Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Dec. 31, 2012 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ULTRAPETROL BAHAMAS LTD | 'ULTRAPETROL BAHAMAS LTD |
Entity Central Index Key | '0001062781 | '0001062781 |
Current Fiscal Year End Date | '--12-31 | '--12-31 |
Entity Well-known Seasoned Issuer | 'No | 'No |
Entity Voluntary Filers | 'No | 'No |
Entity Current Reporting Status | 'Yes | 'Yes |
Entity Filer Category | 'Accelerated Filer | 'Accelerated Filer |
Document Fiscal Year Focus | '2013 | '2012 |
Document Fiscal Period Focus | 'Q2 | 'FY |
Document Type | 'F-4/A | 'F-4/A |
Amendment Flag | 'false | 'false |
Document Period End Date | 30-Jun-13 | 31-Dec-12 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
In Thousands, unless otherwise specified | |||||||
CURRENT ASSETS | ' | ' | ' | ' | ' | ' | |
Cash and cash equivalents | $131,315 | $222,215 | $18,127 | $34,096 | $105,570 | $53,201 | |
Restricted cash | 8,903 | 5,968 | ' | 6,819 | ' | ' | |
Accounts receivable, net of allowance for doubtful accounts of $1,916 and $841 in 2012 and 2011, respectively | 46,954 | 36,487 | ' | 30,993 | ' | ' | |
Operating supplies and inventories | 18,039 | 13,638 | ' | 4,520 | ' | ' | |
Prepaid expenses | 6,807 | 5,973 | ' | 3,212 | ' | ' | |
Other receivables | 26,575 | 22,532 | ' | 26,392 | ' | ' | |
Other current assets | 0 | 177 | ' | 101 | ' | ' | |
Total current assets | 420,708 | 306,990 | ' | 106,133 | ' | ' | |
NONCURRENT ASSETS | ' | ' | ' | ' | ' | ' | |
Other receivables | 23,026 | 22,758 | ' | 15,370 | ' | ' | |
Restricted cash | 1,466 | 1,464 | ' | 1,483 | ' | ' | |
Vessels and equipment, net | 641,109 | 647,519 | ' | 671,445 | ' | ' | |
Dry dock | 6,056 | 4,238 | ' | 5,088 | ' | ' | |
Investments in and receivables from affiliates | 4,305 | 4,282 | ' | 6,851 | 6,824 | ' | |
Intangible assets | 713 | 801 | ' | 976 | ' | ' | |
Goodwill | 5,015 | 5,015 | ' | 5,015 | ' | ' | |
Other assets | 14,847 | 10,214 | ' | 12,573 | ' | ' | |
Deferred income tax assets | 4,960 | 7,037 | ' | 5,353 | ' | ' | |
Total noncurrent assets | 701,497 | 703,328 | ' | 724,154 | ' | ' | |
Total assets | 1,122,205 | 1,010,318 | ' | 830,287 | ' | ' | |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' | |
Accounts payable | 31,826 | 32,450 | ' | 32,824 | ' | ' | |
Customer advances | 16,473 | 15,175 | ' | 19 | ' | ' | |
Payable to related parties | 1,918 | 3,761 | ' | 1,158 | ' | ' | |
Accrued interest | 1,703 | 4,858 | ' | 4,769 | ' | ' | |
Current portion of long-term financial debt | 28,704 | [1] | 49,031 | ' | 21,504 | ' | ' |
2017 Senior Convertible Notes | 0 | 80,000 | ' | 0 | ' | ' | |
Other current liabilities | 14,036 | 13,470 | ' | 13,614 | ' | ' | |
Total current liabilities | 276,280 | 198,745 | ' | 73,888 | ' | ' | |
NONCURRENT LIABILITIES | ' | ' | ' | ' | ' | ' | |
Long-term financial debt | 412,941 | 388,521 | ' | 491,489 | ' | ' | |
Deferred income tax liabilities | 12,217 | 12,441 | ' | 12,951 | ' | ' | |
Other liabilities | 1,084 | 2,026 | ' | 1,788 | ' | ' | |
Deferred gain | 3,784 | 2,086 | ' | 0 | ' | ' | |
Total noncurrent liabilities | 430,026 | 405,074 | ' | 506,228 | ' | ' | |
Total liabilities | 706,306 | 603,819 | ' | 580,116 | ' | ' | |
EQUITY | ' | ' | ' | ' | ' | ' | |
Common stock, $0.01 par value: 250,000,000 authorized shares; 140,419,487 and 30,011,628 shares outstanding in 2012 and 2011, respectively | 1,443 | 1,443 | ' | 339 | ' | ' | |
Additional paid-in capital | 490,981 | 490,850 | ' | 272,302 | ' | ' | |
Treasury stock: 3,923,094 shares at cost | -19,488 | -19,488 | ' | -19,488 | ' | ' | |
Retained earnings (deficit) | -62,844 | -70,476 | ' | -6,819 | ' | ' | |
Accumulated other comprehensive loss | -1,528 | -2,578 | ' | -2,037 | ' | ' | |
Total Ultrapetrol (Bahamas) Limited stockholders' equity | 408,564 | 399,751 | ' | 244,297 | ' | ' | |
Noncontrolling interest | 7,335 | 6,748 | ' | 5,874 | ' | ' | |
Total equity | 415,899 | 406,499 | 231,773 | 250,171 | 268,794 | 288,583 | |
Total liabilities and equity | $1,122,205 | $1,010,318 | ' | $830,287 | ' | ' | |
[1] | Excludes the 2014 Senior Notes which were disclosed as current liabilities in the unaudited condensed consolidated balance sheet under the caption "2014 Senior Notes and accrued interest". See Note 3.a). |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | |||
CURRENT ASSETS | ' | ' | ' |
Accounts receivable, allowance for doubtful accounts | $2,321 | $1,916 | $841 |
EQUITY | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, shares outstanding (in shares) | 140,419,487 | 140,419,487 | 30,011,628 |
Treasury stock, shares (in shares) | 3,923,094 | 3,923,094 | 3,923,094 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' | |||
REVENUES | $313,169 | $304,482 | $230,445 | |||
OPERATING EXPENSES (1) | ' | ' | ' | |||
Voyage and manufacturing expenses | -126,368 | [1] | -112,252 | [1] | -61,583 | [1] |
Running costs | -128,059 | [1] | -112,355 | [1] | -89,339 | [1] |
Depreciation and amortization | -43,852 | [1] | -39,144 | [1] | -34,371 | [1] |
Administrative and commercial expenses | -32,385 | [1] | -29,604 | [1] | -27,051 | [1] |
Loss on write-down of vessels | -16,000 | [1] | 0 | [1] | 0 | [1] |
Other operating income, net | 8,376 | [1] | 8,257 | [1] | 617 | [1] |
Operating expenses | -338,288 | [1] | -285,098 | [1] | -211,727 | [1] |
Operating profit (loss) | -25,119 | 19,384 | 18,718 | |||
OTHER INCOME (EXPENSES) | ' | ' | ' | |||
Financial expense | -35,793 | -35,426 | -25,925 | |||
Financial loss on extinguishment of debt | -940 | 0 | 0 | |||
Foreign currency (losses) gains, net | -2,051 | -2,552 | -492 | |||
Financial income | 6 | 332 | 399 | |||
(Loss) gains on derivatives, net | 0 | -16 | 10,474 | |||
Investments in affiliates | -1,175 | -1,073 | -341 | |||
Other, net | -661 | -621 | -875 | |||
Total other income (expenses) | -40,614 | -39,356 | -16,760 | |||
(Loss) Income from continuing operations before income taxes | -65,733 | -19,972 | 1,958 | |||
Income taxes benefit (expense) | 2,969 | 1,737 | -6,363 | |||
Loss from continuing operations | -62,764 | -18,235 | -4,405 | |||
Loss from discontinued operations | 0 | 0 | -515 | |||
Net income (loss) | -62,764 | -18,235 | -4,920 | |||
Net income attributable to noncontrolling interest | 893 | 570 | 451 | |||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | -63,657 | -18,805 | -5,371 | |||
Amounts attributable to Ultrapetrol (Bahamas) Limited: | ' | ' | ' | |||
Loss from continuing operations | -63,657 | -18,805 | -4,856 | |||
Loss from discontinued operations | 0 | 0 | -515 | |||
Net loss attributable to Ultrapetrol (Bahamas) Limited | ($63,657) | ($18,805) | ($5,371) | |||
(LOSS) PER SHARE OF ULTRAPETROL (BAHAMAS) LIMITED - BASIC AND DILUTED: | ' | ' | ' | |||
From continuing operations (in dollars per share) | ($1.80) | ($0.64) | ($0.16) | |||
From discontinued operations (in dollars per share) | $0 | $0 | ($0.02) | |||
Basic and diluted earnings per share (in dollars per share) | ($1.80) | ($0.64) | ($0.18) | |||
Basic and diluted weighted average number of shares (in shares) | 35,382,913 | 29,547,365 | 29,525,025 | |||
[1] | Operating expenses included $2,753, $4,622 and $1,542 in 2012, 2011 and 2010, respectively, from related parties. |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' |
Operating expenses from related parties | $2,753 | $4,622 | $1,542 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ' | ' | ' |
Net income (loss) | ($62,764) | ($18,235) | ($4,920) |
Other comprehensive income (loss): | ' | ' | ' |
Reclassification of net derivative gains to revenues | 0 | 0 | -6,193 |
Reclassification of net derivative gains to loss (gains) on derivatives, net | 0 | 0 | -10,710 |
Reclassification of net foreign currency derivative gains to depreciation and amortization | -8 | -8 | -9 |
Reclassification of net derivative losses on cash flow hedges to financial expense | 889 | 1,129 | 401 |
Derivative (losses) gains on cash flow hedges | -1,441 | -2,588 | 376 |
Other comprehensive income (loss), before tax | -560 | -1,467 | -16,135 |
Income tax expense | 0 | 0 | 0 |
Other Comprehensive income (loss), net of tax | -560 | -1,467 | -16,135 |
Comprehensive income (loss) | -63,324 | -19,702 | -21,055 |
Comprehensive income attributable to noncontrolling interest | 874 | 543 | 451 |
Comprehensive income (loss) attributable to Ultrapetrol (Bahamas) Limited | ($64,198) | ($20,245) | ($21,506) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Common stock [Member] | Additional paid-in capital [Member] | Treasury stock [Member] | Retained earnings (deficit) [Member] | Accumulated other comprehensive income (loss) [Member] | Noncontrolling interest [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2009 | $338 | $269,958 | ($19,488) | $17,357 | $15,538 | $4,880 | $288,583 |
Balance (in shares) at Dec. 31, 2009 | 29,943,653 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Compensation related to restricted stock granted | 0 | 1,266 | 0 | 0 | 0 | 0 | 1,266 |
Compensation related to restricted stock granted (in shares) | 0 | ' | ' | ' | ' | ' | ' |
Other comprehensive loss | 0 | 0 | 0 | 0 | -16,135 | 0 | -16,135 |
Net loss | 0 | 0 | 0 | -5,371 | 0 | 451 | -4,920 |
Balance at Dec. 31, 2010 | 338 | 271,224 | -19,488 | 11,986 | -597 | 5,331 | 268,794 |
Balance (in shares) at Dec. 31, 2010 | 29,943,653 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Compensation related to restricted stock granted | 1 | 1,078 | 0 | 0 | 0 | 0 | 1,079 |
Compensation related to restricted stock granted (in shares) | 67,975 | ' | ' | ' | ' | ' | ' |
Other comprehensive loss | 0 | 0 | 0 | 0 | -1,440 | -27 | -1,467 |
Net loss | 0 | 0 | 0 | -18,805 | 0 | 570 | -18,235 |
Balance at Dec. 31, 2011 | 339 | 272,302 | -19,488 | -6,819 | -2,037 | 5,874 | 250,171 |
Balance (in shares) at Dec. 31, 2011 | 30,011,628 | ' | ' | ' | ' | ' | 30,011,628 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Compensation related to restricted stock granted | 0 | 580 | 0 | 0 | 0 | 0 | 580 |
Other comprehensive loss | 0 | 0 | 0 | 0 | -201 | -5 | -206 |
Net loss | 0 | 0 | 0 | -19,217 | 0 | 445 | -18,772 |
Balance at Jun. 30, 2012 | 339 | 272,882 | -19,488 | -26,036 | -2,238 | 6,314 | 231,773 |
Balance (in shares) at Jun. 30, 2012 | 30,011,628 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 339 | 272,302 | -19,488 | -6,819 | -2,037 | 5,874 | 250,171 |
Balance (in shares) at Dec. 31, 2011 | 30,011,628 | ' | ' | ' | ' | ' | 30,011,628 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Compensation related to restricted stock granted | 4 | 526 | 0 | 0 | 0 | 0 | 530 |
Compensation related to restricted stock granted (in shares) | 407,859 | ' | ' | ' | ' | ' | ' |
Other comprehensive loss | 0 | 0 | 0 | 0 | -541 | -19 | -560 |
Issuance of common stock | 1,100 | 218,900 | 0 | 0 | 0 | 0 | 220,000 |
Issuance of common stock (in shares) | 110,000,000 | ' | ' | ' | ' | ' | ' |
Fees and Issuance expenses | 0 | -878 | 0 | 0 | 0 | 0 | -878 |
Net loss | 0 | 0 | 0 | -63,657 | 0 | 893 | -62,764 |
Balance at Dec. 31, 2012 | 1,443 | 490,850 | -19,488 | -70,476 | -2,578 | 6,748 | 406,499 |
Balance (in shares) at Dec. 31, 2012 | 140,419,487 | ' | ' | ' | ' | ' | 140,419,487 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Compensation related to restricted stock granted | 0 | 131 | 0 | 0 | 0 | 0 | 131 |
Compensation related to restricted stock granted (in shares) | 0 | ' | ' | ' | ' | ' | ' |
Other comprehensive loss | 0 | 0 | 0 | 0 | 1,050 | 34 | 1,084 |
Net loss | 0 | 0 | 0 | 7,632 | 0 | 553 | 8,185 |
Balance at Jun. 30, 2013 | $1,443 | $490,981 | ($19,488) | ($62,844) | ($1,528) | $7,335 | $415,899 |
Balance (in shares) at Jun. 30, 2013 | 140,419,487 | ' | ' | ' | ' | ' | 140,419,487 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' | |||
Net income (loss) | ($62,764) | ($18,235) | ($4,920) | |||
Adjustments to reconcile net loss to total cash flows (used in) provided by operating activities: | ' | ' | ' | |||
Loss from discontinued operations | 0 | 0 | 515 | |||
Depreciation of vessels and equipment | 38,914 | 34,891 | 29,880 | |||
Amortization of dry docking | 4,763 | 4,078 | 4,186 | |||
Expenditure for dry docking | -5,978 | -3,478 | -8,204 | |||
(Loss) gains on derivatives, net | 0 | 16 | -10,474 | |||
Debt issuance expense amortization | 2,217 | 2,323 | 1,340 | |||
Financial loss on extinguishment of debt | 940 | 0 | 0 | |||
Amortization of intangible assets | 175 | 175 | 305 | |||
(Gain) on sale of vessels | -3,564 | 0 | -724 | |||
Net losses from investments in affiliates | 1,175 | 1,073 | 341 | |||
Allowance for doubtful accounts | 1,266 | 598 | 359 | |||
Loss on write-down of vessels | 16,000 | [1] | 0 | [1] | 0 | [1] |
Share - based compensation | 530 | 1,079 | 1,266 | |||
(Increase) decrease in assets: | ' | ' | ' | |||
Accounts receivable | -6,760 | -6,916 | -8,632 | |||
Other receivables, operating supplies and inventories and prepaid expenses | -13,599 | -12,302 | -2,827 | |||
Other | 3,109 | -2,261 | 1,369 | |||
Increase (decrease) in liabilities: | ' | ' | ' | |||
Accounts payable and customer advances | 18,515 | 10,324 | 10,661 | |||
Other payables | 1,126 | 3,407 | 6,403 | |||
Net cash (used in) provided by operating activities from continuing operations | -3,935 | 14,772 | 20,844 | |||
Net cash (used in) operating activities from discontinued operations | 0 | -15 | -1,950 | |||
Net cash flows (used in) provided by operating activities | -3,935 | 14,757 | 18,894 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | |||
Purchase of vessels and equipment ($10,904 in 2012 for barges built, sold and leased-back) | -50,920 | -97,863 | -105,247 | |||
Proceeds from disposals of vessels, net ($13,020 in 2012 for barges sold and leased-back) | 16,870 | 0 | 36,584 | |||
Other investing activities, net | 1,537 | 0 | 12,574 | |||
Net cash (used in) investing activities from continuing operations | -32,513 | -97,863 | -56,089 | |||
Net cash provided by investing activities from discontinued operations | 0 | 0 | 1,950 | |||
Net cash (used) in investing activities | -32,513 | -97,863 | -54,139 | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | |||
Scheduled repayments of long-term financial debt | -20,930 | -13,286 | -11,292 | |||
Early repayment of long-term financial debt | -23,911 | 0 | 0 | |||
Short-term credit facility borrowings | 8,275 | 10,500 | 0 | |||
Short-term credit facility repayments | 0 | -25,500 | 0 | |||
Proceeds from issuance of common stock, net of expenses | 219,122 | 0 | 0 | |||
Proceeds from long-term financial debt | 41,125 | 41,900 | 25,000 | |||
Proceeds from issuance of 7.25% Senior Convertible Notes, net of issuance costs | 0 | 0 | 76,095 | |||
Other financing activities, net | 886 | -1,982 | -2,189 | |||
Net cash (used in) provided by financing activities | 224,567 | 11,632 | 87,614 | |||
Net increase (decrease) in cash and cash equivalents | 188,119 | -71,474 | 52,369 | |||
Cash and cash equivalents at the beginning of year | 34,096 | 105,570 | 53,201 | |||
Cash and cash equivalents at the end of year | $222,215 | $34,096 | $105,570 | |||
[1] | Operating expenses included $2,753, $4,622 and $1,542 in 2012, 2011 and 2010, respectively, from related parties. |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract] | ' | ' | ' | ' |
Purchases of barges built, sold and leased-back | $10,904 | ' | ' | ' |
Proceeds from sale of barges sold and leased-back | 13,020 | ' | ' | ' |
Cash and cash equivalents, discontinued operations | $289 | $289 | $304 | $304 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
In Thousands, unless otherwise specified | |||||||
CURRENT ASSETS | ' | ' | ' | ' | ' | ' | |
Cash and cash equivalents | $131,315 | $222,215 | $18,127 | $34,096 | $105,570 | $53,201 | |
Restricted cash to redeem 2014 Senior Notes (Note 3) | 182,115 | 0 | ' | ' | ' | ' | |
Restricted cash | 8,903 | 5,968 | ' | 6,819 | ' | ' | |
Accounts receivable, net of allowance for doubtful accounts of $2,321 and $1,916 in 2013 and 2012, respectively | 46,954 | 36,487 | ' | 30,993 | ' | ' | |
Operating supplies and inventories | 18,039 | 13,638 | ' | 4,520 | ' | ' | |
Prepaid expenses | 6,807 | 5,973 | ' | 3,212 | ' | ' | |
Other receivables | 26,575 | 22,532 | ' | 26,392 | ' | ' | |
Other current assets | 0 | 177 | ' | 101 | ' | ' | |
Total current assets | 420,708 | 306,990 | ' | 106,133 | ' | ' | |
NONCURRENT ASSETS | ' | ' | ' | ' | ' | ' | |
Other receivables | 23,026 | 22,758 | ' | 15,370 | ' | ' | |
Restricted cash | 1,466 | 1,464 | ' | 1,483 | ' | ' | |
Vessels and equipment, net | 641,109 | 647,519 | ' | 671,445 | ' | ' | |
Dry dock | 6,056 | 4,238 | ' | 5,088 | ' | ' | |
Investments in and receivables from affiliates | 4,305 | 4,282 | ' | 6,851 | 6,824 | ' | |
Intangible assets | 713 | 801 | ' | 976 | ' | ' | |
Goodwill | 5,015 | 5,015 | ' | 5,015 | ' | ' | |
Other assets | 14,847 | 10,214 | ' | 12,573 | ' | ' | |
Deferred income tax assets | 4,960 | 7,037 | ' | 5,353 | ' | ' | |
Total noncurrent assets | 701,497 | 703,328 | ' | 724,154 | ' | ' | |
Total assets | 1,122,205 | 1,010,318 | ' | 830,287 | ' | ' | |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' | |
Accounts payable | 31,826 | 32,450 | ' | 32,824 | ' | ' | |
Customer advances | 16,473 | 15,175 | ' | 19 | ' | ' | |
Payable to related parties | 1,918 | 3,761 | ' | 1,158 | ' | ' | |
Accrued interest | 1,703 | 4,858 | ' | 4,769 | ' | ' | |
2014 Senior Notes and accrued interest (Note 3) | 181,620 | 0 | ' | 0 | ' | ' | |
Current portion of long-term financial debt | 28,704 | [1] | 49,031 | ' | 21,504 | ' | ' |
2017 Senior Convertible Notes (Note 3) | 0 | 80,000 | ' | 0 | ' | ' | |
Other current liabilities | 14,036 | 13,470 | ' | 13,614 | ' | ' | |
Total current liabilities | 276,280 | 198,745 | ' | 73,888 | ' | ' | |
NONCURRENT LIABILITIES | ' | ' | ' | ' | ' | ' | |
Long-term financial debt | 412,941 | 388,521 | ' | 491,489 | ' | ' | |
Deferred income tax liabilities | 12,217 | 12,441 | ' | 12,951 | ' | ' | |
Other liabilities | 1,084 | 2,026 | ' | 1,788 | ' | ' | |
Deferred gain | 3,784 | 2,086 | ' | 0 | ' | ' | |
Total noncurrent liabilities | 430,026 | 405,074 | ' | 506,228 | ' | ' | |
Total liabilities | 706,306 | 603,819 | ' | 580,116 | ' | ' | |
EQUITY | ' | ' | ' | ' | ' | ' | |
Common stock, $0.01 par value: 250,000,000 authorized shares; 140,419,487 shares outstanding in 2013 and 2012 | 1,443 | 1,443 | ' | 339 | ' | ' | |
Additional paid-in capital | 490,981 | 490,850 | ' | 272,302 | ' | ' | |
Treasury stock: 3,923,094 shares at cost | -19,488 | -19,488 | ' | -19,488 | ' | ' | |
Accumulated deficit | -62,844 | -70,476 | ' | -6,819 | ' | ' | |
Accumulated other comprehensive income (loss) | -1,528 | -2,578 | ' | -2,037 | ' | ' | |
Total Ultrapetrol (Bahamas) Limited stockholders' equity | 408,564 | 399,751 | ' | 244,297 | ' | ' | |
Noncontrolling interest | 7,335 | 6,748 | ' | 5,874 | ' | ' | |
Total equity | 415,899 | 406,499 | 231,773 | 250,171 | 268,794 | 288,583 | |
Total liabilities and equity | $1,122,205 | $1,010,318 | ' | $830,287 | ' | ' | |
[1] | Excludes the 2014 Senior Notes which were disclosed as current liabilities in the unaudited condensed consolidated balance sheet under the caption "2014 Senior Notes and accrued interest". See Note 3.a). |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | |||
CURRENT ASSETS | ' | ' | ' |
Accounts receivable, allowance for doubtful accounts | $2,321 | $1,916 | $841 |
EQUITY | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, shares outstanding (in shares) | 140,419,487 | 140,419,487 | 30,011,628 |
Treasury stock, shares (in shares) | 3,923,094 | 3,923,094 | 3,923,094 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' |
REVENUES | $199,676 | $144,035 |
OPERATING EXPENSES | ' | ' |
Voyage and manufacturing expenses | -75,414 | -56,505 |
Running costs | -67,620 | -58,485 |
Depreciation and amortization | -20,523 | -21,051 |
Administrative and commercial expenses | -18,323 | -15,437 |
Other operating income, net | 1,407 | 6,748 |
Operating expenses | -180,473 | -144,730 |
Operating profit (loss) | 19,203 | -695 |
OTHER INCOME (EXPENSES) | ' | ' |
Financial expense | -16,230 | -18,117 |
Financial loss on extinguishment of debt | -3,785 | 0 |
Foreign currency exchange gains (losses), net | 11,445 | -2,123 |
Financial income | 87 | 80 |
Loss on derivatives, net | -211 | 0 |
Investments in affiliates | -319 | -666 |
Other, net | 18 | -391 |
Total other income (expenses) | -8,995 | -21,217 |
Income (loss) before income taxes | 10,208 | -21,912 |
Income tax (expenses) benefit | -2,023 | 3,140 |
Net income (loss) | 8,185 | -18,772 |
Net income attributable to noncontrolling interest | 553 | 445 |
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $7,632 | ($19,217) |
INCOME (LOSS) PER SHARE OF ULTRAPETROL (BAHAMAS) LIMITED - BASIC AND DILUTED (in dollars per share) | $0.05 | ($0.65) |
Basic weighted average number of shares (in shares) | 140,092,934 | 29,568,622 |
Diluted weighted average number of shares (in shares) | 140,275,792 | 29,568,622 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ' | ' | ' | ' | ' |
Net income (loss) | $8,185 | ($18,772) | ($62,764) | ($18,235) | ($4,920) |
Other comprehensive income (loss): | ' | ' | ' | ' | ' |
Reclassification of net derivative loss to loss on derivatives, net | 216 | 0 | 0 | 0 | -10,710 |
Reclassification of net foreign currency derivative gains to depreciation and amortization | -5 | -4 | -8 | -8 | -9 |
Reclassification of net derivative losses on cash flow hedges to interest expense | 525 | 440 | 889 | 1,129 | 401 |
Derivative income (losses) on cash flow hedges | 348 | -642 | -1,441 | -2,588 | 376 |
Other comprehensive income (loss), before tax | 1,084 | -206 | -560 | -1,467 | -16,135 |
Income tax expense | 0 | 0 | 0 | 0 | 0 |
Other Comprehensive income (loss), net of tax | 1,084 | -206 | -560 | -1,467 | -16,135 |
Comprehensive income (loss) | 9,269 | -18,978 | -63,324 | -19,702 | -21,055 |
Comprehensive income attributable to noncontrolling interest | 587 | 440 | 874 | 543 | 451 |
Comprehensive income (loss) attributable to Ultrapetrol (Bahamas) Limited | $8,682 | ($19,418) | ($64,198) | ($20,245) | ($21,506) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (USD $) | Common stock [Member] | Additional paid-in capital [Member] | Treasury stock [Member] | Accumulated deficit [Member] | Accumulated other comprehensive income (loss) [Member] | Noncontrolling interest [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2009 | $338 | $269,958 | ($19,488) | $17,357 | $15,538 | $4,880 | $288,583 |
Balance (in shares) at Dec. 31, 2009 | 29,943,653 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Compensation related to restricted stock granted | 0 | 1,266 | 0 | 0 | 0 | 0 | 1,266 |
Compensation related to restricted stock granted (in shares) | 0 | ' | ' | ' | ' | ' | ' |
Net income (loss) | 0 | 0 | 0 | -5,371 | 0 | 451 | -4,920 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | -16,135 | 0 | -16,135 |
Balance at Dec. 31, 2010 | 338 | 271,224 | -19,488 | 11,986 | -597 | 5,331 | 268,794 |
Balance (in shares) at Dec. 31, 2010 | 29,943,653 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Compensation related to restricted stock granted | 1 | 1,078 | 0 | 0 | 0 | 0 | 1,079 |
Compensation related to restricted stock granted (in shares) | 67,975 | ' | ' | ' | ' | ' | ' |
Net income (loss) | 0 | 0 | 0 | -18,805 | 0 | 570 | -18,235 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | -1,440 | -27 | -1,467 |
Balance at Dec. 31, 2011 | 339 | 272,302 | -19,488 | -6,819 | -2,037 | 5,874 | 250,171 |
Balance (in shares) at Dec. 31, 2011 | 30,011,628 | ' | ' | ' | ' | ' | 30,011,628 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Compensation related to restricted stock granted | 0 | 580 | 0 | 0 | 0 | 0 | 580 |
Net income (loss) | 0 | 0 | 0 | -19,217 | 0 | 445 | -18,772 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | -201 | -5 | -206 |
Balance at Jun. 30, 2012 | 339 | 272,882 | -19,488 | -26,036 | -2,238 | 6,314 | 231,773 |
Balance (in shares) at Jun. 30, 2012 | 30,011,628 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 339 | 272,302 | -19,488 | -6,819 | -2,037 | 5,874 | 250,171 |
Balance (in shares) at Dec. 31, 2011 | 30,011,628 | ' | ' | ' | ' | ' | 30,011,628 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Compensation related to restricted stock granted | 4 | 526 | 0 | 0 | 0 | 0 | 530 |
Compensation related to restricted stock granted (in shares) | 407,859 | ' | ' | ' | ' | ' | ' |
Net income (loss) | 0 | 0 | 0 | -63,657 | 0 | 893 | -62,764 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | -541 | -19 | -560 |
Balance at Dec. 31, 2012 | 1,443 | 490,850 | -19,488 | -70,476 | -2,578 | 6,748 | 406,499 |
Balance (in shares) at Dec. 31, 2012 | 140,419,487 | ' | ' | ' | ' | ' | 140,419,487 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Compensation related to restricted stock granted | 0 | 131 | 0 | 0 | 0 | 0 | 131 |
Compensation related to restricted stock granted (in shares) | 0 | ' | ' | ' | ' | ' | ' |
Net income (loss) | 0 | 0 | 0 | 7,632 | 0 | 553 | 8,185 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 1,050 | 34 | 1,084 |
Balance at Jun. 30, 2013 | $1,443 | $490,981 | ($19,488) | ($62,844) | ($1,528) | $7,335 | $415,899 |
Balance (in shares) at Jun. 30, 2013 | 140,419,487 | ' | ' | ' | ' | ' | 140,419,487 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income (loss) | $8,185 | ($18,772) |
Adjustments to reconcile net income (loss) to total cash flows provided by (used in) operating activities: | ' | ' |
Depreciation of vessels and equipment | 19,067 | 18,974 |
Amortization of dry docking | 1,368 | 1,989 |
Expenditure for dry docking | -3,186 | -3,909 |
Debt issuance expense amortization | 1,375 | 1,491 |
Financial loss on extinguishment of debt | 3,785 | 0 |
Net losses from investments in affiliates | 319 | 666 |
Allowance for doubtful accounts | 958 | 0 |
Share - based compensation | 131 | 580 |
Gain on sale of assets | 0 | -3,557 |
Other | 304 | 144 |
(Increase) decrease in assets: | ' | ' |
Accounts receivable | -11,425 | -10,884 |
Other receivables, operating supplies and inventories and prepaid expenses | -7,273 | -2,926 |
Other | 77 | -991 |
Increase (decrease) in liabilities: | ' | ' |
Accounts payable | -497 | 7,175 |
Customer advances | 1,298 | 8,736 |
Other payables | -3,312 | -2,013 |
Net cash flows (used in) provided by operating activities | 11,174 | -3,297 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchase of vessels and equipment ($7,521 in 2013 for barges built, sold and leased-back) | -20,503 | -27,339 |
Proceeds from disposal of assets, net ($9,300 in 2013 for barges sold and leased-back) | 9,300 | 5,562 |
Other investing activities | 0 | -175 |
Net cash (used) in investing activities | -11,203 | -21,952 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Scheduled repayments of long-term financial debt | -17,832 | -10,321 |
Early repayment of long-term financial debt | -31,200 | -1,849 |
Prepayment of 2017 Senior Convertible Notes | -80,000 | 0 |
Short-term credit facility repayments | -8,275 | 0 |
Proceeds from 2021 Senior Notes, net of issuance costs | 192,618 | 0 |
Increase in restricted cash to redeem 2014 Senior Notes | -182,115 | 0 |
Proceeds from long-term financial debt | 41,400 | 18,550 |
Other financing activities, net | -5,467 | 2,900 |
Net cash (used in) provided by financing activities | -90,871 | 9,280 |
Net increase (decrease) in cash and cash equivalents | -90,900 | -15,969 |
Cash and cash equivalents at the beginning of year | 222,215 | 34,096 |
Cash and cash equivalents at the end of year | $131,315 | $18,127 |
NATURE_OF_OPERATIONS_AND_CORPO
NATURE OF OPERATIONS AND CORPORATE ORGANIZATION - 10Q | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2012 | |||
NATURE OF OPERATIONS AND CORPORATE ORGANIZATION [Abstract] | ' | ' | ||
NATURE OF OPERATIONS AND CORPORATE ORGANIZATION | ' | ' | ||
1 | NATURE OF OPERATIONS AND CORPORATE ORGANIZATION | 1.  | NATURE OF OPERATIONS AND CORPORATE ORGANIZATION | |
Nature of operations | Nature of operations | |||
Ultrapetrol (Bahamas) Limited ("Ultrapetrol Bahamas", "Ultrapetrol", "the Company", "us" or "we") is a company organized and registered as a Bahamas Corporation since December 1997. | Ultrapetrol (Bahamas) Limited ("Ultrapetrol Bahamas", "Ultrapetrol", "the Company", "us" or "we") is a company organized and registered as a Bahamas Corporation since December 1997. | |||
We are a shipping transportation company serving the marine transportation needs of our clients in the markets on which we focus. We serve the shipping markets for containers, grain soybean, forest products, minerals, crude oil, petroleum, and refined petroleum products, as well as the offshore oil platform supply market, through our operations in the following three segments of the marine transportation industry. In our River Business we are an owner and operator of river barges and push boats in the Hidrovia region of South America, a region of navigable waters on the Parana, Paraguay and Uruguay Rivers and part of the River Plate, which flow through Brazil, Bolivia, Uruguay, Paraguay and Argentina. The Company also has a shipyard that should promote organic growth and from time to time make external sales. In our Offshore Supply Business we own and operate vessels that provide logistical and transportation services for offshore petroleum exploration and production companies, in the coastal waters of Brazil and the North Sea. In our Ocean Business, we are an owner and operator of oceangoing vessels that transport petroleum products and a container line service in the Argentine cabotage trade. | We are a shipping transportation company serving the marine transportation needs of our clients in the markets on which we focus.  We serve the shipping markets for containers, grain soybean, forest products, minerals, crude oil, petroleum, and refined petroleum products, as well as the offshore oil platform supply market, through our operations in the following three segments of the marine transportation industry.  In our River Business we are an owner and operator of river barges and push boats in the Hidrovia region of South America, a region of navigable waters on the Parana, Paraguay and Uruguay Rivers and part of the River Plate, which flow through Brazil, Bolivia, Uruguay, Paraguay and Argentina. The Company also has a shipyard that should promote organic growth and from time to time make external sales. In our Offshore Supply Business we own and operate vessels that provide logistical and transportation services for offshore petroleum exploration and production companies, in the coastal waters of Brazil and the North Sea.  In our Ocean Business, we are an owner and operator of oceangoing vessels that transport petroleum products and a container line service in the Argentine cabotage trade. | |||
Issuance of common stock | ||||
On December 12, 2012, we entered into an investment agreement with Sparrow Capital Investments, Ltd, or Sparrow, a subsidiary of Southern Cross Latin America Private Equity Fund III, L.P. and Southern Cross Latin America Private Equity Fund IV, L.P., or Southern Cross, pursuant to which we sold 110,000,000 shares of newly issued common stock to Sparrow at a purchase price of $2.00 per share, or the Sparrow Investment and received net proceeds of $219,122.  Concurrently, Sparrow designated Sparrow CI Sub Ltd. to receive 16,060,000 shares of common stock of Ultrapetrol.  In connection with the investment agreement, the Company (1) made certain amendments to its Articles and Memorandum of Association at the time of closing, and (2) entered into a registration rights agreement for the shares purchased by Sparrow and shares currently owned by Inversiones Los Avellanos S.A. ("Los Avellanos") and Hazels (Bahamas) Investments Inc. ("Hazels"), two existing shareholders of the Company. | ||||
In addition, in connection with the Sparrow Investment, Sparrow entered into a Shareholders' Agreement with Los Avellanos and Hazels (the "Shareholders' Agreement") regarding, among other things, the governance of the Company and the transfer of shares of common stock held by the parties, and which includes the following provisions: | ||||
-  | For an initial period of six months after December 12, 2012, subject to extension or termination at discretion of Sparrow, at any time, Los Avellanos and Hazels have together the right to appoint four directors to the Company's board of Directors, and Sparrow has the right to appoint two directors to the Company's board of Directors. | |||
-Â Â | Subsequent to the termination of this initial period, Los Avellanos and Hazels will together have the right to appoint two directors to the Company's board of Directors, and Sparrow will have the right to appoint four directors to the Company's board of Directors. | |||
-Â Â | A seventh, independent director is jointly agreed by the parties. | |||
-Â Â | The Shareholders' Agreement includes corporate governance provisions that require six directors to approve certain actions by the Company. | |||
-Â Â | Los Avellanos and Hazels agree to vote their shares of common stock in the same manner as Sparrow, except for any matter that requires, but does not obtain, the approval of six directors of the Company, as required by the Shareholders' Agreement. | |||
-Â Â | Los Avellanos and Hazels on the one hand and Sparrow on the other hand have a right of first offer on the shares of common stock held by the other party along with customary "tag-along" rights. Sparrow also has certain "drag-along" rights with respect to the shares of common stock held by Los Avellanos and Hazels. These drag-along rights take effect beginning four years after the closing date and only if Sparrow fails to achieve certain investment returns. | |||
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES - 10Q | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ' | ||||||||||||||||||||
2 | SIGNIFICANT ACCOUNTING POLICIES | 2.  | SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||
a) | Basis of presentation and principles of consolidation | a)Â Â | Basis of presentation and principles of consolidation | |||||||||||||||||||
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for interim financial information. The consolidated balance sheet at December 31, 2012, has been derived from the audited financial statement at that date. The unaudited condensed consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements. All adjustments which, in the opinion of the management of the Company, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal, recurring nature and have been reflected in the unaudited condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full fiscal year or for any future period. | The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). | |||||||||||||||||||||
These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company's Annual Report on Form 20-F for the year ended December 31, 2012. | The consolidated financial statements include the accounts of the Company and its subsidiaries, both majority and wholly owned. Significant intercompany accounts and transactions have been eliminated in this consolidation.  Investments in 50% or less owned affiliates, in which the Company exercises significant influence, are accounted for by the equity method. | |||||||||||||||||||||
b)Â Â | Estimates | |||||||||||||||||||||
The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries, both majority and wholly owned. Significant intercompany accounts and transactions have been eliminated in this consolidation. Investments in 50% or less owned affiliates, in which the Company exercises significant influence, are accounted for by the equity method. | ||||||||||||||||||||||
The Company uses the U.S. dollar as its functional currency. Receivables and payables denominated in foreign currencies are translated into U.S. dollars at the rate of exchange at the balance sheet date, while revenues and expenses are translated using the average exchange rate for each month. Certain subsidiaries enter into transactions denominated in currencies other than their functional currency. Changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in the unaudited condensed consolidated statement of operations in the period in which the currency exchange rate changes. | The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the years.  Significant estimates have been made by management, including the allowance for doubtful accounts, insurance claims receivable, useful lives and valuation of vessels, hedge accounting, recoverability of tangible and intangible assets and certain accrued liabilities.  Actual results may differ from those estimates. | |||||||||||||||||||||
c)Â Â | Revenues and related expenses | |||||||||||||||||||||
During the six-month period ended June 30, 2013, the Company performed through its subsidiaries several transactions at different exchanges rates between local currencies and U.S. dollars. Pursuant to ASC 830, these transactions when measured at the particular applicable exchange rate at which they were settled result in foreign currency exchange gains amounting to $15,200 in the unaudited condensed consolidated statement of operations for the six-month period ended June 30, 2013. | ||||||||||||||||||||||
b) | Income (Loss) per share attributable to Ultrapetrol (Bahamas) Limited | Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, prices are fixed or determinable and collection is reasonably assured. | ||||||||||||||||||||
Basic income (loss) per share attributable to Ultrapetrol (Bahamas) Limited is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the relevant periods net of shares held in treasury. Diluted income (loss) per share attributable to Ultrapetrol (Bahamas) Limited reflects the potential dilution that could occur if securities or other contracts to issue common shares result in the issuance of such shares. In determining dilutive shares for this purpose the Company assumes, through the application of the treasury stock and if-converted methods, all restricted stock grants have vested, all common shares have been issued pursuant to the exercise of all outstanding stock options and all common shares have been issued pursuant to the conversion of all outstanding convertible notes. | The primary source of the Company's revenue, freight transportation by river barges, ocean-going vessels or PSVs, is recognized based on time charters, bareboat charters, consecutive voyage charters or affreightment / voyage contracts. | |||||||||||||||||||||
For the six-month period ended June 30, 2012, the Company had a net loss and therefore the effect of potentially dilutive securities was antidilutive. | Revenue from time charters and bareboat charters is earned and recognized on a daily basis.  Revenue from affreightment / voyage contracts and consecutive voyage charters is recognized based upon the percentage of voyage completion.  In our River Business, a voyage is deemed to commence upon the departure of the discharged barge of the previous voyage and is deemed to end upon the completion of discharge of the current voyage.  The percentage of voyage completion is based on the miles transited at the balance sheet date divided by the total miles expected for the voyage.  The position of the barge at the balance sheet date is determined by locating the position of the pushboat with the barge in tow through the use of a global positioning system ("GPS"). | |||||||||||||||||||||
The following outstanding equity awards are not included in the diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited calculation because they would have had an antidilutive effect: | The Company does not begin recognizing revenue if the charter agreement has not been entered into with the customer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. | |||||||||||||||||||||
For the six month periods | Demurrage income represents charges made to the charterer when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned. | |||||||||||||||||||||
ended June 30, (unaudited) | ||||||||||||||||||||||
2013 | 2012 | The recognition of revenue due to shortfalls on take or pay contracts occurs at the end of each declaration period. A declaration period is defined as the time period in which the contract volume obligation was to be met. If the volume was not met during that time period, then the amount of billable revenue resulting from the failure to perform will be calculated and recognized as it is billed. | ||||||||||||||||||||
Stock options | 348,750 | 348,750 | Vessel voyage costs, primarily consisting of port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements.  The commissions paid in advance are deferred and amortized over the related voyage charter period to the extent commissions are earned as the Company's revenues are earned.  Bunker expenses are capitalized when acquired as operating supplies and subsequently charged to voyage expenses as consumed.  All other voyage expenses and other vessel operating expenses are expensed as incurred. | |||||||||||||||||||
Restricted stock | - | 680,000 | ||||||||||||||||||||
Convertible debt | - | 13,051,000 | From time to time we provide ship salvage services under Lloyd's Standard Form of Salvage Agreement ("LOF"). The Company recognizes costs as incurred on these LOF services.  Revenue is recorded at the time the LOF settlement or arbitration award occurs.  In those cases where a minimum salvage remuneration is guaranteed or determined by contract then such minimum amount is recognized in revenue when services are rendered. | |||||||||||||||||||
Total | 348,750 | 14,079,750 | ||||||||||||||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited: | In its River Business the Company uses the completed contract method for river barges built which typically have construction periods of 30 days or less. Contracts are considered complete when title has passed, the customer has technically accepted the river barges and the Company does not retain risks or rewards of ownership of the river barges. Losses are accrued if manufacturing costs are expected to exceed manufacturing contract revenue. | |||||||||||||||||||||
For the six month periods | Manufacturing expenses are primarily comprised of steel cost, which is the largest component of our raw materials, and the cost of labor. | |||||||||||||||||||||
ended June 30, (unaudited) | ||||||||||||||||||||||
2013 | 2012 | The Company accounts for multiple element arrangements, in accordance with ASC 605-25.  For such transactions, revenue on arrangements that include multiple elements is allocated to each element based on the relative fair value of each element, and fair value is determined by vendor-specific objective evidence of fair value (VSOE). | ||||||||||||||||||||
d)Â Â | Foreign currency translation | |||||||||||||||||||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $ | 7,632 | $ | (19,217 | ) | |||||||||||||||||
The Company uses the US dollar as its functional currency.  Receivables and payables denominated in foreign currencies are translated into US dollars at the rate of exchange at the balance sheet date, while revenues and expenses are translated using the average exchange rate for each month. | ||||||||||||||||||||||
Basic weighted average number of shares | 140,092,934 | 29,568,622 | ||||||||||||||||||||
Effect on dilutive shares-- Options and restricted stock | 182,858 | - | Certain subsidiaries enter into transactions denominated in currencies other than their functional currency.  Changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in the consolidated statements of operations in the period in which the currency exchange rate changes. | |||||||||||||||||||
e)Â Â | Cash and cash equivalents | |||||||||||||||||||||
Diluted weighted average number of shares | 140,275,792 | 29,568,622 | ||||||||||||||||||||
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.  Cash equivalents consist of money market instruments and interest-bearing deposits.  The credit risk associated with cash and cash equivalents is considered to be low due to the high credit quality of the financial institutions with which the Company operates. | ||||||||||||||||||||||
Basic and diluted income (loss) per share attributable to Ultrapetrol (Bahamas) Limited | $ | 0.05 | $ | (0.65 | ) | f)Â Â | Restricted cash | |||||||||||||||
c) | Comprehensive income (loss) | Certain of the Company's loan agreements require the Company to fund:Â Â (a) a loan retention account equivalent to the next loan installment (depending on the frequency of the repayment elected by the Company, i.e. quarterly or semi annually) plus interest which is used to fund the loan installments coming due, (b) a drydocking account which is restricted for use and can only be used for the purpose of paying for drydocking or special survey expenses and (c) cash deposits required as collateral with certain banks under the Company's borrowing arrangements. | ||||||||||||||||||||
g)Â Â | Accounts receivable | |||||||||||||||||||||
The components of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets were as follows: | ||||||||||||||||||||||
Most of the Company's accounts receivable are due from international oil companies, international grainhouses, traders and mining companies.  The Company performs ongoing credit evaluations of its trade customers and generally does not require collateral. The Company routinely reviews its accounts receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Trade receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. | ||||||||||||||||||||||
At June | At December | |||||||||||||||||||||
30, 2013 | 31, 2012 | Accounts receivable from one customer of Ultrapetrol Ocean and Offshore Supply Business accounted for 27% of total consolidated accounts receivable as of December 31, 2012. | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Accounts receivable from one customer of Ultrapetrol Ocean and Offshore Supply Business accounted for 24% and one customer of Ultrapetrol River Business accounted for 17% of total consolidated accounts receivable as of December 31, 2011. | ||||||||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,482 | ) | $ | (1,958 | ) | ||||||||||||||||
Unrealized net losses on interest rate swap | (190 | ) | (803 | ) | Changes in the allowance for doubtful accounts for the three years ended December 31, 2012, were as follow: | |||||||||||||||||
Unrealized net gains on EURO hedge | 132 | 137 | ||||||||||||||||||||
Accumulated other comprehensive income (loss) | (1,540 | ) | (2,624 | ) | For the years ended December 31, | |||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Amounts attributable to noncontrolling interest | (12 | ) | (46 | ) | ||||||||||||||||||
Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (1,528 | ) | $ | (2,578 | ) | Balance at January 1 | $ | 841 | $ | 555 | $ | 411 | |||||||||
Provision | 1,559 | 598 | 377 | |||||||||||||||||||
Recovery | (293 | ) | - | (18 | ) | |||||||||||||||||
Amounts written off (1) | (191 | ) | (312 | ) | (215 | ) | ||||||||||||||||
Balance at December 31 | $ | 1,916 | $ | 841 | $ | 555 | ||||||||||||||||
(1)Â Â | Accounts charged to the allowance when collection efforts cease. | |||||||||||||||||||||
h)Â Â | Concentrations of credit risk | |||||||||||||||||||||
The Company is exposed to concentrations of credit risk associated with its cash and cash equivalents, restricted cash and derivative instruments. The Company minimizes its credit risk relating to these positions by monitoring the financial condition of the financial institutions and counterparties involved and by primarily conducting business with large, well-established financial institutions and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its significant counterparties. The Company is also exposed to concentrations of credit risk relating to its receivables due from customers in the industries in which operates. The Company does not generally require collateral or other security to support its outstanding receivables. The Company minimizes its credit risk relating to receivables by performing ongoing credit evaluations and, to date, credit losses have not been material. | ||||||||||||||||||||||
i)Â Â | Insurance claims receivable | |||||||||||||||||||||
Insurance claims receivable comprise claims submitted relating to hull and machinery (H&M), protection and indemnity (P&I), loss of hire (LOH) and strike insurance coverage.  They are recorded when the recovery of an insurance claim is probable.  Deductible amounts related to covered incidents are expensed in the period of occurrence of the incident.  The credit risk associated with insurance claims receivable is considered low due to the high credit quality and funded status of the insurance underwriters and P&I clubs in which the Company is either a client or a member.  Insurance claims receivable, included in other receivables in the accompanying balance sheets, amounts to $6,017 and $4,531 at December 31, 2012 and 2011, respectively. | ||||||||||||||||||||||
j)Â Â | Operating supplies and inventories | |||||||||||||||||||||
Operating supplies and inventories are carried at the lower of cost or market and consist of the following: | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
River barges in progress and raw material related to barge production for sale to third parties | $ | 10,019 | $ | - | ||||||||||||||||||
