General Maritime Corp / MI

CIK:0001443799|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
VOYAGE REVENUES:
Revenues	$ 48,820	$ 123,016
OPERATING EXPENSES:
Voyage expenses	3,567	1,960
Direct vessel operating expenses	21,107	28,762
Navig8 charterhire expenses		6
General and administrative expenses	9,073	8,426
Depreciation and amortization	23,954	27,694
Loss on disposal of vessels, net	7,602	9,843
Total operating expenses	65,303	76,691
OPERATING (LOSS) / INCOME	(16,483)	46,325
OTHER EXPENSES:
Interest expense, net	(18,672)	(20,051)
Other financing costs		(52)
Other (expense) income, net	(48)	642
Total other expenses	(18,720)	(19,461)
NET (LOSS) / INCOME	$ (35,203)	$ 26,864
(LOSS) / INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ (0.42)	$ 0.32
Diluted (in dollars per share)	$ (0.42)	$ 0.32
Navig8 Pool
VOYAGE REVENUES:
Revenues	$ 43,240	$ 118,369
Spot Charter
VOYAGE REVENUES:
Revenues	$ 5,580	$ 4,647

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) / income	$ (35,203)	$ 26,864
Adjustments to reconcile net (loss) / income to net cash provided by operating activities:
Loss on disposal of vessels, net	7,602	9,843
Payment-in-kind interest expense	5,199	4,672
Depreciation and amortization	23,954	27,694
Amortization of deferred financing costs and senior notes	2,868	3,420
Net unrealized gain on derivative financial instrument	(1,190)	(662)
Stock-based compensation expense	345	2,077
Provision for bad debts	(1,192)	(323)
Changes in assets and liabilities:
Increase in due from charterers	(286)	(1,457)
Decrease in due from Navig8 pools	699	6,383
(Increase) decrease in prepaid expenses and other current and noncurrent assets	(2,741)	208
Decrease (increase) in working capital at Navig8 pools		(700)
Decrease in accounts payable and other current and noncurrent liabilities	(10,699)	(6,862)
Deferred drydock costs incurred	(309)	(1,187)
Net cash (used in) provided by operating activities	(10,953)	69,970
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for vessels under construction		(96,924)
Payment of capitalized interest		(669)
Proceeds from sale of vessels, net		30,195
Proceeds from insurance claims	1,359	876
Purchase of vessel improvements and other fixed assets	(17)	(2,038)
Net cash provided by (used in) investing activities	1,342	(68,560)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities		100,131
Repayments of credit facilities	(30,084)	(51,425)
Deferred financing costs paid		(1,431)
Net cash (used in) provided by financing activities	(30,084)	47,275
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH	(39,695)	48,685
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	201,969	96,138
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	162,274	144,823
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION -
Cash paid during the period for interest, net of capitalized interest	$ 11,776	$ 9,618

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 160,802	$ 200,501
Due from charterers, net	4,236	2,758
Due from Navig8 pools, net	25,553	26,253
Assets held for sale	9,600	0
Derivative financial instruments - current	3,308	70
Prepaid expenses and other current assets	50,400	23,884
Total current assets	253,899	253,466
NONCURRENT ASSETS:
Vessels, net of accumulated depreciation of $239,136 and $221,646, respectively	2,273,505	2,311,093
Other fixed assets, net	1,054	1,141
Deferred drydock costs, net	12,982	15,981
Working capital at Navig8 pools	1,000	26,100
Restricted cash	1,472	1,468
Derivative financial instruments - non-current	12,295	6,020
Other noncurrent assets	2,914	2,948
Total noncurrent assets	2,305,222	2,364,751
TOTAL ASSETS	2,559,121	2,618,217
CURRENT LIABILITIES:
Accounts payable and accrued expenses	19,208	29,817
Long-term debt, current portion	1,137,403	1,167,487
Less unamortized discount and debt financing costs	(43,455)	(45,999)
Long-term debt, current portion less unamortized discount and debt financing costs	1,093,948	1,121,488
Derivative financial instruments - current		852
Total current liabilities	1,113,156	1,152,157
NONCURRENT LIABILITIES:
Long-term debt	199,538	194,339
Less unamortized discount and debt financing costs	(3,456)	(3,780)
Long-term debt less unamortized discount and debt financing costs	196,082	190,559
Other noncurrent liabilities	1,240	1,175
Total noncurrent liabilities	197,322	191,734
TOTAL LIABILITIES	1,310,478	1,343,891
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock, $0.01 par value per share; authorized 225,000,000 shares; issued and outstanding 83,267,426 shares at March 31, 2018 and December 31, 2017	833	833
Preferred stock, $0.01 par value per share; authorized 5,000,000 shares; issued and outstanding 0 shares at March 31, 2018 and December 31, 2017
Paid-in capital	1,519,909	1,519,564
Accumulated deficit	(299,859)	(264,656)
Accumulated other comprehensive income	27,760	18,585
Total shareholders' equity	1,248,643	1,274,326
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,559,121	$ 2,618,217