7Baggers
Quarterly
Annual
    Unit: USD2015-12-31 2012-12-31 2012-11-30 2011-11-30 2011-05-31 2010-05-31 2008-12-31 2008-09-30 
      
    		        
      net cash from operating activities
    		144,751 -572 -9,045  5,520 19,160 40,599  
      investment in vessels
    		-113,626 -2,744 1,502  -1,337  15 -9,076 
      investment in other fixed assets
    		        
      net cash from investing activities
    		-121,704 6,119    -60,031   
      proceeds from vessel financing
    		        
      repayments of vessel financing
    		        
      repayment of borrowing facility
    		        
      dividends distributed
    		        
      net cash from financing activities
    		-117,431 25,899 -63,787 0 -6,724    
      net increase in cash, cash equivalents and restricted cash
    		        
      effect of exchange rate changes on cash
    		-46        
      cash, cash equivalents and restricted cash at beginning of period
    		        
      cash, cash equivalents and restricted cash at end of period
    		        
      cash and cash equivalents
    		        
      restricted cash
    		        
      net income
    		      17,198  
      reconciliation of net income to net cash from / (used in) operating activities
    		        
      depreciation expense
    		      12,553  
      impairment loss on vessels
    		        
      gain on disposal of vessels
    		        
      drydock expenditure
    		        
      amortization of deferred finance costs
    		      163  
      share-based compensation
    		      2,764  
      other
    		556 -41 -1      
      changes in operating assets and liabilities
    		        
      accounts receivables
    		      23,767  
      inventory
    		        
      prepaid expenses and other current assets
    		        
      accounts payable and accrued liabilities
    		      -5,129  
      voyages in progress
    		      0  
      net cash from / (used in) operating activities
    		        
      cash flows from investing activities
    		        
      investment in newbuilds
    		        
      sale of vessels
    		        
      cash flows from financing activities
    		        
      proceeds from issuance of common stock
    		    0  -16  
      repayment of vessel financing
    		        
      repayments on borrowing facility
    		        
      transaction costs borrowing facilities
    		        
      net cash from / (used in) financing activities
    		        
      net increase / (decrease) in cash, cash equivalents, and restricted cash
    		        
      cash, cash equivalents, and restricted cash at beginning of year
    		        
      effect of exchange rate changes on cash and cash equivalents
    		        
      cash, cash equivalents, and restricted cash at end of year
    		        
      supplemental disclosure of cash flow information
    		        
      total cash, cash equivalents and restricted cash shown in the statement of cash flows
    		        
      cash paid for taxes
    		        
      cash paid for interest, net of amounts capitalized
    		        
      investment in newbuildings
    		        
      proceeds from vessel sales
    		        
      amounts in usd '000
    		        
      reconciliation of net income to net cash from operating activities
    		        
      (gain) / loss on disposal of vessels
    		        
      change in fair value of investment securities
    		        
      proceeds from sale of investment securities
    		        
      net cash (used in) / provided by investing activities
    		        
      proceeds from borrowing activities
    		        
      investment in vessels under construction
    		        
      financing transaction costs
    		        
      cash flows from operating activities
    		        
      impairment and gain on vessels disposals
    		        
      dry-dock expenditures
    		      -1,177  
      changes in operating assets and liabilities:
    		        
      accounts receivable
    		        
      proceeds from sale of vessels
    		        
      repayments on vessel financing
    		        
      financing transactions costs
    		        
      net increase / (decrease) in cash, cash equivalents and restricted cash
    		        
      cash, cash equivalents and restricted cash at the beginning of period
    		        
      cash, cash equivalents and restricted cash at the end of period
    		        
      investment in vessels, newbuildings
    		        
      deferred compensation liabilities
    		        
      repayments on prior 500 million credit facility
    		        
      repayment of vessel financing 2018-built vessels
    		        
      net cash provided by/(used in) operating activities
    		        
      net cash provided by/(used in) financing activities
    		        
      repayments on vessel financing 2018-built vessels
    		        
      loss on disposal of vessels
    		        
      equity income from associate
    		        
      accounts receivables, related party
    		        
      dividends received from associate
    		        
      proceeds from vessel financing 2018-built vessels
    		        
      repayments on credit facility
    		    0 0 0  
      transaction costs borrowing facility
    		        
      repayments of senior secured credit facility
    		        
      transaction costs senior secured credit facility
    		        
      restricted cash *
    		        
      * restricted cash is related to deposits made for future drydockings of our vessels, in accordance with the new borrowing facility.
    		        