Fuel and supplies | 3,619 | 4,520 | ||||||||||||||||||||
$ | 13,638 | $ | 4,520 | |||||||||||||||||||
k)Â Â | Vessels and equipment, net | |||||||||||||||||||||
Vessels and equipment are stated at cost less accumulated depreciation.  This cost includes the purchase price and all directly attributable costs (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods).  Subsequent expenditures for conversions renewals or major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the safety of the vessels. | ||||||||||||||||||||||
New barges built for the River Business segment in our own shipyard in Punta Alvear, Argentina are capitalized at cost. | ||||||||||||||||||||||
Depreciation is computed net of the estimated scrap value which is equal to the product of each vessel's lightweight tonnage and estimated scrap value per lightweight ton and is recorded using the straight-line method over the estimated useful lives of the vessels.  Acquired secondhand vessels are depreciated from the date of their acquisition over the remaining estimated useful life. | ||||||||||||||||||||||
From time to time, the Company acquires vessels which have already exceeded the Company's useful life policy, in which case the Company depreciates such vessels based on its best estimate of such vessel's remaining useful life, typically until the next survey or certification date. | ||||||||||||||||||||||
Improvements to leased property are amortized over the shorter of their economic life or the respective lease term. | ||||||||||||||||||||||
The estimated useful life of each of the Company's major categories of assets is as follows: | ||||||||||||||||||||||
Useful life | ||||||||||||||||||||||
(in years) | ||||||||||||||||||||||
Ocean-going vessels | 24 to 27 | |||||||||||||||||||||
PSVs | 24 | |||||||||||||||||||||
River barges and push boats | 35 | |||||||||||||||||||||
Buildings | 20 to 30 | |||||||||||||||||||||
Furniture and equipment | 5 to 15 | |||||||||||||||||||||
However, when regulations place limitations over the ability of a vessel to trade, its useful life is adjusted to end at the date such regulations become effective. Currently, these regulations do not affect any of our vessels. | ||||||||||||||||||||||
At the time vessels are disposed of, the assets and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recorded in other operating income. | ||||||||||||||||||||||
Long-lived assets are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.  If the sum of the expected future undiscounted cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying value of the asset.  The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the Company determines undiscounted projected net operating cash flows for each vessel in the Ocean and Offshore Supply Business and as a fleet in the River Business and compares them to their carrying value. The cash flow period is based on the remaining lives of the vessels or the fleet, which range from 4 to 24 years.  The projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days. The Company estimates the daily time charter equivalent for the unfixed days based on the historical average for similar vessels and utilizing available market data for time charter and spot market rates and forward freight agreements over the remaining estimated life of the vessel, net of brokerage commissions, expected outflows for assets' maintenance and assets' operating expenses (including planned drydocking and special survey expenditures),  and fleet utilization ranging from 93% to 99%. The salvage value used in the impairment test is estimated in $405 (four hundred and five U.S. dollars) per light weight ton (LWT) in accordance with the Company's assets' depreciation policy. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. Charter rates may remain at depressed levels for some time which could adversely affect the Company's revenue and profitability, and future assessments of asset impairment. As a result of the impairment review, the Company determined that the carrying amounts of its assets were recoverable, and therefore, concluded that no impairment loss was necessary for 2010, 2011 and 2012, except for the charge described below. | ||||||||||||||||||||||
During the year ended December 31, 2012, the Company recorded an impairment charge totaling $16,000 to write down the carrying amount of its product tanker M/V Amadeo to its estimated fair value. The write down was as a consequence of the level of distress in the tanker market, and its high operational costs. | ||||||||||||||||||||||
l)Â Â | Dry dock costs | |||||||||||||||||||||
The Company's vessels must be periodically drydocked and pass inspections to maintain their operating classification, as mandated by maritime regulations.  Costs incurred to drydock a vessel / pushboat are deferred and amortized using the straight-line method over the period to the next drydock, generally 24 to 36 months.  Drydocking costs incurred are comprised of: painting the vessel's hull and sides, recoating cargo and fuel tanks, and performing other engine and equipment maintenance activities to bring the vessel into compliance with classification standards.  The unamortized portion of dry dock costs for vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel's sale. | ||||||||||||||||||||||
Expenditures for maintenance and minor repairs are expensed as incurred. | ||||||||||||||||||||||
m)Â Â | Investments in affiliates | |||||||||||||||||||||
These investments are accounted for by the equity method. At December 31, 2012 and 2011 and for each of the three years in the period ended December 31, 2012, this includes our interest in 50% of Obras Terminales y Servicios S.A. ("OTS S.A.") and in 49% of MarÃtima Sipsa S.A. | ||||||||||||||||||||||
At December 31, 2011 and for the years ended December 31, 2011 and 2010 it also includes our interest in 50% of Puertos del Sur S.A. As described in Note 4, during 2012 the Company purchased the other 50% of Puertos del Sur S.A. | ||||||||||||||||||||||
n)Â Â | Identifiable intangible assets | |||||||||||||||||||||
The Company's intangible assets arose as a result of the Ravenscroft acquisition in 2006, and consist principally of a safety management system which is being amortized over its useful life of eight years using the straight-line method. | ||||||||||||||||||||||
Accumulated amortization at December 31, 2012 and 2011 amounted to $1,181 and $1,006, respectively and amortization for the three years in the period ended December 31, 2012 amounted to $175, $175 and $305, respectively.  Amortization of intangible assets for the five years subsequent to December 31, 2012 is expected to be $175 in 2013 and $44 in 2014. | ||||||||||||||||||||||
o)Â Â | Goodwill | |||||||||||||||||||||
Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired.  The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests.  The Company's impairment review process compares the fair value of the reporting unit to its carrying value, including the goodwill related to the reporting unit.  To determine the fair value of the reporting unit, the Company uses a discounted future cash flow ("DCF") approach that uses estimates for revenue, costs and appropriate discount rates, among others.  These various estimates are reviewed each time the Company tests goodwill for impairment and many are developed as part of the Company's routine business planning and forecasting process.  The Company believes its estimates and assumptions are reasonable; however, variations from those estimates could produce materially different results. | ||||||||||||||||||||||
p)Â Â | Other assets | |||||||||||||||||||||
This account corresponds to costs incurred to issue debt net of amortization costs, which are being amortized over the term of the debt using the effective interest rate method.  Any unamortized balance of costs relating to debt repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding debt modifications and extinguishment.  Amortization for debt issuance expense for the three years in the period ended December 31, 2012 totaled $2,217; $2,323 and $1,340, respectively, and is included in financial expense in the accompanying consolidated statements of operations. | ||||||||||||||||||||||
q)Â Â | Accounts payable | |||||||||||||||||||||
Accounts payable at December 31, 2012 and 2011 consists of insurance premium payables, operating expenses, among others. | ||||||||||||||||||||||
r)Â Â | Deferred gains -- River barges sale-leaseback transactions | |||||||||||||||||||||
The Company has entered into a river barges sale-leaseback transaction (Note 15) with a finance company.  Gains are deferred to the extent of the present value of future minimum lease payments and are amortized as reductions to rental expense over the applicable lease term.  Deferred gains activity related to these transactions for the year ended December 31, 2012 is as follows: | ||||||||||||||||||||||
Balance at beginning of year | $ | - | ||||||||||||||||||||
Deferred gains arising from sales | 2,116 | |||||||||||||||||||||
Amortization of deferred gains included in operating expenses as reduction to rental expense | (30 | ) | ||||||||||||||||||||
Balance at end of the year | $ | 2,086 | ||||||||||||||||||||
s)Â Â | Comprehensive loss | |||||||||||||||||||||
The components of accumulated other comprehensive loss in the consolidated balance sheets were as follows: | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,958 | ) | $ | (1,727 | ) | ||||||||||||||||
Unrealized net losses on interest rate swaps | (803 | ) | (482 | ) | ||||||||||||||||||
Unrealized net gains on EURO hedge | 137 | 145 | ||||||||||||||||||||
Accumulated other comprehensive loss | (2,624 | ) | (2,064 | ) | ||||||||||||||||||
Amounts attributable to noncontrolling interest | (46 | ) | (27 | ) | ||||||||||||||||||
Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (2,578 | ) | $ | (2,037 | ) | ||||||||||||||||
At December 31, 2012, the Company expects that it will reclassify $996 of net losses on interest rate collar and interest rate swaps from accumulated other comprehensive loss to earnings during the next twelve months related to the payments of interest of our variable interest rate debt that will affect earnings for 2013. | ||||||||||||||||||||||
t)Â Â | Derivative financial instruments | |||||||||||||||||||||
The Company from time to time uses derivative financial instruments to reduce risk from foreign currency fluctuations, changes in spot market rates for oceangoing vessels, changes in interest rate and changes in bunker fuel prices. | ||||||||||||||||||||||
The Company recognizes all of its derivative instruments as either assets or liabilities in the balance sheet at fair value.  The accounting for changes in the fair value (i.e., gains or losses) of a derivative financial instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. | ||||||||||||||||||||||
For derivative financial instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative financial instrument is reported as a component of other comprehensive loss and reclassified into earnings in the same line item associated with the hedged transaction in the same period or periods during which the hedged transaction affects earnings.  The ineffective portion of a derivative's change in fair value is immediately recognized in income. | ||||||||||||||||||||||
Derivative financial instruments that are not designated as hedges for accounting purposes are adjusted to fair value through income. | ||||||||||||||||||||||
u)Â Â | Loss per share | |||||||||||||||||||||
Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the relevant periods net of shares held in treasury.  Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common shares result in the issuance of such shares.  In determining dilutive shares for this purpose the Company assumes, through the application of the treasury stock and if-converted methods, all restricted stock grants have vested, all common shares have been issued pursuant to the exercise of all outstanding stock options and all common shares have been issued pursuant to the conversion of all outstanding convertible notes. | ||||||||||||||||||||||
For the three years in the period ended December 31, 2012, the Company had a net loss from continuing operations and therefore the effect of potentially dilutive securities was antidilutive. | ||||||||||||||||||||||
The following outstanding equity awards are not included in the diluted net loss per share calculation because they would have had an antidilutive effect: | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Stock options | 459,000 | 349,000 | 349,000 | |||||||||||||||||||
Restricted stock | 329,000 | 705,000 | 520,000 | |||||||||||||||||||
Convertible debt | 13,051,000 | 13,051,000 | 13,051,000 | |||||||||||||||||||
Total | 13,839,000 | 14,105,000 | 13,920,000 | |||||||||||||||||||
The following table sets forth the computation of basic and diluted loss per share attributable to Ultrapetrol (Bahamas) Limited. | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Loss from continuing operations | $ | (63,657 | ) | $ | (18,805 | ) | $ | (4,856 | ) | |||||||||||||
Loss from discontinued operations | - | - | (515 | ) | ||||||||||||||||||
Net loss | $ | (63,657 | ) | $ | (18,805 | ) | $ | (5,371 | ) | |||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Basic and diluted weighted average number of shares | 35,382,913 | 29,547,365 | 29,525,025 | |||||||||||||||||||
Basic and diluted loss per share: | ||||||||||||||||||||||
From continuing operations | $ | (1.80 | ) | $ | (0.64 | ) | $ | (0.16 | ) | |||||||||||||
From discontinued operations | - | - | (0.02 | ) | ||||||||||||||||||
$ | (1.80 | ) | $ | (0.64 | ) | $ | (0.18 | ) | ||||||||||||||
v)Â Â | Stock compensation | |||||||||||||||||||||
Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award, and is recognized as expense over the employee's service period, which is generally the vesting period of the equity grant. The fair value of performance based restricted common stock awards that are probable of being earned is expensed over the performance periods as the awards vest.  The Company does not estimate forfeitures in its expense calculations as forfeiture history has been minor. | ||||||||||||||||||||||
w)Â Â | Other operating income, net | |||||||||||||||||||||
For the three years in the period ended December 31, 2012, this account includes: | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Arbitration award (1) | $ | - | $ | 4,748 | $ | - | ||||||||||||||||
Gain on sale of vessels, net | 3,564 | - | 724 | |||||||||||||||||||
Claims against insurance companies, net (2) | 3,901 | 3,543 | (46 | ) | ||||||||||||||||||
Other | 911 | (34 | ) | (61 | ) | |||||||||||||||||
$ | 8,376 | $ | 8,257 | $ | 617 | |||||||||||||||||
(1)Â Â | One of our subsidiaries in the River Business, UABL Paraguay S.A., made a claim against a former customer in an arbitration proceeding where we claim damages for non performance under a transportation contract. On December 2, 2011 a final amount of $5,308 was awarded to the Company, which was collected on December 21, 2011. Due to the disputed nature of the claim, the Company had not recognized any income related to the claim and now since the arbitration proceeding was favorably settled and collected recognizing an income of $4,748, after deducting related legal fees of $560. | |||||||||||||||||||||
(2)Â Â | Corresponds to loss of hire insurance claims. | |||||||||||||||||||||
x)Â Â | Income taxes | |||||||||||||||||||||
The Company accounts for deferred income taxes under the liability method.  Under this method, deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities at each period end corresponding to those jurisdictions subject to income taxes.  Deferred tax assets are recognized for all deductible temporary differences and an offsetting valuation allowance is recorded to the extent that it is not more likely than not that the deferred tax assets will be realized.  Deferred tax is measured based on tax rates and laws enacted or substantively enacted at the balance sheet date in any jurisdiction. | ||||||||||||||||||||||
Income tax regulations in the different countries in which we operate are subject to interpretation by taxing authorities.  As a result, our judgment in the determination of uncertain income tax positions could be interpreted differently.  In this sense, the income tax returns of our primary income tax jurisdictions remain subject to examination by related tax authorities.  The tax returns are open to examination from 3 to 7 years. | ||||||||||||||||||||||
y)Â Â | Accounting standards recently adopted | |||||||||||||||||||||
On January 1, 2012, we adopted an update issued by the Financial Accounting Standards Board, or FASB to existing guidance on the presentation of comprehensive income. This update requires the presentation of the components of net loss and other comprehensive income (loss) either in a single continuous statement or in two separate but consecutive statements. Net loss and other comprehensive income (loss) has been presented in two separate but consecutive statements for the current reporting period and prior comparative period in our consolidated financial statements. | ||||||||||||||||||||||
REDEMPTION_OF_NOTES
REDEMPTION OF NOTES | 6 Months Ended | ||
Jun. 30, 2013 | |||
REDEMPTION OF NOTES [Abstract] | ' | ||
REDEMPTION OF NOTES | ' | ||
3 | REDEMPTION OF NOTES | ||
a) | Redemption of 9% First Preferred Ship Mortgage Notes due 2014 (the "2014 Senior Notes") | ||
On November 24, 2004 the Company completed a debt offering of $180,000 of 9% First Preferred Ship Mortgage Notes due 2014 (the "2014 Senior Notes"), through a private placement to institutional investors eligible for resale under Rule 144A and Regulation S. | |||
In the first quarter of 2005 the SEC declared effective an exchange offer filed by the Company to register substantially identical senior notes to be exchanged for the 2014 Senior Notes pursuant to a registration rights agreement, to allow the 2014 Senior Notes be eligible for trading in the public markets. | |||
On June 10, 2013, the Company communicated to the Trustee its decision to redeem all of its 2014 Senior Notes amounting $180,000 at a redemption price of 100% plus accrued interest to the redemption date, which was July 10, 2013, in accordance with the provisions of the 2014 Senior Notes Indenture. | |||
Also, on June 10, 2013, the Company transferred to the Trustee $182,115, which corresponds to the principal amount of all of the 2014 Senior Notes amounting $180,000 plus accrued interest to the redemption date (July 10, 2013) amounting $2,115. At June 30, 2013, the Company disclosed the amount transferred to the Trustee as current assets in the unaudited condensed consolidated balance sheet under the caption "Restricted cash to redeem 2014 Senior Notes". | |||
Consequently, at June 30, 2013, the 2014 Senior Notes and accrued interest of $181,620 are disclosed on the Company´s unaudited condensed consolidated balance sheet as current liabilities under the caption "2014 Senior Notes and accrued interest". | |||
At December 31, 2012, the 2014 Senior Notes are disclosed on the Company´s consolidated balance sheet as long-term financial debt. | |||
Subsequent event | |||
On July 10, 2013, the Company repaid $180,000 plus accrued interest to that date of its 2014 Senior Notes, and the Company expects to record, in the third quarter 2013 results, a loss on extinguishment of debt of approximately $1,700. | |||
b) | Redemption of 7.25% Convertible Senior Notes due 2017 (the "2017 Senior Convertible Notes") | ||
On December 23, 2010, the Company completed the sale of $80,000 aggregate principal amount of its 7.25% Convertible Senior Notes due 2017 (the "2017 Senior Convertible Notes") through a private placement to institutional investors eligible for resale under Rule 144A and Regulation S. The Convertible Notes were senior and unsecured obligations of the Company. Interest on the 2017 Senior Convertible Notes was payable semi-annually on January 15 and July 15 of each year. Unless earlier converted, redeemed or repurchased, the 2017 Senior Convertible Notes were due on January 15, 2017. | |||
Upon a fundamental change occurring, as defined in the 2017 Senior Convertible Notes Indenture, each holder of the 2017 Senior Convertible Notes, shall have the right to require the Company to repurchase the 2017 Senior Convertible Notes in cash at a price equal to 100% of the principal amount of the 2017 Senior Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | |||
As a result of the successful completion of the transaction with Sparrow in December 2012, a fundamental change (as defined in the Indenture) occurred on December 12, 2012, and each holder of the 2017 Senior Convertible Notes had the repurchase right described above. | |||
On December 21, 2012, the Company commenced a tender offer to repurchase up to $80,000 of the 2017 Senior Convertible Notes at par plus accrued and unpaid interest in accordance with the fundamental change repurchase procedure as specified in the 2017 Senior Convertible Notes Indenture. The tender offer began on December 21, 2012 and expired on January 22, 2013. | |||
As of December 31, 2012, the Company included the outstanding principal amount of the 2017 Senior Convertible Notes of $80,000 as current liabilities. | |||
On January 23, 2013, the Company repaid $80,000 of its 2017 Senior Convertible Notes and during the six-month period ended June 30, 2013, the Company recorded a financial loss on extinguishment of debt of $2,821 which was included in the accompanying unaudited condensed consolidated statement of operations. |
VESSELS_AND_EQUIPMENT_NET_10Q
VESSELS AND EQUIPMENT, NET - 10Q | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
VESSELS AND EQUIPMENT, NET [Abstract] | ' | ' | ||||||||||||||||
VESSELS AND EQUIPMENT, NET | ' | ' | ||||||||||||||||
4 | VESSELS AND EQUIPMENT, NET | 4.  | VESSELS AND EQUIPMENT, NET | |||||||||||||||
The capitalized cost of the vessels and equipment, and the related accumulated depreciation at June 30, 2013 and December 31, 2012 were as follows: | The capitalized cost of the vessels and equipment, and the related accumulated depreciation at December 31, 2012 and 2011 were as follows: | |||||||||||||||||
At June | At December | At December 31, | ||||||||||||||||
30, 2013 | 31, 2012 | 2012 | 2011 | |||||||||||||||
(unaudited) | ||||||||||||||||||
Ocean-going vessels | $ | 115,375 | $ | 127,468 | ||||||||||||||
Ocean-going vessels | $ | 120,546 | $ | 115,375 | River barges and pushboats | 411,820 | 398,391 | |||||||||||
River barges and pushboats | 411,926 | 411,820 | PSVs | 223,032 | 199,453 | |||||||||||||
PSVs | 245,527 | 223,032 | Advances for PSV construction | 53,496 | 68,149 | |||||||||||||
Advances for PSV construction | 36,455 | 53,496 | Furniture and equipment | 11,822 | 10,458 | |||||||||||||
Furniture and equipment | 12,433 | 11,822 | Building, land, operating base and shipyard | 54,902 | 52,491 | |||||||||||||
Building, land, operating base and shipyard | 55,829 | 54,902 | Total original book value | 870,447 | 856,410 | |||||||||||||
Total original book value | 882,716 | 870,447 | Accumulated depreciation | (222,928 | ) | (184,965 | ) | |||||||||||
Accumulated depreciation | (241,607 | ) | (222,928 | ) | Net book value | $ | 647,519 | $ | 671,445 | |||||||||
Net book value | $ | 641,109 | $ | 647,519 | For the three years in the period ended December 31, 2012 depreciation expense was $38,914, $34,891 and $29,880, respectively. | |||||||||||||
For the six-month periods ended June 30, 2013 and 2012, depreciation expense was $19,067 and $18,974, respectively. | Certain interest costs incurred during the construction of vessels are capitalized as part of the assets' carrying values and are depreciated over such assets' estimated useful lives. Capitalized interest for the three years in the period ended December 31, 2012 totaled $0, $0 and $1,010, respectively. | |||||||||||||||||
As of June 30, 2013, the net book value of the assets pledged as a guarantee of our long term financial debt was $396,000. | ACQUISITIONS AND DISPOSALS | |||||||||||||||||
River Business | Ocean Business | |||||||||||||||||
During the six-month period ended June 30, 2013, the Company built, sold and leased back, ten river barges for $9,300 with a lease term of 10 years. Gains of $1,779 related to the sale-lease back were deferred and are being amortized over the minimum lease period. | During 2010, we purchased and took delivery of two feeder container vessels for an aggregate total purchase price of $26,200. | |||||||||||||||||
During the six-month period ended June 30, 2012, eight barges had been built in our own shipyard in Punta Alvear, Argentina for a total cost of $8,598. | During 2010, we sold and delivered three Capesize vessels for an aggregate total sale price of $36,584 net of commissions and Ultrapetrol recognized a net gain on sale of vessel of $724. | |||||||||||||||||
In February 2012, the Company sold and delivered one river pushboat, for a total sale price of $3,850 and Ultrapetrol recognized a gain on the sale of this vessel of $3,564. | River Business | |||||||||||||||||
Offshore Supply Business | During 2012, eight river barges were built, in our own shipyard in Punta Alvear, Argentina for a total cost of $9,100. | |||||||||||||||||
On February 21 and September 13, 2007, UP Offshore (Bahamas) Ltd. (our holding company in the Offshore Supply Business) signed shipbuilding contracts with a shipyard in India for construction of four PSVs with a combined cost of $88,052, with contracted deliveries extended to 2013. The purchase price is to be paid in five installments of 20% of the contract price each, prior to delivery. On May 22, 2012, we took delivery of the first Indian PSV UP Jade and we paid the fifth installment net of a reduction of $1,800 in the contract price in connection with the penalty for its late delivery. On January 30, 2013, we took delivery of the second Indian PSV UP Amber and we paid the fifth installment net of a reduction of $1,800 in the contract price in connection with the penalty for its late delivery. As of June 30, 2013, UP Offshore (Bahamas) Ltd. had paid installments on these contracts totaling $33,100, which are recorded as Advances for PSV construction. | During 2012, the Company built, sold and leased back, 14 river barges for $13,020 with a lease term of 10 years. Gains of $2,116 related to the sale leased back were deferred and are being amortized over the minimum lease period (see Note 2.r). | |||||||||||||||||
As of June 30, 2013, the Company had remaining commitments of $10,900 on non-cancellable contracts for the construction of two PSVs in India scheduled for delivery during 2013 and first half of 2014. | In February 2012, the Company sold and delivered one river pushboat, for a total sale price of $3,850 and Ultrapetrol recognized a gain on sale of vessel of $3,564. | |||||||||||||||||
Subsequent event | During 2011, we purchased three pushboats, for a total aggregate purchase price of $2,900. The Company has also incurred $2,000 in additional direct costs relating to these acquisitions. | |||||||||||||||||
Noncontrolling interest acquisition | During 2011, forty-two barges were built in our own shipyard in Punta Alvear, Argentina for a total cost of $31,400. | |||||||||||||||||
On July 5, 2013, we entered into a Share Purchase Agreement with Firmapar Corp. (the "Offshore SPA"), the then owner of 5.55% of shares in UP Offshore (Bahamas) Limited, our holding company in the Offshore Supply Business. Through the Offshore SPA we agreed to purchase from Firmapar Corp. the 2,500,119 shares of common stock of UP Offshore (Bahamas) Limited that we did not own. On July 25, 2013, we paid $10,250 to Firmapar in consideration for such shares. As of such date, we own 100% of the common stock of UP Offshore (Bahamas) Limited. | Acquisition of 50% interest in Puertos del Sur S.A. | |||||||||||||||||
Delivery of UP Pearl | On April 25 and May 3, 2012, the Company through its River Business subsidiary UABL Terminals (Paraguay) S.A. obtained a 100% controlling interest in Puertos del Sur S.A. through its acquisition of its 50% partner's interest for $250. | |||||||||||||||||
On August 12, 2013, we took delivery of the third Indian PSV UP Pearl and we paid $893 to the yard after allowing for the reduction of $1,800 in the contract price in connection with the penalty for its late delivery as well as certain other sums advanced to the yard. | At time of acquisition, Puertos del Sur S.A. owned a grain loading terminal in Paraguay. The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in no goodwill being recorded. Due to immateriality, the Company has not prepared pro forma information related to this acquisition. | |||||||||||||||||
Offshore Supply Business | ||||||||||||||||||
On February 21 and September 13, 2007, UP Offshore (Bahamas) Ltd. (our holding company in the Offshore Supply Business) signed shipbuilding contracts with a shipyard in India for construction of four PSVs with a combined cost of $88,052, with contracted deliveries extended to 2012 and 2013.  The purchase price is to be paid in five installments of 20% of the contract price each, prior to delivery.  On May 22, 2012, we took delivery of the first Indian PSV UP Jade and we paid the fifth installment net of a reduction of $1,800 in the contract price in connection with the penalty for its late delivery.  As of | ||||||||||||||||||
December 31, 2012, UP Offshore (Bahamas) Ltd. had paid installments on these contracts totaling $48,400, which are recorded as Advances for PSV construction. | ||||||||||||||||||
As of December 31, 2012, the Company had remaining commitments of $17,600 on non-cancellable contracts for the construction of three PSVs in India scheduled for delivery in 2013. | ||||||||||||||||||
Subsequent events | ||||||||||||||||||
On January 30, 2013, we took delivery of the second Indian PSV UP Amber and we paid the fifth installment net of a reduction of $1,800 in the contract price in connection with the penalty for its late delivery. |
LONGTERM_DEBT
LONG-TERM DEBT | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT AND OTHER FINANCIAL DEBT [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
5 | LONG-TERM DEBT | 5.  | LONG-TERM DEBT AND OTHER FINANCIAL DEBT | ||||||||||||||||||||||||||||||||||||||||||
Balances of long-term financial debt at June 30, 2013 and December 31, 2012: | Balances of long-term financial debt were as follows: | ||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2013 | At December 31, 2012 | At December 31, | |||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Financial institution / | Nominal value | Financial institution / | Nominal value | ||||||||||||||||||||||||||||||||||||||||||
Borrower | Other | Due-year | Current | Noncurrent | Total | Total | Borrower | Other | Due-year (1) | Current | Noncurrent | Total | Total | ||||||||||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | Jun-21 | $ | - | $ | 200,000 | $ | 200,000 | $ | - | Ultrapetrol (Bahamas) Ltd. | Private Investors | Nov-14 | $ | - | $ | 180,000 | $ | 180,000 | $ | 180,000 | ||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | - | - | - | - | 180,000 | Ultrapetrol (Bahamas) Ltd. | Private Investors | Jan-13 | 80,000 | - | - | 80,000 | ||||||||||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | - | -1 | - | - | - | - | UP Offshore Apoio MarÃtimo Ltda. | DVB AG | Through 2016 | 900 | 5,950 | 6,850 | 7,750 | |||||||||||||||||||||||||||||||
UP Offshore Apoio MarÃtimo Ltda. | DVB AG | Through 2016 | 900 | 5,500 | 6,400 | 6,850 | UP Offshore (Bahamas) Ltd. | DVB AG | Through 2016 | 12,575 | 29,650 | 42,225 | 38,250 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB AG | Through 2016 | 4,300 | 27,500 | 31,800 | 42,225 | UP Offshore (Bahamas) Ltd. | DVB AG | Through 2017 | 2,000 | 11,000 | 13,000 | 15,000 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB AG | Through 2017 | 2,000 | 10,000 | 12,000 | 13,000 | UP Offshore (Bahamas) Ltd. | DVB SE + Banco Security | Through 2018 | 3,333 | 30,833 | 34,166 | 37,500 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB SE + Banco Security | Through 2018 | 3,333 | 29,167 | 32,500 | 34,166 | Ingatestone Holdings Inc. | DVB AG | - | 5,639 | 8,161 | 13,800 | 15,525 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB AG | - | 2,019 | 6,606 | 8,625 | 13,800 | Ingatestone Holdings Inc | Natixis | Mar-13 | 5,175 | - | 5,175 | 15,525 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | Natixis | - | - | - | - | 5,175 | UP Offshore Apoio MarÃtimo Ltda. | BNDES | Through 2027 | 1,110 | 14,708 | 15,818 | 16,928 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB SE + NIBC | - | - | - | - | 20,850 | Stanyan Shipping Inc. | Natixis | Through 2017 | 1,108 | 5,438 | 6,546 | 9,303 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB NV + NIBC + ABN Amro | Through 2017 | 4,470 | 35,749 | 40,219 | - | Hallandale Commercial Corp. | Nordea | Apr-13 | 5,644 | - | 5,644 | 7,212 | ||||||||||||||||||||||||||||||||
UP Offshore Apoio MarÃtimo Ltda. | BNDES | Through 2027 | 1,110 | 14,153 | 15,263 | 15,818 | UABL Paraguay | IFC | Through 2020 | 2,174 | 20,652 | 22,826 | 25,000 | ||||||||||||||||||||||||||||||||
Stanyan Shipping Inc. | Natixis | Through 2017 | 1,108 | 4,984 | 6,092 | 6,546 | UABL Paraguay | OFID | Through 2020 | 1,304 | 12,391 | 13,695 | 15,000 | ||||||||||||||||||||||||||||||||
Hallandale Commercial Corp. | Nordea | - | - | - | - | 5,644 | UABL Barges and others | IFC | Through 2020 | 3,044 | 28,913 | 31,957 | 35,000 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. | IFC | Through 2020 | 2,174 | 19,565 | 21,739 | 22,826 | UABL Paraguay and Riverpar | IFC | Through 2021 | 1,765 | 13,235 | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. | OFID | Through 2020 | 1,304 | 11,739 | 13,043 | 13,695 | UABL Paraguay and Riverpar | OFID | Through 2021 | 1,176 | 8,824 | 10,000 | - | ||||||||||||||||||||||||||||||||
UABL Barges and others | IFC | Through 2020 | 3,044 | 27,391 | 30,435 | 31,957 | Ingatestone Holdings Inc. | DVB SE + NIBC | - | 2,084 | 18,766 | 20,850 | - | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. and Riverpar S.A. | IFC | Through 2021 | 1,765 | 12,353 | 14,118 | 15,000 | At December 31, 2012 | $ | 129,031 | $ | 388,521 | $ | 517,552 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. and Riverpar S.A. | OFID | Through 2021 | 1,177 | 8,234 | 9,411 | 10,000 | At December 31, 2011 | $ | 21,504 | $ | 491,489 | $ | 517,552 | ||||||||||||||||||||||||||||||||
At June 30, 2013 | $ | 28,704 | -2 | $ | 412,941 | $ | 441,645 | Â Â | |||||||||||||||||||||||||||||||||||||
At December 31, 2012 | $ | 49,031 | $ | 388,521 | $ | 437,552 | Â Â | ||||||||||||||||||||||||||||||||||||||
-1 | On January 23, 2013, the Company repaid the 2017 Senior Convertible Notes. See Note 3.b). | Â Â (1)Â See the descriptions below. | |||||||||||||||||||||||||||||||||||||||||||
-2 | Excludes the 2014 Senior Notes which were disclosed as current liabilities in the unaudited condensed consolidated balance sheet under the caption "2014 Senior Notes and accrued interest". See Note 3.a). | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate annual future payments due to the long-term financial debt were as follows: | |||||||||||||||||||||||||||||||||||||||||||||
8.875% First Preferred Ship Mortgage Notes due 2021 (the "2021 Senior Notes") | |||||||||||||||||||||||||||||||||||||||||||||
Year ending December 31 | |||||||||||||||||||||||||||||||||||||||||||||
On May 30, 2013, the Company completed the Offering of $200,000 of 8.875% First Preferred Ship Mortgage Notes due 2021 (the "2021 Senior Notes"), through a private placement to institutional investors eligible for resale under Rule 144A and Regulation S. The net proceeds of the offering were used to repay in full on July 10, 2013, the 2014 Senior Notes or $180,000, and for general purpose. | |||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | 129,031 | |||||||||||||||||||||||||||||||||||||||||||
Interest on the 2021 Senior Notes is payable semi-annually on June 15 and December 15 of each year. The 2021 Senior Notes are senior obligations guaranteed by certain of the Company's subsidiaries. The Notes are secured by first preferred ship mortgages on four ocean vessels, 14 pushboats and 335 river barges. | 2014 | 208,716 | |||||||||||||||||||||||||||||||||||||||||||
2015 | 24,098 | ||||||||||||||||||||||||||||||||||||||||||||
The 2021 Senior Notes are subject to certain covenants, including, among other things, limiting the parent's and subsidiary guarantors' ability to incur additional indebtedness or issue preferred stock, pay dividends to stockholders, make investments or sell assets, under certain conditions. | 2016 | 49,091 | |||||||||||||||||||||||||||||||||||||||||||
2017 | 40,022 | ||||||||||||||||||||||||||||||||||||||||||||
Upon the occurrence of a change of control event, each holder of the 2021 Senior Notes shall have the right to require the Company to repurchase such notes at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest. | Thereafter | 66,594 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 517,552 | |||||||||||||||||||||||||||||||||||||||||||
Although Ultrapetrol (Bahamas) Limited, the parent company, is the issuer of the 2021 Senior Notes, principal and related expenses will be paid through funds obtained from the operations of the Company's subsidiaries. | |||||||||||||||||||||||||||||||||||||||||||||
On May 23, 2013, IFC and OFID waived certain covenants under the loan agreements and corresponding guarantee agreements. The waivers permitted the creation of additional security and the non-compliance with certain release priorities of IFC's and OFID's securities under the loan and guarantee agreements all in connection with and for the purpose of permitting the refinancing of the 2014 Senior Notes and issuance the 2021 Senior Notes. In addition, IFC and OFID issued a release of mortgages and certain other assignments under the loan agreements, in order to meet the additional security and guarantee requirements of the 2021 Senior Notes. | 9% First Preferred Ship Mortgage Notes due 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent event | On November 24, 2004 the Company completed a debt offering of $180,000 of 9% First Preferred Ship Mortgage Notes due 2014 (the "2014 Senior Notes"), through a private placement to institutional investors eligible for resale under Rule 144A and Regulation S (the "Offering").  The net proceeds of the Offering were used to repay the 2008 Senior Notes, certain other existing credit facilities and to fund some vessel acquisitions. | ||||||||||||||||||||||||||||||||||||||||||||
On August 1, 2013, the Company filed a registration statement on Form F-4 with the SEC to register substantially identical senior notes to be exchanged for the 2021 Senior Notes pursuant to a registration rights agreement, to allow the 2021 Senior Notes be eligible for trading in the public markets. | Interest on the 2014 Senior Notes is payable semi-annually on May 24 and November 24 of each year and principal is due on November 24, 2014.  The 2014 Senior Notes are senior obligations guaranteed by the Company's subsidiaries directly involved in our Ocean and River Business. At December 31, 2012, the 2014 Senior Notes are secured by first preferred ship mortgages on 13 river pushboats, 2 oceangoing barges and 337 river barges. | ||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facility of up to $40,000 | The 2014 Senior Notes are subject to certain covenants, including, among others, limiting the parent's and guarantor subsidiaries' ability to incur additional indebtedness or issue preferred stock, pay dividends to stockholders, incur liens or execute sale leasebacks of certain principal assets and certain restrictions on the Company consolidating with or merging into any other person. | ||||||||||||||||||||||||||||||||||||||||||||
On May 31, 2013, we entered into a loan agreement with DVB Bank SE for a $40,000 reducing, revolving credit facility. The commitment under this revolver decreases quarterly by $1,250 or $5,000 per year. The facility bears interest at LIBOR plus 3% (or lender's cost of funds, if the lenders in their discretion determine that LIBOR is not representative of such costs). A quarterly commitment fee is payable based on the average undrawn amount of the committed amount at a rate of 1.95% per annum. No drawdowns have been made under the facility to date. | Upon the occurrence of a change of control event, each holder of the 2014 Senior Notes shall have the right to require the Company to repurchase such notes at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest. | ||||||||||||||||||||||||||||||||||||||||||||
Senior secured term loan facility with DVB Bank AG (DVB AG) and Natixis of up to $93,600 | If Los Avellanos and Hazels, together, in accordance with the provisions of the Shareholder Agreement described in Note 1, no longer have the ability or right to elect or designate for election a majority of the Company's board of Directors, a change of control will occur under the indenture governing our 2014 Senior Notes. | ||||||||||||||||||||||||||||||||||||||||||||
On June 24, 2008 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc., Springwater Shipping Inc. and Woodrow Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured term loan facility of up to $93,600 with DVB AG and Natixis (the "Banks"), as co-lender, to finance the construction and delivery of our PSVs being built in India (UP Jade, UP Amber, UP Pearl and UP Onyx). | In the first quarter of 2005 the SEC declared effective an exchange offer filed by the Company to register substantially identical senior notes to be exchanged for the 2014 Senior Notes pursuant to a registration rights agreement, to allow the 2014 Senior Notes be eligible for trading in the public markets. | ||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2012, the advances under Tranche A of the loan were $34,500 ($17,250 per Bank). | Although Ultrapetrol (Bahamas) Limited, the parent company, subscribed the issued Notes, principal and related expenses will be paid through funds obtained from the operations of the Company's subsidiaries. | ||||||||||||||||||||||||||||||||||||||||||||
On May 9, 2012, the Borrower, the Guarantors and the Banks signed a third amendment to the loan agreement. In connection with this amendment, all the amounts borrowed by Natixis or $17,250 shall be paid on or before December 31, 2012, further extended to March 28, 2013 and all of the remaining commitments of this term loan facility by Natixis were cancelled. | At December 31, 2012 and 2011, the 2014 Senior Notes are disclosed on the Company´s consolidated balance sheets as long-term debt. | ||||||||||||||||||||||||||||||||||||||||||||
On March 28, 2013 the Company repaid $10,350 ($5,175 to each Bank) related with our PSV UP Amber advances. | At December 31, 2012 the net book value of the assets pledged as a guarantee of the 2014 Senior Notes was $67,700. | ||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2013, the outstanding principal balance under this loan agreement was $8,625 related with the advances of the loan to finance the construction of our PSVs UP Pearl and UP Onyx made by DVB AG. | 7.25% Convertible Senior Notes due 2017 | ||||||||||||||||||||||||||||||||||||||||||||
During the six-month period ended June 30, 2013, the Company recorded a financial loss on extinguishment of debt of $345, which was included in the accompanying unaudited condensed consolidated statement of operations. | On December 23, 2010, the Company completed the sale of $80,000 aggregate principal amount of its 7.25% Convertible Senior Notes due 2017 (the "2017 Convertible Notes") through a private placement to institutional investors eligible for resale under Rule 144A and Regulation S. The Convertible Notes are senior and unsecured obligations of the Company. Interest on the 2017 Convertible Notes is payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2011. Unless earlier converted, redeemed or repurchased, the 2017 Convertible Notes are due on January 15, 2017. | ||||||||||||||||||||||||||||||||||||||||||||
Senior secured post delivery term loan facility with DVB Bank SE (DVB SE) and NIBC Bank NV of up to $42,000 | The 2017 Convertible Notes were convertible after January 28, 2011, at the option of the holder, into common stock at an initial conversion rate equal to 133.1691 shares of the Company common stock per $1 principal amount of 2017 Convertible Notes (equivalent to an initial conversion price of approximately $7.51 per share), which was subject to adjustment. | ||||||||||||||||||||||||||||||||||||||||||||
On October 22, 2012 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured post delivery term loan facility of up to $42,000 with DVB SE and NIBC Bank NV (the "Lenders") for the purpose of partially financing or refinancing our PSVs named UP Jade and UP Amber. | If the arithmetic average of the daily volume weighted average price per share of the Company common stock for each of the 20 consecutive trading days beginning on January 17, 2012 was less than $6.13, then the conversion rate would be increased such that the conversion price as adjusted would represent the greater of (i) 122.5% of such arithmetic average of the daily volume weight average price and (ii) $6.13. | ||||||||||||||||||||||||||||||||||||||||||||
The loan facility was divided into two tranches, each in the aggregate amount of up to $21,000. | As from February 14, 2012, the conversion rate has been adjusted to 163.1321 shares of the Company common stock per $1 principal amount of 2017 Convertible Notes (equivalent to a price of approximately $ 6.13 per share) as a consequence of the arithmetic average of the daily volume weighted average price per share of the Company common stock for the period from January 17, 2012 to February 13, 2012 (both inclusive)Â being $2.76. | ||||||||||||||||||||||||||||||||||||||||||||
The tranche of the loan facility in respect of the refinancing of the PSV UP Jade was drawn down in an amount of $20,850 on October 29, 2012. | On or after January 15, 2015, the Company may redeem for cash all, but not less than all, of the 2017 Convertible Notes if the last reported sale price of the Company common stock equals or exceeds 130% of the applicable conversion for a specific period of time at 100% of the principal amount of the 2017 Convertible Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. | ||||||||||||||||||||||||||||||||||||||||||||
On January 24, 2013 the Company terminated this senior secured post delivery term loan facility and prepaid the outstanding balance of $20,850 with borrowings from its senior secured post delivery term loan facility with DVB Bank America, NIBC and ABN Amro, described below. | Upon a fundamental change occurring, as defined in the 2017 Convertible Notes Indenture, each holder of the 2017 Convertible Notes, shall have the right to require the Company to repurchase the 2017 Convertible Notes in cash at a price equal to 100% of the principal amount of the 2017 Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | ||||||||||||||||||||||||||||||||||||||||||||
During the six-month period ended June 30, 2013, the Company recorded a financial loss on extinguishment of debt of $619, which was included in the accompanying unaudited condensed consolidated statement of operations. | If a fundamental change occurs under the 2017 Convertible Notes Indenture, the Company will pay a make-whole premium upon the conversion of the 2017 Convertible Notes in connection with any such transaction by increasing the applicable conversion rate. The make-whole premium will be determined by reference to the 2017 Convertible Notes Indenture and is based on the date on which the fundamental change becomes effective and the market stock price of the Company common stock on that date. In no event shall the conversion rate exceed 163.1321 shares per $1 principal amount. | ||||||||||||||||||||||||||||||||||||||||||||
Senior secured post delivery term loan facility with DVB Bank America NV (DVB Bank America), NIBC Bank NV (NIBC) and ABN Amro Capital USA LLC (ABN Amro) of up to $84,000 | As a result of the successful completion of the transaction with Sparrow described in note 1, a fundamental change (as defined in the Indenture) occurred on December 12, 2012, and each holder of the 2017 Convertible Notes had the repurchase right described above. | ||||||||||||||||||||||||||||||||||||||||||||
On January 18, 2013 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc, Springwater Shipping Inc and Woodrow Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured post delivery term loan facility of up to $84,000 with DVB Bank America, NIBC and ABN Amro (the "Lenders") with the purpose of refinancing the advances made for our PSVs named UP Jade, UP Amber, UP Pearl and UP Onyx of the DVB SE and Natixis and DVB SE and NIBC long-term facilities. | On December 21, 2012 the Company commenced a tender offer to repurchase up to $80,000 of the 2017 Convertible Notes at par plus accrued and unpaid interest in accordance with the fundamental change repurchase procedure as specified in the 2017 Convertible Notes Indenture. The tender offer began on December 21, 2012 and expired on January 22, 2013. | ||||||||||||||||||||||||||||||||||||||||||||
