F-6
UNAUDITED CONSOLIDATED STATEMENTS
OF CASH FLOWS
For the six months ended June 30, 2026 and 2025
(Expressed in thousands of U.S. Dollars)
2026
2025
Cash Flows from Operating Activities:
Net income
$
49,908
$
7,539
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization of deferred charges
24,160
22,839
Amortization of debt issuance costs (Note 11)
1,040
1,073
Compensation cost on restricted stock (Note 10(h))
3,918
5,270
Change in fair value of derivatives (Note 7)
(252)
227
Gain on sale of vessels (Note 5)
-
(1,500)
Gain/(Loss) on related party investments (Note 4 (a))
100
(2,482)
Loss from equity method investments, net of dividend (Note 3)
418
767
(Gain)/loss on equity securities (Note 4(b))
(40,683)
403
(Gain)/loss on warrants (Note 10(g))
1,086
(515)
(Increase) / Decrease
Accounts receivable, trade
(2,944)
1,464
Due from related parties
162
96
Inventories
(259)
(140)
Prepaid expenses and other assets
140
(2,471)
Accounts payable
(584)
2,002
Due to related parties
152
(25)
Accrued liabilities
2,949
(1,945)
(295)
(162)
Other non-current liabilities
828
139
Drydock cost
(2,010)
(6,744)
Net Cash Provided by Operating Activities
$
37,834
$
25,835
Cash Flows from Investing Activities:
Payments for vessels under construction and vessel improvements (Note 5)
(643)
(727)
Proceeds from sale of vessels, net of expenses (Note 5)
-
11,535
Return of capital from equity method investment (Note 3)
3,675
3,505
Payments to acquire investments (Note 3 and 4 (b))
(8,539)
(40,295)
Proceeds from sale of investments (Note 4 (b))
3,642
-
Time deposit placements
-
(20,000)
Time deposits maturities
-
17,500
Loan to related party, net
(390)
-
Payments to acquire property, furniture and fixtures (Note 6)
(1,822)
(851)
Net Cash Used in Investing Activities
$
(4,077)
$
(29,333)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock, net of fees (Note 10(g))
2,097
69
Payments of dividends, preferred stock (Note 10(b))
(2,884)
(2,884)
Payments of dividends, common stock (Note 10(f))
(2,480)
(2,316)
Payments for repurchase of common stock (Note 10(e))
-
(23,048)
Payments of financing costs (Note 4 (b))
(3,722)
-
Repayments of long-term debt and finance liabilities (Notes 7 and 8)
(31,095)
(28,391)
Net Cash Used in Financing Activities
$
(38,084)
$
(56,570)
Cash, Cash Equivalents and Restricted Cash, Period Decrease
(4,327)
(60,068)
Cash, Cash Equivalents and Restricted Cash, Beginning Balance
122,255
143,666
Cash, Cash Equivalents and Restricted Cash, Ending Balance
$
117,928
$
83,598
RECONCILIATION OF CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
Cash and cash equivalents
$
48,678
$
65,098
Restricted cash, current
51,250
-
Restricted cash, non-current
18,000
18,500
Cash, Cash Equivalents and Restricted Cash, Total
$
117,928
$
83,598
SUPPLEMENTAL CASH FLOW INFORMATION
Noncash investment-related expenses
2,298
-
Interest paid, net of amounts capitalized
$
10,995
$
21,246
The accompanying notes are an integral part of these unaudited interim consolidated financial statements