Five-Year Highlights
| 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|
| (in thousands of U.S. $, except number of shares, per common share data, fleet and other financial data) | |||||
|
Income Statement Data: |
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| Total operating revenues | 299,848 | 244,045 | 216,495 | 228,779 | 224,674 |
| Gain on sale of vessel/newbuilding | - | - | - | 78,108 | 41,088 |
| Vessel operating expenses | 62,872 | 52,910 | 60,709 | 61,868 | 52,986 |
| Voyage and charter-hire expenses | 6,042 | 32,311 | 39,463 | 33,126 | 10,763 |
| Administrative expenses | 33,679 | 22,832 | 19,958 | 17,815 | 18,645 |
| Depreciation and amortization | 70,286 | 65,076 | 63,482 | 62,005 | 60,163 |
| Impairment of long-lived assets | 500 | 4,500 | 1,500 | 110 | 2,345 |
| Gain on sale of long-lived assets | - | - | - | 430 | - |
| Other operating gains (losses) | (5,438) | (6,230) | - | - | - |
| Operating income | 121,031 | 60,186 | 31,383 | 132,393 | 120,860 |
| Gain on sale of available-for-sale securities | 541 | 4,196 | - | - | 46,276 |
| Net financial expenses | 53,102 | 66,961 | (1,692) | (132,761) | (65,592) |
| Income/(loss) before equity in net earnings of investees, income taxes and noncontrolling interests | 68,470 | (2,579) | 29,691 | (368) | 101,544 |
| Income taxes | 1,705 | (1,427) | (1,643) | (510) | 299 |
| Noncontrolling interests | (21,625) | 5,825 | (8,419) | (6,705) | (6,547) |
| Equity in net (losses) earning of investees | (1,900) | (1,435) | (4,902) | (2,406) | 13,640 |
| Gain on sale of investee | - | - | 8,355 | - | 27,268 |
| Net (loss) income attributable to the shareholders | 46,650 | (384) | 23,082 | (9,989) | 136,204 |
| Earnings (loss) per common share | |||||
| - basic | 0.62 | 0.01 | 0.34 | (0.15) | 2.09 |
| - diluted | 0.62 | 0.01 | 0.34 | (0.15) | 2.07 |
| Cash dividends declared and paid per common share | 1.13 | 0.45 | - | 1.00 | 2.25 |
| Weighted average number of shares – basic | 74,707 | 67,173 | 67,230 | 67,214 | 65,283 |
| Weighted average number of shares - diluted | 75,033 | 67,393 | 67,335 | 67,214 | 65,715 |
|
Balance Sheet Data (at end of year): |
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| Cash and cash equivalents | 66,913 | 164,717 | 122,231 | 56,114 | 185,739 |
| Restricted cash and short-term investments | 28,012 | 21,815 | 40,651 | 60,352 | 52,106 |
| Amounts due from related parties | 354 | 222 | 795 | 538 | 712 |
| Long-term restricted cash | 185,270 | 186,041 | 594,154 | 557,052 | 792,038 |
| Equity in net assets of non-consolidated investees | 22,529 | 20,276 | 21,243 | 30,924 | 14,023 |
| Newbuildings | 190,100 | - | - | - | - |
| Vessels and equipment, net | 1,203,003 | 1,103,137 | 653,496 | 668,141 | 659,018 |
| Vessels under capital lease, net | 501,904 | 515,666 | 992,563 | 893,172 | 789,558 |
| Total assets | 2,232,634 | 2,077,772 | 2,492,436 | 2,359,729 | 2,573,610 |
| Current portion of long-term debt | 64,306 | 105,629 | 74,504 | 71,395 | 80,037 |
| Current portion of obligations under capital leases | 5,909 | 5,766 | 8,588 | 6,006 | 5,678 |
| Long-term debt | 707,243 | 691,549 | 707,722 | 737,226 | 735,629 |
| Long-term obligations under capital leases | 399,934 | 406,109 | 844,355 | 784,421 | 1,024,086 |
| Noncontrolling interest | 78,055 | 188,734 | 162,673 | 41,688 | 36,983 |
| Stockholders’ equity | 677,765 | 410,588 | 495,511 | 452,145 | 552,532 |
| Common shares outstanding | 80,237 | 67,808 | 67,577 | 67,577 | 67,577 |
|
Cash Flow Data: |
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| Net cash provided by operating activities | 116,608 | 51,710 | 42,800 | 48,495 | 73,055 |
| Net cash (used in) provided by investing activities | (298,644) | 364,736 | (56,460) | (83,548) | 224,435 |
| Net cash (used in) provided by financing activities | 84,232 | (373,960) | 79,777 | (94,572) | (168,367) |
|
Fleet Data (unaudited) |
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| Number of vessels at end of year | 12 | 12 | 13 | 14 | 12 |
| Average number of vessels during year | 12 | 12,7 | 13 | 13 | 12 |
| Average age of vessels (years) | 18.8 | 17,8 | 15.6 | 13.9 | 14.7 |
| Total calendar days for fleet | 4,380 | 4,644 | 4,893 | 4,836 | 4,380 |
| Total operating days for fleet | 3,255 | 2,939 | 3,351 | 3,617 | 3,732 |
|
Other Financial Data (Unaudited): |
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| Average daily time charter equivalent (TCE) earnings (10) | $87,700 | $57,200 | $47,400 | $45,700 | $51,000 |
| Average daily vessel operating costs | $14,354 | $12,080 | $13,410 | $13,041 | $12,097 |
|
Year Ended December 31, |
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| 2010 | 2009 | 2008 | 2007 | ||
| (in thousands of U.S.$, except number of days and average daily TCE) | |||||
| Total operating revenues | 299,848 | 244,045 | 216,495 | 228.779 | 224,674 |
| Voyage expenses | (6,042) | (20,959) | (20,093) | (24,483) | (10,763) |
| 293,806 | 223,086 | 196,402 | 204,296 | 213,911 | |
| Calendar days less scheduled off-hire days | 3,352 | 3,901 | 4,145 | 4,298 | 4,197 |
| Average daily TCE (to the closest $100) | 87,700 | 57,200 | 47,400 | 45,700 | 51,000 |
We calculate average daily vessel operating costs by dividing vessel operating costs by the number of calendar days.