The loan facility is divided into four tranches, each in the aggregate amount of up to the lesser of $21,000 and 60% of the fair market value of the PSV to which such tranche relates. | At December 31, 2011 the 2017 Convertible Notes are disclosed on the Company's consolidated balance sheets as long-term debt at face value. | ||||||||||||||||||||||||||||||||||||||||||||
A quarterly commitment fee is payable based on the average undrawn amount of the committed amount at a rate of 1.60% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
Subsequent events | |||||||||||||||||||||||||||||||||||||||||||||
The tranche of the loan facility in respect of the refinancing of the PSV UP Jade was drawn down in the amount of $20,850 on January 24, 2013. | |||||||||||||||||||||||||||||||||||||||||||||
On January 23, 2013 the Company repaid $80,000 of its 2017 Convertible Notes. Consequently, as of December 31, 2012 the Company included the outstanding principal amount of the 2017 Convertible Notes of $80,000 as current liabilities and the Company expects to record a loss on extinguishment of debt of approximately $2,800 in the first quarter 2013 results. | |||||||||||||||||||||||||||||||||||||||||||||
Each tranche of the loan facility in respect of the financing of the acquisition of each of the UP Amber, UP Pearl and UP Onyx from the shipyard shall be divided into two advances which shall be made available to the Borrower as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Loans with DVB Bank AG (DVB AG) | |||||||||||||||||||||||||||||||||||||||||||||
- | The first advance of each such tranche shall be made available to the Borrower in the amount of up to $5,000 on the earlier of the delivery date of the ship and October 31, 2013, | ||||||||||||||||||||||||||||||||||||||||||||
a)Â Â | Senior secured term loan facility of up to $15,000:Â Â On January 17, 2006 UP Offshore Apoio Maritimo Ltda. (UP Offshore Apoio) as Borrower, Packet Maritime Inc. (Packet) and Padow Shipping Inc. (Padow) as Guarantors and UP Offshore (Bahamas) Ltd. (UP Offshore) as Holding Company (all of these our subsidiaries in the Offshore Supply Business) entered into a senior secured term loan | ||||||||||||||||||||||||||||||||||||||||||||
- | The second advance of each such tranche shall be made available to the Borrower in the amount of up to $16,000 not later than the earlier of the date which is six months after the delivery date of the ship and October 31, 2013, provided that the UP Amber, UP Pearl and UP Onyx have obtained employment of not less than 3 years with a charterer on terms and conditions acceptable to the Lenders. | facility of up to $15,000 with DVB AG for the purposes of providing post delivery financing of our PSV named UP Agua Marinha. | |||||||||||||||||||||||||||||||||||||||||||
On March 28, 2013 and June 28, 2013, the Company drew down $5,000 and $15,550, respectively, related with the tranche of the loan to financing the acquisition of our PSV UP Amber. | This loan is divided into two tranches: | ||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2013, the outstanding principal balance under this loan agreement was $40,219. | -Â Â | Tranche A, amounting to $13,000, accrues interest at LIBOR plus a margin of 1.20% per annum and shall be repaid by (i) 120 consecutive monthly installments of $75 each beginning in March 2006 and (ii) a balloon repayment of $4,000 in February 2016. | |||||||||||||||||||||||||||||||||||||||||||
Senior secured term loan with Nordea Bank Finland PLC (Nordea Bank) of $20,200 | -Â Â | Tranche B, amounting to $2,000 was fully repaid in February 2009. | |||||||||||||||||||||||||||||||||||||||||||
On November 30, 2007, Hallandale Commercial Corp. (our wholly owned subsidiary in the Ocean Business and the owner of the Amadeo) as Borrower, Ultrapetrol (Bahamas) Ltd., as Guarantor, and Tuebrook Holdings Inc. (our wholly owned subsidiary in the Ocean Business and the holding company of Hallandale Commercial Corp.), as Pledgor, entered into a $20,200 loan agreement with Nordea Bank for the purpose of providing post delivery financing of the vessel. | For the year ended December 31, 2012, the weighted average interest rate was 1.44% and the respective interest rates ranged from 1.34% to 1.53%, including margins. | ||||||||||||||||||||||||||||||||||||||||||||
On December 28, 2012 the Borrower, the Guarantor, the Pledgor and Nordea Bank amended the loan agreement. In connection with this amendment the margin was increased from 1.50% to 3.00% per annum, the change of control provisions was modified to include Sparrow into the definition, the final maturity date of the loan was changed to April 15, 2013 and Nordea Bank waived the Guarantor compliance requirement with the EBITDA to interest expense ratio until the maturity date. | b)Â Â | Senior secured term loan facility of up to $61,306:Â Â On December 28, 2006 UP Offshore (Bahamas) Ltd. as Borrower, Packet, Padow, UP Offshore Apoio and Topazio Shipping LLC (collectively the owners of our PSVs UP Safira, UP Esmeralda, UP Agua Marinha and UP Topazio) and Ultrapetrol (Bahamas) Limited as Guarantors entered into a senior secured term loan facility of up to $61,306 with DVB AG for the purposes of providing post delivery re-financing of our PSVs named UP Safira, UP Esmeralda and UP Topazio. | |||||||||||||||||||||||||||||||||||||||||||
On April 15, 2013, the Company repaid in full the total outstanding of $5,252 of this senior secured loan. | The loan bears interest at LIBOR plus 1.20% per annum with quarterly principal and interest payments and matures in December 2016.  The regularly scheduled principal payments are due quarterly and range from $1,075 to $1,325, with a balloon installment of $17,300 in December 2016. If a PSV is sold or becomes a total loss, the Borrower shall prepay the loan in an amount equal to the stipulated value of such PSV, which is initially stipulated in $18,750 and shall be reduced in the amount of $388 on each repayment date. | ||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 1.67% and the respective interest rates ranged from 1.59% to 1.74%, including margins. | |||||||||||||||||||||||||||||||||||||||||||||
On August 1, 2012, the Borrower, the Guarantors and DVB SE agreed to amend the loan agreement to permit the Borrower to re-borrow $10,000. During 2012, the Company drew down $8,275. This amount, bears interest at LIBOR plus 3.50% per annum and matures $50% on March 29, 2013 and 50% on June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||||
A commitment fee is payable based on the average undrawn amount of $10,000 at a rate of 1.75% per annum commencing on August 1, 2012. At the date of the issuance of these financial statements the Company canceled any undrawn commitment. | |||||||||||||||||||||||||||||||||||||||||||||
c)Â Â | Senior secured term loan facility of up to $25,000:Â Â On October 31, 2007 UP Offshore (Bahamas) Ltd. as Borrower entered into a senior secured term loan facility of up to $25,000 with DVB AG for the purposes of providing post delivery re-financing of our PSV named UP Diamante. | ||||||||||||||||||||||||||||||||||||||||||||
The Banks, at their discretion, may replace LIBOR as base rate for the interest calculation with their cost-of-funds rate. | |||||||||||||||||||||||||||||||||||||||||||||
The loan bears interest at LIBOR plus 1.50% per annum with quarterly principal and interest payments and matures in November 2017.  The regularly scheduled payments commenced in February 2008 and are comprised of 8 installments of $750 each, 24 of $500 each and 8 of $250 each with a balloon installment of $5,000 in November 2017. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 1.97% and the respective interest rates ranged from 1.93% to 2.05%, including margins. | |||||||||||||||||||||||||||||||||||||||||||||
All of these loans are secured by a first priority mortgage on the UP Safira, UP Esmeralda, UP Topazio, UP Agua Marinha and UP Diamante, a first priority assignment of the earnings, insurances and requisition compensation of the vessels or other employment contracts exceeding 12 months and are jointly and severally irrevocable and unconditionally guaranteed by Packet, Padow, UP Offshore Apoio, Topazio Shipping LLC and Ultrapetrol (Bahamas) Limited.  The loans also contain customary covenants that limit, among other things, the Borrowers' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, merge or consolidate, change lines of business and amend the terms of subordinated debt.  The agreements governing the facility also contain customary events of default. If an event of default occurs and is continuing, DVB AG may require the entire amount of the loans be immediately repaid in full.  Further, the loan agreements require that the PSVs pledged as security have an aggregate market value of at least 133.3% of the value of the loans. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 the combined outstanding principal balance under the loan agreements was $62,075 and the aggregate net book value of the assets pledged was $84,700. | |||||||||||||||||||||||||||||||||||||||||||||
Senior secured term loan facility with DVB Bank AG (DVB AG) and Natixis of up to $93,600 | |||||||||||||||||||||||||||||||||||||||||||||
On June 24, 2008 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc., Springwater Shipping Inc. and Woodrow Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured term loan facility of up to $93,600 with DVB AG and Natixis (the "Banks"), as co-lender, to finance the construction and delivery of our PSVs being built in India (UP Jade, UP Amber, UP Pearl and UP Onyx). | |||||||||||||||||||||||||||||||||||||||||||||
A quarterly commitment fee is payable based on the average undrawn amount of the committed amount at a rate of 0.50% per annum through December 2010 and at a rate of 1.50% per annum thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
This loan is divided into two tranches: | |||||||||||||||||||||||||||||||||||||||||||||
-  | Tranche A, amounting to $60,000, to be made available for each ship in the amount of up to $15,000.  This tranche accrues interest at LIBOR (base rate) plus a margin of 3.0% during each ship's construction period, and then the margin is lowered to 2.0% and shall be repaid by (i) quarterly installments of $288 per ship and (ii) a balloon repayment of all amounts outstanding at December 31, 2019. | ||||||||||||||||||||||||||||||||||||||||||||
-  | Tranche B, amounting to $33,600, to be made available for each ship in the amount of up to $8,400 in a single advance on the delivery date of such ship.  This tranche accrues interest at LIBOR (base rate) plus a margin of 2.0% per annum and shall be repaid by 20 quarterly installments of $420 per ship. | ||||||||||||||||||||||||||||||||||||||||||||
The Banks, at their discretion, may replace LIBOR as base rate for the interest calculation with their cost-of-funds rate. | |||||||||||||||||||||||||||||||||||||||||||||
As Facility Guarantor, UP Offshore (Bahamas) Ltd. shall comply with certain financial covenants including: (i) an average balance of available cash in a demand deposit of not less than $5,000 during each financial year, (ii) an equity ratio of not less than 30%, (iii) a minimum equity of $75,000 and, (iv) a ratio of consolidated EBITDA to consolidated debt service of at least 1.5 (on a rolling four quarter basis, tested as of the last day of each fiscal quarter). | |||||||||||||||||||||||||||||||||||||||||||||
The loan contains customary covenants which are similar to the stipulated covenants in previous loans entered with DVB AG. The agreements governing the facility also contain customary events of default. If an event of default occurs and is continuing, DVB AG and Natixis may require the entire amount of the loan be immediately repaid in full. | |||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2012, the advances under Tranche A of the loan were $34,500 ($17,250 per Bank). | |||||||||||||||||||||||||||||||||||||||||||||
On May 9, 2012, the Borrower, the Guarantors and the Banks signed a third amendment to the loan agreement. In connection with this amendment, all the amounts borrowed by Natixis or $17,250 shall be paid on or before December 31, 2012, further extended to March 28, 2013 and all of the remaining commitments of this term loan facility by Natixis were cancelled. | |||||||||||||||||||||||||||||||||||||||||||||
Since March 31 2012, the Company prepaid to Natixis $12,075 and to DVB SE $10,275 in principal installment and drew from DVB SE $6,825. | |||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2012 the Company recorded a debt extinguishment loss of $940, which is included in the accompanying consolidated statement of operations. | |||||||||||||||||||||||||||||||||||||||||||||
On October 22, 2012 the Company through its subsidiaries in the Offshore Supply Business, entered into a new senior secured term loan facility to replace the financing of this term loan facility in respect of the financing of the acquisition of each of the UP Jade and UP Amber. Subsequent to December 31, 2012 Ingatestone Holding Inc. (our subsidiary in the Offshore Supply Business) entered into a new senior secured term loan facility with DVB Bank America, NIBC and ABN Amro to replace all of its credit facilities in respect of the financing of its four PSVs being built in India (UP Jade, UP Amber, UP Pearl and UP Onyx). | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012, the outstanding principal balance under this loan agreement was $18,975 ($5,175 for Natixis and $13,800 for DVB SE). | |||||||||||||||||||||||||||||||||||||||||||||
Senior secured post delivery term loan facility with DVB Bank SE (DVB SE) and NIBC Bank NV of up to $42,000 | |||||||||||||||||||||||||||||||||||||||||||||
On October 22, 2012 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured post delivery term loan facility of up to $42,000 with DVB SE and NIBC Bank NV (the "Lenders") for the purpose of partially financing or refinancing our PSVs named UP Jade and UP Amber. | |||||||||||||||||||||||||||||||||||||||||||||
The loan facility is divided into two tranches, each in the aggregate amount of up to $21,000. | |||||||||||||||||||||||||||||||||||||||||||||
The tranche of the loan facility in respect of the refinancing of the UP Jade was drawn down in an amount of $20,850 on October 29, 2012. This tranche accrues interest at LIBOR (base rate) plus a margin of 4.0% and shall be repaid by (i) 20 consecutive quarterly installments of $521 each and (ii) a balloon payment in the amount of $10,425 which due on the fifth anniversary of the drawdown date but not later than November 30, 2017. | |||||||||||||||||||||||||||||||||||||||||||||
The Lenders, at their discretion, may replace LIBOR as base rate for the interest calculation with their cost-of-funds rate. | |||||||||||||||||||||||||||||||||||||||||||||
The tranche of the loan facility in respect of the financing of the acquisition of the UP Amber from the shipyard shall be divided into two advances which shall be made available to the Borrower until June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||||
Subsequent events | |||||||||||||||||||||||||||||||||||||||||||||
On January 24, 2013 the Company terminated this senior secured post delivery term loan facility and prepaid the outstanding balance of $20,850 with borrowings from its senior secured post delivery term loan facility with DVB Bank America, NIBC and ABN Amro. | |||||||||||||||||||||||||||||||||||||||||||||
Senior secured post delivery term loan facility with DVB Bank America NV (DVB Bank America),  NIBC Bank NV (NIBC) and ABN Amro Capital USA LLC (ABN Amro) of up to $84,000 | |||||||||||||||||||||||||||||||||||||||||||||
On January 18, 2013 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc, Springwater Shipping Inc and Woodrow Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured post delivery term loan facility of up to $84,000 with DVB Bank America, NIBC and ABN Amro (the "Lenders") with the purpose of refinancing the advances made for our PSVs named UP Jade, UP Amber, UP Pearl and UP Onyx of the DVB SE and Natixis and DVB SE and NIBC long-term facilities. | |||||||||||||||||||||||||||||||||||||||||||||
The loan facility is divided into four tranches, each in the aggregate amount of up to the lesser of $21,000 and 60% of the fair market value of the PSV to which such tranche relates. | |||||||||||||||||||||||||||||||||||||||||||||
The tranche of the loan facility in respect of the refinancing of the UP Jade was drawn down in the amount of $ 20,850 on January 24, 2013. This tranche accrues interest at LIBOR (base rate) plus a margin of 4.0% and shall be repaid by (i) 20 consecutive quarterly installments of $521 each beginning on January 29, 2013 and (ii) a balloon payment in the amount of $10,425 which is due on October 29, 2017 concurrent with the last quarterly repayment. | |||||||||||||||||||||||||||||||||||||||||||||
A quarterly commitment fee is payable based on the average undrawn amount of the committed amount at a rate of 1.60% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
Each tranche of the loan facility in respect of the financing of the acquisition of each of the UP Amber, UP Pearl and UP Onyx from the shipyard shall be divided into two advances which shall be made available to the Borrower as follows: | |||||||||||||||||||||||||||||||||||||||||||||
-Â Â | The first advance of each such tranche shall be made available to the Borrower in the amount of up to $5,000 on the earlier of the delivery date of the ship and October 31, 2013, | ||||||||||||||||||||||||||||||||||||||||||||
-Â Â | The second advance of each such tranche shall be made available to the Borrower in the amount of up to $16,000 not later than the earlier of the date which is six months after the delivery date of the ship and October 31, 2013, provided that the UP Amber, UP Pearl and UP Onyx have obtained employment of not less than 3 years with a charterer on terms and conditions acceptable to the Lenders. | ||||||||||||||||||||||||||||||||||||||||||||
Each tranche accrues interest at LIBOR (base rate) plus a margin of 4.0% and shall be repaid by (i) equal consecutive quarterly installments and (ii) a balloon payment equal to 50% of the advances of such tranche concurrent with the last quarterly repayment but not later than October 31, 2017.  The first quarterly repayment shall commence on the date falling three months after the drawdown date. | |||||||||||||||||||||||||||||||||||||||||||||
The Lenders, at their discretion, may replace LIBOR as base rate for the interest calculation with their cost-of-funds rate. | |||||||||||||||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc., as Borrower, shall comply with certain financial covenants including: (i) a ratio of consolidated debt service coverage ratio in respect of the PSVs of not less than 125% (on a historical and forward four quarter rolling basis, tested as of the last date of each fiscal quarter), (ii) an equity ratio of not less than 10% as from December 31, 2012 until September 30, 2013 and 20% as from September 30, 2013, (iii) a consolidated tangible net worth of not less than $10,000 as from December 31, 2012 until September 30, 2013 and $20,000 as from September 30, 2013 plus 50% of net income (positive only) for each succeeding fiscal year and (iv) consolidated liquidity of not less than an amount necessary to fund the payment of six months of debt service. | |||||||||||||||||||||||||||||||||||||||||||||
As Guarantor, Ultrapetrol (Bahamas) Ltd. shall comply with certain financial covenants at all times after from December 31, 2012 including: (i) an average monthly balance of available cash in a demand deposit of not less than $20,000 on a consolidated basis, (ii) an equity ratio of not less than 20%, (iii) a consolidated tangible net worth of not less than $150,000 and, (iv) a ratio of consolidated debt service coverage ratio of not less than 150% (on a historical and forward four quarter rolling basis, tested as of the last date of each fiscal quarter). | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a first priority mortgage on the UP Jade, UP Amber, UP Pearl and UP Onyx and a first priority assignment of the earnings, insurances and requisition compensation of the vessels. Further, the loan agreement requires that the PSVs pledged as security have an aggregate market value of at least 142.85% of the value of the loans and the swap exposure during the first two years of the loan and 150% thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
The loan also contains customary covenants that limit, among other things, the Borrowers' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, merge or consolidate, change lines of business and amend the terms of subordinated debt. | |||||||||||||||||||||||||||||||||||||||||||||
Seventeen-year term $18,730 credit facility with Brazilian Development Bank (BNDES) | |||||||||||||||||||||||||||||||||||||||||||||
On August 20, 2009, UP Offshore Apoio (our subsidiary in the Offshore Supply Business) as Obligor, UP Offshore (Bahamas) Ltd., as Facility Guarantor and Ultrapetrol (Bahamas) Ltd., as Limited Guarantor, entered into a seventeen-year fixed interest credit facility for $18,730 with BNDES to partially post-finance the construction of our PSV UP Rubi. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid by 204 consecutive monthly installments of each $93 beginning in April 2010 and ending in March 2027.  The loan accrues interest at 3% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
On October 30, 2009, UP Offshore Apoio entered into a Standby Letter of Credit Facility Agreement (the "Letter") with DVB Bank SE relating to a $21,500 Standby Letter of Credit Facility which guarantees the BNDES credit facility from November 11, 2009 to November 11, 2013.  The Letter requires PSV UP Rubi to be pledged as security and its fair market value shall be not less than 133.3% of the outstanding amount of the Letter and is guaranteed by UP Offshore (Bahamas) Ltd. and Ultrapetrol (Bahamas) Limited as Facility Guarantor and Limited Guarantor, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
Under the Letter, UP Offshore Apoio is to pay an up front fee equal to 1.5% of the outstanding amount, an annual commission fee fixed of 2.0% per annum on the outstanding amount and a fee equal to 1.0% on the settlement date on the settlement amount. | |||||||||||||||||||||||||||||||||||||||||||||
As Facility Guarantor, UP Offshore (Bahamas) Ltd. shall comply with certain financial covenants including: (i) an average balance of available cash in a demand deposit of not less than $5,000 during each financial year, (ii) an equity ratio of not less than 30%, (iii) a minimum equity of $75,000 and, (iv) a ratio of consolidated EBITDA to consolidated debt service of at least 1.5 (on a rolling four quarter basis, tested as of the last day of each fiscal quarter). | |||||||||||||||||||||||||||||||||||||||||||||
On March 5, 2013, BNDES confirmed their approval of the change in ownership, which occurred as a consequence of the transaction with Sparrow described in Note 1. Considering such approval, we are in compliance with all covenants under this loan facility. | |||||||||||||||||||||||||||||||||||||||||||||
  | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012, the outstanding principal balance under this loan agreement was $15,818 and the aggregate net book value of the asset pledged was $24,500. | |||||||||||||||||||||||||||||||||||||||||||||
Loan Agreement with DVB Bank SE (DVB SE) and Banco Security of up to $40,000: | |||||||||||||||||||||||||||||||||||||||||||||
On December 9, 2010 UP Offshore (Bahamas) Ltd., as Borrower, and Glasgow Shipping Inc. and Zubia Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited and Corporación de Navegación Mundial S.A., as joint and several Guarantors, entered into a senior secured term loan facility of up to $40,000 with DVB SE and Banco Security, as co-lenders, to partially finance the construction and delivery of our two PSVs being constructed in China. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is drawn in two advances, each in the amount of $20,000, on the delivery of each of the respective PSVs, accrues interest at LIBOR (base rate) plus a margin of 3.0% and shall be repaid by (i) 32 equal quarterly consecutive installments of $417 each, together with a balloon payment of $ 6,667 payable concurring with the last repayment installment in December 2018. | |||||||||||||||||||||||||||||||||||||||||||||
The co-lenders, at their discretion, may replace LIBOR as base rate for the interest calculation with their cost-of-funds rate. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.20% and the respective interest rates ranged from 4.14% to 4.26%, including margins and interest rate swaps. | |||||||||||||||||||||||||||||||||||||||||||||
The loan contains customary covenants which are similar to the stipulated covenants in previous loans entered with DVB AG. The agreements governing the facility also contain customary events of default. If an event of default occurs and is continuing, DVB SE and Banco Security may require the entire amount of the loan be immediately repaid in full. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a first priority mortgage on UP Turquoise and UP Jasper, a first priority assignment of the earnings, insurances and requisition compensation of the vessels or other employment contracts exceeding 12 months.  Further, the loan agreements require that the PSVs pledged as security have an aggregate fair market value of at least 133.3% of the value of the loan during the period from the first drawdown date until the fourth anniversary thereof or at least 66.7% of the value of the loan at any time thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Limited as Guarantor shall maintain certain financial covenants including: (i) an average balance of available cash in a demand deposit of not less than $5,000, (ii) an equity ratio of not less than 30%, (iii) a minimum equity of $75,000 and, (iv) a ratio of consolidated EBITDA to consolidated debt service of at least 1.5 (on a rolling four quarter basis, tested as of the last day of each fiscal quarter). | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 the outstanding principal balance was $34,166 and the aggregate net book value of the assets pledged was $50,900. | |||||||||||||||||||||||||||||||||||||||||||||
Senior secured term loan with Natixis of up to $13,616 | |||||||||||||||||||||||||||||||||||||||||||||
On January 29, 2007 Stanyan Shipping Inc. (a wholly owned subsidiary in the Ocean Business and the owner of the Alejandrina) drew down an amount of $13,616 under a loan agreement with Natixis (the "Lender") to provide post-delivery financing secured by the vessel.  The loan, which matures in February 2017, shall be repaid by equal quarterly installments of $227 with a balloon installment of $2,687 which due in February 2017.  The loan accrues interest at 6.38% per annum for the first five years of the loan and LIBOR plus 1.20% per annum thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
On May 21, 2012, we prepaid $1,849 outstanding under this senior secured loan. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 3.11% and the respective interest rates ranges from 1.63% to 6.38% including margins. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage on the Alejandrina, a first priority assignment of the earnings, insurances and requisition compensation of the vessels, or other employment contracts exceeding 12 months and is guaranteed by Ultrapetrol (Bahamas) Limited.  The Lender may also require additional security, if at any time the fair market value of the ship becomes less than the 125% of the aggregate value of the loan.  With respect to the above and in relation to any potential loan security shortfall, the Company has been reflected $200 under current liabilities in the accompanying consolidated balance sheet as of December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||
The loan also contains customary covenants that limit, among other things, the Borrower's and the Guarantors' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, merge or consolidate, change lines of business and amend the terms of subordinated debt. The agreement governing the facility also contains customary events of default. If an event of default occurs and is continuing, Nataxis may require the entire amount of the loan be immediately repaid in full. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 the outstanding principal balance was $6,546 and the aggregate net book value of the assets pledged was $14,100. | |||||||||||||||||||||||||||||||||||||||||||||
Senior secured term loan with Nordea Bank Finland PLC (Nordea Bank) of $20,200 | |||||||||||||||||||||||||||||||||||||||||||||
On November 30, 2007, Hallandale Commercial Corp. (our wholly owned subsidiary in the Ocean Business and the owner of the Amadeo) as Borrower, Ultrapetrol (Bahamas) Ltd., as Guarantor, and Tuebrook Holdings Inc. (our wholly owned subsidiary in the Ocean Business and the holding company of Hallandale Commercial Corp.), as Pledgor, entered into a $20,200 loan agreement with Nordea Bank for the purpose of providing post delivery financing of the vessel. | |||||||||||||||||||||||||||||||||||||||||||||
The loan accrues interest at LIBOR plus 1.25% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 1.73% and the respective interest rates ranged from 1.67% to 1.78%, including margins. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage on the Amadeo vessel a first priority assignment of the earnings, insurances and requisition compensation of the vessels, or other employment contracts exceeding 12 months and is jointly and severally irrevocably and unconditionally guaranteed by Ultrapetrol (Bahamas) Ltd.  The Lender may also require additional security, if at any time the fair market value of the ship becomes less than the 130% of the aggregate value of the loan.  The loan also contains customary covenants that limit, among other things, the Borrower's and the Guarantors' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, merge or consolidate, change lines of business and amend the terms of subordinated debt.  The agreement governing the facility also contains customary events of default. If an event of default occurs and is continuing, Nordea Bank may require the entire amount of the loan be immediately repaid in full. | |||||||||||||||||||||||||||||||||||||||||||||
As Guarantor, Ultrapetrol (Bahamas) Ltd. shall maintain certain financial covenants including: (i) a ratio of financial indebtedness to tangible net worth of not greater than 2.5 to 1.0 and (ii) a EBITDA to interest expense of not less than 2.0 for the last four fiscal quarters prior to the relevant date of calculation. | |||||||||||||||||||||||||||||||||||||||||||||
On December 28, 2012 the Borrower, the Guarantor, the Pledgor and Nordea Bank amended the loan agreement. In connection with this amendment the margin was increased from 1.50% to 3.00% per annum, the change of control provisions was modified to include Sparrow into the definition, the final maturity date of the loan was changed to April 15, 2013 and Nordea Bank waived the Guarantor compliance requirement with the EBITDA to interest expense ratio until the maturity date. | |||||||||||||||||||||||||||||||||||||||||||||
The aggregate outstanding principal balance of the loan was $5,644 at December 31, 2012, and the aggregate net book value of the asset pledged was $6,430. | |||||||||||||||||||||||||||||||||||||||||||||
Loan with International Finance Corporation ("IFC") and OPEC Fund for International Development (OFID) | |||||||||||||||||||||||||||||||||||||||||||||
a)Â Â | 2008 Loan facility of up to $25,000 | ||||||||||||||||||||||||||||||||||||||||||||
On September 15, 2008 UABL Paraguay S.A. (our subsidiary in the River Business), as Borrower, UABL (Bahamas) Limited as Guarantor and IFC entered into a loan agreement to partially finance:Â Â (i) the replacement of existing pushboat engines and conversion of pushboats to install such engines, (ii) the enlargement and re-bottoming of existing barges, (iii) the construction and acquisition of additional pushboats and barges and (iv) supplies and related equipment for the foregoing. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid in semi-annual installments of $1,087 for the first 9 payments and $1,902 for the last 8 payments, beginning in June 2012.  The loan accrues interest at LIBOR plus a margin which will be calculated considering a percentage ranging between 1.875% to 3.250% obtained from the Guarantor Prospective Debt Service Coverage Ratio as indicated in the agreement. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.11% and the respective interest rates ranged from 3.94% to 4.44%, including margins and interest rate collar. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage on part of our Liberian River Business fleet.  The loan agreement requires that the aggregate fair market value of the Liberian mortgaged barges and pushboats dividing by the outstanding amount of the 2008 loans facility to be 1.3 during the period between the first disbursement of the loan and November 24, 2013 (one year prior to the final maturity date of the 2014 Senior Notes) and at all time thereafter 1.6.  The loan contains various restrictive covenants, among others, that limit the Borrower's ability to declare or pay any dividend, incur capital expenditures, leases, enter into any derivative transaction, except hedging arrangements for fuel.  The Borrower shall maintain certain financial covenants including: (i) a debt to equity ratio of not more than 2.0 and (ii) a historical debt service coverage ratio of not less than 1.0 for the last four fiscal quarters prior to the relevant date of calculation. | |||||||||||||||||||||||||||||||||||||||||||||
As Guarantor, UABL (Bahamas) Limited shall maintain certain financial covenants including; (i) a consolidated debt to equity ratio of no more than 1.4, (ii) a historical debt service coverage ratio on a consolidated basis of not less than 1.3 and (iii) a consolidated current ratio of at least 1.0 for the last four fiscal quarters prior to the relevant date of calculation. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 UABL (Bahamas) Limited (as Guarantor) is in compliance with these covenants except for (ii). Consequently, on March 8, 2013 the IFC waived the compliance to meet the financial covenant described in (ii) as of December 31, 2012 and March 31, 2013. The waiver was granted conditional upon OFID's granting of a similar waiver on or before March 15, 2013, which condition was met on March 14, 2013.  The waiver was granted conditional upon IFC's granting of a similar waiver on or before March 15, 2013, which condition was met on March 8, 2013. UABL (Bahamas) Limited expects to be in compliance with financial covenant in (ii) since June 30, 2013 and thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
b)Â Â | 2008 Loan facility of up to $35,000 | ||||||||||||||||||||||||||||||||||||||||||||
On September 15, 2008 UABL Barges (Panama) Inc., UABL Towing Services S.A., Marine Financial Investment Corp. and Eastham Barges Inc. (all our subsidiaries in the River Business), as Borrowers, UABL (Bahamas) Limited as Guarantor and IFC entered into a loan agreement to partially finance:Â Â (i) the replacement of existing pushboat engines and conversion of pushboats to install such engines, (ii) the enlargement and re-bottoming of existing barges, (iii) the construction and acquisition of additional pushboats and barges and (iv) supplies and related equipment for the foregoing. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid in semi-annual installments of $1,522 for the first 9 payments and $2,663 for the last 8 payments, beginning in June 2012.  The loan accrues interest at LIBOR plus a margin which will be calculated considering a percentage ranging between 1.875% to 3.250% obtained from the Guarantor Prospective Debt Service Coverage Ratio as indicated in the agreement. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.11% and the respective interest rates ranged from 3.94% to 4.44%, including margins and interest rate collar. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage on part of our Liberian River Business fleet.  The loan agreement requires that the aggregate fair market value of the Liberian mortgaged barges and pushboats dividing by the outstanding amount of the 2008 loans facility to be 1.3 during the period between the first disbursement of the loan and November 24, 2013 (one year prior to the final maturity date of the 2014 Senior Notes) and at all time thereafter 1.6.  The loan contains various restrictive covenants, among others, that limit the each Borrower's ability to declare or pay any dividend, incur capital expenditures, leases, enter into any derivative transaction, except hedging arrangements for fuel. | |||||||||||||||||||||||||||||||||||||||||||||
As Guarantor, UABL (Bahamas) Limited shall maintain certain financial covenants including; (i) a consolidated debt to equity ratio of no more than 1.4, (ii) a historical debt service coverage ratio on a consolidated basis of not less than 1.3 and (iii) a consolidated current ratio of at least 1.0. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 UABL (Bahamas) Limited (as Guarantor) is in compliance with these covenants except for (ii). Consequently, on March 8, 2013 the IFC waived the compliance to meet the financial covenant described in (ii) as of December 31, 2012 and March 31, 2013.  The waiver was granted conditional upon OFID's granting of a similar waiver on or before March 15, 2013, which condition was met on March 14, 2013. UABL (Bahamas) Limited expects to be in compliance with financial covenant in (ii) since June 30, 2013 and thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
c)Â Â | 2008 Parallel Loan facility of up to $15,000 | ||||||||||||||||||||||||||||||||||||||||||||
On November 28, 2008 UABL Paraguay S.A. (our subsidiary in the River Business), as Borrower, UABL (Bahamas) Limited as Guarantor and OFID entered into a loan agreement of up to $15,000 to partially finance:Â Â (i) the replacement of existing pushboat engines and the conversion of pushboats to install such engines, (ii) the enlargement and re-bottoming of existing barges, (iii) the construction and acquisition of additional pushboats and barges and (iv) supplies and related equipment for the foregoing. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid in semi-annual installments of $652 for the first 9 payments and $1,141 for the last 8 payments, beginning in June 2012.  The loan accrues interest at LIBOR plus a margin which will be calculated considering a percentage ranging between 1.875% to 3.250% obtained from the Guarantor Prospective Debt Service Coverage Ratio. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.11% and the respective interest rates ranged from 3.94% to 4.44%, including margins and interest rate collar. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage on a portion of our Liberian River Business fleet. The loan agreement requires that the aggregate fair market value of the Liberian mortgaged barges and pushboats dividing by the outstanding amount of the 2008 loans facility to be 1.3 during the period between the first disbursement of the loan and November 24, 2013 (one year prior to the final maturity date of the 2014 Senior Notes) and at all time thereafter 1.6.  The loan contains various restrictive covenants, among others, that limit the Borrower's ability to declare or pay any dividend, incur capital expenditures, leases, enter into any derivative transaction, except hedging arrangements for fuel.  The Borrower shall maintain certain financial covenants including: (i) a debt to equity ratio of not more than 2.0 and (ii) a historical debt service coverage ratio of not less than 1.0. | |||||||||||||||||||||||||||||||||||||||||||||
As Guarantor, UABL (Bahamas) Limited shall maintain certain financial covenants including; (i) a consolidated debt to equity ratio of no more than 1.4, (ii) a historical debt service coverage ratio on a consolidated basis of not less than 1.3 and (iii) a consolidated current ratio of at least 1.0. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 UABL (Bahamas) Limited (as Guarantor) is in compliance with these covenants except for (ii). Consequently, on March 14, 2013 the OFID waived the compliance to meet the financial covenant described in (ii) as of December 31, 2012 and March 31, 2013. UABL (Bahamas) Limited expects to be in compliance with financial covenant in (ii) since June 30, 2013 and thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
d)Â Â | 2011 Loan facility of up to $15,000 | ||||||||||||||||||||||||||||||||||||||||||||
On December 2, 2011 UABL Paraguay S.A. and Riverpar S.A. (our subsidiaries in the River Business), as joint and several Borrowers, UABL (Bahamas) Limited as Guarantor and IFC entered into a loan agreement to partially finance: (i) the construction and acquisition of 64 additional barges, (ii) the modification to 9 existing pushboats necessary to replace their engines, (iii) the re-bottoming of 50 existing barges, and (iv) the construction and acquisition of additional pushboats and ancillary equipment. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid in semi-annual installments of $882 beginning on June 15, 2013 and ending on June 15, 2021. The loan accrues interest at LIBOR plus a margin of 3.65% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.32%, and the respective interest rates ranges from 4.16% to 4.42% including margins. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage principally on part of our Paraguayan and Liberian River Business fleet.  The loan agreement requires that the aggregate fair market value of the Paraguayan and others mortgaged barges and pushboats dividing by the outstanding amount of the 2011 loans facility to be at any time prior to the refinancing of the 2014 Senior Notes not less than 3.0 and at any time thereafter, not less than 1.6. Further, the loan agreement requires that the aggregate fair market value of the Liberian mortgaged barges and pushboats dividing by the outstanding amount of the 2011 loans facility to be at all times equal to or higher than 3.0. | |||||||||||||||||||||||||||||||||||||||||||||
The loan contains various restrictive covenants, among others, that limit the Borrowers' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, incur capital expenditures, leases and enter into any derivative transaction, except hedging agreements for fuel, interest rate or foreign currency in the ordinary course of business. The Borrowers shall maintain certain financial covenants including: (i) a debt to equity ratio on a consolidated basis of not more than 2.0 and (ii) a historical debt service coverage ratio on a consolidated basis of not less than 1.2 for the last four fiscal quarters prior to the relevant date of calculation. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 UABL (Bahamas) Limited (as Guarantor) is in compliance with these covenants except for (ii).  Consequently, on March 8, 2013 the IFC waived the compliance to meet the financial convenant described in (ii) as of December 31, 2012 and March 31, 2013. The waiver was granted conditional upon OFID's granting of a similar waiver on or before March 15, 2013, which condition was met on March 14, 2013. UABL (Bahamas) Limited expects to be in compliance with financial covenant in (ii) since June 30, 2013 and thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
e)Â Â | 2011 Parallel Loan facility of up to $10,000 | ||||||||||||||||||||||||||||||||||||||||||||
On December 15, 2011 UABL Paraguay S.A. and Riverpar S.A. (our subsidiaries in the River Business), as joint and several Borrowers, UABL (Bahamas) Limited as Guarantor and OFID entered into a parallel loan agreements to partially finance: (i) the construction and acquisition of 64 additional barges, (ii) the modification to 9 existing pushboats necessary to replace their engines, (iii) the re-bottoming of 50 existing barges, and (iv) the construction and acquisition of additional pushboats and ancillary equipment. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid in semi-annual installments of $588 beginning on June 15, 2013 and ending on June 15, 2021. The loan accrues interest at LIBOR plus a margin of 3.65% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured through a collateral sharing agreement with the IFC. The loan agreement requires that the aggregate fair market value of the Paraguayan and others mortgaged barges and pushboats dividing by the outstanding amount of the 2011 loans facility to be at any time prior to the refinancing of the 2014 Senior Notes not less than 3.0 and at any time thereafter, not less than 1.6. Further, the loan agreement requires that the aggregate fair market value of the Liberian mortgaged barges and pushboats dividing by the outstanding amount of the 2011 loans facility to be at all times equal to or higher than 3.0. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.32% and the respective interest rates ranged from 4.16% to 4.42%, including margins. | |||||||||||||||||||||||||||||||||||||||||||||
The loan contains various restrictive covenants, among others, that limit the Borrowers' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, incur capital expenditures, leases and enter into any derivative transaction, except hedging agreements for fuel, interest rate or foreign currency in the ordinary course of business. The Borrowers shall maintain certain financial covenants including: (i) a debt to equity ratio on a consolidated basis of not more than 2.0 and (ii) a historical debt service coverage ratio on a consolidated basis of not less than 1.2 for the last four fiscal quarters prior to the relevant date of calculation. | |||||||||||||||||||||||||||||||||||||||||||||
The agreements governing the facilities also contain customary events of default. If an event of default occurs and is continuing, IFC and OFID may require the entire amount of the loan be immediately repaid in full. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 UABL (Bahamas) Limited (as Guarantor) is in compliance with these covenants except for (ii). Consequently, on March 14, 2013 the OFID waived the compliance to meet the financial covenant described in (ii) as of December 31, 2012 and March 31, 2013. The waiver was granted conditional upon IFC's granting of a similar waiver on or before March 15, 2013, which condition was met on March 8, 2013. UABL (Bahamas) Limited expects to be in compliance with financial covenant in (ii) since June 30, 2013 and thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
On January 26, 2012 the Company drew down $10,000 under the 2011 Parallel Loan facility. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012, the aggregate outstanding principal balance under 2008 and 2011 loan agreements with OFID and IFC was $93,478 and the aggregate net book value of the assets pledged was $113,000. | |||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES - 10Q | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ' | ||||||
COMMITMENTS AND CONTINGENCIES | ' | ' | ||||||
6 | COMMITMENTS AND CONTINGENCIES | 8.  | COMMITMENTS AND CONTINGENCIES (to be update) | |||||
The Company is subject to legal proceedings, claims and contingencies arising in the ordinary course of business. When such amounts can be estimated and the contingency is probable, management accrues the corresponding liability. While the ultimate outcome of lawsuits or other proceedings against the Company cannot be predicted with certainty, management does not believe the costs of such actions will have a material effect on the Company´s consolidated financial position or results of operations. | The Company is subject to legal proceedings, claims and contingencies arising in the ordinary course of business. When such amounts can be estimated and the contingency is probable, management accrues the corresponding liability.  While the ultimate outcome of lawsuits or other proceedings against the Company cannot be predicted with certainty, management does not believe the costs of such actions will have a material effect on the Company´s consolidated financial position or results of operations. | |||||||
a) | Claims in Paraguay | a)  | Claims in Paraguay | |||||
UABL – Ciudad del Este Customs Authority | UABL – Ciudad del Este Customs Authority | |||||||
