | (9) | 1,191 | 1,293 | 9,130 |
Separation and transition costs | (543) | 488 | ||
Loss on disposal of vessels and other property, net of impairments | 17,360 | 5,406 | 17,193 | 5,406 |
Total operating expenses | 96,947 | 83,630 | 242,209 | 240,468 |
Loss from vessel operations | (36,021) | (23,662) | (72,396) | (19,793) |
Equity in income of affiliated companies | 5,338 | 12,796 | 22,500 | 40,268 |
Operating (loss)/income | (30,683) | (10,866) | (49,896) | 20,475 |
Other income/(expense) | 220 | 305 | (3,964) | (6,135) |
(Loss)/income before interest expense and income taxes | (30,463) | (10,561) | (53,860) | 14,340 |
Interest expense | (17,320) | (11,232) | (42,027) | (29,677) |
Loss before income taxes | (47,783) | (21,793) | (95,887) | (15,337) |
Income tax provision | (3) | (23) | (11) | (31) |
Net loss | $ (47,786) | $ (21,816) | $ (95,898) | $ (15,368) |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic | 29,154,366 | 29,202,437 | 29,130,435 | 29,192,392 |
Diluted | 29,154,366 | 29,202,437 | 29,130,435 | 29,192,392 |
Per Share Amounts: | ||||
Basic and diluted net loss per share | $ (1.64) | $ (0.75) | $ (3.29) | $ (0.53) |
X | ||||||||||
- Definition This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, and noncontrolling interest. No definition available.
|
X | ||||||||||
- Definition Loss before interest expense, reorganization items and taxes during the period. No definition available.
|
X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues including equity in income (loss) of affiliated companies. No definition available.
|
X | ||||||||||
- Definition Separation and transition costs. No definition available.
|
X | ||||||||||
- Definition Revenue recognized during the period from commercial pools in which the Company's vessels operate. No definition available.
|
X | ||||||||||
- Definition Direct vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance and maintenance and repairs, incurred during the reporting period. No definition available.
|
X | ||||||||||
- Definition Expenses associated with operating vessels which are attributable to particular voyages such as port and canal charges, fuel (bunker) expenses, and brokerage commissions payable to unaffiliated third parties. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Revenue from transporting cargo and freight between locations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
|
X | ||||||||||
- Definition Amount of gain (loss) from the difference between the sale price or salvage price and the book value of an asset that was sold or retired, and gain (loss) from the write down of assets from their carrying value to fair value. No definition available.
|
X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line. No definition available.
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
X | ||||||||||
- Definition The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of recapitalization costs for professional fees associated with restructuring debt and equity mixture that do not qualify for capitalization. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|