      return from investments
    		        
      proceeds from vessel financing newbuildings
    		        
      repayments of vessel financing newbuildings
    		        
      repayments of borrowing facility
    		        
      net increase in cash and cash equivalents
    		-94,384 31,444 -80,192  -2,541 74,938 258 -11,038 
      cash and cash equivalents at beginning of period
    		35,060  -23,982  17,221 30,496   
      net deposit of restricted cash
    		        
      cash and cash equivalents at end of period
    		-59,369  -104,174  14,680 105,434   
      investment in nordic american offshore ltd
    		-3,868        
      return of investments
    		        
      net proceeds from issuance of common stock
    		-113,433  -75,508      
      proceeds from use of credit facility
    		80,000 269,980 -19,980 0 5,000 0 15,000 0 
      credit facility costs
    		        
      cash dividends paid to shareholders
    		        
      proceeds from use (repayment) of credit facility
    		        
      release of long-term deposits
    		        
      long term deposit
    		        
      dividends paid
    		 -63,450 31,702  -11,724 -11,725 -55,341 -54,997 
      transfer to restricted account
    		-5,000        
      1 annual 2014 financial information is derived from audited financial statements.
    		        
      proceeds from sale of marketable securities
    		        
      repayment of deposit
    		        
      investment in orion tankers ltd.
    		        
      cash arising from obtaining control of orion tankers ltd
    		        
      investment in scandic american shipping ltd.
    		        
      investment in scandic assets held for sale
    		        
      proceeds from sale of scandic assets held for sale
    		        
      return on investments
    		        
      cash dividends paid to shareholders, 1st and 2nd quarter
    		        
      impairment loss on vessel
    		        
      loss on contract
    		        
      deferred compensation liability
    		 1,380     -8  
      compensation– restricted shares
    		        
      accounts receivables related party
    		        
      prepaid and other current assets
    		        
      accounts payable related party
    		        
      non-current related party receivables
    		        
      other non-current assets
    		        
      proceeds from sale (investment in) marketable securities
    		        
      deposit and loan repayment from seller
    		        
      acquisition of nordic american offshore ltd
    		        
      acquisition of orion tankers ltd
    		        
      acquisition of scandic american shipping ltd, net of cash acquired
    		        
      acquisition of scandic, assets held for sale
    		        
      change in restricted cash
    		        
      cash and cash equivalents at the beginning of year
    		      0  
      cash and cash equivalents at the end of year
    		      258  
      cash paid for interest
    		        
      net proceeds from issuance of common shares
    		        
      cash and cash equivalents at inception
    		        
      cash and cash equivalents at the end of period
    		        
      cash paid for tax
    		        
      repayment of deposit and loan
    		        
      cash assumed - initial consolidation upon change in control in orion
    		        
      settlement of contract
    		        
      compensation – restricted shares
    		        
      gain in marketable securities
    		        
      proceeds from marketable securities
    		        
      acquisition of in scandic american shipping ltd, net of cash acquired
    		        
      acquisition of scandic assets held for sale
    		        
      repayment towards credit facility
    		        
      the footnotes are an integral part of these financial statements
    		        
      repayment of deposit and loan, nordic galaxy
    		  -8,991      
      deferred revenue
    		        
      investment in marketable securities
    		  0      
      deposit and loan repayment from (paid to) seller
    		        
      marketable securities
    		        
      accounts receivable, net related party
    		        
      vessels
    		        
      related party receivables
    		        
      total assets
    		        
      accounts payable
    		        
      accounts payable, related party
    		        
      accrued liabilities
    		        
      long-term debt
    		        
      shareholders' equity
    		        
      total liabilities and shareholders' equity
    		        
      condensed statements of cash flow
    		        
      net cash from investing activitites
    		    -1,337    
      investment in joint venture
    		        
      loan to related party
    		        
      loan repayment from (paid to) seller, nordic galaxy
    		        
      advanced payments related to newbuildings
    		        
      loan to seller, nordic galaxy
    		        
      compensation - restricted shares
    		      -2,563  
      investments in vessels
    		     -60,031   
      proceeds from issuances of common stock
    		     136,534   
      net cash provided (used in) financing activities
    		     124,809   
      capitalized interest
    		      -32  
      deposit on contract
    		        
      operating activities
    		        
      financing activities
    		        
      net proceeds from sale of common stock
    		        
      repayment of debt
    		        
      loan facility costs
    		        
      investing activities
    		        
      net cash used by investing activities
    		        
      beginning cash and cash equivalents
    		        
      ending cash and cash equivalents
    		        
      deposit on vessel
    		        
      net cash from operating activitites
    		        
      deposit on vessels
    		        
      net cash used by investing activitites
    		        
      prepaid and other assets
    		      -6,840  
      net cash (used in) investing activities
    		        
      payments for credit facility costs
    		        
      net cash (used in) financing activities
    		        
      capitalized interest on conract
    		        
      deposit on nb contracts
    		        
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.