On September 21, 2005 the local Customs Authority of Ciudad del Este, Paraguay issued a finding that certain UABL entities owe taxes to that authority in the amount of $2,200, together with a fine for non-payment of the taxes in the same amount, in respect of certain operations of our River Business for the prior three-year period. This matter was referred to the Central Customs Authority of Paraguay. | On September 21, 2005 the local Customs Authority of Ciudad del Este, Paraguay issued a finding that certain UABL entities owe taxes to that authority in the amount of $2,200, together with a fine for non-payment of the taxes in the same amount, in respect of certain operations of our River Business for the prior three-year period.  This matter was referred to the Central Customs Authority of Paraguay. | |||||||
After review of the entire case the Paraguayan Central Tax Authorities who have jurisdiction over the matter have confirmed the Company has no liability in respect of two of the three matters at issue, while they held a dissenting view on the third issue. Through a Resolution which was notified to UABL on October 13, 2006 the Paraguayan Undersecretary for Taxation has confirmed that, in his opinion, the Company is liable for a total of approximately $500 and has applied a fine of 100% of this amount. On November 24, 2006, the court confirmed that UABL were not liable for the first two issues. The Company has entered a plea with the respective court contending the interpretation on the third issue under consideration where the Company claims to be equally non-liable. | After review of the entire case the Paraguayan Central Tax Authorities who have jurisdiction over the matter have confirmed the Company has no liability in respect of two of the three matters at issue, while they held a dissenting view on the third issue.  Through a Resolution which was notified to UABL on October 13, 2006 the Paraguayan Undersecretary for Taxation has confirmed that, in his opinion, the Company is liable for a total of approximately $500 and has applied a fine of 100% of this amount.  On November 24, 2006, the court confirmed that UABL were not liable for the first two issues.  The Company has entered a plea with the respective court contending the interpretation on the third issue under consideration where the Company claims to be equally non-liable. | |||||||
On March 26, 2009, the Tax and Administrative Court decided that UABL was not liable for the third issue under discussion (the tax base used by UABL's entities to calculate the applicable withholding tax). On April 2, 2009, the Paraguayan Tax Authorities appealed the Tax and Administrative Court's decision. On September 22, 2010 the Paraguayan Supreme Court revoked the March 26, 2009, ruling of the Tax and Administrative Court and confirmed the decision of the Paraguayan Undersecretary for Taxation. | On March 26, 2009, the Tax and Administrative Court decided that UABL was not liable for the third issue under discussion (the tax base used by UABL's entities to calculate the applicable withholding tax). On April 2, 2009, the Paraguayan Tax Authorities appealed the Tax and Administrative Court decision. On September 22, 2010 the Paraguayan Supreme Court revoked the March 26, 2009, ruling of the Tax and Administrative Court and confirmed the decision of the Paraguayan Undersecretary for Taxation. | |||||||
For the year ended December 31, 2010 the Company recorded a charge totaling $1,294 for the full and final settlement of this claim. | ||||||||
For the year ended December 31, 2010 the Company recorded a charge totaling $1,294 for the full and final settlement of this claim. | ||||||||
In parallel with this ruling the Office of the Treasury Attorney initiated an action in respect of the other two issues concerned in this litigation (which had been terminated on November 24, 2006, with the admission of Central Tax Authorities that no taxes were due for these two issues and the consequent dropping of the action by the plaintiffs) to review certain formal aspects of the case on the grounds that the Paraguay Customs Department did not represent the interests of Paraguay. UABL submitted a defense in relation to the action commenced by the Office of the Treasury Attorney. Subsequently, the Office of the Treasury Attorney filed a response with regard to our defense. The evidentiary stage of the proceedings has concluded and a decision of the Court is pending. Aside from the mentioned procedures, the Customs Authorities of Paraguay have reopened the proceedings against UABL S.A., UABL Paraguay S.A. and Yataity S.A. in connection with the possible reopening of the case pending a decision of the reopening of the case in court. Counsel notified the Customs to hold the proceedings until such decision of the court is received and also contest any new investigation into the matter on the grounds that the action is time barred. In one of those reopened proceedings the Customs Authorities of Paraguay made a wrong determination of the taxes owe and fines and upon UABL's request through the submission of a remedy such customs authorities issued a final resolution on August 8, 2012 with a revised adjustment, where they found UABL S.A., UABL Paraguay S.A. and Yataity S.A. liable to pay approximately $400 subject to a fine of 100% of that amount. Having ended the administrative proceedings, on August 10, 2012 UABL commenced judicial proceedings to obtain a court judgment to rule off the erroneous decision of the Customs Authorities based on the fact the sum of $400 was duly paid and that no fine should then be imposed. We have been advised by UABL's counsel in the case that there is only a remote possibility that the Paraguayan Courts would find UABL liable for any of these taxes or fines still in dispute or that the final outcome of these proceedings could have a material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
In parallel with this ruling the Office of the Treasury Attorney has initiated an action in respect of the other two issues concerned in this litigation (which had been terminated on November 24, 2006, with the admission of Central Tax Authorities that no taxes were due for these two issues and the consequent dropping of the action by the plaintiffs) to review certain formal aspects of the case on the grounds that the Paraguay Customs Department did not represent the interests of Paraguay. UABL has submitted a defense in relation to the action commenced by the Office of the Treasury Attorney. Subsequently, the Office of the Treasury Attorney filed a response with regard to our defense. The evidentiary stage of the proceedings has concluded and a decision of the court is pending. Aside from the mentioned procedures, the Customs Authorities of Paraguay have reopened the proceedings against UABL S.A., UABL Paraguay S.A. and Yataity S.A. in connection with the possible reopening of the case pending a decision of the reopening of the case in court.  Counsel notified the Customs to hold the proceedings pending a decision of the court and also contest any new investigation into the matter on the grounds that the action is time barred. In one of those proceedings the customs authorities of Paraguay made a wrong determination of the taxes owe and fines and upon UABL's request through the submission of a remedy such customs authorities issued a final resolution on August 8, 2012 with a revised adjustment, where they found UABL S.A., UABL Paraguay S.A. and Yataity S.A. liable to pay approximately $400 subject to a fine of 100% of that amount.  Having ended the administrative proceedings, on August 10, 2012 UABL commenced judicial proceedings to obtain a court judgment to rule off the erroneous decision of the customs authorities based on the fact a court judgment to rule off the erroneous decision of the customs authorities based on the fact the sum of $400 was duly paid and that no fine should then be imposed. We have been advised by UABL's counsel in the case that there is only a remote possibility that a judicial court would find UABL liable for any of these taxes or fines still in dispute or that the final outcome of these proceedings could have a material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
UABL Paraguay S.A. - Paraguayan Customs Asunción | ||||||||
UABL Paraguay S.A. -  Paraguayan Customs Asunción | ||||||||
On April 7, 2009, the Paraguayan Customs in Asunción commenced administrative proceedings against UABL Paraguay S.A. alleging infringement of Customs regulations (smuggling) due to lack of submission of import clearance documents in Paraguay for some bunkers purchased between January 9, 2007 and December 23, 2008 from YPF S.A. in Argentina. Since those bunkers were purchased for consumption on board pushboats, UABL Paraguay S.A. submitted a defense on April 23, 2009, requesting the closing of those proceedings based on the non-infringement of Customs regulations; however the proceedings were not closed. On August 21, 2009, as part of the evidence to be rendered in the Customs proceedings UABL Paraguay S.A. submitted a technical report of the Paraguayan Coast Guard stating that all parcels of bunkers purchased by UABL Paraguay S.A. from YPF S.A. were consumed onboard the push boats. We were advised that the Paraguayan Customs in Ciudad del Este also commenced administrative proceedings against UABL Paraguay S.A. for the same reasons as the Customs in Asuncion; however those proceedings have been suspended. Customs Authorities appraised the bunkers and determined the corresponding import tax and fine to be $2,000. On March 22, 2010 the Customs in Asuncion issued their ruling on the matter imposing a fine of Gs. 54.723.820 (approximately $12), and UABL Paraguay S.A. will be paying the fine with the aim to end these proceedings. In parallel with this ruling the denouncing parties in Ciudad del Este submitted remedies against the decision of Customs in Asuncion arguing that such ruling was taken without bringing both dossiers together. Our legal counsel has recently advised that the Director of Customs in Asuncion decided to render null the ruling dated March 22, 2010 and ordered evidence to be filed in respect of years 2003 to 2006 before issuing the final ruling. | ||||||||
In a similar manner, on September 20, 2010 the Paraguayan Customs in Asuncion received a complaint against UABL Paraguay S.A. alleging infringement of Customs regulations due to lack of submission of import clearance documents in Paraguay for bunkers purchased during 2009 and 2010, from YPF S.A. in Argentina. UABL Paraguay S.A. submitted its defense together with all documents related to the bunker purchases. | On April 7, 2009, the Paraguayan Customs in Asunción commenced administrative proceedings against UABL Paraguay S.A. alleging infringement of Customs regulations (smuggling) due to lack of submission of import clearance documents in Paraguay for some bunkers purchased between January 9, 2007 and December 23, 2008 from YPF-Repsol S.A. in Argentina.  Since those bunkers were purchased for consumption on board pushboats, UABL Paraguay S.A. submitted a defense on April 23, 2009, requesting the closing of those proceedings based on the non-infringement of Customs regulations; however the proceedings were not closed. On August 21, 2009, as part of the evidence to be rendered in the Customs proceedings UABL Paraguay S.A. submitted a technical report of the Paraguayan Coast Guard stating that all parcels of bunkers purchased by UABL Paraguay S.A. from YPF-Repsol S.A. were consumed onboard the push boats. We were advised that the Paraguayan Customs in Ciudad del Este also commenced administrative proceedings against UABL Paraguay S.A. for the same reasons as the Customs in Asuncion; however those proceedings have been suspended. Customs Authorities appraised the bunkers and determined the corresponding import tax and fine to be $2,000. On March 22, 2010 the Customs in Asuncion issued their ruling on the matter imposing a fine of Gs. 54.723.820 (approximately $12), and UABL Paraguay S.A. will be paying the fine with the aim to end these proceedings. In parallel with this ruling the denouncing parties in Ciudad del Este submitted remedies against the decision of Customs in Asuncion arguing that such ruling was taken without bringing both dossiers together. Our legal counsel has recently advised that the Director of Customs in Asuncion decided to render null the ruling dated March 22, 2010 and ordered evidence to be filed in respect of years 2003 to 2006 before issuing the final ruling. In a similar manner, on September 20, 2010 the Paraguayan Customs in Asuncion received a complaint against UABL Paraguay S.A. alleging infringement of Customs regulations due to lack of submission of import clearance documents in Paraguay for bunkers purchased during 2009 and 2010, from YPF-Repsol S.A. in Argentina.  UABL Paraguay S.A. submitted its defense together with all documents related to the bunker purchases. | |||||||
Our legal counsel is of the opinion that remedies will be rejected and therefore that there is only a remote possibility that UABL Paraguay S.A. will finally be found liable for any such taxes or fines and / or that these proceedings will have financial material adverse impact on the consolidated financial position or results of operations of the Company. | Our legal counsel is of the opinion that remedies will be rejected and therefore that there is only a remote possibility that UABL Paraguay S.A. will finally be found liable for any such taxes or fines and / or that these proceedings will have financial material adverse impact on the consolidated financial position or results of operations of the Company. | |||||||
Oceanpar S.A. and UABL Paraguay S.A. - Customs investigation in connection with reimportation of barges subject to conversion | Oceanpar S.A. and UABL Paraguay S.A. - Customs investigation in connection with reimportation of barges subject to conversion | |||||||
Oceanpar S.A. was notified of this investigation on June 17, 2011. The matter under investigation is whether UABL Paraguay S.A. paid all import taxes and duties corresponding to the reimportation of barges submitted to conversion in foreign yards. On June 24, 2011 Oceanpar S.A. and UABL Paraguay S.A. submitted the evidence of all payments effected in 2008 corresponding to the reimportation of these barges. The evidentiary stage of the proceedings was concluded and the Customs issued its ruling on the matter imposing a fine of Gs. 2.791.514.822 (approximately $605). Oceanpar S.A. and UABL Paraguay S.A. made an administrative submission asking for a reconsideration of the decision, which was rejected on June 18, 2013. On July 18, 2013, Oceanpar S.A. and UABL Paraguay S.A. commenced judicial proceedings in order to appeal the said decisions. Our local counsel has advised that there is only a remote possibility that these proceedings will have a material adverse impact on our consolidated financial position or results of operations of the Company. | Oceanpar S.A. was notified of this investigation on June 17, 2011. The matter under investigation is whether UABL Paraguay S.A. paid all import taxes and duties corresponding to the reimportation of barges submitted to conversion in foreign yards. On June 24, 2011 Oceanpar S.A. and UABL Paraguay S.A. submitted the evidence of all payments effected in 2008 corresponding to the reimportation of these barges. Our Counsel has advised that there is only a remote possibility that these proceedings will have a material adverse impact on our consolidated financial position or results of operations of the Company. | |||||||
UABL Paraguay S.A. - Paraguayan Tax Authority | UABL Paraguay S.A. - Paraguayan Tax Authority | |||||||
On December 15, 2011, as a result of a previous investigation, the Paraguayan Tax Authorities gave notice that UABL Paraguay S.A. would have improperly used some fiscal credit and suggested some rectifications to be made. The aforementioned tax authorities also informed that UABL Paraguay S.A. may owe taxes due to differences in the rate applied to certain fiscal remittance incomes related to the operation of some barges under leasing. We believe that this finding is erroneous and UABL Paraguay S.A. commenced administrative proceedings on December 23, 2011, in order to refute the said findings and formally replied to all of the allegations upon which the finding was made. A decision of the administrative authorities is now pending. The potential amount in dispute has not been calculated yet but it should not exceed approximately $3,000. The proceedings are purely administrative at this point and if the tax authorities should decide to insist with their opinion the Company intends to contest the same in a judicial court. Our local counsel has advised that there is only a remote chance that these proceedings, when ultimately resolved by a judicial court, will have a material adverse impact on our consolidated financial position or results of operations of the Company. | On December 15, 2011, as a result of a previous investigation, the Paraguayan Tax Authorities gave notice that UABL Paraguay S.A. would have improperly used some fiscal credit and suggested some rectifications to be made. The aforementioned tax authorities also informed that UABL Paraguay S.A. may owe taxes due to differences in the rate applied to certain fiscal remittance incomes related to the operation of some barges under leasing. We believe that this finding is erroneous and UABL Paraguay S.A. commenced administrative proceedings on December 23, 2011, in order to refute the said findings and formally replied to all of the allegations upon which the finding was made. A decision of the administrative authorities is now pending. Â The potential amount in dispute has not been calculated yet but it should not exceed approximately $3,000. The proceedings are purely administrative at this point and if the tax authorities should decide to insist with their opinion the Company intends to contest the same in a judicial court. Our local counsel has advised that there is only a remote chance that these proceedings, when ultimately resolved by a judicial court, will have a material adverse impact on our consolidated financial position or results of operations of the Company. | |||||||
Obras Terminales y Servicios S.A. - Judicial Administration | Obras Terminales y Servicios S.A. - Judicial Administration | |||||||
On August 16, 2009, Mrs. Maria L. Rodriguez-Mendieta (hereinafter the "Plaintiff") commenced legal proceedings in Ciudad del Este, Paraguay against Obras Terminales y Servicios S.A. (hereinafter "OTS"), UABL Terminals (Paraguay) S.A., a Company in which we indirectly own fifty percent and which own a terminal that we operate under a lease in our River Business, certain directors and representatives in our River Business, and some of Mr.Abadie's successors and assigns. The Plaintiff alleges to be the holder of 50% of the capital stock of OTS that belongs to the Abadie family. OTS is the Company's 50% subsidiary that owns Tres Fronteras terminal. On August 21, 2009, the competent court granted an injunction to intervene OTS by appointing a Judicial Manager who replaced OTS' board of directors, while the appeal of this injunction is still pending such a court decision continues in effect. The Plaintiff is arguing that an extraordinary shareholders meeting of OTS held in 2005 resolved to increase the capital stock and consequently the whole of OTS' shares certificates were substituted prejudicing her rights since her shares certificates were neither cancelled nor substituted by new certificates. The Plaintiff is requesting the Paraguayan court: a) to recognize her capacity of shareholder of OTS in substitution of the Abadie family; b) payment of dividends; c) nullity of some legal acts; and d) removal of OTS' managers. All defendants have submitted their defenses before the competent court, however due to several motions and preceding exceptions, the evidence stage has not been reached yet. We have been advised by local counsel that if the Plaintiff succeeds in her plead, it will only affect the Abadie family without causing any financial material adverse effect on the remaining 50% capital stock of OTS that belongs to UABL Terminals (Paraguay) S.A. | On August 16, 2009, Mrs. Maria L. Rodriguez-Mendieta (hereinafter the "Plaintiff") commenced legal proceedings in Ciudad del Este, Paraguay against Obras Terminales y Servicios S.A. (hereinafter "OTS"), UABL Terminals (Paraguay) S.A., our subsidiary on the River Business, certain directors and representatives in our River Business, and some of Mr.Abadie's successors and assigns. The Plaintiff was the concubine of Mr. Benito "Tito" Abadie who died after some years of illness on October 21, 2010. The Plaintiff alleges to be the holder of 50% of the capital stock of OTS that belongs to the Abadie family. OTS is the Company's 50% subsidiary that owns Tres Fronteras terminal. On August 21, 2009, the competent court granted an injunction to intervene OTS by appointing a Judicial Manager who replaced OTS' board of directors, while the appeal of this injunction is still pending such a court decision continues in effect. The Plaintiff is arguing that an extraordinary shareholders meeting of OTS held in 2005 resolved to increase the capital stock and consequently the whole of OTS' shares certificates were substituted prejudicing her rights since her shares certificates were neither cancelled nor substituted by new certificates. The Plaintiff is requesting the Paraguayan court: a) to recognize her capacity of shareholder of OTS in substitution of the Abadie family; b) payment of dividends; c) nullity of some legal acts; and d) removal of OTS' managers. All defendants have submitted their defenses before the competent court, however due to several motions and preceding exceptions, the evidence stage has not been reached yet. We have been advised by local counsel that if the Plaintiff succeeds in her plead, it will only affect the Abadie family without causing any financial material adverse effect on the remaining 50% capital stock of OTS that belongs to UABL Terminals (Paraguay) S.A. | |||||||
b)Â Â | Tax claim in Bolivia | |||||||
b) | Tax claim in Bolivia | |||||||
On November 3, 2006 and April 25, 2007, the Bolivian Tax Authority ("Departamento de Inteligencia Fiscal de la Gerencia Nacional de Fiscalización") issued a notice in the Bolivian press advising that UABL International S.A. would owe taxes to that authority. On June 18, 2007, legal counsel in Bolivia submitted points of defense to the Bolivian tax authorities. | ||||||||
On November 3, 2006 and April 25, 2007, the Bolivian Tax Authority ("Departamento de Inteligencia Fiscal de la Gerencia Nacional de Fiscalización") issued a notice in the Bolivian press advising that UABL International S.A. would owe taxes to that authority. On June 18, 2007, legal counsel in Bolivia submitted points of defense to the Bolivian tax authorities. | ||||||||
On August 27, 2007 the Bolivian tax authorities gave notice of a resolution determining the taxes (value added tax, transaction tax and income tax) that UABL International S.A. would owe to them in the amount of approximately $5,800 (including interest and fines). On October 10, 2007, legal counsel in Bolivia gave notice to the Bolivian tax authorities of the lawsuit commenced by UABL International S.A. to refute the resolution above mentioned. | ||||||||
On August 27, 2007 the Bolivian tax authorities gave notice of a resolution determining the taxes (value added tax, transaction tax and income tax) that UABL International S.A. would owe to them in the amount of approximately $5,800 (including interest and fines). On October 10, 2007, legal counsel in Bolivia gave notice to the Bolivian tax authorities of the lawsuit commenced by UABL International S.A. to refute the resolution above mentioned. | ||||||||
On August 1, 2008, UABL International S.A. was served with a notice informing that the Bolivian Tax Authorities had replied to the lawsuit started by us. On August 22, 2008 a hearing and judicial inspection took place at Puerto Quijano, Bolivia. On August 30, 2008 both parties submitted their arguments to the judge, completing this part of the case.  On August 12, 2009, UABL International S.A. was served with a judgment of a Bolivian court ruling on certain taxes allegedly due by UABL International S.A. On August 22, 2009, UABL International S.A. submitted an appeal to the lower court judgment to which Bolivian tax authorities have contested.  The Court of appeal confirmed the judgment of the Lower Court.  UABL International S.A. has submitted a cassation appeal (an appeal on points of law) which is currently pending before the Bolivian Supreme Court. | ||||||||
On August 1, 2008, UABL International S.A. was served with a notice informing that the Bolivian Tax Authorities had replied to the lawsuit started by us. On August 22, 2008 a hearing and judicial inspection took place at Puerto Quijano, Bolivia. On August 30, 2008 both parties submitted their arguments to the judge, completing this part of the case. On August 12, 2009, UABL International S.A. was served with the judgment of the Bolivian court deciding in favor of the Bolivian tax authorities. On August 22, 2009, UABL International S.A. submitted an appeal to the lower court judgment to which Bolivian tax authorities have contested. The Court of appeal confirmed the judgment of the Lower Court. UABL International S.A. has submitted a cassation appeal (an appeal on points of law) before the Bolivian Supreme Court, who after we ceased to be the owner of UABL International S.A. we understand confirmed the judgment of the Lower Court. | ||||||||
On June 26, 2008, the same Bolivian court ordered a preemptive embargo against all barges owned by UABL International S.A. that may be registered in the International Bolivian Registry of Ships, or RIBB. According to Company's local counsel this preemptive embargo under Bolivian law has no effect over the Company's right to use its assets nor does it have any implication over the final decision of the court, the substance of the matter and in this case it is ineffective since UABL International S.A. did not have any assets owned by it registered in the RIBB. Moreover, UABL International S.A. had challenged the judge's decision to place the embargo.  On November 15, 2008, the lower court reconfirmed the embargo. UABL International S.A. appealed the decision of the lower court, which was later reconfirmed by a higher court. The shares of UABL International S.A. have ceased to belong to our Company and we have been advised by legal counsel that there is only a remote possibility that we would finally be found liable for any of these taxes or fines and / or that these proceedings will have financial material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
On June 26, 2008, the same Bolivian court ordered a preemptive embargo against all barges owned by UABL International S.A. that may be registered in the International Bolivian Registry of Ships, or RIBB. According to Company's local counsel this preemptive embargo under Bolivian law has no effect over the right to use its assets nor does it have any implication over the final decision of the court, the substance of the matter and in this case it is ineffective since UABL International S.A. did not have any assets owned by it registered in the RIBB. The shares of UABL International S.A. have ceased to belong to our Company and we have been advised by legal counsel that there is only a remote possibility that we would finally be found liable for any of these taxes or fines and / or that these proceedings will have financial material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
June 26, 2008, the same Bolivian court ordered a preemptive embargo against all barges owned by UABL International S.A. that may be registered in the International Bolivian Registry of Ships, or RIBB. According to Company's local counsel this preemptive embargo under Bolivian law has no effect over the Company's right to use its assets nor does it have any implication over the final decision of the court, the substance of the matter and in this case it is ineffective since UABL International S.A. did not have any assets owned by it registered in the RIBB. Moreover, UABL International S.A. had challenged the judge's decision to place the embargo. On November 15, 2008, the lower court reconfirmed the embargo. UABL International S.A. appealed the decision of the lower court, which was later reconfirmed by a higher court. The shares of UABL International S.A. have ceased to belong to our Company and we have been advised by legal counsel that there is only a remote possibility that we would finally be found liable for any of these taxes or fines and / or that these proceedings will have financial material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
c) | Ultrapetrol S.A. – Argentine Secretary of Industry and Argentine Customs Office | |||||||
c)  | Ultrapetrol S.A. – Argentine Secretary of Industry and Argentine Customs Office | |||||||
On June 24, 2009, Ultrapetrol S.A. (hereinafter "UPSA") requested to the Argentine Secretary of Industry, an authorization to re-export some unused steel plates that had been temporarily imported for industrialized conversion by means of vessels repairs. The total weight of those steel plates was 473 tons and their import value was approximately $370. The request of UPSA to the Secretary of Industry was based on the cancellations made by some related shipping companies that had formerly requested repair services for their vessels. Such repairs cancellations prevented UPSA to conduct the industrialized conversion of the above referred steel plates. On August 7, 2009, since UPSA commenced negotiations with two shipping companies for repairing some of their vessels, a time extension was requested to the Argentine Secretary of Industry, and alternatively it was also requested to grant the previously requested authorization to re-export the steel plates without industrialized conversion. On January 21, 2010, the competent authority rejected the time extension request and did not resolve the alternative authorization request. On February 25, 2010, UPSA made an administrative submission asking for a reconsideration of the decision, which was rejected on April 27, 2010. On November 4, 2011, UPSA submitted an administrative appeal before the Ministry of Industry, and its decision is still pending. In the event that steel plates cannot be exported, payable import duties and Customs' charges would amount to approximately $900, however in case of payment UPSA would have offsetting-tax credits amounting to approximately $300. We have been advised by local counsel that there is a positive prospect of obtaining the requested authorization for re-exporting the steel plates and we don't expect the resolution of these administrative proceedings to have a material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
On June 24, 2009, Ultrapetrol S.A. (hereinafter "UPSA") requested to the Argentine Secretary of Industry, an authorization to re-export some unused steel plates that had been temporarily imported for industrialized conversion by means of vessels repairs. The total weight of those steel plates was 473 tons and their import value was approximately $370. The request of UPSA to the Secretary of Industry was based on the cancellations made by some related shipping companies that had formerly requested repair services for their vessels. Such repairs cancellations prevented UPSA to conduct the industrialized conversion of the above referred steel plates. On August 7, 2009, since UPSA commenced negotiations with two shipping companies for repairing some of their vessels, a time extension was requested to the Argentine Secretary of Industry, and alternatively it was also requested to grant the previously requested authorization to re-export the steel plates without industrialized conversion. On January 21, 2010, the competent authority rejected the time extension request and did not resolve the alternative authorization request. On February 25, 2010, UPSA made an administrative submission asking for a reconsideration of the decision, which was rejected on April 27, 2010. On November 4, 2011, UPSA submitted an administrative appeal before the Ministry of Industry, and its decision is still pending. In the event that steel plates cannot be exported, payable import duties and Customs' charges would amount to approximately $900, however in case of payment UPSA would have offsetting-tax credits amounting to approximately $300. We have been advised by local counsel that there is a positive prospect of obtaining the requested authorization for re-exporting the steel plates and we don't expect the resolution of these administrative proceedings to have a material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
d)Â Â | Indemnification to Sparrow under the investment agreement | |||||||
The investment agreement entered into with Sparrow described in Note 1 provides for our responsibility for certain liabilities related to our business. We provide indemnification in favor of Sparrow for certain matters, including labor matters, taxes, litigations, compliance with laws, environmental matters, insurances, vessels, among others as of December 12, 2012, the date of the closing of the investment agreement. These indemnification obligations will generally expire sixteen months after the closing date or six years after the closing date in the case of certain tax matters, and with certain indemnification obligations surviving indefinitely. | ||||||||
The Company shall not be liable for indemnity obligations unless and until the aggregate amount of indemnifiable losses equals or exceeds $10,000 with a deductible in the amount of $4,400, subject to certain exceptions. The maximum amount of indemnifiable losses which may be recovered from the Company shall not exceed $28,600 subject to certain exceptions. | ||||||||
e)Â Â | Lease obligations | |||||||
Rental expense under continuing obligations for the three years ended December 31, 2012 was $849, $1,119 and $1,048, respectively. At December 31, 2012, obligations under the companies' operating leases for office spaces and a ship repair facility with initial or remaining lease terms longer than one year were as follows: | ||||||||
The Company and its subsidiaries lease buildings for office spaces and a ship repair facility under various operating leases, which expire from 2012 to 2017 and which generally have renewal options at similar terms. | ||||||||
Year ending December 31, | ||||||||
2013 | $ | 1,016 | ||||||
2014 | 917 | |||||||
2015 | 273 | |||||||
2016 | 68 | |||||||
2017 | 58 | |||||||
Total | $ | 2,332 | ||||||
On April 6, 2008 we entered into a three-year bareboat charter for an 11,299 dwt, 2006 built product tanker, the M/T Austral which was extended for minimum 35 and maximum 37 months commencing on December 1, 2010.  The minimum obligations for the remaining term subsequent to December 31, 2012 is $1,292 in 2013.  On March 25, 2009 we entered into a one-year bareboat charter for a 5,706 dwt, 2008 built product tanker, the M/T Mediator which was re-delivered to her owner on October 6, 2010.  Rent expense for the three years ended December 31, 2012 was $1,536, $1,557 and $4,940, respectively.  When cash rental payments are not made on a straight–line basis, we recognize rental expense on a straight–line basis over the lease term. | ||||||||
On April 25, 2012, we entered into a bareboat charter agreement with a non-related party to charter twenty-four jumbo dry barges as described in Note 15. | ||||||||
f)Â Â | Charters-out | |||||||
The future minimum revenues, before reduction for brokerage commissions, expected to be received on time charter agreements of our PSVs in our Offshore Supply Business chartered five in Brazil and one in North Sea, which terms are longer than one year were as follows: | ||||||||
Year ending December 31, | ||||||||
2013 | $ | 34,238 | ||||||
2014 | 22,503 | |||||||
2015 | 13,492 | |||||||
2016 | 5,742 | |||||||
Total | $ | 75,975 | ||||||
The future minimum revenues, before reduction for brokerage commissions of three of our handy size-small product tanker vessels (one of them leased) in our Ocean Business chartered in South America, expected to be received on time charter agreements, which terms are longer than one year were as follows: | ||||||||
Year ending December 31, | ||||||||
2013 | $ | 18,090 | ||||||
2014 | 5,412 | |||||||
Total | $ | 23,502 | ||||||
On November 12, 2012, one of our subsidiaries in the River Business, entered into a transshipment services agreement to provide storage and transshipment services of cargo from river barges to ocean export vessel through our Parana Petrol barge, for a three-year term from June 1, 2013.  The future minimum revenues, before reduction for commissions, expected to be received were as follows: $6,600 in 2013, $13,200 in each of 2014 and 2015 and $6,600 in 2016. | ||||||||
Revenues from time charter agreements are generally not received when a vessel, is off-hire, which includes time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future. The scheduled future minimum revenues should not be construed to reflect total shipping revenues for any of the periods. | ||||||||
g)Â Â | Other | |||||||
At December 31, 2012, we employed several employees as crew on our vessels, land-based employees and shipyard workers.  These seafarers and shipyard workers are covered by industry-wide collective bargaining agreements that set basic standards applicable to all companies who hire such individuals in these industries.  Because most of our employees are covered by these industry-wide collective bargaining agreements, failure of industry groups to renew these agreements may disrupt our operations and adversely affect our earnings.  In addition, we cannot assure that these agreements will prevent labor interruptions.  While we have had no significant labor interruption in the past we do not believe any labor interruptions will disrupt our operations and harm our financial performance. | ||||||||
On our River Business, different degrees of unionization of our employees and crewmembers may lead to a change or leveling of such unionization, which could result in higher costs for us, thus affecting our results of operations. Furthermore, due to the unionized nature of our activity in South America, while in the process of negotiating such leveling, our operations may be affected by strikes in our River and Ocean businesses, causing us to suffer delays due to lack of the necessary crewing onboard our pushboats and ocean vessels. In our barge building facility at Punta Alvear, our workforce is also mainly unionized and negotiations over wages and conditions may have very little bearing on negotiations we have with our other employees and crew members. |
FINANCIAL_INSTRUMENTS_10Q
FINANCIAL INSTRUMENTS - 10Q | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||
FAIR VALUE INSTRUMENTS [Abstract] | ' | ' | ||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | ' | ' | ||||||||||||||||||||||||||||
7 | FINANCIAL INSTRUMENTS | 6.  | FAIR VALUE MEASUREMENT | |||||||||||||||||||||||||||
The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. | The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||||||
The Company's liabilities as of June 30, 2013 that are measured at fair value on a recurring basis are summarized below: | The Company's liabilities as of December 31, 2012 that are measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Current liabilities: | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
-Interest rate collar (included in other liabilities) | - | 718 | - | Current liabilities: | - | 722 | - | |||||||||||||||||||||||
-Interest rate swaps (included in other liabilities) | - | 349 | - | -Â Interest rate collar (included in other liabilities) | ||||||||||||||||||||||||||
Noncurrent liabilities: | -Â Interest rate swaps (included in other liabilities) | - | 348 | - | ||||||||||||||||||||||||||
-Interest rate collar (included in other liabilities) | - | 764 | - | Noncurrent liabilities: | - | 1,235 | - | |||||||||||||||||||||||
-Interest rate swaps (included in other liabilities) | - | 320 | - | -Â Interest rate collar (included in other liabilities) | ||||||||||||||||||||||||||
-Â Interest rate swaps (included in other liabilities) | - | 791 | - | |||||||||||||||||||||||||||
The estimated fair value of the Company's other financial assets and liabilities as of June 30, 2013 were as follows: | The Company's assets as of December 31, 2012 that are measured at fair value on a non-recurring basis are summarized below: | |||||||||||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
amount (unaudited) | fair value (unaudited) | |||||||||||||||||||||||||||||
ASSETS | Vessels and equipment held and used | $ | - | $ | - | $ | 7,380 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 131,315 | $ | 131,315 | In accordance with the provisions of FASB ASC Topic 360-10-40, a vessel in the Ocean Business with a carrying amount of $23,380 was written down to its estimated fair value of $7,380, resulting in an impairment charge of $16,000, which was included in Loss on write-down of vessels for the year ended December 31, 2012. | |||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | 182,115 | ||||||||||||||||||||||||||||
Restricted cash (current and noncurrent portion) | 10,369 | 10,369 | The estimated fair value of the Company's other financial assets and liabilities were as follows: | |||||||||||||||||||||||||||
LIABILITIES | At December 31, | |||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||
2014 Senior Notes and accrued interest | $ | 181,620 | $ | 181,620 | Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||
Long term financial debt (current | 441,645 | 441,645 | amount | fair value | amount | fair value | ||||||||||||||||||||||||
and non-current portion – Note 5) (1) | ASSETS | |||||||||||||||||||||||||||||
-1 | The fair value of long term financial debt is measured using Level 2 fair value inputs. | Cash and cash equivalents | $ | 222,215 | $ | 222,215 | $ | 34,096 | $ | 34,096 | ||||||||||||||||||||
Restricted cash (current and noncurrent portion) | 7,432 | 7,432 | 8,302 | 8,302 | ||||||||||||||||||||||||||
The carrying value of cash and cash equivalents and restricted cash approximates fair value. The fair value of long-term financial debt was estimated based upon quoted market prices or by using discounted cash flow analyses based on estimated current rates for similar types of arrangements. Generally, the carrying value of variable interest rate debt, approximates fair value. It was not practicable to estimate the fair value of the Company's investments in 50% or less owned companies because of the lack of quoted market prices and the inability to estimate fair value without incurring excessive costs. Considerable judgment was required in developing certain of the estimates of fair value and accordingly the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. | ||||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Long term financial debt (current and non-current portion – Note 5) (1) | $ | 517,552 | $ | 517,595 | $ | 512,993 | $ | 468,393 | ||||||||||||||||||||||
(1)Â Â | Â The fair value of long term financial debt is measured using Level 2 fair value inputs. | |||||||||||||||||||||||||||||
The carrying value of cash and cash equivalents and restricted cash approximates fair value. The fair value of long-term financial debt was estimated based upon quoted market prices or by using discounted cash flow analyses based on estimated current rates for similar types of arrangements.  Generally, the carrying value of variable interest rate debt, approximates fair value.  It was not practicable to estimate the fair value of the Company's investments in 50% or less owned companies because of the lack of quoted market prices and the inability to estimate fair value without incurring excessive costs.  Considerable judgment was required in developing certain of the estimates of fair value and accordingly the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. |
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - 10Q | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES [Abstract] | ' | ' | ||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | ' | ' | ||||||||||||||||
8 | DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | 7.  | DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | |||||||||||||||
Liabilities arising from outstanding derivative positions are included in the accompanying unaudited condensed consolidated balance sheets as other liabilities, as follows: | Liabilities arising from outstanding derivative positions are included in the accompanying consolidated balance sheets as other liabilities, as follows: | |||||||||||||||||
At June 30, 2013 | At December 31, 2012 | |||||||||||||||||
(unaudited) | Current other liabilities | Noncurrent other liabilities | ||||||||||||||||
Current other | Noncurrent other liabilities | Derivatives designated as hedging instruments | ||||||||||||||||
liabilities | Interest rate collar (cash flow hedge) | $ | 722 | $ | 1,235 | |||||||||||||
Derivatives designated as hedging instruments | Interest rate swaps (cash flow hedge) | 348 | 791 | |||||||||||||||
Interest rate collar (cash flow hedge) | $ | 718 | $ | 764 | $ | 1,070 | $ | 2,026 | ||||||||||
Interest rate swaps (cash flow hedge) | 349 | 320 | ||||||||||||||||
$ | 1,067 | $ | 1,084 | At December 31, 2011 | ||||||||||||||
Current other liabilities | Noncurrent other liabilities | |||||||||||||||||
At December 31, 2012 | Derivatives designated as hedging instruments | |||||||||||||||||
Current other | Noncurrent other liabilities | Interest rate collar (cash flow hedge) | $ | 582 | $ | 1,145 | ||||||||||||
liabilities | Interest rate swaps (cash flow hedge) | 251 | 643 | |||||||||||||||
Derivatives designated as hedging instruments | $ | 833 | $ | 1,788 | ||||||||||||||
Interest rate collar (cash flow hedge) | $ | 722 | $ | 1,235 | The Company evaluates the risk of counterparty default by monitoring the financial condition of the financial institutions and counterparties involved, by primarily conducting business with large, well-established financial institutions and international traders, and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its counterparties. | |||||||||||||
Interest rate swaps (cash flow hedge) | 348 | 791 | ||||||||||||||||
$ | 1,070 | $ | 2,026 | CASH FLOW HEDGE | ||||||||||||||
The Company evaluates the risk of counterparty default by monitoring the financial condition of the financial institutions and counterparties involved, by primarily conducting business with large, well-established financial institutions and international traders, and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its counterparties. | INTEREST RATE COLLAR AGREEMENT | |||||||||||||||||
CASH FLOW HEDGE | On May 7, 2010, through UABL Limited, our holding subsidiary in the River Business, we entered into an interest rate collar transaction with International Finance Corporation (IFC) through which we expect to hedge our exposure to interest volatility under our financings with IFC and OFID from June 2010 to June 2016. The initial notional amount is $75,000 (subsequently adjusted in accordance with the amortization schedule under these financings), with UABL Limited being the USD Floor Rate seller at a floor strike rate of 1.69%, and IFC being the USD Cap Rate seller at a cap strike rate of 5.00%. This contract qualifies for hedge accounting and as such changes in its fair value are included in other comprehensive loss in the consolidated financial statements. The fair value of this agreement equates to the amount that would be paid or received by the Company if the agreement was cancelled at the reporting date, taking into account current and prospective interest rates and creditworthiness of the Company. | |||||||||||||||||
INTEREST RATE COLLAR AGREEMENT | As of December 31, 2012, the total notional amount of the interest rate collar is $68,478. | |||||||||||||||||
On May 7, 2010, through UABL Limited, our holding subsidiary in the River Business, we entered into an interest rate collar transaction with International Finance Corporation (IFC) through which we expect to hedge our exposure to interest volatility under our financings with IFC and OFID from June 2010 to June 2016. The initial notional amount is $75,000 (subsequently adjusted in accordance with the amortization schedule under these financings), with UABL Limited being the USD Floor Rate seller at a floor strike rate of 1.69%, and IFC being the USD Cap Rate seller at a cap strike rate of 5.00%. This contract qualifies for hedge accounting and as such changes in its fair value are included in other comprehensive income (loss) in the unaudited condensed consolidated financial statements. The fair value of this agreement equates to the amount that would be paid or received by the Company if the agreement were cancelled at the reporting date, taking into account current and prospective interest rates and creditworthiness of the Company. | INTEREST RATE SWAP AGREEMENTS | |||||||||||||||||
As of June 30, 2013, the total notional amount of the interest rate collar is $65,217. | Through our subsidiaries in the Offshore Supply Business, we have entered into various interest rate swap agreements maturing in October 2016 and December 2018 that call our subsidiaries to pay fixed interest rates ranging from 0.89% to 3.67% on aggregate notional values of $30,850 and receive a variable interest rate based on LIBOR on these notional values. The purpose of these interest rate swap agreements is to hedge our exposure to interest volatility under our financings with DVB Bank SE and Banco Security and DVB Bank SE and NIBC. | |||||||||||||||||
INTEREST RATE SWAP AGREEMENTS | These contracts qualify for hedge accounting and as such changes in its fair value are included in other comprehensive loss in the consolidated financial statements. The fair value of these agreements equate to the amount that would be paid or received by the Company if the agreement were cancelled at the reporting date, taking into account current and prospective interest rates and creditworthiness of the Company. | |||||||||||||||||
Through our subsidiaries in the Offshore Supply Business, we have entered into various interest rate swap agreements maturing in September 2016, October 2016, and December 2018 that call our subsidiaries to pay fixed interest rates ranging from 0.89% to 3.67% on aggregate notional values of $49,500 and receive a variable interest rate based on LIBOR on these notional values. The purpose of these interest rate swap agreements is to hedge our exposure to interest volatility under our financings with DVB Bank SE and Banco Security and DVB Bank SE, NIBC and ABN Amro. | As of December 31, 2012, the total notional amount of the interest rate swaps is $29,392. | |||||||||||||||||
These contracts qualify for hedge accounting and as such changes in its fair value are included in other comprehensive income (loss) in the unaudited condensed consolidated financial statements. The fair value of these agreements equate to the amount that would be paid or received by the Company if the agreement was cancelled at the reporting date, taking into account current and prospective interest rates and creditworthiness of the Company. | Subsequent events | |||||||||||||||||
As of June 30, 2013, the total notional amount of the interest rate swaps is $46,554. | On January 18, 2013 the interest rate swap agreements entered into to hedge our exposure to interest volatility under our financing with DVB Bank SE and NIBC, were novated to hedge our exposure under our financing with DVB Bank America, NIBC and ABN Amro. | |||||||||||||||||
OTHER DERIVATIVE INSTRUMENTS | ||||||||||||||||||
Freight Forward Agreement | ||||||||||||||||||
From April 2008 onwards, the Company entered into FFAs either via a clearing house or over the counter with the objective to utilize them as hedging instruments to reduce its exposure to changes in the spot market rates earned by its vessels in the Capesize fleet. | ||||||||||||||||||
As result of the sale of Princess Marisol and Princess Katherine in 2010, FFA positions maturing between May and December 2010 were no longer probable of occurring and thus no longer qualified as effective cash flow hedges. | ||||||||||||||||||
During the year ended December 31, 2010, the Company recorded an aggregate realized gain of $10,710, in connection with these FFA positions, which are reflected in the Company's consolidated statements of operations as Other income (expenses) – (loss) gains on derivatives, net and received net cash settlements for its FFA positions totaling $16,666. | ||||||||||||||||||
INCOME_TAXES_10Q
INCOME TAXES - 10Q | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||
INCOME TAXES - 10Q [Abstract] | ' | ' | ||||||||||||||
INCOME TAXES | ' | ' | ||||||||||||||
9 | INCOME TAXES | 9.  | INCOME TAXES | |||||||||||||
The Company operates through its subsidiaries, which are subject to several tax jurisdictions, as follows: | The Company operates through its subsidiaries, which are subject to several tax jurisdictions, as follows: | |||||||||||||||
a) | Bahamas | a)Â Â | Bahamas | |||||||||||||
The earnings from shipping operations were derived from sources outside the Bahamas and such earnings were not subject to Bahamian taxes. | The earnings from shipping operations were derived from sources outside the Bahamas and such earnings were not subject to Bahamian taxes. | |||||||||||||||
b) | Panama | |||||||||||||||
b)Â Â | Panama | |||||||||||||||
The earnings from shipping operations were derived from sources outside Panama and such earnings were not subject to Panamanian taxes. | ||||||||||||||||
The earnings from shipping operations were derived from sources outside Panama and such earnings were not subject to Panamanian taxes. | ||||||||||||||||
c) | Paraguay | |||||||||||||||
c)Â Â | Paraguay | |||||||||||||||
Our subsidiaries in Paraguay are subject to Paraguayan corporate income taxes. | ||||||||||||||||
Our subsidiaries in Paraguay are subject to Paraguayan corporate income taxes. | ||||||||||||||||
d) | Argentina | |||||||||||||||
d)Â Â | Argentina | |||||||||||||||
Our subsidiaries in Argentina are subject to Argentine corporate income taxes. | ||||||||||||||||
Our subsidiaries in Argentina are subject to Argentine corporate income taxes. | ||||||||||||||||
In Argentina, the tax on minimum presumed income ("TOMPI"), supplements income tax since it applies a minimum tax on the potential income from certain income generating-assets at a 1% tax rate. The Companies' tax obligation in any given year will be the higher of these two tax amounts. However, if in any given tax year TOMPI exceeds income tax, such excess may be computed as payment on account of any excess of income tax over TOMPI that may arise in any of the ten following years. | ||||||||||||||||
In Argentina, the tax on minimum presumed income ("TOMPI"), supplements income tax since it applies a minimum tax on the potential income from certain income generating-assets at a 1% tax rate.  The Companies' tax obligation in any given year will be the higher of these two tax amounts.  However, if in any given tax year TOMPI exceeds income tax, such excess may be computed as payment on account of any excess of income tax over TOMPI that may arise in any of the ten following years. | ||||||||||||||||
e) | Brazil | |||||||||||||||
e)Â Â | Brazil | |||||||||||||||
Our subsidiaries in Brazil are subject to Brazilian corporate income taxes. | ||||||||||||||||
Our subsidiaries in Brazil are subject to Brazilian corporate income taxes. | ||||||||||||||||
Income taxes in Brazil include federal income tax and social contribution (which is an additional federal income tax). Income tax is computed at the rate of 15%, plus a surtax of 10% on the amount that exceeds Brazilian reais 240,000 (equivalent to $108 at June 30, 2013) based on pretax income, adjusted for additions and exclusions established by the Brazilian tax legislation. Social contribution is calculated at the rate of 9%, on pretax income, in conformity with the tax law. | ||||||||||||||||
Income taxes in Brazil include federal income tax and social contribution (which is an additional federal income tax). Income tax is computed at the rate of 15%, plus a surtax of 10% on the amount that exceeds Brazilian reais 240,000 (equivalent to $117 at December 31, 2012) based on pretax income, adjusted for additions and exclusions established by the Brazilian tax legislation. Social contribution is calculated at the rate of 9%, on pretax income, in conformity with the tax law. | ||||||||||||||||
UP Offshore Apoio Maritimo Ltda., has foreign currency exchange gains recognized for tax purposes only in the period the debt (including intercompany transactions) is extinguished. A deferred income tax liability is recognized in the period the foreign currency exchange rate changes equal to the future taxable income at the applicable tax rate. | ||||||||||||||||
UP Offshore Apoio Maritimo Ltda., has foreign currency exchange gains recognized for tax purposes only in the period the debt (including intercompany transactions) is extinguished.  A deferred income tax liability is recognized in the period the foreign currency exchange rate changes equal to the future taxable income at the applicable tax rate. | ||||||||||||||||
f) | Chile | |||||||||||||||
f)Â Â | Chile | |||||||||||||||
Our subsidiary in the Ocean Business, Corporación de Navegación Mundial S.A. (Cor.Na.Mu.S.A.) is subject to Chilean corporate income taxes. | ||||||||||||||||
Our subsidiary in the Ocean Business, Corporación de Navegación Mundial S.A. (Cor.Na.Mu.S.A.) is subject to Chilean corporate income taxes. | ||||||||||||||||
g) | United Kingdom (UK) | |||||||||||||||
g)Â Â | United Kingdom (UK) | |||||||||||||||
Our subsidiary in the Offshore Supply Business, UP Offshore (UK) Limited, is not subject to corporate income tax in the United Kingdom, rather, it qualifies under UK tonnage tax rules and pays a flat rate based on the net tonnage of qualifying PSVs. | ||||||||||||||||
Our subsidiary in the Offshore Supply Business, UP Offshore (UK) Limited, is not subject to corporate income tax in the United Kingdom, rather, it qualifies under UK tonnage tax rules and pays a flat rate based on the net tonnage of qualifying PSVs. | ||||||||||||||||
h) | United States of America (US) | |||||||||||||||
h)Â Â | United States of America (US) | |||||||||||||||
Under the US Internal Revenue Code of 1986, as amended, or the Code, 50% of the gross shipping income of our vessel owning or chartering subsidiaries attributable to transportation that begins or ends, but that does not both begin and end, in the US are characterized as US source shipping income. Such income is subject to 4% US federal income tax without allowance for deduction, unless our subsidiaries qualify for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. | ||||||||||||||||
Under the U.S. Internal Revenue Code of 1986, as amended, or the Code, 50% of the gross shipping income of our vessel owning or chartering subsidiaries attributable to transportation that begins or ends, but that does not both begin and end, in the U.S. are characterized as U.S. source shipping income.  Such income is subject to 4% U.S. federal income tax without allowance for deduction, unless our subsidiaries qualify for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. | ||||||||||||||||
For the six-month period ended June 30, 2013, our subsidiaries did not derive any US source shipping income. Therefore our subsidiaries are not subject to any U.S. federal income taxes, except our ship management services provided by Ravenscroft. | ||||||||||||||||
For the three years in the period ended December 31, 2012, our subsidiaries did not derive any US source shipping income.  Therefore our subsidiaries are not subject to any U.S. federal income taxes, except our ship management services provided by Ravenscroft. | ||||||||||||||||
Income tax expense (benefit) from continuing operations (which includes TOMPI) is comprised of: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||
Current income tax expense | $ | 1,385 | $ | 1,904 | $ | 4,529 | ||||||||||
Deferred income tax (benefit) expense | (4,354 | ) | (3,641 | ) | 1,834 | |||||||||||
$ | (2,969 | ) | $ | (1,737 | ) | $ | 6,363 | |||||||||
Ultrapetrol's pre-tax income for the three years in the period ended December 31, 2012 was taxed in foreign jurisdictions (principally Argentina, Brazil and Paraguay). | ||||||||||||||||
The table below shows for each jurisdiction's total income tax expense and statutory tax rate: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||
Brazil (34%) | $ | 7 | $ | - | $ | 1,723 | ||||||||||
Argentina (35%) | 1,255 | 1,110 | 623 | |||||||||||||
Paraguay (10%) | 48 | 403 | 1,725 | |||||||||||||
Others | 75 | 391 | 458 | |||||||||||||
Current income tax expense | 1,385 | 1,904 | 4,529 | |||||||||||||
Deferred income tax (benefit) expense | (4,354 | ) | (3,641 | ) | 1,834 | |||||||||||
Income tax (benefit) expense | $ | (2,969 | ) | $ | (1,737 | ) | $ | 6,363 | ||||||||
Reconciliation of income tax expense (benefit) to taxes calculated based on the statutory tax rate is as follows: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||
(Loss) income from continuing operations before income taxes | $ | (65,733 | ) | $ | (19,972 | ) | $ | 1,958 | ||||||||
Sources not subject to income tax | 51,203 | 20,835 | 8,609 | |||||||||||||
(14,530 | ) | 863 | 10,567 | |||||||||||||
Tax rate | 35 | % | 35 | % | 35 | % | ||||||||||
Tax (benefit) expense at statutory tax rate | (5,085 | ) | 302 | 3,698 | ||||||||||||
Rate differential | 348 | (184 | ) | (306 | ) | |||||||||||
Change in valuation allowance | 1,549 | 197 | 1,215 | |||||||||||||
Effects of foreign exchange changes related | (1,479 | ) | (4,020 | ) | 1,174 | |||||||||||
to our foreign subsidiaries | ||||||||||||||||
Income tax witholding in foreign jurisdictions | 825 | 572 | 349 | |||||||||||||
Others | 873 | 1,396 | 233 | |||||||||||||
Income tax (benefit) expense | $ | (2,969 | ) | $ | (1,737 | ) | $ | 6,363 | ||||||||
The Company's deferred income tax assets have been reduced by intercompany profits from the sale of river barges within the group.  The Company has deferred income tax expense in Argentina in 2012 and 2011 amounting to $2,541 and $ 4,630, respectively and recognizes them as income tax expense as the river barges are consumed through using.  The balance as of December 31, 2012 of $ 7,010 was reflected as non-current assets. | ||||||||||||||||
At December 31, 2012, Argentinean subsidiaries had a consolidated credit related to TOMPI of $4,068 that expires from 2013 through 2022.  At December 31, 2012, Argentinean subsidiaries had accumulated benefit from tax loss carryforwards ("NOLs") for a consolidated total of $7,110 that expire from 2013 through 2017.  The Company believes it is more likely than not that the Company's subsidiaries NOLs and TOMPI credit, with exception of $2,192 of NOLs and $703 of TOMPI credit, will be utilized through the turnaround of existing temporary differences, future taxable income, tax strategies or a combination thereof. | ||||||||||||||||
As of December 31, 2012, the valuation allowance for deferred tax assets is increase from $1,346 in 2011 to $2,895 in 2012, principally related with the increase in the Argentinean subsidiaries. | ||||||||||||||||
At December 31, 2012, the Brazilian subsidiaries had benefit from NOLs for a consolidated total of $1,678 that do not expire but the usage is limited to 30% of the taxable income in any year. | ||||||||||||||||
The components of net deferred income tax liabilities included on the balance sheets were as follows: | ||||||||||||||||
At December 31, | ||||||||||||||||
2012 | 2011 | |||||||||||||||
Deferred income tax assets | ||||||||||||||||
Other, deferred income tax current assets | $ | 109 | $ | 286 | ||||||||||||
NOLs | 8,788 | 2,339 | ||||||||||||||
TOMPI credit | 4,068 | 3,694 | ||||||||||||||
Other | 421 | 3,453 | ||||||||||||||
Total deferred income tax noncurrent assets | 13,277 | 9,486 | ||||||||||||||
Valuation allowance of deferred income tax assets | (2,895 | ) | (1,346 | ) | ||||||||||||
Net deferred income tax noncurrent assets | 10,382 | 8,140 | ||||||||||||||
Deferred income tax liabilities | ||||||||||||||||
Vessels and equipment, net | 13,176 | 11,292 | ||||||||||||||
Intangible assets | 272 | 332 | ||||||||||||||
Unrealized exchange differences | 2,120 | 3,851 | ||||||||||||||
Other | 220 | 263 | ||||||||||||||
Total deferred income tax noncurrent liabilities | 15,788 | 15,738 | ||||||||||||||
Net deferred income tax liabilities | $ | (5,297 | ) | $ | (7,312 | ) | ||||||||||
As of January 1, 2012 and 2011, and for the years ended December 31, 2012 and 2011, the Company did not have any unrecognized tax positions.  In addition, the Company does not expect to hold unrecognized tax positions within the next twelve months.  Furthermore, the Company has elected to classify interest and penalties related to unrecognized tax positions, if and when required, as part of financial and operating expenses, respectively, in the consolidated statements of operations.  For the years ended December 31, 2012 and 2011, the Company has no accrued interest and penalties related to unrecognized tax positions. | ||||||||||||||||
SHARE_CAPITAL_10Q
SHARE CAPITAL - 10Q | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2012 | |||
SHARE CAPITAL [Abstract] | ' | ' | ||
SHARE CAPITAL | ' | ' | ||
10 | SHARE CAPITAL | 11.  | SHARE CAPITAL | |
Common shares and shareholders | Common shares and shareholders | |||
The shares held directly by our Original Shareholders (Los Avellanos and Hazels), amounted to 7,864,085 shares at June 30, 2013, of which 7,716,366 are expressly entitled to seven votes per share (with the other 150,719 shares being one vote) and all other holders of our common stock are entitled to one vote per share. The special voting rights of the Original Shareholders are not transferable, unless transferred to another Original Shareholder. | On July 2, 2012, the shareholders of the Company at a Special General Meeting approved the increase in authorized share capital from 100,000,000 to 250,000,000 shares of common stock with a par value of $0.01 per share, and approved the adoption of the Third Amended and Restated Memorandum of Association and Sixth Amended and Restated Articles of Association. | |||
If, after the date that is four years following the date of the Shareholders' Agreement (November 13, 2012), Sparrow sells all of its shares to one or more third parties, the multi-vote rights attached to the shares owned by Los Avellanos and Hazels shall terminate upon such sale and be of no further force and effect, and all such shares shall entitle the holder thereof to one vote, unless after the date that is two years following the date of the Shareholders' Agreement and prior to such sale (i) the Company or Sparrow has successfully completed a third party sale at a price such that if all of Sparrow's shares were sold at such a price on the date of such sale, Sparrow would achieve a certain rate of return on its investment in the Company or (ii) the Company's directors nominated by Sparrow have not approved a proposal to cause the Company to make such a sale, at any time when the 180-day daily weighted average price of the Company's common stock was sufficiently high to achieve such rate of return. | The shares held directly by our Original Shareholders (Los Avellanos and Hazels), amounted 7,864,085 shares at December 31, 2012 of which 7,713,366 are expressly entitled to seven votes per share (with the other 150,719 shares being one vote) and all other holders of our common stock are entitled to one vote per share.  The special voting rights of the Original Shareholders are not transferable, unless transferred to another Original Shareholder. | |||
At June 30, 2013, the outstanding common shares are 140,419,487 par value $.01 per share. | If, after the date that is four years following the date of the Shareholders' Agreement (November 13, 2012), Sparrow sells all of its shares to one or more third parties, the multi-vote rights attached to the shares owned by Los Avellanos and Hazels shall terminate upon such sale and be of no further force and effect, and all such shares shall entitle the holder thereof to one vote, unless after the date that is two years following the date of the Shareholders' Agreement and prior to such sale (i) the Company or Sparrow has successfully completed a third party sale at a price such that if all of Sparrow's shares were sold at such a price on the date of such sale, Sparrow would achieve a certain rate of return on its investment in the Company or (ii) the Company's directors nominated by Sparrow have not approved a proposal to cause the Company to make such a sale, at any time when the 180-day daily weighted average price of the Company's common stock was sufficiently high to achieve such rate of return. | |||
At June 30, 2013, our shareholders Sparrow, Sparrow CI Sub Ltd. (a wholly owned subsidiary of Sparrow), Los Avellanos and Hazels hold 93,940,000, 16,060,000, 4,735,517 and 3,128,568 shares, respectively, which represent 66.9%, 11.4%, 3.4% and 2.2% of the outstanding shares, respectively. The joint voting power for these shares represents 87.9% of the total voting power and pursuant to a shareholder agreement signed between Sparrow, Los Avellanos and Hazels, Los Avellanos and Hazels agree to vote their shares of common stock in the same manner as Sparrow, except for any matter that requires, but does not obtain, the approval of six directors of the Company. | At December 31, 2012, the outstanding common shares are 140,419,487 par value $.01 per share. | |||
Los Avellanos and Hazels are controlled by members of the Menendez family, including Felipe Menendez R., our chief executive officer and a director, and Ricardo Menendez R., our executive vice president and a director. As such, they have the ability to exert influence over the operations of the Company. | At December 31, 2012 our shareholders Sparrow, Sparrow CI Sub Ltd. (a wholly owned subsidiary of Sparrow), Los Avellanos and Hazels hold 93,940,000, 16,060,000, 4,735,517 and 3,128,568 shares, respectively, which represent 66.9%, 11.4%, 3.4% and 2.2,% of the outstanding shares, respectively.  The joint voting power for these shares represents 87.9% of the total voting power and pursuant to a shareholder agreement signed between Sparrow, Los Avellanos and Hazels described in note 1, Los Avellanos and Hazels agree to vote their shares of common stock in the same manner as Sparrow, except for any matter that requires, but does not obtain, the approval of six directors of the Company. | |||
Los Avellanos and Hazels are controlled by members of the Menendez family, including Felipe Menendez R., our president, chief executive officer and a director, and Ricardo Menendez R., our executive vice president and a director.  As such, they have the ability to exert influence over the operations of the Company. | ||||
2008 Share repurchase program | ||||
Ultrapetrol's Board of Directors has approved a share repurchase program, effective March 17, 2008, for up to a total of $50,000 of the Company's common stock through December 31, 2008. The expiration date of the share repurchase program was extended by the Board of Directors until September 30, 2009, when it finally expired. | ||||
At December 31, 2012 the Company had repurchased a total of 3,923,094 common shares, at a total cost of $19,488. | ||||
Registration rights agreements | ||||
On September 21, 2006, prior to its initial public offering the Company entered into a registration rights agreement with Los Avellanos, Hazels and Solimar Holdings Ltd., its shareholders of record immediately prior to the initial public offering which was terminated on December 12, 2012. On the same date the Company entered into a new registration rights agreement with Sparrow, Sparrow CI Sub Ltd., Los Avellanos and Hazels, pursuant to which the Company has granted them and certain of their transferees, the right, under certain circumstances and subject to certain restrictions, including any applicable lock-up agreements then in place, to require the Company to register under the Securities Act shares of the Company's common stock held by them. Under the registration rights agreement, these persons will have the right to request the Company to register the sale of shares held by them on their behalf and may also require the Company to make available shelf registration statements permitting sales of shares into the market from time to time over an extended period. In addition, these persons will have the ability to exercise certain piggyback registration rights in connection with registered offerings requested by shareholders or initiated by the Company. | ||||
BUSINESS_AND_GEOGRAPHIC_SEGMEN
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION - 10Q | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION - 10Q | ' | ' | ||||||||||||||||||||||||||||||||
11 | BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION | 13.  | BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION | |||||||||||||||||||||||||||||||
The Company organizes its business and evaluates performance by its operating segments, Ocean, River and Offshore Supply Business. The accounting policies of the reportable segments are the same as those for the unaudited condensed consolidated financial statements (Note 2). The Company does not have significant intersegment transactions. These segments and their respective operations are as follows: | The Company organizes its business and evaluates performance by its operating segments, Ocean, River and Offshore Supply Business.  The accounting policies of the reportable segments are the same as those for the consolidated financial statements (Note 2).  The Company does not have significant intersegment transactions.  These segments and their respective operations are as follows: | |||||||||||||||||||||||||||||||||
River Business: In our River Business, we own and operate several dry and tanker barges, and push boats. The dry barges transport basically agricultural and forestry products, iron ore and other cargoes, while the tanker barges carry petroleum products, vegetable oils and other liquids. We operate our pushboats and barges on the navigable waters of Parana, Paraguay and Uruguay Rivers and part of the River Plate in South America, also known as the Hidrovia region. River Business transportation services contributed 45% and 46% of consolidated operating revenues for the six-month periods ended June 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
River Business:  In our River Business, we own and operate several dry and tanker barges, and push boats.  In addition, we use one barge from our ocean fleet, the Alianza G2, as a transfer station.  The dry barges transport basically agricultural and forestry products, iron ore and other cargoes, while the tanker barges carry petroleum products, vegetable oils and other liquids.  We operate our pushboats and barges on the navigable waters of Parana, Paraguay and Uruguay Rivers and part of the River Plate in South America, also known as the Hidrovia region.  River Business transportation services contributed 52%, 57% and 52% of consolidated operating revenues for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||||||||
We operate our pushboats and barges on the navigable waters of Parana, Paraguay and Uruguay Rivers and part of the River Plate in South America, also known as the Hidrovia region. | ||||||||||||||||||||||||||||||||||
The Company also has a shipyard that should promote organic growth and from time to time make external sales.  Third party shipyard sales contributed 10%, 6% and 0% of consolidated operating revenues for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||||||||
The company also has a shipyard that should promote organic growth and from time to time make external sales. Third party shipyard sales contributed 16% and 3% of consolidated operating revenues for the six-month periods ended June 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
Offshore Supply Business:  We operate our Offshore Supply Business, using PSVs owned by UP Offshore (Bahamas), which eight are employed in the Brazilian market and one in the North Sea.  PSVs are designed to transport supplies such as containerized equipment, drill casing, pipes and heavy loads on deck, along with fuel, water, drilling fluids and bulk cement in under deck tanks and a variety of other supplies to drilling rigs and platforms.  Offshore Supply Business transportation services contributed 25%, 21% and 24% of consolidated operating revenues for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||||||||
Offshore Supply Business: We operate our Offshore Supply Business, using PSVs owned by UP Offshore (Bahamas), which eight are employed in the Brazilian market, one in the North Sea and the last one is currently proceeding form the building shipyard. PSVs are designed to transport supplies such as containerized equipment, drill casing, pipes and heavy loads on deck, along with fuel, water, drilling fluids and bulk cement in under deck tanks and a variety of other supplies to drilling rigs and platforms. Offshore Supply Business transportation services contributed 22% and 25% of consolidated operating revenues for the six-month periods ended June 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
Ocean Business:  In our Ocean Business, we operate eight oceangoing vessels:  four product tankers (one of which is on lease to us), two container feeder vessels under a container line service in Argentina cabotage trade, one oceangoing tug and one tank barge under the trade name Ultrapetrol.  Our Handy size/small product tanker vessels transport liquid bulk goods such as petroleum and petroleum derivatives on major trade routes around the globe.  Ocean Business transportation services contributed 23%, 22% and 24% of consolidated operating revenues for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||||||||
Ocean Business: In our Ocean Business, we operate eight oceangoing vessels: four product tankers (one of which is on lease to us), two container feeder vessels under a container line service in Argentina cabotage trade, one oceangoing tug and one tank barge under the trade name Ultrapetrol. Our Handy size/small product tanker vessels transport liquid bulk goods such as petroleum and petroleum derivatives on major trade routes around the globe. Ocean Business transportation services contributed 17% and 26% of consolidated operating revenues for the six-month periods ended June 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
All of the Company's operating revenues were derived from its foreign operations.  The following represents the Company's revenues attributed by geographical region in which services are provided to customers. | ||||||||||||||||||||||||||||||||||
All of the Company's operating revenues were derived from its foreign operations. The following represents the Company's revenues attributed by geographical region in which services are provided to customers. | ||||||||||||||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||||||||||||||
For the six-month periods ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||
(unaudited) | Revenues (1) | |||||||||||||||||||||||||||||||||
2013 | 2012 | − South America | $ | 238,572 | $ | 267,420 | $ | 199,585 | ||||||||||||||||||||||||||
Revenues (1) | − Europe | 28,320 | 19,910 | 19,923 | ||||||||||||||||||||||||||||||
−South America | $ | 162,595 | $ | 120,627 | − Central America | 35,333 | 16,499 | 5,624 | ||||||||||||||||||||||||||
−Central America | 21,021 | 9,523 | − North America | 7,438 | 227 | 1,219 | ||||||||||||||||||||||||||||
−Europe | 7,227 | 9,542 | − Asia | 3,506 | 426 | 4,094 | ||||||||||||||||||||||||||||
−North America | 538 | 3,413 | $ | 313,169 | $ | 304,482 | $ | 230,445 | ||||||||||||||||||||||||||
−Asia | 8,295 | 930 | ||||||||||||||||||||||||||||||||
$ | 199,676 | $ | 144,035 | (1)Â Â | Classified by country of domicile of charterers/costumers. | |||||||||||||||||||||||||||||
The Company's vessels are highly mobile and regularly and routinely moved between countries within a geographical region of the world.  In addition, these vessels may be redeployed among the geographical regions as changes in market conditions dictate.  Because of this mobility, long-lived assets, primarily vessels and equipment cannot be allocated to any one country. | ||||||||||||||||||||||||||||||||||
-1 | Classified by country of domicile of charterers/customers. | |||||||||||||||||||||||||||||||||
The following represents the Company's vessels and equipment based upon the assets' physical location as of the end of each applicable period presented: | ||||||||||||||||||||||||||||||||||
The Company's vessels are highly mobile and regularly and routinely moved between countries within a geographical region of the world. In addition, these vessels may be redeployed among the geographical regions as changes in market conditions dictate. Because of this mobility, long-lived assets, primarily vessels and equipment cannot be allocated to any one country. | ||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||
The following represents the Company's vessels and equipment based upon the assets' physical location as of the end of each applicable period presented: | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Vessels and equipment, net | ||||||||||||||||||||||||||||||||||
At June 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||
(unaudited) | − South America | $ | 564,352 | $ | 572,512 | |||||||||||||||||||||||||||||
Vessels and equipment, net | − Europe | 25,474 | 26,571 | |||||||||||||||||||||||||||||||
−South America | $ | 575,436 | $ | 564,352 | − Asia | 53,496 | 68,149 | |||||||||||||||||||||||||||
−Europe | 24,924 | 25,474 | − Other | 4,197 | 4,213 | |||||||||||||||||||||||||||||
−Asia | 36,455 | 53,496 | $ | 647,519 | $ | 671,445 | ||||||||||||||||||||||||||||
−Other | 4,294 | 4,197 | For the three years in the period ended December 31, 2012, 76%, 88% and 87% of the Company's revenues are concentrated in South America and at December 31, 2012 and 2011, 87% and 85% of the Company's vessels and equipment, respectively, are located in South America. | |||||||||||||||||||||||||||||||
$ | 641,109 | $ | 647,519 | |||||||||||||||||||||||||||||||
For the year ended December 31, 2012 revenues from charterers/customers domiciled in Argentina, Brazil, Uruguay and Paraguay represented 28%, 29%, 4% and 12%, of the Company's consolidated revenues, respectively. | ||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2013, 81% of the Company's revenues are concentrated in South America and at June 30, 2013, 90% of the Company's vessels and equipment are located in South America. | ||||||||||||||||||||||||||||||||||
For the year ended December 31, 2011 revenues from charterers/customers domiciled in Argentina, Brazil, Uruguay and Paraguay represented 29%, 25%, 20% and 12%, of the Company's consolidated revenues, respectively. | ||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2013, revenues from charterers domiciled in Argentina, Brazil and Paraguay represented 17%, 21% and 34%, of the Company's consolidated revenues, respectively. | ||||||||||||||||||||||||||||||||||
For the year ended December 31, 2010 revenues from charterers/customers domiciled in Argentina, Brazil, Uruguay and Paraguay represented 30%, 27%, 13% and 19%, of the Company's consolidated revenues, respectively. | ||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2012, 84% of the Company's revenues are concentrated in South America and at June 30, 2012, 85% of the Company's vessels and equipment are located in South America. | ||||||||||||||||||||||||||||||||||
As a result, the Company's financial condition and results of operations depend, to a significant extent, on macroeconomic, regulatory and political conditions prevailing in South America. | ||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2012 revenues from charterers domiciled in Argentina, Brazil and Paraguay represented 33%, 28% and 17%, of the Company's consolidated revenues, respectively. | ||||||||||||||||||||||||||||||||||
Revenue by segment consists only of services provided to external customers, as reported in the consolidated statement of operations.  Resources are allocated based on segment profit or loss from operation, before interest and taxes. | ||||||||||||||||||||||||||||||||||
As a result, the Company's financial condition and results of operations depend, to a significant extent, on macroeconomic, regulatory and political conditions prevailing in South America. | ||||||||||||||||||||||||||||||||||
Identifiable assets represent those assets used in the operations of each segment. | ||||||||||||||||||||||||||||||||||
Revenue by segment consists only of services provided to external customers, as reported in the unaudited condensed consolidated statement of operations. Resources are allocated based on segment profit or loss from operation, before interest and taxes. | ||||||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the year ended December 31, 2012: | ||||||||||||||||||||||||||||||||||
Identifiable assets represent those assets used in the operations of each segment. | ||||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | |||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the six-month period ended June 30, 2013 (unaudited): | Business | Supply | Business | |||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | |||||||||||||||||||||||||||||||
Business | Supply | Business | Revenues | $ | 163,279 | $ | 76,661 | $ | 73,229 | $ | 313,169 | |||||||||||||||||||||||
Business | Running and voyage and manufacturing expenses | 148,653 | 43,405 | 62,369 | 254,427 | |||||||||||||||||||||||||||||
Depreciation and amortization | 21,996 | 10,938 | 10,918 | 43,852 | ||||||||||||||||||||||||||||||
Revenues | $ | 122,531 | $ | 42,447 | $ | 34,698 | $ | 199,676 | Segment operating (loss) profit | (18,963 | ) | 17,615 | (23,771 | ) (1) | (25,119 | ) | ||||||||||||||||||
Running and voyage and manufacturing expenses | 92,127 | 20,583 | 30,324 | 143,034 | Segment assets | 387,484 | 263,315 | 123,033 | 773,832 | |||||||||||||||||||||||||
Depreciation and amortization | 11,727 | 5,395 | 3,401 | 20,523 | Investments in and receivables from affiliates | 4,032 | - | 250 | 4,282 | |||||||||||||||||||||||||
Segment operating profit (loss) | 10,664 | 11,636 | (3,097 | ) | 19,203 | Loss from investment in affiliates | (1,168 | ) | - | (7 | ) | (1,175 | ) | |||||||||||||||||||||
Segment assets | 410,015 | 272,727 | 111,424 | 794,166 | Additions to long-lived assets | 24,634 | 13,405 | 1,977 | 40,016 | |||||||||||||||||||||||||
Investments in and receivables from affiliates | 4,072 | - | 233 | 4,305 | ||||||||||||||||||||||||||||||
Loss from investment in affiliates | (302 | ) | - | (17 | ) | (319 | ) | (1)Â Â | Includes an impairment charge for our product tanker M/V Amadeo of $16,000. | |||||||||||||||||||||||||
Additions to long-lived assets | 2,196 | 5,454 | 5,332 | 12,982 | ||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the year ended December 31, 2011: | ||||||||||||||||||||||||||||||||||
Reconciliation of total assets of the segments to amount included in the unaudited condensed consolidated balance sheets were as follow: | ||||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | |||||||||||||||||||||||||||||||
At June 30, | Business | Supply | Business | |||||||||||||||||||||||||||||||
2013 | Business | |||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||
Revenues | $ | 174,594 | $ | 64,606 | $ | 65,282 | $ | 304,482 | ||||||||||||||||||||||||||
Total assets for reportable segments | $ | 794,166 | Running and voyage and manufacturing expenses | 132,719 | 38,852 | 53,036 | 224,607 | |||||||||||||||||||||||||||
Other assets | 14,609 | Depreciation and amortization | 20,139 | 9,436 | 9,569 | 39,144 | ||||||||||||||||||||||||||||
Corporate cash and cash equivalents | 131,315 | Segment operating (loss) profit | 13,138 | 10,999 | (4,753 | ) | 19,384 | |||||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | Segment assets | 392,549 | 263,094 | 124,527 | 780,170 | ||||||||||||||||||||||||||||
Consolidated total assets | $ | 1,122,205 | Investments in and receivables from affiliates | 6,595 | - | 256 | 6,851 | |||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the six-month period ended June 30, 2012 (unaudited): | Loss from investment in affiliates | (1,042 | ) | - | (31 | ) | (1,073 | ) | ||||||||||||||||||||||||||
Additions to long-lived assets (1) | 73,265 | 19,502 | 3,345 | 96,112 | ||||||||||||||||||||||||||||||
River Business | Offshore | Ocean Business | Total | |||||||||||||||||||||||||||||||
Supply | (1)Â Â | Excludes $1,751, which corresponds to additions to corporate assets. | ||||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the year ended December 31, 2010: | ||||||||||||||||||||||||||||||||||
Revenues | $ | 71,128 | $ | 35,170 | $ | 37,737 | $ | 144,035 | ||||||||||||||||||||||||||
Running and voyage and manufacturing expenses | 63,960 | 19,435 | 31,595 | 114,990 | River | Offshore | Ocean | Total | ||||||||||||||||||||||||||
Depreciation and amortization | 10,776 | 5,233 | 5,042 | 21,051 | Business | Supply | Business | |||||||||||||||||||||||||||
Segment operating (loss) profit | (5,157 | ) | 8,524 | (4,062 | ) | (695 | ) | Business | ||||||||||||||||||||||||||
Loss from investment in affiliates | (663 | ) | - | (3 | ) | (666 | ) | |||||||||||||||||||||||||||
Additions to long-lived assets | 18,484 | 8,541 | 314 | 27,339 | Revenues | $ | 120,024 | $ | 54,283 | $ | 56,138 | $ | 230,445 | |||||||||||||||||||||
Running and voyage and manufacturing expenses | 80,702 | 29,637 | 40,583 | 150,922 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 17,248 | 7,178 | 9,945 | 34,371 | ||||||||||||||||||||||||||||||
Segment operating (loss) profit | 10,244 | 10,611 | (2,137 | ) | 18,718 | |||||||||||||||||||||||||||||
Segment assets | 351,388 | 245,865 | 104,334 | 701,587 | ||||||||||||||||||||||||||||||
Investments in and receivables from affiliates | 6,537 | - | 287 | 6,824 | ||||||||||||||||||||||||||||||
Income (Loss) from investment in affiliates | (322 | ) | - | (19 | ) | (341 | ) | |||||||||||||||||||||||||||
Additions to long-lived assets | 67,942 | 7,141 | 30,164 | 105,247 | ||||||||||||||||||||||||||||||
Reconciliation of total assets of the segments to amount included in the consolidated balance sheets were as follow: | ||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||
Total assets for reportable segments | $ | 773,832 | $ | 780,170 | ||||||||||||||||||||||||||||||
Other assets | 14,271 | 16,021 | ||||||||||||||||||||||||||||||||
Corporate cash and cash equivalents | 222,215 | 34,096 | ||||||||||||||||||||||||||||||||
Consolidated total assets | $ | 1,010,318 | $ | 830,287 | ||||||||||||||||||||||||||||||
For the year ended December 31, 2012 revenues from one customer of Ultrapetrol Ocean and Offshore Supply Business represented $92,000 or 29% of the Company's consolidated revenues and revenues from one customer of Ultrapetrol River Business represented $49,600 or 16% of the Company's consolidated revenues. | ||||||||||||||||||||||||||||||||||
For the year ended December 31, 2011 revenues from one customer of Ultrapetrol Ocean and Offshore | ||||||||||||||||||||||||||||||||||
Supply Business represented $86,400 or 28% of the Company' s consolidated revenues and revenues from one customer of Ultrapetrol River Business represented $60,200 or 20% of the Company's consolidated revenues. | ||||||||||||||||||||||||||||||||||
For the year ended December 31, 2010 revenues from one customer of Ultrapetrol Ocean and Offshore Supply Business represented $75,200 or 33% of the Company's consolidated revenues and revenues from one customer of Ultrapetrol River Business represented $50,400 or 22% of the Company's consolidated revenues. | ||||||||||||||||||||||||||||||||||
SUPPLEMENTAL_GUARANTOR_INFORMA
SUPPLEMENTAL GUARANTOR INFORMATION - 10Q | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
12 | SUPPLEMENTAL GUARANTOR INFORMATION | 16.  | SUPPLEMENTAL GUARANTOR INFORMATION | ||||||||||||||||||||||||||||||||||||||||||||
On June 10, 2013, the Company issued $200,000 8.875% First Preferred Ship Mortgage Notes due 2021. | On November 24, 2004, the Company issued $180,000 9% First Preferred Ship Mortgage Notes due 2014. | ||||||||||||||||||||||||||||||||||||||||||||||
The 2021 Senior Notes are fully and unconditionally guaranteed on a joint and several basis by Company's subsidiaries directly involved in our Ocean and River Business. | The 2014 Senior Notes are fully and unconditionally guaranteed on a joint and several basis by Company's subsidiaries directly involved in our Ocean and River Business. | ||||||||||||||||||||||||||||||||||||||||||||||
The Indenture provides that the 2021 Senior Notes and each of the guarantees granted by Subsidiaries, other than the Mortgage, are governed by, and construed in accordance with, the laws of the state of New York. Each of the mortgaged vessels is registered under either the Panamanian flag, or another jurisdiction with similar procedures. All of the Subsidiary Guarantors are outside of the United States. | The Indenture provides that the 2014 Senior Notes and each of the guarantees granted by Subsidiaries, other than the Mortgage, are governed by, and construed in accordance with, the laws of the state of New York.  Each of the mortgaged vessels is registered under either the Panamanian flag, or another jurisdiction with similar procedures.  All of the Subsidiary Guarantors are outside of the United States. | ||||||||||||||||||||||||||||||||||||||||||||||
Supplemental condensed consolidating financial information for the Guarantor Subsidiaries for the 2021 Senior Notes is presented below. This information is prepared in accordance with the Company's accounting policies. This supplemental financial disclosure should be read in conjunction with the unaudited condensed consolidated financial statements. | Supplemental condensed consolidating financial information for the Guarantor Subsidiaries for the 2014 Senior Notes is presented below.  This information is prepared in accordance with the Company's accounting policies.  This supplemental financial disclosure should be read in conjunction with the consolidated financial statements. | ||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||
AT JUNE 30, 2013 (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||||||
AT DECEMBER 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Parent | Combined subsidiary guarantors | Combined subsidiary non guarantors | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Current assets | ||||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | Receivables from related parties | $ | 307,343 | $ | 124,498 | $ | 34,244 | $ | (466,075 | ) | $ | 10 | ||||||||||||||||||||||||||||||||||
Current assets | Other current assets | 201,491 | 55,084 | 50,405 | - | 306,980 | |||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 350,450 | $ | 46,448 | $ | 54,628 | $ | (451,497 | ) | $ | 29 | Total current assets | 508,834 | 179,582 | 84,649 | (466,075 | ) | 306,990 | |||||||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | - | - | - | 182,115 | ||||||||||||||||||||||||||||||||||||||||||
Other current assets | 83,581 | 77,020 | 77,963 | - | 238,564 | Noncurrent assets | |||||||||||||||||||||||||||||||||||||||||
Total current assets | 616,146 | 123,468 | 132,591 | (451,497 | ) | 420,708 | Vessels and equipment, net | - | 218,832 | 429,574 | (887 | ) | 647,519 | ||||||||||||||||||||||||||||||||||
Investment in affiliates | 151,447 | - | 251 | (151,447 | ) | 251 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent assets | Other noncurrent assets | 5,171 | 17,173 | 42,134 | (8,920 | ) | 55,558 | ||||||||||||||||||||||||||||||||||||||||
Vessels and equipment, net | - | 269,368 | 372,598 | (857 | ) | 641,109 | Total noncurrent assets | 156,618 | 236,005 | 471,959 | (161,254 | ) | 703,328 | ||||||||||||||||||||||||||||||||||
Investment in affiliates | 168,878 | - | 233 | (168,878 | ) | 233 | Total assets | $ | 665,452 | $ | 415,587 | $ | 556,608 | $ | (627,329 | ) | $ | 1,010,318 | |||||||||||||||||||||||||||||
Other noncurrent assets | 9,031 | 30,828 | 29,445 | (9,149 | ) | 60,155 | |||||||||||||||||||||||||||||||||||||||||
Total noncurrent assets | 177,909 | 300,196 | 402,276 | (178,884 | ) | 701,497 | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 794,055 | $ | 423,664 | $ | 534,867 | $ | (630,381 | ) | $ | 1,122,205 | Current liabilities | |||||||||||||||||||||||||||||||||||
Payable to related parties | $ | - | $ | 194,805 | $ | 275,031 | $ | (466,075 | ) | $ | 3,761 | ||||||||||||||||||||||||||||||||||||
Current portion of long-term financial debt | 80,000 | 6,420 | 42,611 | - | 129,031 | ||||||||||||||||||||||||||||||||||||||||||
Current liabilities | Other current liabilities | 5,701 | 34,441 | 25,811 | - | 65,953 | |||||||||||||||||||||||||||||||||||||||||
Payables to related parties | $ | - | $ | 155,245 | $ | 298,170 | $ | (451,497 | ) | $ | 1,918 | Total current liabilities | 85,701 | 235,666 | 343,453 | (466,075 | ) | 198,745 | |||||||||||||||||||||||||||||
2014 Senior Notes and accrued interest | 181,620 | - | - | - | 181,620 | ||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term financial debt | - | 6,420 | 22,284 | - | 28,704 | Noncurrent liabilities | |||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 3,871 | 71,760 | (11,593 | ) | - | 64,038 | Due to affiliates | $ | - | $ | 8,920 | $ | - | $ | (8,920 | ) | $ | - | |||||||||||||||||||||||||||||
Total current liabilities | 185,491 | 233,425 | 308,861 | (451,497 | ) | 276,280 | Long-term financial debt | 180,000 | 55,102 | 153,419 | - | 388,521 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 262 | 16,291 | - | 16,553 | |||||||||||||||||||||||||||||||||||||||||||
Noncurrent liabilities | Total noncurrent liabilities | 180,000 | 64,284 | 169,710 | (8,920 | ) | 405,074 | ||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 9,149 | - | (9,149 | ) | - | Total liabilities | 265,701 | 299,950 | 513,163 | (474,995 | ) | 603,819 | ||||||||||||||||||||||||||||||||||
Long-term financial debt net of current portion | 200,000 | 51,892 | 161,049 | - | 412,941 | ||||||||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | - | 254 | 16,831 | - | 17,085 | Equity of Ultrapetrol (Bahamas) Limited | 399,751 | 115,637 | 43,445 | (159,082 | ) | 399,751 | |||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 200,000 | 61,295 | 177,880 | (9,149 | ) | 430,026 | Noncontrolling interest | - | - | - | 6,748 | 6,748 | |||||||||||||||||||||||||||||||||||
Total liabilities | 385,491 | 294,720 | 486,741 | (460,646 | ) | 706,306 | Total equity | 399,751 | 115,637 | 43,445 | (152,334 | ) | 406,499 | ||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 665,452 | $ | 415,587 | $ | 556,608 | $ | (627,329 | ) | $ | 1,010,318 | ||||||||||||||||||||||||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 408,564 | 128,944 | 48,126 | (177,070 | ) | 408,564 | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | - | - | - | 7,335 | 7,335 | SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||
Total equity | 408,564 | 128,944 | 48,126 | (169,735 | ) | 415,899 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 794,055 | $ | 423,664 | $ | 534,867 | $ | (630,381 | ) | $ | 1,122,205 | AT DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
AT DECEMBER 31, 2012 | Parent | Combined subsidiary guarantors | Combined subsidiary non guarantors | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | Receivables from related parties | $ | 297,324 | $ | 101,196 | $ | 30,751 | $ | (429,214 | ) | $ | 57 | |||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Other current assets | 3,773 | 46,055 | 56,248 | - | 106,076 | |||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Total current assets | 301,097 | 147,251 | 86,999 | (429,214 | ) | 106,133 | ||||||||||||||||||||||||||||||||||||||
guarantors | amounts | ||||||||||||||||||||||||||||||||||||||||||||||
Current assets | Noncurrent assets | ||||||||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 307,343 | $ | 122,035 | $ | 87,737 | $ | (517,105 | ) | $ | 10 | Vessels and equipment, net | - | 212,324 | 460,066 | (945 | ) | 671,445 | |||||||||||||||||||||||||||||
Other current assets | 201,491 | 66,643 | 38,846 | - | 306,980 | Investment in affiliates | 201,323 | - | 373 | (201,323 | ) | 373 | |||||||||||||||||||||||||||||||||||
Total current assets | 508,834 | 188,678 | 126,583 | (517,105 | ) | 306,990 | Other noncurrent assets | 6,825 | 7,850 | 63,704 | (26,043 | ) | 52,336 | ||||||||||||||||||||||||||||||||||
Total noncurrent assets | 208,148 | 220,174 | 524,143 | (228,311 | ) | 724,154 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent assets | Total assets | $ | 509,245 | $ | 367,425 | $ | 611,142 | $ | (657,525 | ) | $ | 830,287 | |||||||||||||||||||||||||||||||||||
Vessels and equipment, net | - | 279,653 | 368,753 | (887 | ) | 647,519 | |||||||||||||||||||||||||||||||||||||||||
Investment in affiliates | 151,447 | - | 251 | (151,447 | ) | 251 | |||||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,171 | 26,032 | 33,275 | (8,920 | ) | 55,558 | Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Total noncurrent assets | 156,618 | 305,685 | 402,279 | (161,254 | ) | 703,328 | Payable to related parties | $ | - | $ | 127,664 | $ | 302,708 | $ | (429,214 | ) | $ | 1,158 | |||||||||||||||||||||||||||||
Total assets | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | Current portion of long-term financial debt | - | 3,478 | 18,026 | - | 21,504 | ||||||||||||||||||||||||||||||
Other current liabilities | 4,948 | 19,223 | 27,055 | - | 51,226 | ||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 4,948 | 150,365 | 347,789 | (429,214 | ) | 73,888 | |||||||||||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Payable to related parties | $ | - | $ | 224,281 | $ | 272,568 | $ | (493,088 | ) | $ | 3,761 | Noncurrent liabilities | |||||||||||||||||||||||||||||||||||
Current portion of long-term financial debt | - | 12,064 | 36,967 | - | 49,031 | Due to affiliates | $ | - | $ | 26,043 | $ | - | $ | (26,043 | ) | $ | - | ||||||||||||||||||||||||||||||
2017 Senior Convertible Notes | 80,000 | - | - | - | 80,000 | Long-term financial debt | 260,000 | 51,522 | 179,967 | - | 491,489 | ||||||||||||||||||||||||||||||||||||
Other current liabilities | 5,701 | 51,781 | 8,471 | - | 65,953 | Other noncurrent liabilities | - | 218 | 14,521 | - | 14,739 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 85,701 | 288,126 | 318,006 | (493,088 | ) | 198,745 | Total noncurrent liabilities | 260,000 | 77,783 | 194,488 | (26,043 | ) | 506,228 | ||||||||||||||||||||||||||||||||||
Total liabilities | 264,948 | 228,148 | 542,277 | (455,257 | ) | 580,116 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 32,937 | - | (32,937 | ) | - | Equity of Ultrapetrol (Bahamas) Limited | 244,297 | 139,277 | 68,865 | (208,142 | ) | 244,297 | ||||||||||||||||||||||||||||||||||
Long-term financial debt | 180,000 | 55,102 | 153,419 | - | 388,521 | Noncontrolling interest | - | - | - | 5,874 | 5,874 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | - | 262 | 16,291 | - | 16,553 | Total equity | 244,297 | 139,277 | 68,865 | (202,268 | ) | 250,171 | |||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 180,000 | 88,301 | 169,710 | (32,937 | ) | 405,074 | Total liabilities and equity | $ | 509,245 | $ | 367,425 | $ | 611,142 | $ | (657,525 | ) | $ | 830,287 | |||||||||||||||||||||||||||||
Total liabilities | 265,701 | 376,427 | 487,716 | (526,025 | ) | 603,819 | |||||||||||||||||||||||||||||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 399,751 | 117,936 | 41,146 | (159,082 | ) | 399,751 | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | - | - | - | 6,748 | 6,748 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | 399,751 | 117,936 | 41,146 | (152,334 | ) | 406,499 | FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | ||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2013 (UNAUDITED) | subsidiary non guarantors | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | Revenues | $ | - | $ | 121,985 | $ | 205,112 | $ | (13,928 | ) | $ | 313,169 | |||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Operating expenses | - | (133,209 | ) | (218,949 | ) | 13,870 | (338,288 | ) | ||||||||||||||||||||||||||||||||||||
guarantors | amounts | Operating (loss) profit | - | (11,224 | ) | (13,837 | ) | (58 | ) | (25,119 | ) | ||||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 144,155 | $ | 79,014 | $ | (23,493 | ) | $ | 199,676 | Investment in affiliates | (49,470 | ) | - | (1,175 | ) | 49,470 | (1,175 | ) | |||||||||||||||||||||||||||
Other (expenses) income | (14,187 | ) | (15,185 | ) | (10,067 | ) | - | (39,439 | ) | ||||||||||||||||||||||||||||||||||||||
Operating expenses | (3,706 | ) | (130,579 | ) | (69,710 | ) | 23,522 | (180,473 | ) | Loss before income taxes | (63,657 | ) | (26,409 | ) | (25,079 | ) | 49,412 | (65,733 | ) | ||||||||||||||||||||||||||||
Operating (loss) profit | (3,706 | ) | 13,576 | 9,304 | 29 | 19,203 | |||||||||||||||||||||||||||||||||||||||||
Income taxes benefit (expense) | - | 2,769 | 200 | - | 2,969 | ||||||||||||||||||||||||||||||||||||||||||
Investment in affiliates | 16,414 | - | (319 | ) | (16,414 | ) | (319 | ) | Loss from continuing operations | (63,657 | ) | (23,640 | ) | (24,879 | ) | 49,412 | (62,764 | ) | |||||||||||||||||||||||||||||
Other (expenses) income | (5,076 | ) | (1,710 | ) | (1,890 | ) | - | (8,676 | ) | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 7,632 | 11,866 | 7,095 | (16,385 | ) | 10,208 | Loss from discontinued operations | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Net loss | (63,657 | ) | (23,640 | ) | (24,879 | ) | 49,412 | (62,764 | ) | ||||||||||||||||||||||||||||||||||||||
Income taxes (expense) benefit | - | (858 | ) | (1,165 | ) | - | (2,023 | ) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 7,632 | 11,008 | 5,930 | (16,385 | ) | 8,185 | Net income attributable to noncontrolling interest | - | - | - | 893 | 893 | |||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (63,657 | ) | $ | (23,640 | ) | $ | (24,879 | ) | $ | 48,519 | $ | (63,657 | ) | |||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 553 | 553 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $ | 7,632 | $ | 11,008 | $ | 5,930 | $ | (16,938 | ) | $ | 7,632 | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | FOR THE YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (UNAUDITED) | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | Revenues | $ | - | $ | 129,340 | $ | 190,630 | $ | (15,488 | ) | $ | 304,482 | |||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 91,991 | $ | 72,139 | $ | (20,095 | ) | $ | 144,035 | Operating expenses | (8,490 | ) | (112,238 | ) | (179,800 | ) | 15,430 | (285,098 | ) | ||||||||||||||||||||||||||
Operating (loss) profit | (8,490 | ) | 17,102 | 10,830 | (58 | ) | 19,384 | ||||||||||||||||||||||||||||||||||||||||
Operating expenses | (3,027 | ) | (100,375 | ) | (61,393 | ) | 20,065 | (144,730 | ) | ||||||||||||||||||||||||||||||||||||||
Operating (loss) profit | (3,027 | ) | (8,384 | ) | 10,746 | (30 | ) | (695 | ) | Investment in affiliates | (7,886 | ) | - | (1,073 | ) | 7,886 | (1,073 | ) | |||||||||||||||||||||||||||||
Other (expenses) income | (2,429 | ) | (23,212 | ) | (12,642 | ) | - | (38,283 | ) | ||||||||||||||||||||||||||||||||||||||
Investment in affiliates | (12,534 | ) | - | (666 | ) | 12,534 | (666 | ) | Loss before income taxes | (18,805 | ) | (6,110 | ) | (2,885 | ) | 7,828 | (19,972 | ) | |||||||||||||||||||||||||||||
Other (expenses) income | (3,656 | ) | (15,125 | ) | (1,770 | ) | - | (20,551 | ) | ||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (19,217 | ) | (23,509 | ) | 8,310 | 12,504 | (21,912 | ) | Income taxes benefit (expense) | - | 1,550 | 187 | - | 1,737 | |||||||||||||||||||||||||||||||||
Loss from continuing operations | (18,805 | ) | (4,560 | ) | (2,698 | ) | 7,828 | (18,235 | ) | ||||||||||||||||||||||||||||||||||||||
Income taxes benefit (expense) | - | 2,155 | 985 | - | 3,140 | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (19,217 | ) | (21,354 | ) | 9,295 | 12,504 | (18,772 | ) | Loss from discontinued operations | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Net loss | (18,805 | ) | (4,560 | ) | (2,698 | ) | 7,828 | (18,235 | ) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 445 | 445 | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to Ultrapetrol (Bahamas) Limited | $ | (19,217 | ) | $ | (21,354 | ) | $ | 9,295 | $ | 12,059 | $ | (19,217 | ) | Net income attributable to noncontrolling interest | - | - | - | 570 | 570 | ||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (18,805 | ) | $ | (4,560 | ) | $ | (2,698 | ) | $ | 7,258 | $ | (18,805 | ) | |||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2013 (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 8,185 | $ | 11,008 | $ | 6,483 | $ | (17,491 | ) | $ | 8,185 | Revenues | $ | - | $ | 106,014 | $ | 133,015 | $ | (8,584 | ) | $ | 230,445 | ||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in)operating activities | (13,318 | ) | 18,816 | (20,000 | ) | 17,491 | 2,989 | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (5,133 | ) | 29,824 | (13,517 | ) | - | 11,174 | Operating expenses | (8,332 | ) | (89,245 | ) | (122,676 | ) | 8,526 | (211,727 | ) | ||||||||||||||||||||||||||||||
Operating (loss) profit | (8,332 | ) | 16,769 | 10,339 | (58 | ) | 18,718 | ||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (43,107 | ) | 6,551 | 60,344 | (23,788 | ) | - | ||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (5,647 | ) | (5,556 | ) | - | (11,203 | ) | Investment in affiliates | 8,153 | -1 | - | (341 | ) | (8,153 | ) | (341 | ) | |||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (43,107 | ) | 904 | 54,788 | (23,788 | ) | (11,203 | ) | Other (expenses) income | (5,192 | ) | (1,197 | ) | (10,030 | ) | - | (16,419 | ) | |||||||||||||||||||||||||||||
Loss before income taxes | (5,371 | ) | 15,572 | (32 | ) | (8,211 | ) | 1,958 | |||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | (23,788 | ) | - | 23,788 | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | (69,497 | ) | (2,851 | ) | (18,523 | ) | - | (90,871 | ) | Income taxes benefit (expense) | - | 313 | (6,676 | ) | - | (6,363 | ) | ||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (69,497 | ) | (26,639 | ) | (18,523 | ) | 23,788 | (90,871 | ) | Loss from continuing operations | (5,371 | ) | 15,885 | (6,708 | ) | (8,211 | ) | (4,405 | ) | ||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (117,737 | ) | $ | 4,089 | $ | 22,748 | $ | - | $ | (90,900 | ) | |||||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | (515 | ) | - | (515 | ) | ||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | Net loss | (5,371 | ) | 15,885 | (7,223 | ) | (8,211 | ) | (4,920 | ) | |||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (UNAUDITED) | Net income attributable to noncontrolling interest | - | - | - | 451 | 451 | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (5,371 | ) | $ | 15,885 | $ | (7,223 | ) | $ | (8,662 | ) | $ | (5,371 | ) | |||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
-1 | Includes a loss of $515 related to discontinued operations. | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | ||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (18,772 | ) | $ | (21,354 | ) | $ | 9,740 | $ | 11,614 | $ | (18,772 | ) | ||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in)operating activities | 13,280 | 48,154 | (34,345 | ) | (11,614 | ) | 15,475 | (stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (5,492 | ) | 26,800 | (24,605 | ) | - | (3,297 | ) | |||||||||||||||||||||||||||||||||||||||
 |  | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | 2,896 | 19,359 | (23,064 | ) | 809 | - | Parent | Combined subsidiary guarantors | subsidiary non guarantors | ||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (72,184 | ) | 50,232 | - | (21,952 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | 2,896 | (52,825 | ) | 27,168 | 809 | (21,952 | ) | Net loss | $ | -62,764 | $ | -23,640 | $ | -23,986 | $ | 47,626 | $ | -62,764 | |||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | 4,209 | (3,400 | ) | (809 | ) | - | Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 51,532 | -1,935 | 56,858 | -47,626 | 58,829 | ||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | 8,836 | 444 | - | 9,280 | Net cash (used in) provided by operating activities from continuing operations | -11,232 | -25,575 | 32,872 | - | -3,935 | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | - | 13,045 | (2,956 | ) | (809 | ) | 9,280 | Net cash (used in) operating activities from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | $ | (2,596 | ) | $ | (12,980 | ) | $ | (393 | ) | $ | - | $ | (15,969 | ) | Net cash (used in) provided by operating activities | -11,232 | -25,575 | 32,872 | - | -3,935 | |||||||||||||||||||||||||||
Intercompany sources | -10,019 | 43,839 | -16,697 | -17,123 | - | ||||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | -14,985 | -17,528 | - | -32,513 | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | -10,019 | 28,854 | -34,225 | -17,123 | -32,513 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | -17,123 | - | 17,123 | - | ||||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | 219,122 | 6,315 | -870 | - | 224,567 | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | 219,122 | -10,808 | -870 | 17,123 | 224,567 | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 197,871 | $ | -7,529 | $ | -2,223 | $ | - | $ | 188,119 | |||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (18,235 | ) | $ | (4,560 | ) | $ | (2,128 | ) | $ | 6,688 | $ | (18,235 | ) | |||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 12,134 | 21,396 | 6,165 | (6,688 | ) | 33,007 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (6,101 | ) | 16,836 | 4,037 | - | 14,772 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) operating activities from discontinued operations | - | - | (15 | ) | - | (15 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (6,101 | ) | 16,836 | 4,022 | - | 14,757 | |||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (17,947 | ) | (1,322 | ) | (6,774 | ) | 26,043 | - | |||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (42,907 | ) | (54,956 | ) | - | (97,863 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities | (17,947 | ) | (44,229 | ) | (61,730 | ) | 26,043 | (97,863 | ) | ||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | 26,043 | - | (26,043 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | (15,000 | ) | 14,963 | 11,669 | - | 11,632 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (15,000 | ) | 41,006 | 11,669 | (26,043 | ) | 11,632 | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | (39,048 | ) | $ | 13,613 | $ | (46,039 | ) | $ | - | $ | (71,474 | ) | ||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (4,920 | ) | $ | 13,169 | $ | 5,307 | $ | (18,476 | ) | $ | (4,920 | ) | ||||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | 515 | - | 515 | ||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities from continuing operations | (1,601 | ) | (2,539 | ) | 10,913 | 18,476 | 25,249 | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (6,521 | ) | 10,630 | 16,735 | - | 20,844 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) operating activities from discontinued operations | - | - | (1,950 | ) | - | (1,950 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (6,521 | ) | 10,630 | 14,785 | - | 18,894 | |||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (60,822 | ) | (16,189 | ) | - | 77,011 | - | ||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (3,850 | ) | (52,239 | ) | - | (56,089 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities from continuing operations | (60,822 | ) | (20,039 | ) | (52,239 | ) | 77,011 | (56,089 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash provided by investing activities from discontinued operations | - | - | 1,950 | - | 1,950 | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities | (60,822 | ) | (20,039 | ) | (50,289 | ) | 77,011 | (54,139 | ) | ||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | - | 77,011 | (77,011 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | 75,281 | - | 12,333 | - | 87,614 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 75,281 | - | 89,344 | (77,011 | ) | 87,614 | |||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 7,938 | $ | (9,409 | ) | $ | 53,840 | $ | - | $ | 52,369 | ||||||||||||||||||||||||||||||||||||
NATURE_OF_OPERATIONS_AND_CORPO1
NATURE OF OPERATIONS AND CORPORATE ORGANIZATION | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2012 | |||
NATURE OF OPERATIONS AND CORPORATE ORGANIZATION [Abstract] | ' | ' | ||
NATURE OF OPERATIONS AND CORPORATE ORGANIZATION | ' | ' | ||
1 | NATURE OF OPERATIONS AND CORPORATE ORGANIZATION | 1.  | NATURE OF OPERATIONS AND CORPORATE ORGANIZATION | |
Nature of operations | Nature of operations | |||
Ultrapetrol (Bahamas) Limited ("Ultrapetrol Bahamas", "Ultrapetrol", "the Company", "us" or "we") is a company organized and registered as a Bahamas Corporation since December 1997. | Ultrapetrol (Bahamas) Limited ("Ultrapetrol Bahamas", "Ultrapetrol", "the Company", "us" or "we") is a company organized and registered as a Bahamas Corporation since December 1997. | |||
We are a shipping transportation company serving the marine transportation needs of our clients in the markets on which we focus. We serve the shipping markets for containers, grain soybean, forest products, minerals, crude oil, petroleum, and refined petroleum products, as well as the offshore oil platform supply market, through our operations in the following three segments of the marine transportation industry. In our River Business we are an owner and operator of river barges and push boats in the Hidrovia region of South America, a region of navigable waters on the Parana, Paraguay and Uruguay Rivers and part of the River Plate, which flow through Brazil, Bolivia, Uruguay, Paraguay and Argentina. The Company also has a shipyard that should promote organic growth and from time to time make external sales. In our Offshore Supply Business we own and operate vessels that provide logistical and transportation services for offshore petroleum exploration and production companies, in the coastal waters of Brazil and the North Sea. In our Ocean Business, we are an owner and operator of oceangoing vessels that transport petroleum products and a container line service in the Argentine cabotage trade. | We are a shipping transportation company serving the marine transportation needs of our clients in the markets on which we focus.  We serve the shipping markets for containers, grain soybean, forest products, minerals, crude oil, petroleum, and refined petroleum products, as well as the offshore oil platform supply market, through our operations in the following three segments of the marine transportation industry.  In our River Business we are an owner and operator of river barges and push boats in the Hidrovia region of South America, a region of navigable waters on the Parana, Paraguay and Uruguay Rivers and part of the River Plate, which flow through Brazil, Bolivia, Uruguay, Paraguay and Argentina. The Company also has a shipyard that should promote organic growth and from time to time make external sales. In our Offshore Supply Business we own and operate vessels that provide logistical and transportation services for offshore petroleum exploration and production companies, in the coastal waters of Brazil and the North Sea.  In our Ocean Business, we are an owner and operator of oceangoing vessels that transport petroleum products and a container line service in the Argentine cabotage trade. | |||
Issuance of common stock | ||||
On December 12, 2012, we entered into an investment agreement with Sparrow Capital Investments, Ltd, or Sparrow, a subsidiary of Southern Cross Latin America Private Equity Fund III, L.P. and Southern Cross Latin America Private Equity Fund IV, L.P., or Southern Cross, pursuant to which we sold 110,000,000 shares of newly issued common stock to Sparrow at a purchase price of $2.00 per share, or the Sparrow Investment and received net proceeds of $219,122.  Concurrently, Sparrow designated Sparrow CI Sub Ltd. to receive 16,060,000 shares of common stock of Ultrapetrol.  In connection with the investment agreement, the Company (1) made certain amendments to its Articles and Memorandum of Association at the time of closing, and (2) entered into a registration rights agreement for the shares purchased by Sparrow and shares currently owned by Inversiones Los Avellanos S.A. ("Los Avellanos") and Hazels (Bahamas) Investments Inc. ("Hazels"), two existing shareholders of the Company. | ||||
In addition, in connection with the Sparrow Investment, Sparrow entered into a Shareholders' Agreement with Los Avellanos and Hazels (the "Shareholders' Agreement") regarding, among other things, the governance of the Company and the transfer of shares of common stock held by the parties, and which includes the following provisions: | ||||
-  | For an initial period of six months after December 12, 2012, subject to extension or termination at discretion of Sparrow, at any time, Los Avellanos and Hazels have together the right to appoint four directors to the Company's board of Directors, and Sparrow has the right to appoint two directors to the Company's board of Directors. | |||
-Â Â | Subsequent to the termination of this initial period, Los Avellanos and Hazels will together have the right to appoint two directors to the Company's board of Directors, and Sparrow will have the right to appoint four directors to the Company's board of Directors. | |||
-Â Â | A seventh, independent director is jointly agreed by the parties. | |||
-Â Â | The Shareholders' Agreement includes corporate governance provisions that require six directors to approve certain actions by the Company. | |||
-Â Â | Los Avellanos and Hazels agree to vote their shares of common stock in the same manner as Sparrow, except for any matter that requires, but does not obtain, the approval of six directors of the Company, as required by the Shareholders' Agreement. | |||
-Â Â | Los Avellanos and Hazels on the one hand and Sparrow on the other hand have a right of first offer on the shares of common stock held by the other party along with customary "tag-along" rights. Sparrow also has certain "drag-along" rights with respect to the shares of common stock held by Los Avellanos and Hazels. These drag-along rights take effect beginning four years after the closing date and only if Sparrow fails to achieve certain investment returns. | |||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ' | ||||||||||||||||||||
2 | SIGNIFICANT ACCOUNTING POLICIES | 2.  | SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||
a) | Basis of presentation and principles of consolidation | a)Â Â | Basis of presentation and principles of consolidation | |||||||||||||||||||
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for interim financial information. The consolidated balance sheet at December 31, 2012, has been derived from the audited financial statement at that date. The unaudited condensed consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements. All adjustments which, in the opinion of the management of the Company, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal, recurring nature and have been reflected in the unaudited condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full fiscal year or for any future period. | The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). | |||||||||||||||||||||
These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company's Annual Report on Form 20-F for the year ended December 31, 2012. | The consolidated financial statements include the accounts of the Company and its subsidiaries, both majority and wholly owned. Significant intercompany accounts and transactions have been eliminated in this consolidation.  Investments in 50% or less owned affiliates, in which the Company exercises significant influence, are accounted for by the equity method. | |||||||||||||||||||||
b)Â Â | Estimates | |||||||||||||||||||||
The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries, both majority and wholly owned. Significant intercompany accounts and transactions have been eliminated in this consolidation. Investments in 50% or less owned affiliates, in which the Company exercises significant influence, are accounted for by the equity method. | ||||||||||||||||||||||
The Company uses the U.S. dollar as its functional currency. Receivables and payables denominated in foreign currencies are translated into U.S. dollars at the rate of exchange at the balance sheet date, while revenues and expenses are translated using the average exchange rate for each month. Certain subsidiaries enter into transactions denominated in currencies other than their functional currency. Changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in the unaudited condensed consolidated statement of operations in the period in which the currency exchange rate changes. | The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the years.  Significant estimates have been made by management, including the allowance for doubtful accounts, insurance claims receivable, useful lives and valuation of vessels, hedge accounting, recoverability of tangible and intangible assets and certain accrued liabilities.  Actual results may differ from those estimates. | |||||||||||||||||||||
c)Â Â | Revenues and related expenses | |||||||||||||||||||||
During the six-month period ended June 30, 2013, the Company performed through its subsidiaries several transactions at different exchanges rates between local currencies and U.S. dollars. Pursuant to ASC 830, these transactions when measured at the particular applicable exchange rate at which they were settled result in foreign currency exchange gains amounting to $15,200 in the unaudited condensed consolidated statement of operations for the six-month period ended June 30, 2013. | ||||||||||||||||||||||
b) | Income (Loss) per share attributable to Ultrapetrol (Bahamas) Limited | Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, prices are fixed or determinable and collection is reasonably assured. | ||||||||||||||||||||
Basic income (loss) per share attributable to Ultrapetrol (Bahamas) Limited is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the relevant periods net of shares held in treasury. Diluted income (loss) per share attributable to Ultrapetrol (Bahamas) Limited reflects the potential dilution that could occur if securities or other contracts to issue common shares result in the issuance of such shares. In determining dilutive shares for this purpose the Company assumes, through the application of the treasury stock and if-converted methods, all restricted stock grants have vested, all common shares have been issued pursuant to the exercise of all outstanding stock options and all common shares have been issued pursuant to the conversion of all outstanding convertible notes. | The primary source of the Company's revenue, freight transportation by river barges, ocean-going vessels or PSVs, is recognized based on time charters, bareboat charters, consecutive voyage charters or affreightment / voyage contracts. | |||||||||||||||||||||
For the six-month period ended June 30, 2012, the Company had a net loss and therefore the effect of potentially dilutive securities was antidilutive. | Revenue from time charters and bareboat charters is earned and recognized on a daily basis.  Revenue from affreightment / voyage contracts and consecutive voyage charters is recognized based upon the percentage of voyage completion.  In our River Business, a voyage is deemed to commence upon the departure of the discharged barge of the previous voyage and is deemed to end upon the completion of discharge of the current voyage.  The percentage of voyage completion is based on the miles transited at the balance sheet date divided by the total miles expected for the voyage.  The position of the barge at the balance sheet date is determined by locating the position of the pushboat with the barge in tow through the use of a global positioning system ("GPS"). | |||||||||||||||||||||
The following outstanding equity awards are not included in the diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited calculation because they would have had an antidilutive effect: | The Company does not begin recognizing revenue if the charter agreement has not been entered into with the customer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. | |||||||||||||||||||||
For the six month periods | Demurrage income represents charges made to the charterer when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned. | |||||||||||||||||||||
ended June 30, (unaudited) | ||||||||||||||||||||||
2013 | 2012 | The recognition of revenue due to shortfalls on take or pay contracts occurs at the end of each declaration period. A declaration period is defined as the time period in which the contract volume obligation was to be met. If the volume was not met during that time period, then the amount of billable revenue resulting from the failure to perform will be calculated and recognized as it is billed. | ||||||||||||||||||||
Stock options | 348,750 | 348,750 | Vessel voyage costs, primarily consisting of port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements.  The commissions paid in advance are deferred and amortized over the related voyage charter period to the extent commissions are earned as the Company's revenues are earned.  Bunker expenses are capitalized when acquired as operating supplies and subsequently charged to voyage expenses as consumed.  All other voyage expenses and other vessel operating expenses are expensed as incurred. | |||||||||||||||||||
Restricted stock | - | 680,000 | ||||||||||||||||||||
Convertible debt | - | 13,051,000 | From time to time we provide ship salvage services under Lloyd's Standard Form of Salvage Agreement ("LOF"). The Company recognizes costs as incurred on these LOF services.  Revenue is recorded at the time the LOF settlement or arbitration award occurs.  In those cases where a minimum salvage remuneration is guaranteed or determined by contract then such minimum amount is recognized in revenue when services are rendered. | |||||||||||||||||||
Total | 348,750 | 14,079,750 | ||||||||||||||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited: | In its River Business the Company uses the completed contract method for river barges built which typically have construction periods of 30 days or less. Contracts are considered complete when title has passed, the customer has technically accepted the river barges and the Company does not retain risks or rewards of ownership of the river barges. Losses are accrued if manufacturing costs are expected to exceed manufacturing contract revenue. | |||||||||||||||||||||
For the six month periods | Manufacturing expenses are primarily comprised of steel cost, which is the largest component of our raw materials, and the cost of labor. | |||||||||||||||||||||
ended June 30, (unaudited) | ||||||||||||||||||||||
2013 | 2012 | The Company accounts for multiple element arrangements, in accordance with ASC 605-25.  For such transactions, revenue on arrangements that include multiple elements is allocated to each element based on the relative fair value of each element, and fair value is determined by vendor-specific objective evidence of fair value (VSOE). | ||||||||||||||||||||
d)Â Â | Foreign currency translation | |||||||||||||||||||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $ | 7,632 | $ | (19,217 | ) | |||||||||||||||||
The Company uses the US dollar as its functional currency.  Receivables and payables denominated in foreign currencies are translated into US dollars at the rate of exchange at the balance sheet date, while revenues and expenses are translated using the average exchange rate for each month. | ||||||||||||||||||||||
Basic weighted average number of shares | 140,092,934 | 29,568,622 | ||||||||||||||||||||
Effect on dilutive shares-- Options and restricted stock | 182,858 | - | Certain subsidiaries enter into transactions denominated in currencies other than their functional currency.  Changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in the consolidated statements of operations in the period in which the currency exchange rate changes. | |||||||||||||||||||
e)Â Â | Cash and cash equivalents | |||||||||||||||||||||
Diluted weighted average number of shares | 140,275,792 | 29,568,622 | ||||||||||||||||||||
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.  Cash equivalents consist of money market instruments and interest-bearing deposits.  The credit risk associated with cash and cash equivalents is considered to be low due to the high credit quality of the financial institutions with which the Company operates. | ||||||||||||||||||||||
Basic and diluted income (loss) per share attributable to Ultrapetrol (Bahamas) Limited | $ | 0.05 | $ | (0.65 | ) | f)Â Â | Restricted cash | |||||||||||||||
c) | Comprehensive income (loss) | Certain of the Company's loan agreements require the Company to fund:Â Â (a) a loan retention account equivalent to the next loan installment (depending on the frequency of the repayment elected by the Company, i.e. quarterly or semi annually) plus interest which is used to fund the loan installments coming due, (b) a drydocking account which is restricted for use and can only be used for the purpose of paying for drydocking or special survey expenses and (c) cash deposits required as collateral with certain banks under the Company's borrowing arrangements. | ||||||||||||||||||||
g)Â Â | Accounts receivable | |||||||||||||||||||||
The components of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets were as follows: | ||||||||||||||||||||||
Most of the Company's accounts receivable are due from international oil companies, international grainhouses, traders and mining companies.  The Company performs ongoing credit evaluations of its trade customers and generally does not require collateral. The Company routinely reviews its accounts receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Trade receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. | ||||||||||||||||||||||
At June | At December | |||||||||||||||||||||
30, 2013 | 31, 2012 | Accounts receivable from one customer of Ultrapetrol Ocean and Offshore Supply Business accounted for 27% of total consolidated accounts receivable as of December 31, 2012. | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Accounts receivable from one customer of Ultrapetrol Ocean and Offshore Supply Business accounted for 24% and one customer of Ultrapetrol River Business accounted for 17% of total consolidated accounts receivable as of December 31, 2011. | ||||||||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,482 | ) | $ | (1,958 | ) | ||||||||||||||||
Unrealized net losses on interest rate swap | (190 | ) | (803 | ) | Changes in the allowance for doubtful accounts for the three years ended December 31, 2012, were as follow: | |||||||||||||||||
Unrealized net gains on EURO hedge | 132 | 137 | ||||||||||||||||||||
Accumulated other comprehensive income (loss) | (1,540 | ) | (2,624 | ) | For the years ended December 31, | |||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Amounts attributable to noncontrolling interest | (12 | ) | (46 | ) | ||||||||||||||||||
Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (1,528 | ) | $ | (2,578 | ) | Balance at January 1 | $ | 841 | $ | 555 | $ | 411 | |||||||||
Provision | 1,559 | 598 | 377 | |||||||||||||||||||
Recovery | (293 | ) | - | (18 | ) | |||||||||||||||||
Amounts written off (1) | (191 | ) | (312 | ) | (215 | ) | ||||||||||||||||
Balance at December 31 | $ | 1,916 | $ | 841 | $ | 555 | ||||||||||||||||
(1)Â Â | Accounts charged to the allowance when collection efforts cease. | |||||||||||||||||||||
h)Â Â | Concentrations of credit risk | |||||||||||||||||||||
The Company is exposed to concentrations of credit risk associated with its cash and cash equivalents, restricted cash and derivative instruments. The Company minimizes its credit risk relating to these positions by monitoring the financial condition of the financial institutions and counterparties involved and by primarily conducting business with large, well-established financial institutions and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its significant counterparties. The Company is also exposed to concentrations of credit risk relating to its receivables due from customers in the industries in which operates. The Company does not generally require collateral or other security to support its outstanding receivables. The Company minimizes its credit risk relating to receivables by performing ongoing credit evaluations and, to date, credit losses have not been material. | ||||||||||||||||||||||
i)Â Â | Insurance claims receivable | |||||||||||||||||||||
Insurance claims receivable comprise claims submitted relating to hull and machinery (H&M), protection and indemnity (P&I), loss of hire (LOH) and strike insurance coverage.  They are recorded when the recovery of an insurance claim is probable.  Deductible amounts related to covered incidents are expensed in the period of occurrence of the incident.  The credit risk associated with insurance claims receivable is considered low due to the high credit quality and funded status of the insurance underwriters and P&I clubs in which the Company is either a client or a member.  Insurance claims receivable, included in other receivables in the accompanying balance sheets, amounts to $6,017 and $4,531 at December 31, 2012 and 2011, respectively. | ||||||||||||||||||||||
j)Â Â | Operating supplies and inventories | |||||||||||||||||||||
Operating supplies and inventories are carried at the lower of cost or market and consist of the following: | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
River barges in progress and raw material related to barge production for sale to third parties | $ | 10,019 | $ | - | ||||||||||||||||||
Fuel and supplies | 3,619 | 4,520 | ||||||||||||||||||||
$ | 13,638 | $ | 4,520 | |||||||||||||||||||
k)Â Â | Vessels and equipment, net | |||||||||||||||||||||
Vessels and equipment are stated at cost less accumulated depreciation.  This cost includes the purchase price and all directly attributable costs (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods).  Subsequent expenditures for conversions renewals or major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the safety of the vessels. | ||||||||||||||||||||||
New barges built for the River Business segment in our own shipyard in Punta Alvear, Argentina are capitalized at cost. | ||||||||||||||||||||||
Depreciation is computed net of the estimated scrap value which is equal to the product of each vessel's lightweight tonnage and estimated scrap value per lightweight ton and is recorded using the straight-line method over the estimated useful lives of the vessels.  Acquired secondhand vessels are depreciated from the date of their acquisition over the remaining estimated useful life. | ||||||||||||||||||||||
From time to time, the Company acquires vessels which have already exceeded the Company's useful life policy, in which case the Company depreciates such vessels based on its best estimate of such vessel's remaining useful life, typically until the next survey or certification date. | ||||||||||||||||||||||
Improvements to leased property are amortized over the shorter of their economic life or the respective lease term. | ||||||||||||||||||||||
The estimated useful life of each of the Company's major categories of assets is as follows: | ||||||||||||||||||||||
Useful life | ||||||||||||||||||||||
(in years) | ||||||||||||||||||||||
Ocean-going vessels | 24 to 27 | |||||||||||||||||||||
PSVs | 24 | |||||||||||||||||||||
River barges and push boats | 35 | |||||||||||||||||||||
Buildings | 20 to 30 | |||||||||||||||||||||
Furniture and equipment | 5 to 15 | |||||||||||||||||||||
However, when regulations place limitations over the ability of a vessel to trade, its useful life is adjusted to end at the date such regulations become effective. Currently, these regulations do not affect any of our vessels. | ||||||||||||||||||||||
At the time vessels are disposed of, the assets and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recorded in other operating income. | ||||||||||||||||||||||
Long-lived assets are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.  If the sum of the expected future undiscounted cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying value of the asset.  The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the Company determines undiscounted projected net operating cash flows for each vessel in the Ocean and Offshore Supply Business and as a fleet in the River Business and compares them to their carrying value. The cash flow period is based on the remaining lives of the vessels or the fleet, which range from 4 to 24 years.  The projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days. The Company estimates the daily time charter equivalent for the unfixed days based on the historical average for similar vessels and utilizing available market data for time charter and spot market rates and forward freight agreements over the remaining estimated life of the vessel, net of brokerage commissions, expected outflows for assets' maintenance and assets' operating expenses (including planned drydocking and special survey expenditures),  and fleet utilization ranging from 93% to 99%. The salvage value used in the impairment test is estimated in $405 (four hundred and five U.S. dollars) per light weight ton (LWT) in accordance with the Company's assets' depreciation policy. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. Charter rates may remain at depressed levels for some time which could adversely affect the Company's revenue and profitability, and future assessments of asset impairment. As a result of the impairment review, the Company determined that the carrying amounts of its assets were recoverable, and therefore, concluded that no impairment loss was necessary for 2010, 2011 and 2012, except for the charge described below. | ||||||||||||||||||||||
During the year ended December 31, 2012, the Company recorded an impairment charge totaling $16,000 to write down the carrying amount of its product tanker M/V Amadeo to its estimated fair value. The write down was as a consequence of the level of distress in the tanker market, and its high operational costs. | ||||||||||||||||||||||
l)Â Â | Dry dock costs | |||||||||||||||||||||
The Company's vessels must be periodically drydocked and pass inspections to maintain their operating classification, as mandated by maritime regulations.  Costs incurred to drydock a vessel / pushboat are deferred and amortized using the straight-line method over the period to the next drydock, generally 24 to 36 months.  Drydocking costs incurred are comprised of: painting the vessel's hull and sides, recoating cargo and fuel tanks, and performing other engine and equipment maintenance activities to bring the vessel into compliance with classification standards.  The unamortized portion of dry dock costs for vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel's sale. | ||||||||||||||||||||||
Expenditures for maintenance and minor repairs are expensed as incurred. | ||||||||||||||||||||||
m)Â Â | Investments in affiliates | |||||||||||||||||||||
These investments are accounted for by the equity method. At December 31, 2012 and 2011 and for each of the three years in the period ended December 31, 2012, this includes our interest in 50% of Obras Terminales y Servicios S.A. ("OTS S.A.") and in 49% of MarÃtima Sipsa S.A. | ||||||||||||||||||||||
At December 31, 2011 and for the years ended December 31, 2011 and 2010 it also includes our interest in 50% of Puertos del Sur S.A. As described in Note 4, during 2012 the Company purchased the other 50% of Puertos del Sur S.A. | ||||||||||||||||||||||
n)Â Â | Identifiable intangible assets | |||||||||||||||||||||
The Company's intangible assets arose as a result of the Ravenscroft acquisition in 2006, and consist principally of a safety management system which is being amortized over its useful life of eight years using the straight-line method. | ||||||||||||||||||||||
Accumulated amortization at December 31, 2012 and 2011 amounted to $1,181 and $1,006, respectively and amortization for the three years in the period ended December 31, 2012 amounted to $175, $175 and $305, respectively.  Amortization of intangible assets for the five years subsequent to December 31, 2012 is expected to be $175 in 2013 and $44 in 2014. | ||||||||||||||||||||||
o)Â Â | Goodwill | |||||||||||||||||||||
Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired.  The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests.  The Company's impairment review process compares the fair value of the reporting unit to its carrying value, including the goodwill related to the reporting unit.  To determine the fair value of the reporting unit, the Company uses a discounted future cash flow ("DCF") approach that uses estimates for revenue, costs and appropriate discount rates, among others.  These various estimates are reviewed each time the Company tests goodwill for impairment and many are developed as part of the Company's routine business planning and forecasting process.  The Company believes its estimates and assumptions are reasonable; however, variations from those estimates could produce materially different results. | ||||||||||||||||||||||
p)Â Â | Other assets | |||||||||||||||||||||
This account corresponds to costs incurred to issue debt net of amortization costs, which are being amortized over the term of the debt using the effective interest rate method.  Any unamortized balance of costs relating to debt repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding debt modifications and extinguishment.  Amortization for debt issuance expense for the three years in the period ended December 31, 2012 totaled $2,217; $2,323 and $1,340, respectively, and is included in financial expense in the accompanying consolidated statements of operations. | ||||||||||||||||||||||
q)Â Â | Accounts payable | |||||||||||||||||||||
Accounts payable at December 31, 2012 and 2011 consists of insurance premium payables, operating expenses, among others. | ||||||||||||||||||||||
r)Â Â | Deferred gains -- River barges sale-leaseback transactions | |||||||||||||||||||||
The Company has entered into a river barges sale-leaseback transaction (Note 15) with a finance company.  Gains are deferred to the extent of the present value of future minimum lease payments and are amortized as reductions to rental expense over the applicable lease term.  Deferred gains activity related to these transactions for the year ended December 31, 2012 is as follows: | ||||||||||||||||||||||
Balance at beginning of year | $ | - | ||||||||||||||||||||
Deferred gains arising from sales | 2,116 | |||||||||||||||||||||
Amortization of deferred gains included in operating expenses as reduction to rental expense | (30 | ) | ||||||||||||||||||||
Balance at end of the year | $ | 2,086 | ||||||||||||||||||||
s)Â Â | Comprehensive loss | |||||||||||||||||||||
The components of accumulated other comprehensive loss in the consolidated balance sheets were as follows: | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,958 | ) | $ | (1,727 | ) | ||||||||||||||||
Unrealized net losses on interest rate swaps | (803 | ) | (482 | ) | ||||||||||||||||||
Unrealized net gains on EURO hedge | 137 | 145 | ||||||||||||||||||||
Accumulated other comprehensive loss | (2,624 | ) | (2,064 | ) | ||||||||||||||||||
Amounts attributable to noncontrolling interest | (46 | ) | (27 | ) | ||||||||||||||||||
Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (2,578 | ) | $ | (2,037 | ) | ||||||||||||||||
At December 31, 2012, the Company expects that it will reclassify $996 of net losses on interest rate collar and interest rate swaps from accumulated other comprehensive loss to earnings during the next twelve months related to the payments of interest of our variable interest rate debt that will affect earnings for 2013. | ||||||||||||||||||||||
t)Â Â | Derivative financial instruments | |||||||||||||||||||||
The Company from time to time uses derivative financial instruments to reduce risk from foreign currency fluctuations, changes in spot market rates for oceangoing vessels, changes in interest rate and changes in bunker fuel prices. | ||||||||||||||||||||||
The Company recognizes all of its derivative instruments as either assets or liabilities in the balance sheet at fair value.  The accounting for changes in the fair value (i.e., gains or losses) of a derivative financial instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. | ||||||||||||||||||||||
For derivative financial instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative financial instrument is reported as a component of other comprehensive loss and reclassified into earnings in the same line item associated with the hedged transaction in the same period or periods during which the hedged transaction affects earnings.  The ineffective portion of a derivative's change in fair value is immediately recognized in income. | ||||||||||||||||||||||
Derivative financial instruments that are not designated as hedges for accounting purposes are adjusted to fair value through income. | ||||||||||||||||||||||
u)Â Â | Loss per share | |||||||||||||||||||||
Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the relevant periods net of shares held in treasury.  Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common shares result in the issuance of such shares.  In determining dilutive shares for this purpose the Company assumes, through the application of the treasury stock and if-converted methods, all restricted stock grants have vested, all common shares have been issued pursuant to the exercise of all outstanding stock options and all common shares have been issued pursuant to the conversion of all outstanding convertible notes. | ||||||||||||||||||||||
For the three years in the period ended December 31, 2012, the Company had a net loss from continuing operations and therefore the effect of potentially dilutive securities was antidilutive. | ||||||||||||||||||||||
The following outstanding equity awards are not included in the diluted net loss per share calculation because they would have had an antidilutive effect: | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Stock options | 459,000 | 349,000 | 349,000 | |||||||||||||||||||
Restricted stock | 329,000 | 705,000 | 520,000 | |||||||||||||||||||
Convertible debt | 13,051,000 | 13,051,000 | 13,051,000 | |||||||||||||||||||
Total | 13,839,000 | 14,105,000 | 13,920,000 | |||||||||||||||||||
The following table sets forth the computation of basic and diluted loss per share attributable to Ultrapetrol (Bahamas) Limited. | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Loss from continuing operations | $ | (63,657 | ) | $ | (18,805 | ) | $ | (4,856 | ) | |||||||||||||
Loss from discontinued operations | - | - | (515 | ) | ||||||||||||||||||
Net loss | $ | (63,657 | ) | $ | (18,805 | ) | $ | (5,371 | ) | |||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Basic and diluted weighted average number of shares | 35,382,913 | 29,547,365 | 29,525,025 | |||||||||||||||||||
Basic and diluted loss per share: | ||||||||||||||||||||||
From continuing operations | $ | (1.80 | ) | $ | (0.64 | ) | $ | (0.16 | ) | |||||||||||||
From discontinued operations | - | - | (0.02 | ) | ||||||||||||||||||
$ | (1.80 | ) | $ | (0.64 | ) | $ | (0.18 | ) | ||||||||||||||
v)Â Â | Stock compensation | |||||||||||||||||||||
Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award, and is recognized as expense over the employee's service period, which is generally the vesting period of the equity grant. The fair value of performance based restricted common stock awards that are probable of being earned is expensed over the performance periods as the awards vest.  The Company does not estimate forfeitures in its expense calculations as forfeiture history has been minor. | ||||||||||||||||||||||
w)Â Â | Other operating income, net | |||||||||||||||||||||
For the three years in the period ended December 31, 2012, this account includes: | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Arbitration award (1) | $ | - | $ | 4,748 | $ | - | ||||||||||||||||
Gain on sale of vessels, net | 3,564 | - | 724 | |||||||||||||||||||
Claims against insurance companies, net (2) | 3,901 | 3,543 | (46 | ) | ||||||||||||||||||
Other | 911 | (34 | ) | (61 | ) | |||||||||||||||||
$ | 8,376 | $ | 8,257 | $ | 617 | |||||||||||||||||
(1)Â Â | One of our subsidiaries in the River Business, UABL Paraguay S.A., made a claim against a former customer in an arbitration proceeding where we claim damages for non performance under a transportation contract. On December 2, 2011 a final amount of $5,308 was awarded to the Company, which was collected on December 21, 2011. Due to the disputed nature of the claim, the Company had not recognized any income related to the claim and now since the arbitration proceeding was favorably settled and collected recognizing an income of $4,748, after deducting related legal fees of $560. | |||||||||||||||||||||
(2)Â Â | Corresponds to loss of hire insurance claims. | |||||||||||||||||||||
x)Â Â | Income taxes | |||||||||||||||||||||
The Company accounts for deferred income taxes under the liability method.  Under this method, deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities at each period end corresponding to those jurisdictions subject to income taxes.  Deferred tax assets are recognized for all deductible temporary differences and an offsetting valuation allowance is recorded to the extent that it is not more likely than not that the deferred tax assets will be realized.  Deferred tax is measured based on tax rates and laws enacted or substantively enacted at the balance sheet date in any jurisdiction. | ||||||||||||||||||||||
Income tax regulations in the different countries in which we operate are subject to interpretation by taxing authorities.  As a result, our judgment in the determination of uncertain income tax positions could be interpreted differently.  In this sense, the income tax returns of our primary income tax jurisdictions remain subject to examination by related tax authorities.  The tax returns are open to examination from 3 to 7 years. | ||||||||||||||||||||||
y)Â Â | Accounting standards recently adopted | |||||||||||||||||||||
On January 1, 2012, we adopted an update issued by the Financial Accounting Standards Board, or FASB to existing guidance on the presentation of comprehensive income. This update requires the presentation of the components of net loss and other comprehensive income (loss) either in a single continuous statement or in two separate but consecutive statements. Net loss and other comprehensive income (loss) has been presented in two separate but consecutive statements for the current reporting period and prior comparative period in our consolidated financial statements. | ||||||||||||||||||||||
DRY_DOCK
DRY DOCK | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
DRY DOCK [Abstract] | ' | ||||||||
DRY DOCK | ' | ||||||||
3.  | DRY DOCK | ||||||||
The capitalized amounts in dry dock at December 31, 2012 and 2011 were as follows: | |||||||||
At December 31, | |||||||||
2012 | 2011 | ||||||||
Original book value | $ | 23,699 | $ | 19,786 | |||||
Accumulated amortization | (19,461 | ) | (14,698 | ) | |||||
Net book value | $ | 4,238 | $ | 5,088 | |||||
For the three years ended December 31, 2012 amortization expense was $4,763, $4,078 and $4,186, respectively. |
VESSELS_AND_EQUIPMENT_NET
VESSELS AND EQUIPMENT, NET | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
VESSELS AND EQUIPMENT, NET [Abstract] | ' | ' | ||||||||||||||||
VESSELS AND EQUIPMENT, NET | ' | ' | ||||||||||||||||
4 | VESSELS AND EQUIPMENT, NET | 4.  | VESSELS AND EQUIPMENT, NET | |||||||||||||||
The capitalized cost of the vessels and equipment, and the related accumulated depreciation at June 30, 2013 and December 31, 2012 were as follows: | The capitalized cost of the vessels and equipment, and the related accumulated depreciation at December 31, 2012 and 2011 were as follows: | |||||||||||||||||
At June | At December | At December 31, | ||||||||||||||||
30, 2013 | 31, 2012 | 2012 | 2011 | |||||||||||||||
(unaudited) | ||||||||||||||||||
Ocean-going vessels | $ | 115,375 | $ | 127,468 | ||||||||||||||
Ocean-going vessels | $ | 120,546 | $ | 115,375 | River barges and pushboats | 411,820 | 398,391 | |||||||||||
River barges and pushboats | 411,926 | 411,820 | PSVs | 223,032 | 199,453 | |||||||||||||
PSVs | 245,527 | 223,032 | Advances for PSV construction | 53,496 | 68,149 | |||||||||||||
Advances for PSV construction | 36,455 | 53,496 | Furniture and equipment | 11,822 | 10,458 | |||||||||||||
Furniture and equipment | 12,433 | 11,822 | Building, land, operating base and shipyard | 54,902 | 52,491 | |||||||||||||
Building, land, operating base and shipyard | 55,829 | 54,902 | Total original book value | 870,447 | 856,410 | |||||||||||||
Total original book value | 882,716 | 870,447 | Accumulated depreciation | (222,928 | ) | (184,965 | ) | |||||||||||
Accumulated depreciation | (241,607 | ) | (222,928 | ) | Net book value | $ | 647,519 | $ | 671,445 | |||||||||
Net book value | $ | 641,109 | $ | 647,519 | For the three years in the period ended December 31, 2012 depreciation expense was $38,914, $34,891 and $29,880, respectively. | |||||||||||||
For the six-month periods ended June 30, 2013 and 2012, depreciation expense was $19,067 and $18,974, respectively. | Certain interest costs incurred during the construction of vessels are capitalized as part of the assets' carrying values and are depreciated over such assets' estimated useful lives. Capitalized interest for the three years in the period ended December 31, 2012 totaled $0, $0 and $1,010, respectively. | |||||||||||||||||
As of June 30, 2013, the net book value of the assets pledged as a guarantee of our long term financial debt was $396,000. | ACQUISITIONS AND DISPOSALS | |||||||||||||||||
River Business | Ocean Business | |||||||||||||||||
During the six-month period ended June 30, 2013, the Company built, sold and leased back, ten river barges for $9,300 with a lease term of 10 years. Gains of $1,779 related to the sale-lease back were deferred and are being amortized over the minimum lease period. | During 2010, we purchased and took delivery of two feeder container vessels for an aggregate total purchase price of $26,200. | |||||||||||||||||
During the six-month period ended June 30, 2012, eight barges had been built in our own shipyard in Punta Alvear, Argentina for a total cost of $8,598. | During 2010, we sold and delivered three Capesize vessels for an aggregate total sale price of $36,584 net of commissions and Ultrapetrol recognized a net gain on sale of vessel of $724. | |||||||||||||||||
In February 2012, the Company sold and delivered one river pushboat, for a total sale price of $3,850 and Ultrapetrol recognized a gain on the sale of this vessel of $3,564. | River Business | |||||||||||||||||
Offshore Supply Business | During 2012, eight river barges were built, in our own shipyard in Punta Alvear, Argentina for a total cost of $9,100. | |||||||||||||||||
On February 21 and September 13, 2007, UP Offshore (Bahamas) Ltd. (our holding company in the Offshore Supply Business) signed shipbuilding contracts with a shipyard in India for construction of four PSVs with a combined cost of $88,052, with contracted deliveries extended to 2013. The purchase price is to be paid in five installments of 20% of the contract price each, prior to delivery. On May 22, 2012, we took delivery of the first Indian PSV UP Jade and we paid the fifth installment net of a reduction of $1,800 in the contract price in connection with the penalty for its late delivery. On January 30, 2013, we took delivery of the second Indian PSV UP Amber and we paid the fifth installment net of a reduction of $1,800 in the contract price in connection with the penalty for its late delivery. As of June 30, 2013, UP Offshore (Bahamas) Ltd. had paid installments on these contracts totaling $33,100, which are recorded as Advances for PSV construction. | During 2012, the Company built, sold and leased back, 14 river barges for $13,020 with a lease term of 10 years. Gains of $2,116 related to the sale leased back were deferred and are being amortized over the minimum lease period (see Note 2.r). | |||||||||||||||||
As of June 30, 2013, the Company had remaining commitments of $10,900 on non-cancellable contracts for the construction of two PSVs in India scheduled for delivery during 2013 and first half of 2014. | In February 2012, the Company sold and delivered one river pushboat, for a total sale price of $3,850 and Ultrapetrol recognized a gain on sale of vessel of $3,564. | |||||||||||||||||
Subsequent event | During 2011, we purchased three pushboats, for a total aggregate purchase price of $2,900. The Company has also incurred $2,000 in additional direct costs relating to these acquisitions. | |||||||||||||||||
Noncontrolling interest acquisition | During 2011, forty-two barges were built in our own shipyard in Punta Alvear, Argentina for a total cost of $31,400. | |||||||||||||||||
On July 5, 2013, we entered into a Share Purchase Agreement with Firmapar Corp. (the "Offshore SPA"), the then owner of 5.55% of shares in UP Offshore (Bahamas) Limited, our holding company in the Offshore Supply Business. Through the Offshore SPA we agreed to purchase from Firmapar Corp. the 2,500,119 shares of common stock of UP Offshore (Bahamas) Limited that we did not own. On July 25, 2013, we paid $10,250 to Firmapar in consideration for such shares. As of such date, we own 100% of the common stock of UP Offshore (Bahamas) Limited. | Acquisition of 50% interest in Puertos del Sur S.A. | |||||||||||||||||
Delivery of UP Pearl | On April 25 and May 3, 2012, the Company through its River Business subsidiary UABL Terminals (Paraguay) S.A. obtained a 100% controlling interest in Puertos del Sur S.A. through its acquisition of its 50% partner's interest for $250. | |||||||||||||||||
On August 12, 2013, we took delivery of the third Indian PSV UP Pearl and we paid $893 to the yard after allowing for the reduction of $1,800 in the contract price in connection with the penalty for its late delivery as well as certain other sums advanced to the yard. | At time of acquisition, Puertos del Sur S.A. owned a grain loading terminal in Paraguay. The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in no goodwill being recorded. Due to immateriality, the Company has not prepared pro forma information related to this acquisition. | |||||||||||||||||
Offshore Supply Business | ||||||||||||||||||
On February 21 and September 13, 2007, UP Offshore (Bahamas) Ltd. (our holding company in the Offshore Supply Business) signed shipbuilding contracts with a shipyard in India for construction of four PSVs with a combined cost of $88,052, with contracted deliveries extended to 2012 and 2013.  The purchase price is to be paid in five installments of 20% of the contract price each, prior to delivery.  On May 22, 2012, we took delivery of the first Indian PSV UP Jade and we paid the fifth installment net of a reduction of $1,800 in the contract price in connection with the penalty for its late delivery.  As of | ||||||||||||||||||
December 31, 2012, UP Offshore (Bahamas) Ltd. had paid installments on these contracts totaling $48,400, which are recorded as Advances for PSV construction. | ||||||||||||||||||
As of December 31, 2012, the Company had remaining commitments of $17,600 on non-cancellable contracts for the construction of three PSVs in India scheduled for delivery in 2013. | ||||||||||||||||||
Subsequent events | ||||||||||||||||||
On January 30, 2013, we took delivery of the second Indian PSV UP Amber and we paid the fifth installment net of a reduction of $1,800 in the contract price in connection with the penalty for its late delivery. |
LONGTERM_DEBT_AND_OTHER_FINANC
LONG-TERM DEBT AND OTHER FINANCIAL DEBT | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT AND OTHER FINANCIAL DEBT [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT AND OTHER FINANCIAL DEBT | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
5 | LONG-TERM DEBT | 5.  | LONG-TERM DEBT AND OTHER FINANCIAL DEBT | ||||||||||||||||||||||||||||||||||||||||||
Balances of long-term financial debt at June 30, 2013 and December 31, 2012: | Balances of long-term financial debt were as follows: | ||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2013 | At December 31, 2012 | At December 31, | |||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Financial institution / | Nominal value | Financial institution / | Nominal value | ||||||||||||||||||||||||||||||||||||||||||
Borrower | Other | Due-year | Current | Noncurrent | Total | Total | Borrower | Other | Due-year (1) | Current | Noncurrent | Total | Total | ||||||||||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | Jun-21 | $ | - | $ | 200,000 | $ | 200,000 | $ | - | Ultrapetrol (Bahamas) Ltd. | Private Investors | Nov-14 | $ | - | $ | 180,000 | $ | 180,000 | $ | 180,000 | ||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | - | - | - | - | 180,000 | Ultrapetrol (Bahamas) Ltd. | Private Investors | Jan-13 | 80,000 | - | - | 80,000 | ||||||||||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | - | -1 | - | - | - | - | UP Offshore Apoio MarÃtimo Ltda. | DVB AG | Through 2016 | 900 | 5,950 | 6,850 | 7,750 | |||||||||||||||||||||||||||||||
UP Offshore Apoio MarÃtimo Ltda. | DVB AG | Through 2016 | 900 | 5,500 | 6,400 | 6,850 | UP Offshore (Bahamas) Ltd. | DVB AG | Through 2016 | 12,575 | 29,650 | 42,225 | 38,250 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB AG | Through 2016 | 4,300 | 27,500 | 31,800 | 42,225 | UP Offshore (Bahamas) Ltd. | DVB AG | Through 2017 | 2,000 | 11,000 | 13,000 | 15,000 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB AG | Through 2017 | 2,000 | 10,000 | 12,000 | 13,000 | UP Offshore (Bahamas) Ltd. | DVB SE + Banco Security | Through 2018 | 3,333 | 30,833 | 34,166 | 37,500 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB SE + Banco Security | Through 2018 | 3,333 | 29,167 | 32,500 | 34,166 | Ingatestone Holdings Inc. | DVB AG | - | 5,639 | 8,161 | 13,800 | 15,525 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB AG | - | 2,019 | 6,606 | 8,625 | 13,800 | Ingatestone Holdings Inc | Natixis | Mar-13 | 5,175 | - | 5,175 | 15,525 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | Natixis | - | - | - | - | 5,175 | UP Offshore Apoio MarÃtimo Ltda. | BNDES | Through 2027 | 1,110 | 14,708 | 15,818 | 16,928 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB SE + NIBC | - | - | - | - | 20,850 | Stanyan Shipping Inc. | Natixis | Through 2017 | 1,108 | 5,438 | 6,546 | 9,303 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB NV + NIBC + ABN Amro | Through 2017 | 4,470 | 35,749 | 40,219 | - | Hallandale Commercial Corp. | Nordea | Apr-13 | 5,644 | - | 5,644 | 7,212 | ||||||||||||||||||||||||||||||||
UP Offshore Apoio MarÃtimo Ltda. | BNDES | Through 2027 | 1,110 | 14,153 | 15,263 | 15,818 | UABL Paraguay | IFC | Through 2020 | 2,174 | 20,652 | 22,826 | 25,000 | ||||||||||||||||||||||||||||||||
Stanyan Shipping Inc. | Natixis | Through 2017 | 1,108 | 4,984 | 6,092 | 6,546 | UABL Paraguay | OFID | Through 2020 | 1,304 | 12,391 | 13,695 | 15,000 | ||||||||||||||||||||||||||||||||
Hallandale Commercial Corp. | Nordea | - | - | - | - | 5,644 | UABL Barges and others | IFC | Through 2020 | 3,044 | 28,913 | 31,957 | 35,000 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. | IFC | Through 2020 | 2,174 | 19,565 | 21,739 | 22,826 | UABL Paraguay and Riverpar | IFC | Through 2021 | 1,765 | 13,235 | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. | OFID | Through 2020 | 1,304 | 11,739 | 13,043 | 13,695 | UABL Paraguay and Riverpar | OFID | Through 2021 | 1,176 | 8,824 | 10,000 | - | ||||||||||||||||||||||||||||||||
UABL Barges and others | IFC | Through 2020 | 3,044 | 27,391 | 30,435 | 31,957 | Ingatestone Holdings Inc. | DVB SE + NIBC | - | 2,084 | 18,766 | 20,850 | - | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. and Riverpar S.A. | IFC | Through 2021 | 1,765 | 12,353 | 14,118 | 15,000 | At December 31, 2012 | $ | 129,031 | $ | 388,521 | $ | 517,552 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. and Riverpar S.A. | OFID | Through 2021 | 1,177 | 8,234 | 9,411 | 10,000 | At December 31, 2011 | $ | 21,504 | $ | 491,489 | $ | 517,552 | ||||||||||||||||||||||||||||||||
At June 30, 2013 | $ | 28,704 | -2 | $ | 412,941 | $ | 441,645 | Â Â | |||||||||||||||||||||||||||||||||||||
At December 31, 2012 | $ | 49,031 | $ | 388,521 | $ | 437,552 | Â Â | ||||||||||||||||||||||||||||||||||||||
-1 | On January 23, 2013, the Company repaid the 2017 Senior Convertible Notes. See Note 3.b). | Â Â (1)Â See the descriptions below. | |||||||||||||||||||||||||||||||||||||||||||
-2 | Excludes the 2014 Senior Notes which were disclosed as current liabilities in the unaudited condensed consolidated balance sheet under the caption "2014 Senior Notes and accrued interest". See Note 3.a). | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate annual future payments due to the long-term financial debt were as follows: | |||||||||||||||||||||||||||||||||||||||||||||
8.875% First Preferred Ship Mortgage Notes due 2021 (the "2021 Senior Notes") | |||||||||||||||||||||||||||||||||||||||||||||
Year ending December 31 | |||||||||||||||||||||||||||||||||||||||||||||
On May 30, 2013, the Company completed the Offering of $200,000 of 8.875% First Preferred Ship Mortgage Notes due 2021 (the "2021 Senior Notes"), through a private placement to institutional investors eligible for resale under Rule 144A and Regulation S. The net proceeds of the offering were used to repay in full on July 10, 2013, the 2014 Senior Notes or $180,000, and for general purpose. | |||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | 129,031 | |||||||||||||||||||||||||||||||||||||||||||
Interest on the 2021 Senior Notes is payable semi-annually on June 15 and December 15 of each year. The 2021 Senior Notes are senior obligations guaranteed by certain of the Company's subsidiaries. The Notes are secured by first preferred ship mortgages on four ocean vessels, 14 pushboats and 335 river barges. | 2014 | 208,716 | |||||||||||||||||||||||||||||||||||||||||||
2015 | 24,098 | ||||||||||||||||||||||||||||||||||||||||||||
The 2021 Senior Notes are subject to certain covenants, including, among other things, limiting the parent's and subsidiary guarantors' ability to incur additional indebtedness or issue preferred stock, pay dividends to stockholders, make investments or sell assets, under certain conditions. | 2016 | 49,091 | |||||||||||||||||||||||||||||||||||||||||||
2017 | 40,022 | ||||||||||||||||||||||||||||||||||||||||||||
Upon the occurrence of a change of control event, each holder of the 2021 Senior Notes shall have the right to require the Company to repurchase such notes at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest. | Thereafter | 66,594 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 517,552 | |||||||||||||||||||||||||||||||||||||||||||
Although Ultrapetrol (Bahamas) Limited, the parent company, is the issuer of the 2021 Senior Notes, principal and related expenses will be paid through funds obtained from the operations of the Company's subsidiaries. | |||||||||||||||||||||||||||||||||||||||||||||
On May 23, 2013, IFC and OFID waived certain covenants under the loan agreements and corresponding guarantee agreements. The waivers permitted the creation of additional security and the non-compliance with certain release priorities of IFC's and OFID's securities under the loan and guarantee agreements all in connection with and for the purpose of permitting the refinancing of the 2014 Senior Notes and issuance the 2021 Senior Notes. In addition, IFC and OFID issued a release of mortgages and certain other assignments under the loan agreements, in order to meet the additional security and guarantee requirements of the 2021 Senior Notes. | 9% First Preferred Ship Mortgage Notes due 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent event | On November 24, 2004 the Company completed a debt offering of $180,000 of 9% First Preferred Ship Mortgage Notes due 2014 (the "2014 Senior Notes"), through a private placement to institutional investors eligible for resale under Rule 144A and Regulation S (the "Offering").  The net proceeds of the Offering were used to repay the 2008 Senior Notes, certain other existing credit facilities and to fund some vessel acquisitions. | ||||||||||||||||||||||||||||||||||||||||||||
On August 1, 2013, the Company filed a registration statement on Form F-4 with the SEC to register substantially identical senior notes to be exchanged for the 2021 Senior Notes pursuant to a registration rights agreement, to allow the 2021 Senior Notes be eligible for trading in the public markets. | Interest on the 2014 Senior Notes is payable semi-annually on May 24 and November 24 of each year and principal is due on November 24, 2014.  The 2014 Senior Notes are senior obligations guaranteed by the Company's subsidiaries directly involved in our Ocean and River Business. At December 31, 2012, the 2014 Senior Notes are secured by first preferred ship mortgages on 13 river pushboats, 2 oceangoing barges and 337 river barges. | ||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facility of up to $40,000 | The 2014 Senior Notes are subject to certain covenants, including, among others, limiting the parent's and guarantor subsidiaries' ability to incur additional indebtedness or issue preferred stock, pay dividends to stockholders, incur liens or execute sale leasebacks of certain principal assets and certain restrictions on the Company consolidating with or merging into any other person. | ||||||||||||||||||||||||||||||||||||||||||||
On May 31, 2013, we entered into a loan agreement with DVB Bank SE for a $40,000 reducing, revolving credit facility. The commitment under this revolver decreases quarterly by $1,250 or $5,000 per year. The facility bears interest at LIBOR plus 3% (or lender's cost of funds, if the lenders in their discretion determine that LIBOR is not representative of such costs). A quarterly commitment fee is payable based on the average undrawn amount of the committed amount at a rate of 1.95% per annum. No drawdowns have been made under the facility to date. | Upon the occurrence of a change of control event, each holder of the 2014 Senior Notes shall have the right to require the Company to repurchase such notes at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest. | ||||||||||||||||||||||||||||||||||||||||||||
Senior secured term loan facility with DVB Bank AG (DVB AG) and Natixis of up to $93,600 | If Los Avellanos and Hazels, together, in accordance with the provisions of the Shareholder Agreement described in Note 1, no longer have the ability or right to elect or designate for election a majority of the Company's board of Directors, a change of control will occur under the indenture governing our 2014 Senior Notes. | ||||||||||||||||||||||||||||||||||||||||||||
On June 24, 2008 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc., Springwater Shipping Inc. and Woodrow Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured term loan facility of up to $93,600 with DVB AG and Natixis (the "Banks"), as co-lender, to finance the construction and delivery of our PSVs being built in India (UP Jade, UP Amber, UP Pearl and UP Onyx). | In the first quarter of 2005 the SEC declared effective an exchange offer filed by the Company to register substantially identical senior notes to be exchanged for the 2014 Senior Notes pursuant to a registration rights agreement, to allow the 2014 Senior Notes be eligible for trading in the public markets. | ||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2012, the advances under Tranche A of the loan were $34,500 ($17,250 per Bank). | Although Ultrapetrol (Bahamas) Limited, the parent company, subscribed the issued Notes, principal and related expenses will be paid through funds obtained from the operations of the Company's subsidiaries. | ||||||||||||||||||||||||||||||||||||||||||||
On May 9, 2012, the Borrower, the Guarantors and the Banks signed a third amendment to the loan agreement. In connection with this amendment, all the amounts borrowed by Natixis or $17,250 shall be paid on or before December 31, 2012, further extended to March 28, 2013 and all of the remaining commitments of this term loan facility by Natixis were cancelled. | At December 31, 2012 and 2011, the 2014 Senior Notes are disclosed on the Company´s consolidated balance sheets as long-term debt. | ||||||||||||||||||||||||||||||||||||||||||||
On March 28, 2013 the Company repaid $10,350 ($5,175 to each Bank) related with our PSV UP Amber advances. | At December 31, 2012 the net book value of the assets pledged as a guarantee of the 2014 Senior Notes was $67,700. | ||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2013, the outstanding principal balance under this loan agreement was $8,625 related with the advances of the loan to finance the construction of our PSVs UP Pearl and UP Onyx made by DVB AG. | 7.25% Convertible Senior Notes due 2017 | ||||||||||||||||||||||||||||||||||||||||||||
During the six-month period ended June 30, 2013, the Company recorded a financial loss on extinguishment of debt of $345, which was included in the accompanying unaudited condensed consolidated statement of operations. | On December 23, 2010, the Company completed the sale of $80,000 aggregate principal amount of its 7.25% Convertible Senior Notes due 2017 (the "2017 Convertible Notes") through a private placement to institutional investors eligible for resale under Rule 144A and Regulation S. The Convertible Notes are senior and unsecured obligations of the Company. Interest on the 2017 Convertible Notes is payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2011. Unless earlier converted, redeemed or repurchased, the 2017 Convertible Notes are due on January 15, 2017. | ||||||||||||||||||||||||||||||||||||||||||||
Senior secured post delivery term loan facility with DVB Bank SE (DVB SE) and NIBC Bank NV of up to $42,000 | The 2017 Convertible Notes were convertible after January 28, 2011, at the option of the holder, into common stock at an initial conversion rate equal to 133.1691 shares of the Company common stock per $1 principal amount of 2017 Convertible Notes (equivalent to an initial conversion price of approximately $7.51 per share), which was subject to adjustment. | ||||||||||||||||||||||||||||||||||||||||||||
On October 22, 2012 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured post delivery term loan facility of up to $42,000 with DVB SE and NIBC Bank NV (the "Lenders") for the purpose of partially financing or refinancing our PSVs named UP Jade and UP Amber. | If the arithmetic average of the daily volume weighted average price per share of the Company common stock for each of the 20 consecutive trading days beginning on January 17, 2012 was less than $6.13, then the conversion rate would be increased such that the conversion price as adjusted would represent the greater of (i) 122.5% of such arithmetic average of the daily volume weight average price and (ii) $6.13. | ||||||||||||||||||||||||||||||||||||||||||||
The loan facility was divided into two tranches, each in the aggregate amount of up to $21,000. | As from February 14, 2012, the conversion rate has been adjusted to 163.1321 shares of the Company common stock per $1 principal amount of 2017 Convertible Notes (equivalent to a price of approximately $ 6.13 per share) as a consequence of the arithmetic average of the daily volume weighted average price per share of the Company common stock for the period from January 17, 2012 to February 13, 2012 (both inclusive)Â being $2.76. | ||||||||||||||||||||||||||||||||||||||||||||
The tranche of the loan facility in respect of the refinancing of the PSV UP Jade was drawn down in an amount of $20,850 on October 29, 2012. | On or after January 15, 2015, the Company may redeem for cash all, but not less than all, of the 2017 Convertible Notes if the last reported sale price of the Company common stock equals or exceeds 130% of the applicable conversion for a specific period of time at 100% of the principal amount of the 2017 Convertible Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. | ||||||||||||||||||||||||||||||||||||||||||||
On January 24, 2013 the Company terminated this senior secured post delivery term loan facility and prepaid the outstanding balance of $20,850 with borrowings from its senior secured post delivery term loan facility with DVB Bank America, NIBC and ABN Amro, described below. | Upon a fundamental change occurring, as defined in the 2017 Convertible Notes Indenture, each holder of the 2017 Convertible Notes, shall have the right to require the Company to repurchase the 2017 Convertible Notes in cash at a price equal to 100% of the principal amount of the 2017 Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | ||||||||||||||||||||||||||||||||||||||||||||
During the six-month period ended June 30, 2013, the Company recorded a financial loss on extinguishment of debt of $619, which was included in the accompanying unaudited condensed consolidated statement of operations. | If a fundamental change occurs under the 2017 Convertible Notes Indenture, the Company will pay a make-whole premium upon the conversion of the 2017 Convertible Notes in connection with any such transaction by increasing the applicable conversion rate. The make-whole premium will be determined by reference to the 2017 Convertible Notes Indenture and is based on the date on which the fundamental change becomes effective and the market stock price of the Company common stock on that date. In no event shall the conversion rate exceed 163.1321 shares per $1 principal amount. | ||||||||||||||||||||||||||||||||||||||||||||
Senior secured post delivery term loan facility with DVB Bank America NV (DVB Bank America), NIBC Bank NV (NIBC) and ABN Amro Capital USA LLC (ABN Amro) of up to $84,000 | As a result of the successful completion of the transaction with Sparrow described in note 1, a fundamental change (as defined in the Indenture) occurred on December 12, 2012, and each holder of the 2017 Convertible Notes had the repurchase right described above. | ||||||||||||||||||||||||||||||||||||||||||||
On January 18, 2013 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc, Springwater Shipping Inc and Woodrow Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured post delivery term loan facility of up to $84,000 with DVB Bank America, NIBC and ABN Amro (the "Lenders") with the purpose of refinancing the advances made for our PSVs named UP Jade, UP Amber, UP Pearl and UP Onyx of the DVB SE and Natixis and DVB SE and NIBC long-term facilities. | On December 21, 2012 the Company commenced a tender offer to repurchase up to $80,000 of the 2017 Convertible Notes at par plus accrued and unpaid interest in accordance with the fundamental change repurchase procedure as specified in the 2017 Convertible Notes Indenture. The tender offer began on December 21, 2012 and expired on January 22, 2013. | ||||||||||||||||||||||||||||||||||||||||||||
The loan facility is divided into four tranches, each in the aggregate amount of up to the lesser of $21,000 and 60% of the fair market value of the PSV to which such tranche relates. | At December 31, 2011 the 2017 Convertible Notes are disclosed on the Company's consolidated balance sheets as long-term debt at face value. | ||||||||||||||||||||||||||||||||||||||||||||
A quarterly commitment fee is payable based on the average undrawn amount of the committed amount at a rate of 1.60% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
Subsequent events | |||||||||||||||||||||||||||||||||||||||||||||
The tranche of the loan facility in respect of the refinancing of the PSV UP Jade was drawn down in the amount of $20,850 on January 24, 2013. | |||||||||||||||||||||||||||||||||||||||||||||
On January 23, 2013 the Company repaid $80,000 of its 2017 Convertible Notes. Consequently, as of December 31, 2012 the Company included the outstanding principal amount of the 2017 Convertible Notes of $80,000 as current liabilities and the Company expects to record a loss on extinguishment of debt of approximately $2,800 in the first quarter 2013 results. | |||||||||||||||||||||||||||||||||||||||||||||
Each tranche of the loan facility in respect of the financing of the acquisition of each of the UP Amber, UP Pearl and UP Onyx from the shipyard shall be divided into two advances which shall be made available to the Borrower as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Loans with DVB Bank AG (DVB AG) | |||||||||||||||||||||||||||||||||||||||||||||
- | The first advance of each such tranche shall be made available to the Borrower in the amount of up to $5,000 on the earlier of the delivery date of the ship and October 31, 2013, | ||||||||||||||||||||||||||||||||||||||||||||
a)Â Â | Senior secured term loan facility of up to $15,000:Â Â On January 17, 2006 UP Offshore Apoio Maritimo Ltda. (UP Offshore Apoio) as Borrower, Packet Maritime Inc. (Packet) and Padow Shipping Inc. (Padow) as Guarantors and UP Offshore (Bahamas) Ltd. (UP Offshore) as Holding Company (all of these our subsidiaries in the Offshore Supply Business) entered into a senior secured term loan | ||||||||||||||||||||||||||||||||||||||||||||
- | The second advance of each such tranche shall be made available to the Borrower in the amount of up to $16,000 not later than the earlier of the date which is six months after the delivery date of the ship and October 31, 2013, provided that the UP Amber, UP Pearl and UP Onyx have obtained employment of not less than 3 years with a charterer on terms and conditions acceptable to the Lenders. | facility of up to $15,000 with DVB AG for the purposes of providing post delivery financing of our PSV named UP Agua Marinha. | |||||||||||||||||||||||||||||||||||||||||||
On March 28, 2013 and June 28, 2013, the Company drew down $5,000 and $15,550, respectively, related with the tranche of the loan to financing the acquisition of our PSV UP Amber. | This loan is divided into two tranches: | ||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2013, the outstanding principal balance under this loan agreement was $40,219. | -Â Â | Tranche A, amounting to $13,000, accrues interest at LIBOR plus a margin of 1.20% per annum and shall be repaid by (i) 120 consecutive monthly installments of $75 each beginning in March 2006 and (ii) a balloon repayment of $4,000 in February 2016. | |||||||||||||||||||||||||||||||||||||||||||
Senior secured term loan with Nordea Bank Finland PLC (Nordea Bank) of $20,200 | -Â Â | Tranche B, amounting to $2,000 was fully repaid in February 2009. | |||||||||||||||||||||||||||||||||||||||||||
On November 30, 2007, Hallandale Commercial Corp. (our wholly owned subsidiary in the Ocean Business and the owner of the Amadeo) as Borrower, Ultrapetrol (Bahamas) Ltd., as Guarantor, and Tuebrook Holdings Inc. (our wholly owned subsidiary in the Ocean Business and the holding company of Hallandale Commercial Corp.), as Pledgor, entered into a $20,200 loan agreement with Nordea Bank for the purpose of providing post delivery financing of the vessel. | For the year ended December 31, 2012, the weighted average interest rate was 1.44% and the respective interest rates ranged from 1.34% to 1.53%, including margins. | ||||||||||||||||||||||||||||||||||||||||||||
On December 28, 2012 the Borrower, the Guarantor, the Pledgor and Nordea Bank amended the loan agreement. In connection with this amendment the margin was increased from 1.50% to 3.00% per annum, the change of control provisions was modified to include Sparrow into the definition, the final maturity date of the loan was changed to April 15, 2013 and Nordea Bank waived the Guarantor compliance requirement with the EBITDA to interest expense ratio until the maturity date. | b)Â Â | Senior secured term loan facility of up to $61,306:Â Â On December 28, 2006 UP Offshore (Bahamas) Ltd. as Borrower, Packet, Padow, UP Offshore Apoio and Topazio Shipping LLC (collectively the owners of our PSVs UP Safira, UP Esmeralda, UP Agua Marinha and UP Topazio) and Ultrapetrol (Bahamas) Limited as Guarantors entered into a senior secured term loan facility of up to $61,306 with DVB AG for the purposes of providing post delivery re-financing of our PSVs named UP Safira, UP Esmeralda and UP Topazio. | |||||||||||||||||||||||||||||||||||||||||||
On April 15, 2013, the Company repaid in full the total outstanding of $5,252 of this senior secured loan. | The loan bears interest at LIBOR plus 1.20% per annum with quarterly principal and interest payments and matures in December 2016.  The regularly scheduled principal payments are due quarterly and range from $1,075 to $1,325, with a balloon installment of $17,300 in December 2016. If a PSV is sold or becomes a total loss, the Borrower shall prepay the loan in an amount equal to the stipulated value of such PSV, which is initially stipulated in $18,750 and shall be reduced in the amount of $388 on each repayment date. | ||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 1.67% and the respective interest rates ranged from 1.59% to 1.74%, including margins. | |||||||||||||||||||||||||||||||||||||||||||||
On August 1, 2012, the Borrower, the Guarantors and DVB SE agreed to amend the loan agreement to permit the Borrower to re-borrow $10,000. During 2012, the Company drew down $8,275. This amount, bears interest at LIBOR plus 3.50% per annum and matures $50% on March 29, 2013 and 50% on June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||||
A commitment fee is payable based on the average undrawn amount of $10,000 at a rate of 1.75% per annum commencing on August 1, 2012. At the date of the issuance of these financial statements the Company canceled any undrawn commitment. | |||||||||||||||||||||||||||||||||||||||||||||
c)Â Â | Senior secured term loan facility of up to $25,000:Â Â On October 31, 2007 UP Offshore (Bahamas) Ltd. as Borrower entered into a senior secured term loan facility of up to $25,000 with DVB AG for the purposes of providing post delivery re-financing of our PSV named UP Diamante. | ||||||||||||||||||||||||||||||||||||||||||||
The Banks, at their discretion, may replace LIBOR as base rate for the interest calculation with their cost-of-funds rate. | |||||||||||||||||||||||||||||||||||||||||||||
The loan bears interest at LIBOR plus 1.50% per annum with quarterly principal and interest payments and matures in November 2017.  The regularly scheduled payments commenced in February 2008 and are comprised of 8 installments of $750 each, 24 of $500 each and 8 of $250 each with a balloon installment of $5,000 in November 2017. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 1.97% and the respective interest rates ranged from 1.93% to 2.05%, including margins. | |||||||||||||||||||||||||||||||||||||||||||||
All of these loans are secured by a first priority mortgage on the UP Safira, UP Esmeralda, UP Topazio, UP Agua Marinha and UP Diamante, a first priority assignment of the earnings, insurances and requisition compensation of the vessels or other employment contracts exceeding 12 months and are jointly and severally irrevocable and unconditionally guaranteed by Packet, Padow, UP Offshore Apoio, Topazio Shipping LLC and Ultrapetrol (Bahamas) Limited.  The loans also contain customary covenants that limit, among other things, the Borrowers' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, merge or consolidate, change lines of business and amend the terms of subordinated debt.  The agreements governing the facility also contain customary events of default. If an event of default occurs and is continuing, DVB AG may require the entire amount of the loans be immediately repaid in full.  Further, the loan agreements require that the PSVs pledged as security have an aggregate market value of at least 133.3% of the value of the loans. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 the combined outstanding principal balance under the loan agreements was $62,075 and the aggregate net book value of the assets pledged was $84,700. | |||||||||||||||||||||||||||||||||||||||||||||
Senior secured term loan facility with DVB Bank AG (DVB AG) and Natixis of up to $93,600 | |||||||||||||||||||||||||||||||||||||||||||||
On June 24, 2008 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc., Springwater Shipping Inc. and Woodrow Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured term loan facility of up to $93,600 with DVB AG and Natixis (the "Banks"), as co-lender, to finance the construction and delivery of our PSVs being built in India (UP Jade, UP Amber, UP Pearl and UP Onyx). | |||||||||||||||||||||||||||||||||||||||||||||
A quarterly commitment fee is payable based on the average undrawn amount of the committed amount at a rate of 0.50% per annum through December 2010 and at a rate of 1.50% per annum thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
This loan is divided into two tranches: | |||||||||||||||||||||||||||||||||||||||||||||
-  | Tranche A, amounting to $60,000, to be made available for each ship in the amount of up to $15,000.  This tranche accrues interest at LIBOR (base rate) plus a margin of 3.0% during each ship's construction period, and then the margin is lowered to 2.0% and shall be repaid by (i) quarterly installments of $288 per ship and (ii) a balloon repayment of all amounts outstanding at December 31, 2019. | ||||||||||||||||||||||||||||||||||||||||||||
-  | Tranche B, amounting to $33,600, to be made available for each ship in the amount of up to $8,400 in a single advance on the delivery date of such ship.  This tranche accrues interest at LIBOR (base rate) plus a margin of 2.0% per annum and shall be repaid by 20 quarterly installments of $420 per ship. | ||||||||||||||||||||||||||||||||||||||||||||
The Banks, at their discretion, may replace LIBOR as base rate for the interest calculation with their cost-of-funds rate. | |||||||||||||||||||||||||||||||||||||||||||||
As Facility Guarantor, UP Offshore (Bahamas) Ltd. shall comply with certain financial covenants including: (i) an average balance of available cash in a demand deposit of not less than $5,000 during each financial year, (ii) an equity ratio of not less than 30%, (iii) a minimum equity of $75,000 and, (iv) a ratio of consolidated EBITDA to consolidated debt service of at least 1.5 (on a rolling four quarter basis, tested as of the last day of each fiscal quarter). | |||||||||||||||||||||||||||||||||||||||||||||
The loan contains customary covenants which are similar to the stipulated covenants in previous loans entered with DVB AG. The agreements governing the facility also contain customary events of default. If an event of default occurs and is continuing, DVB AG and Natixis may require the entire amount of the loan be immediately repaid in full. | |||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2012, the advances under Tranche A of the loan were $34,500 ($17,250 per Bank). | |||||||||||||||||||||||||||||||||||||||||||||
On May 9, 2012, the Borrower, the Guarantors and the Banks signed a third amendment to the loan agreement. In connection with this amendment, all the amounts borrowed by Natixis or $17,250 shall be paid on or before December 31, 2012, further extended to March 28, 2013 and all of the remaining commitments of this term loan facility by Natixis were cancelled. | |||||||||||||||||||||||||||||||||||||||||||||
Since March 31 2012, the Company prepaid to Natixis $12,075 and to DVB SE $10,275 in principal installment and drew from DVB SE $6,825. | |||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2012 the Company recorded a debt extinguishment loss of $940, which is included in the accompanying consolidated statement of operations. | |||||||||||||||||||||||||||||||||||||||||||||
On October 22, 2012 the Company through its subsidiaries in the Offshore Supply Business, entered into a new senior secured term loan facility to replace the financing of this term loan facility in respect of the financing of the acquisition of each of the UP Jade and UP Amber. Subsequent to December 31, 2012 Ingatestone Holding Inc. (our subsidiary in the Offshore Supply Business) entered into a new senior secured term loan facility with DVB Bank America, NIBC and ABN Amro to replace all of its credit facilities in respect of the financing of its four PSVs being built in India (UP Jade, UP Amber, UP Pearl and UP Onyx). | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012, the outstanding principal balance under this loan agreement was $18,975 ($5,175 for Natixis and $13,800 for DVB SE). | |||||||||||||||||||||||||||||||||||||||||||||
Senior secured post delivery term loan facility with DVB Bank SE (DVB SE) and NIBC Bank NV of up to $42,000 | |||||||||||||||||||||||||||||||||||||||||||||
On October 22, 2012 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured post delivery term loan facility of up to $42,000 with DVB SE and NIBC Bank NV (the "Lenders") for the purpose of partially financing or refinancing our PSVs named UP Jade and UP Amber. | |||||||||||||||||||||||||||||||||||||||||||||
The loan facility is divided into two tranches, each in the aggregate amount of up to $21,000. | |||||||||||||||||||||||||||||||||||||||||||||
The tranche of the loan facility in respect of the refinancing of the UP Jade was drawn down in an amount of $20,850 on October 29, 2012. This tranche accrues interest at LIBOR (base rate) plus a margin of 4.0% and shall be repaid by (i) 20 consecutive quarterly installments of $521 each and (ii) a balloon payment in the amount of $10,425 which due on the fifth anniversary of the drawdown date but not later than November 30, 2017. | |||||||||||||||||||||||||||||||||||||||||||||
The Lenders, at their discretion, may replace LIBOR as base rate for the interest calculation with their cost-of-funds rate. | |||||||||||||||||||||||||||||||||||||||||||||
The tranche of the loan facility in respect of the financing of the acquisition of the UP Amber from the shipyard shall be divided into two advances which shall be made available to the Borrower until June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||||
Subsequent events | |||||||||||||||||||||||||||||||||||||||||||||
On January 24, 2013 the Company terminated this senior secured post delivery term loan facility and prepaid the outstanding balance of $20,850 with borrowings from its senior secured post delivery term loan facility with DVB Bank America, NIBC and ABN Amro. | |||||||||||||||||||||||||||||||||||||||||||||
Senior secured post delivery term loan facility with DVB Bank America NV (DVB Bank America),  NIBC Bank NV (NIBC) and ABN Amro Capital USA LLC (ABN Amro) of up to $84,000 | |||||||||||||||||||||||||||||||||||||||||||||
On January 18, 2013 Ingatestone Holdings Inc., as Borrower, and UP Offshore (Bahamas) Ltd., Bayshore Shipping Inc., Gracebay Shipping Inc, Springwater Shipping Inc and Woodrow Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited, as joint and several Guarantors, entered into a senior secured post delivery term loan facility of up to $84,000 with DVB Bank America, NIBC and ABN Amro (the "Lenders") with the purpose of refinancing the advances made for our PSVs named UP Jade, UP Amber, UP Pearl and UP Onyx of the DVB SE and Natixis and DVB SE and NIBC long-term facilities. | |||||||||||||||||||||||||||||||||||||||||||||
The loan facility is divided into four tranches, each in the aggregate amount of up to the lesser of $21,000 and 60% of the fair market value of the PSV to which such tranche relates. | |||||||||||||||||||||||||||||||||||||||||||||
The tranche of the loan facility in respect of the refinancing of the UP Jade was drawn down in the amount of $ 20,850 on January 24, 2013. This tranche accrues interest at LIBOR (base rate) plus a margin of 4.0% and shall be repaid by (i) 20 consecutive quarterly installments of $521 each beginning on January 29, 2013 and (ii) a balloon payment in the amount of $10,425 which is due on October 29, 2017 concurrent with the last quarterly repayment. | |||||||||||||||||||||||||||||||||||||||||||||
A quarterly commitment fee is payable based on the average undrawn amount of the committed amount at a rate of 1.60% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
Each tranche of the loan facility in respect of the financing of the acquisition of each of the UP Amber, UP Pearl and UP Onyx from the shipyard shall be divided into two advances which shall be made available to the Borrower as follows: | |||||||||||||||||||||||||||||||||||||||||||||
-Â Â | The first advance of each such tranche shall be made available to the Borrower in the amount of up to $5,000 on the earlier of the delivery date of the ship and October 31, 2013, | ||||||||||||||||||||||||||||||||||||||||||||
-Â Â | The second advance of each such tranche shall be made available to the Borrower in the amount of up to $16,000 not later than the earlier of the date which is six months after the delivery date of the ship and October 31, 2013, provided that the UP Amber, UP Pearl and UP Onyx have obtained employment of not less than 3 years with a charterer on terms and conditions acceptable to the Lenders. | ||||||||||||||||||||||||||||||||||||||||||||
Each tranche accrues interest at LIBOR (base rate) plus a margin of 4.0% and shall be repaid by (i) equal consecutive quarterly installments and (ii) a balloon payment equal to 50% of the advances of such tranche concurrent with the last quarterly repayment but not later than October 31, 2017.  The first quarterly repayment shall commence on the date falling three months after the drawdown date. | |||||||||||||||||||||||||||||||||||||||||||||
The Lenders, at their discretion, may replace LIBOR as base rate for the interest calculation with their cost-of-funds rate. | |||||||||||||||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc., as Borrower, shall comply with certain financial covenants including: (i) a ratio of consolidated debt service coverage ratio in respect of the PSVs of not less than 125% (on a historical and forward four quarter rolling basis, tested as of the last date of each fiscal quarter), (ii) an equity ratio of not less than 10% as from December 31, 2012 until September 30, 2013 and 20% as from September 30, 2013, (iii) a consolidated tangible net worth of not less than $10,000 as from December 31, 2012 until September 30, 2013 and $20,000 as from September 30, 2013 plus 50% of net income (positive only) for each succeeding fiscal year and (iv) consolidated liquidity of not less than an amount necessary to fund the payment of six months of debt service. | |||||||||||||||||||||||||||||||||||||||||||||
As Guarantor, Ultrapetrol (Bahamas) Ltd. shall comply with certain financial covenants at all times after from December 31, 2012 including: (i) an average monthly balance of available cash in a demand deposit of not less than $20,000 on a consolidated basis, (ii) an equity ratio of not less than 20%, (iii) a consolidated tangible net worth of not less than $150,000 and, (iv) a ratio of consolidated debt service coverage ratio of not less than 150% (on a historical and forward four quarter rolling basis, tested as of the last date of each fiscal quarter). | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a first priority mortgage on the UP Jade, UP Amber, UP Pearl and UP Onyx and a first priority assignment of the earnings, insurances and requisition compensation of the vessels. Further, the loan agreement requires that the PSVs pledged as security have an aggregate market value of at least 142.85% of the value of the loans and the swap exposure during the first two years of the loan and 150% thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
The loan also contains customary covenants that limit, among other things, the Borrowers' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, merge or consolidate, change lines of business and amend the terms of subordinated debt. | |||||||||||||||||||||||||||||||||||||||||||||
Seventeen-year term $18,730 credit facility with Brazilian Development Bank (BNDES) | |||||||||||||||||||||||||||||||||||||||||||||
On August 20, 2009, UP Offshore Apoio (our subsidiary in the Offshore Supply Business) as Obligor, UP Offshore (Bahamas) Ltd., as Facility Guarantor and Ultrapetrol (Bahamas) Ltd., as Limited Guarantor, entered into a seventeen-year fixed interest credit facility for $18,730 with BNDES to partially post-finance the construction of our PSV UP Rubi. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid by 204 consecutive monthly installments of each $93 beginning in April 2010 and ending in March 2027.  The loan accrues interest at 3% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
On October 30, 2009, UP Offshore Apoio entered into a Standby Letter of Credit Facility Agreement (the "Letter") with DVB Bank SE relating to a $21,500 Standby Letter of Credit Facility which guarantees the BNDES credit facility from November 11, 2009 to November 11, 2013.  The Letter requires PSV UP Rubi to be pledged as security and its fair market value shall be not less than 133.3% of the outstanding amount of the Letter and is guaranteed by UP Offshore (Bahamas) Ltd. and Ultrapetrol (Bahamas) Limited as Facility Guarantor and Limited Guarantor, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
Under the Letter, UP Offshore Apoio is to pay an up front fee equal to 1.5% of the outstanding amount, an annual commission fee fixed of 2.0% per annum on the outstanding amount and a fee equal to 1.0% on the settlement date on the settlement amount. | |||||||||||||||||||||||||||||||||||||||||||||
As Facility Guarantor, UP Offshore (Bahamas) Ltd. shall comply with certain financial covenants including: (i) an average balance of available cash in a demand deposit of not less than $5,000 during each financial year, (ii) an equity ratio of not less than 30%, (iii) a minimum equity of $75,000 and, (iv) a ratio of consolidated EBITDA to consolidated debt service of at least 1.5 (on a rolling four quarter basis, tested as of the last day of each fiscal quarter). | |||||||||||||||||||||||||||||||||||||||||||||
On March 5, 2013, BNDES confirmed their approval of the change in ownership, which occurred as a consequence of the transaction with Sparrow described in Note 1. Considering such approval, we are in compliance with all covenants under this loan facility. | |||||||||||||||||||||||||||||||||||||||||||||
  | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012, the outstanding principal balance under this loan agreement was $15,818 and the aggregate net book value of the asset pledged was $24,500. | |||||||||||||||||||||||||||||||||||||||||||||
Loan Agreement with DVB Bank SE (DVB SE) and Banco Security of up to $40,000: | |||||||||||||||||||||||||||||||||||||||||||||
On December 9, 2010 UP Offshore (Bahamas) Ltd., as Borrower, and Glasgow Shipping Inc. and Zubia Shipping Inc. (all of these our subsidiaries in the Offshore Supply Business) and Ultrapetrol (Bahamas) Limited and Corporación de Navegación Mundial S.A., as joint and several Guarantors, entered into a senior secured term loan facility of up to $40,000 with DVB SE and Banco Security, as co-lenders, to partially finance the construction and delivery of our two PSVs being constructed in China. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is drawn in two advances, each in the amount of $20,000, on the delivery of each of the respective PSVs, accrues interest at LIBOR (base rate) plus a margin of 3.0% and shall be repaid by (i) 32 equal quarterly consecutive installments of $417 each, together with a balloon payment of $ 6,667 payable concurring with the last repayment installment in December 2018. | |||||||||||||||||||||||||||||||||||||||||||||
The co-lenders, at their discretion, may replace LIBOR as base rate for the interest calculation with their cost-of-funds rate. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.20% and the respective interest rates ranged from 4.14% to 4.26%, including margins and interest rate swaps. | |||||||||||||||||||||||||||||||||||||||||||||
The loan contains customary covenants which are similar to the stipulated covenants in previous loans entered with DVB AG. The agreements governing the facility also contain customary events of default. If an event of default occurs and is continuing, DVB SE and Banco Security may require the entire amount of the loan be immediately repaid in full. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a first priority mortgage on UP Turquoise and UP Jasper, a first priority assignment of the earnings, insurances and requisition compensation of the vessels or other employment contracts exceeding 12 months.  Further, the loan agreements require that the PSVs pledged as security have an aggregate fair market value of at least 133.3% of the value of the loan during the period from the first drawdown date until the fourth anniversary thereof or at least 66.7% of the value of the loan at any time thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Limited as Guarantor shall maintain certain financial covenants including: (i) an average balance of available cash in a demand deposit of not less than $5,000, (ii) an equity ratio of not less than 30%, (iii) a minimum equity of $75,000 and, (iv) a ratio of consolidated EBITDA to consolidated debt service of at least 1.5 (on a rolling four quarter basis, tested as of the last day of each fiscal quarter). | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 the outstanding principal balance was $34,166 and the aggregate net book value of the assets pledged was $50,900. | |||||||||||||||||||||||||||||||||||||||||||||
Senior secured term loan with Natixis of up to $13,616 | |||||||||||||||||||||||||||||||||||||||||||||
On January 29, 2007 Stanyan Shipping Inc. (a wholly owned subsidiary in the Ocean Business and the owner of the Alejandrina) drew down an amount of $13,616 under a loan agreement with Natixis (the "Lender") to provide post-delivery financing secured by the vessel.  The loan, which matures in February 2017, shall be repaid by equal quarterly installments of $227 with a balloon installment of $2,687 which due in February 2017.  The loan accrues interest at 6.38% per annum for the first five years of the loan and LIBOR plus 1.20% per annum thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
On May 21, 2012, we prepaid $1,849 outstanding under this senior secured loan. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 3.11% and the respective interest rates ranges from 1.63% to 6.38% including margins. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage on the Alejandrina, a first priority assignment of the earnings, insurances and requisition compensation of the vessels, or other employment contracts exceeding 12 months and is guaranteed by Ultrapetrol (Bahamas) Limited.  The Lender may also require additional security, if at any time the fair market value of the ship becomes less than the 125% of the aggregate value of the loan.  With respect to the above and in relation to any potential loan security shortfall, the Company has been reflected $200 under current liabilities in the accompanying consolidated balance sheet as of December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||
The loan also contains customary covenants that limit, among other things, the Borrower's and the Guarantors' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, merge or consolidate, change lines of business and amend the terms of subordinated debt. The agreement governing the facility also contains customary events of default. If an event of default occurs and is continuing, Nataxis may require the entire amount of the loan be immediately repaid in full. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 the outstanding principal balance was $6,546 and the aggregate net book value of the assets pledged was $14,100. | |||||||||||||||||||||||||||||||||||||||||||||
Senior secured term loan with Nordea Bank Finland PLC (Nordea Bank) of $20,200 | |||||||||||||||||||||||||||||||||||||||||||||
On November 30, 2007, Hallandale Commercial Corp. (our wholly owned subsidiary in the Ocean Business and the owner of the Amadeo) as Borrower, Ultrapetrol (Bahamas) Ltd., as Guarantor, and Tuebrook Holdings Inc. (our wholly owned subsidiary in the Ocean Business and the holding company of Hallandale Commercial Corp.), as Pledgor, entered into a $20,200 loan agreement with Nordea Bank for the purpose of providing post delivery financing of the vessel. | |||||||||||||||||||||||||||||||||||||||||||||
The loan accrues interest at LIBOR plus 1.25% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 1.73% and the respective interest rates ranged from 1.67% to 1.78%, including margins. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage on the Amadeo vessel a first priority assignment of the earnings, insurances and requisition compensation of the vessels, or other employment contracts exceeding 12 months and is jointly and severally irrevocably and unconditionally guaranteed by Ultrapetrol (Bahamas) Ltd.  The Lender may also require additional security, if at any time the fair market value of the ship becomes less than the 130% of the aggregate value of the loan.  The loan also contains customary covenants that limit, among other things, the Borrower's and the Guarantors' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, merge or consolidate, change lines of business and amend the terms of subordinated debt.  The agreement governing the facility also contains customary events of default. If an event of default occurs and is continuing, Nordea Bank may require the entire amount of the loan be immediately repaid in full. | |||||||||||||||||||||||||||||||||||||||||||||
As Guarantor, Ultrapetrol (Bahamas) Ltd. shall maintain certain financial covenants including: (i) a ratio of financial indebtedness to tangible net worth of not greater than 2.5 to 1.0 and (ii) a EBITDA to interest expense of not less than 2.0 for the last four fiscal quarters prior to the relevant date of calculation. | |||||||||||||||||||||||||||||||||||||||||||||
On December 28, 2012 the Borrower, the Guarantor, the Pledgor and Nordea Bank amended the loan agreement. In connection with this amendment the margin was increased from 1.50% to 3.00% per annum, the change of control provisions was modified to include Sparrow into the definition, the final maturity date of the loan was changed to April 15, 2013 and Nordea Bank waived the Guarantor compliance requirement with the EBITDA to interest expense ratio until the maturity date. | |||||||||||||||||||||||||||||||||||||||||||||
The aggregate outstanding principal balance of the loan was $5,644 at December 31, 2012, and the aggregate net book value of the asset pledged was $6,430. | |||||||||||||||||||||||||||||||||||||||||||||
Loan with International Finance Corporation ("IFC") and OPEC Fund for International Development (OFID) | |||||||||||||||||||||||||||||||||||||||||||||
a)Â Â | 2008 Loan facility of up to $25,000 | ||||||||||||||||||||||||||||||||||||||||||||
On September 15, 2008 UABL Paraguay S.A. (our subsidiary in the River Business), as Borrower, UABL (Bahamas) Limited as Guarantor and IFC entered into a loan agreement to partially finance:Â Â (i) the replacement of existing pushboat engines and conversion of pushboats to install such engines, (ii) the enlargement and re-bottoming of existing barges, (iii) the construction and acquisition of additional pushboats and barges and (iv) supplies and related equipment for the foregoing. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid in semi-annual installments of $1,087 for the first 9 payments and $1,902 for the last 8 payments, beginning in June 2012.  The loan accrues interest at LIBOR plus a margin which will be calculated considering a percentage ranging between 1.875% to 3.250% obtained from the Guarantor Prospective Debt Service Coverage Ratio as indicated in the agreement. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.11% and the respective interest rates ranged from 3.94% to 4.44%, including margins and interest rate collar. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage on part of our Liberian River Business fleet.  The loan agreement requires that the aggregate fair market value of the Liberian mortgaged barges and pushboats dividing by the outstanding amount of the 2008 loans facility to be 1.3 during the period between the first disbursement of the loan and November 24, 2013 (one year prior to the final maturity date of the 2014 Senior Notes) and at all time thereafter 1.6.  The loan contains various restrictive covenants, among others, that limit the Borrower's ability to declare or pay any dividend, incur capital expenditures, leases, enter into any derivative transaction, except hedging arrangements for fuel.  The Borrower shall maintain certain financial covenants including: (i) a debt to equity ratio of not more than 2.0 and (ii) a historical debt service coverage ratio of not less than 1.0 for the last four fiscal quarters prior to the relevant date of calculation. | |||||||||||||||||||||||||||||||||||||||||||||
As Guarantor, UABL (Bahamas) Limited shall maintain certain financial covenants including; (i) a consolidated debt to equity ratio of no more than 1.4, (ii) a historical debt service coverage ratio on a consolidated basis of not less than 1.3 and (iii) a consolidated current ratio of at least 1.0 for the last four fiscal quarters prior to the relevant date of calculation. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 UABL (Bahamas) Limited (as Guarantor) is in compliance with these covenants except for (ii). Consequently, on March 8, 2013 the IFC waived the compliance to meet the financial covenant described in (ii) as of December 31, 2012 and March 31, 2013. The waiver was granted conditional upon OFID's granting of a similar waiver on or before March 15, 2013, which condition was met on March 14, 2013.  The waiver was granted conditional upon IFC's granting of a similar waiver on or before March 15, 2013, which condition was met on March 8, 2013. UABL (Bahamas) Limited expects to be in compliance with financial covenant in (ii) since June 30, 2013 and thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
b)Â Â | 2008 Loan facility of up to $35,000 | ||||||||||||||||||||||||||||||||||||||||||||
On September 15, 2008 UABL Barges (Panama) Inc., UABL Towing Services S.A., Marine Financial Investment Corp. and Eastham Barges Inc. (all our subsidiaries in the River Business), as Borrowers, UABL (Bahamas) Limited as Guarantor and IFC entered into a loan agreement to partially finance:Â Â (i) the replacement of existing pushboat engines and conversion of pushboats to install such engines, (ii) the enlargement and re-bottoming of existing barges, (iii) the construction and acquisition of additional pushboats and barges and (iv) supplies and related equipment for the foregoing. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid in semi-annual installments of $1,522 for the first 9 payments and $2,663 for the last 8 payments, beginning in June 2012.  The loan accrues interest at LIBOR plus a margin which will be calculated considering a percentage ranging between 1.875% to 3.250% obtained from the Guarantor Prospective Debt Service Coverage Ratio as indicated in the agreement. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.11% and the respective interest rates ranged from 3.94% to 4.44%, including margins and interest rate collar. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage on part of our Liberian River Business fleet.  The loan agreement requires that the aggregate fair market value of the Liberian mortgaged barges and pushboats dividing by the outstanding amount of the 2008 loans facility to be 1.3 during the period between the first disbursement of the loan and November 24, 2013 (one year prior to the final maturity date of the 2014 Senior Notes) and at all time thereafter 1.6.  The loan contains various restrictive covenants, among others, that limit the each Borrower's ability to declare or pay any dividend, incur capital expenditures, leases, enter into any derivative transaction, except hedging arrangements for fuel. | |||||||||||||||||||||||||||||||||||||||||||||
As Guarantor, UABL (Bahamas) Limited shall maintain certain financial covenants including; (i) a consolidated debt to equity ratio of no more than 1.4, (ii) a historical debt service coverage ratio on a consolidated basis of not less than 1.3 and (iii) a consolidated current ratio of at least 1.0. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 UABL (Bahamas) Limited (as Guarantor) is in compliance with these covenants except for (ii). Consequently, on March 8, 2013 the IFC waived the compliance to meet the financial covenant described in (ii) as of December 31, 2012 and March 31, 2013.  The waiver was granted conditional upon OFID's granting of a similar waiver on or before March 15, 2013, which condition was met on March 14, 2013. UABL (Bahamas) Limited expects to be in compliance with financial covenant in (ii) since June 30, 2013 and thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
c)Â Â | 2008 Parallel Loan facility of up to $15,000 | ||||||||||||||||||||||||||||||||||||||||||||
On November 28, 2008 UABL Paraguay S.A. (our subsidiary in the River Business), as Borrower, UABL (Bahamas) Limited as Guarantor and OFID entered into a loan agreement of up to $15,000 to partially finance:Â Â (i) the replacement of existing pushboat engines and the conversion of pushboats to install such engines, (ii) the enlargement and re-bottoming of existing barges, (iii) the construction and acquisition of additional pushboats and barges and (iv) supplies and related equipment for the foregoing. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid in semi-annual installments of $652 for the first 9 payments and $1,141 for the last 8 payments, beginning in June 2012.  The loan accrues interest at LIBOR plus a margin which will be calculated considering a percentage ranging between 1.875% to 3.250% obtained from the Guarantor Prospective Debt Service Coverage Ratio. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.11% and the respective interest rates ranged from 3.94% to 4.44%, including margins and interest rate collar. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage on a portion of our Liberian River Business fleet. The loan agreement requires that the aggregate fair market value of the Liberian mortgaged barges and pushboats dividing by the outstanding amount of the 2008 loans facility to be 1.3 during the period between the first disbursement of the loan and November 24, 2013 (one year prior to the final maturity date of the 2014 Senior Notes) and at all time thereafter 1.6.  The loan contains various restrictive covenants, among others, that limit the Borrower's ability to declare or pay any dividend, incur capital expenditures, leases, enter into any derivative transaction, except hedging arrangements for fuel.  The Borrower shall maintain certain financial covenants including: (i) a debt to equity ratio of not more than 2.0 and (ii) a historical debt service coverage ratio of not less than 1.0. | |||||||||||||||||||||||||||||||||||||||||||||
As Guarantor, UABL (Bahamas) Limited shall maintain certain financial covenants including; (i) a consolidated debt to equity ratio of no more than 1.4, (ii) a historical debt service coverage ratio on a consolidated basis of not less than 1.3 and (iii) a consolidated current ratio of at least 1.0. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 UABL (Bahamas) Limited (as Guarantor) is in compliance with these covenants except for (ii). Consequently, on March 14, 2013 the OFID waived the compliance to meet the financial covenant described in (ii) as of December 31, 2012 and March 31, 2013. UABL (Bahamas) Limited expects to be in compliance with financial covenant in (ii) since June 30, 2013 and thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
d)Â Â | 2011 Loan facility of up to $15,000 | ||||||||||||||||||||||||||||||||||||||||||||
On December 2, 2011 UABL Paraguay S.A. and Riverpar S.A. (our subsidiaries in the River Business), as joint and several Borrowers, UABL (Bahamas) Limited as Guarantor and IFC entered into a loan agreement to partially finance: (i) the construction and acquisition of 64 additional barges, (ii) the modification to 9 existing pushboats necessary to replace their engines, (iii) the re-bottoming of 50 existing barges, and (iv) the construction and acquisition of additional pushboats and ancillary equipment. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid in semi-annual installments of $882 beginning on June 15, 2013 and ending on June 15, 2021. The loan accrues interest at LIBOR plus a margin of 3.65% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.32%, and the respective interest rates ranges from 4.16% to 4.42% including margins. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured by a mortgage principally on part of our Paraguayan and Liberian River Business fleet.  The loan agreement requires that the aggregate fair market value of the Paraguayan and others mortgaged barges and pushboats dividing by the outstanding amount of the 2011 loans facility to be at any time prior to the refinancing of the 2014 Senior Notes not less than 3.0 and at any time thereafter, not less than 1.6. Further, the loan agreement requires that the aggregate fair market value of the Liberian mortgaged barges and pushboats dividing by the outstanding amount of the 2011 loans facility to be at all times equal to or higher than 3.0. | |||||||||||||||||||||||||||||||||||||||||||||
The loan contains various restrictive covenants, among others, that limit the Borrowers' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, incur capital expenditures, leases and enter into any derivative transaction, except hedging agreements for fuel, interest rate or foreign currency in the ordinary course of business. The Borrowers shall maintain certain financial covenants including: (i) a debt to equity ratio on a consolidated basis of not more than 2.0 and (ii) a historical debt service coverage ratio on a consolidated basis of not less than 1.2 for the last four fiscal quarters prior to the relevant date of calculation. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 UABL (Bahamas) Limited (as Guarantor) is in compliance with these covenants except for (ii).  Consequently, on March 8, 2013 the IFC waived the compliance to meet the financial convenant described in (ii) as of December 31, 2012 and March 31, 2013. The waiver was granted conditional upon OFID's granting of a similar waiver on or before March 15, 2013, which condition was met on March 14, 2013. UABL (Bahamas) Limited expects to be in compliance with financial covenant in (ii) since June 30, 2013 and thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
e)Â Â | 2011 Parallel Loan facility of up to $10,000 | ||||||||||||||||||||||||||||||||||||||||||||
On December 15, 2011 UABL Paraguay S.A. and Riverpar S.A. (our subsidiaries in the River Business), as joint and several Borrowers, UABL (Bahamas) Limited as Guarantor and OFID entered into a parallel loan agreements to partially finance: (i) the construction and acquisition of 64 additional barges, (ii) the modification to 9 existing pushboats necessary to replace their engines, (iii) the re-bottoming of 50 existing barges, and (iv) the construction and acquisition of additional pushboats and ancillary equipment. | |||||||||||||||||||||||||||||||||||||||||||||
The loan shall be repaid in semi-annual installments of $588 beginning on June 15, 2013 and ending on June 15, 2021. The loan accrues interest at LIBOR plus a margin of 3.65% per annum. | |||||||||||||||||||||||||||||||||||||||||||||
The loan is secured through a collateral sharing agreement with the IFC. The loan agreement requires that the aggregate fair market value of the Paraguayan and others mortgaged barges and pushboats dividing by the outstanding amount of the 2011 loans facility to be at any time prior to the refinancing of the 2014 Senior Notes not less than 3.0 and at any time thereafter, not less than 1.6. Further, the loan agreement requires that the aggregate fair market value of the Liberian mortgaged barges and pushboats dividing by the outstanding amount of the 2011 loans facility to be at all times equal to or higher than 3.0. | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012, the weighted average interest rate was 4.32% and the respective interest rates ranged from 4.16% to 4.42%, including margins. | |||||||||||||||||||||||||||||||||||||||||||||
The loan contains various restrictive covenants, among others, that limit the Borrowers' ability to incur additional indebtedness, grant liens over their assets, sell assets, pay dividends, repay indebtedness, incur capital expenditures, leases and enter into any derivative transaction, except hedging agreements for fuel, interest rate or foreign currency in the ordinary course of business. The Borrowers shall maintain certain financial covenants including: (i) a debt to equity ratio on a consolidated basis of not more than 2.0 and (ii) a historical debt service coverage ratio on a consolidated basis of not less than 1.2 for the last four fiscal quarters prior to the relevant date of calculation. | |||||||||||||||||||||||||||||||||||||||||||||
The agreements governing the facilities also contain customary events of default. If an event of default occurs and is continuing, IFC and OFID may require the entire amount of the loan be immediately repaid in full. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 UABL (Bahamas) Limited (as Guarantor) is in compliance with these covenants except for (ii). Consequently, on March 14, 2013 the OFID waived the compliance to meet the financial covenant described in (ii) as of December 31, 2012 and March 31, 2013. The waiver was granted conditional upon IFC's granting of a similar waiver on or before March 15, 2013, which condition was met on March 8, 2013. UABL (Bahamas) Limited expects to be in compliance with financial covenant in (ii) since June 30, 2013 and thereafter. | |||||||||||||||||||||||||||||||||||||||||||||
On January 26, 2012 the Company drew down $10,000 under the 2011 Parallel Loan facility. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012, the aggregate outstanding principal balance under 2008 and 2011 loan agreements with OFID and IFC was $93,478 and the aggregate net book value of the assets pledged was $113,000. | |||||||||||||||||||||||||||||||||||||||||||||
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||
FAIR VALUE INSTRUMENTS [Abstract] | ' | ' | ||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ' | ||||||||||||||||||||||||||||
7 | FINANCIAL INSTRUMENTS | 6.  | FAIR VALUE MEASUREMENT | |||||||||||||||||||||||||||
The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. | The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||||||
The Company's liabilities as of June 30, 2013 that are measured at fair value on a recurring basis are summarized below: | The Company's liabilities as of December 31, 2012 that are measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Current liabilities: | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
-Interest rate collar (included in other liabilities) | - | 718 | - | Current liabilities: | - | 722 | - | |||||||||||||||||||||||
-Interest rate swaps (included in other liabilities) | - | 349 | - | -Â Interest rate collar (included in other liabilities) | ||||||||||||||||||||||||||
Noncurrent liabilities: | -Â Interest rate swaps (included in other liabilities) | - | 348 | - | ||||||||||||||||||||||||||
-Interest rate collar (included in other liabilities) | - | 764 | - | Noncurrent liabilities: | - | 1,235 | - | |||||||||||||||||||||||
-Interest rate swaps (included in other liabilities) | - | 320 | - | -Â Interest rate collar (included in other liabilities) | ||||||||||||||||||||||||||
-Â Interest rate swaps (included in other liabilities) | - | 791 | - | |||||||||||||||||||||||||||
The estimated fair value of the Company's other financial assets and liabilities as of June 30, 2013 were as follows: | The Company's assets as of December 31, 2012 that are measured at fair value on a non-recurring basis are summarized below: | |||||||||||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
amount (unaudited) | fair value (unaudited) | |||||||||||||||||||||||||||||
ASSETS | Vessels and equipment held and used | $ | - | $ | - | $ | 7,380 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 131,315 | $ | 131,315 | In accordance with the provisions of FASB ASC Topic 360-10-40, a vessel in the Ocean Business with a carrying amount of $23,380 was written down to its estimated fair value of $7,380, resulting in an impairment charge of $16,000, which was included in Loss on write-down of vessels for the year ended December 31, 2012. | |||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | 182,115 | ||||||||||||||||||||||||||||
Restricted cash (current and noncurrent portion) | 10,369 | 10,369 | The estimated fair value of the Company's other financial assets and liabilities were as follows: | |||||||||||||||||||||||||||
LIABILITIES | At December 31, | |||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||
2014 Senior Notes and accrued interest | $ | 181,620 | $ | 181,620 | Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||
Long term financial debt (current | 441,645 | 441,645 | amount | fair value | amount | fair value | ||||||||||||||||||||||||
and non-current portion – Note 5) (1) | ASSETS | |||||||||||||||||||||||||||||
-1 | The fair value of long term financial debt is measured using Level 2 fair value inputs. | Cash and cash equivalents | $ | 222,215 | $ | 222,215 | $ | 34,096 | $ | 34,096 | ||||||||||||||||||||
Restricted cash (current and noncurrent portion) | 7,432 | 7,432 | 8,302 | 8,302 | ||||||||||||||||||||||||||
The carrying value of cash and cash equivalents and restricted cash approximates fair value. The fair value of long-term financial debt was estimated based upon quoted market prices or by using discounted cash flow analyses based on estimated current rates for similar types of arrangements. Generally, the carrying value of variable interest rate debt, approximates fair value. It was not practicable to estimate the fair value of the Company's investments in 50% or less owned companies because of the lack of quoted market prices and the inability to estimate fair value without incurring excessive costs. Considerable judgment was required in developing certain of the estimates of fair value and accordingly the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. | ||||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Long term financial debt (current and non-current portion – Note 5) (1) | $ | 517,552 | $ | 517,595 | $ | 512,993 | $ | 468,393 | ||||||||||||||||||||||
(1)Â Â | Â The fair value of long term financial debt is measured using Level 2 fair value inputs. | |||||||||||||||||||||||||||||
The carrying value of cash and cash equivalents and restricted cash approximates fair value. The fair value of long-term financial debt was estimated based upon quoted market prices or by using discounted cash flow analyses based on estimated current rates for similar types of arrangements.  Generally, the carrying value of variable interest rate debt, approximates fair value.  It was not practicable to estimate the fair value of the Company's investments in 50% or less owned companies because of the lack of quoted market prices and the inability to estimate fair value without incurring excessive costs.  Considerable judgment was required in developing certain of the estimates of fair value and accordingly the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. |
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES [Abstract] | ' | ' | ||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | ' | ' | ||||||||||||||||
8 | DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | 7.  | DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | |||||||||||||||
Liabilities arising from outstanding derivative positions are included in the accompanying unaudited condensed consolidated balance sheets as other liabilities, as follows: | Liabilities arising from outstanding derivative positions are included in the accompanying consolidated balance sheets as other liabilities, as follows: | |||||||||||||||||
At June 30, 2013 | At December 31, 2012 | |||||||||||||||||
(unaudited) | Current other liabilities | Noncurrent other liabilities | ||||||||||||||||
Current other | Noncurrent other liabilities | Derivatives designated as hedging instruments | ||||||||||||||||
liabilities | Interest rate collar (cash flow hedge) | $ | 722 | $ | 1,235 | |||||||||||||
Derivatives designated as hedging instruments | Interest rate swaps (cash flow hedge) | 348 | 791 | |||||||||||||||
Interest rate collar (cash flow hedge) | $ | 718 | $ | 764 | $ | 1,070 | $ | 2,026 | ||||||||||
Interest rate swaps (cash flow hedge) | 349 | 320 | ||||||||||||||||
$ | 1,067 | $ | 1,084 | At December 31, 2011 | ||||||||||||||
Current other liabilities | Noncurrent other liabilities | |||||||||||||||||
At December 31, 2012 | Derivatives designated as hedging instruments | |||||||||||||||||
Current other | Noncurrent other liabilities | Interest rate collar (cash flow hedge) | $ | 582 | $ | 1,145 | ||||||||||||
liabilities | Interest rate swaps (cash flow hedge) | 251 | 643 | |||||||||||||||
Derivatives designated as hedging instruments | $ | 833 | $ | 1,788 | ||||||||||||||
Interest rate collar (cash flow hedge) | $ | 722 | $ | 1,235 | The Company evaluates the risk of counterparty default by monitoring the financial condition of the financial institutions and counterparties involved, by primarily conducting business with large, well-established financial institutions and international traders, and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its counterparties. | |||||||||||||
Interest rate swaps (cash flow hedge) | 348 | 791 | ||||||||||||||||
$ | 1,070 | $ | 2,026 | CASH FLOW HEDGE | ||||||||||||||
The Company evaluates the risk of counterparty default by monitoring the financial condition of the financial institutions and counterparties involved, by primarily conducting business with large, well-established financial institutions and international traders, and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its counterparties. | INTEREST RATE COLLAR AGREEMENT | |||||||||||||||||
CASH FLOW HEDGE | On May 7, 2010, through UABL Limited, our holding subsidiary in the River Business, we entered into an interest rate collar transaction with International Finance Corporation (IFC) through which we expect to hedge our exposure to interest volatility under our financings with IFC and OFID from June 2010 to June 2016. The initial notional amount is $75,000 (subsequently adjusted in accordance with the amortization schedule under these financings), with UABL Limited being the USD Floor Rate seller at a floor strike rate of 1.69%, and IFC being the USD Cap Rate seller at a cap strike rate of 5.00%. This contract qualifies for hedge accounting and as such changes in its fair value are included in other comprehensive loss in the consolidated financial statements. The fair value of this agreement equates to the amount that would be paid or received by the Company if the agreement was cancelled at the reporting date, taking into account current and prospective interest rates and creditworthiness of the Company. | |||||||||||||||||
INTEREST RATE COLLAR AGREEMENT | As of December 31, 2012, the total notional amount of the interest rate collar is $68,478. | |||||||||||||||||
On May 7, 2010, through UABL Limited, our holding subsidiary in the River Business, we entered into an interest rate collar transaction with International Finance Corporation (IFC) through which we expect to hedge our exposure to interest volatility under our financings with IFC and OFID from June 2010 to June 2016. The initial notional amount is $75,000 (subsequently adjusted in accordance with the amortization schedule under these financings), with UABL Limited being the USD Floor Rate seller at a floor strike rate of 1.69%, and IFC being the USD Cap Rate seller at a cap strike rate of 5.00%. This contract qualifies for hedge accounting and as such changes in its fair value are included in other comprehensive income (loss) in the unaudited condensed consolidated financial statements. The fair value of this agreement equates to the amount that would be paid or received by the Company if the agreement were cancelled at the reporting date, taking into account current and prospective interest rates and creditworthiness of the Company. | INTEREST RATE SWAP AGREEMENTS | |||||||||||||||||
As of June 30, 2013, the total notional amount of the interest rate collar is $65,217. | Through our subsidiaries in the Offshore Supply Business, we have entered into various interest rate swap agreements maturing in October 2016 and December 2018 that call our subsidiaries to pay fixed interest rates ranging from 0.89% to 3.67% on aggregate notional values of $30,850 and receive a variable interest rate based on LIBOR on these notional values. The purpose of these interest rate swap agreements is to hedge our exposure to interest volatility under our financings with DVB Bank SE and Banco Security and DVB Bank SE and NIBC. | |||||||||||||||||
INTEREST RATE SWAP AGREEMENTS | These contracts qualify for hedge accounting and as such changes in its fair value are included in other comprehensive loss in the consolidated financial statements. The fair value of these agreements equate to the amount that would be paid or received by the Company if the agreement were cancelled at the reporting date, taking into account current and prospective interest rates and creditworthiness of the Company. | |||||||||||||||||
Through our subsidiaries in the Offshore Supply Business, we have entered into various interest rate swap agreements maturing in September 2016, October 2016, and December 2018 that call our subsidiaries to pay fixed interest rates ranging from 0.89% to 3.67% on aggregate notional values of $49,500 and receive a variable interest rate based on LIBOR on these notional values. The purpose of these interest rate swap agreements is to hedge our exposure to interest volatility under our financings with DVB Bank SE and Banco Security and DVB Bank SE, NIBC and ABN Amro. | As of December 31, 2012, the total notional amount of the interest rate swaps is $29,392. | |||||||||||||||||
These contracts qualify for hedge accounting and as such changes in its fair value are included in other comprehensive income (loss) in the unaudited condensed consolidated financial statements. The fair value of these agreements equate to the amount that would be paid or received by the Company if the agreement was cancelled at the reporting date, taking into account current and prospective interest rates and creditworthiness of the Company. | Subsequent events | |||||||||||||||||
As of June 30, 2013, the total notional amount of the interest rate swaps is $46,554. | On January 18, 2013 the interest rate swap agreements entered into to hedge our exposure to interest volatility under our financing with DVB Bank SE and NIBC, were novated to hedge our exposure under our financing with DVB Bank America, NIBC and ABN Amro. | |||||||||||||||||
OTHER DERIVATIVE INSTRUMENTS | ||||||||||||||||||
Freight Forward Agreement | ||||||||||||||||||
From April 2008 onwards, the Company entered into FFAs either via a clearing house or over the counter with the objective to utilize them as hedging instruments to reduce its exposure to changes in the spot market rates earned by its vessels in the Capesize fleet. | ||||||||||||||||||
As result of the sale of Princess Marisol and Princess Katherine in 2010, FFA positions maturing between May and December 2010 were no longer probable of occurring and thus no longer qualified as effective cash flow hedges. | ||||||||||||||||||
During the year ended December 31, 2010, the Company recorded an aggregate realized gain of $10,710, in connection with these FFA positions, which are reflected in the Company's consolidated statements of operations as Other income (expenses) – (loss) gains on derivatives, net and received net cash settlements for its FFA positions totaling $16,666. | ||||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ' | ||||||
COMMITMENTS AND CONTINGENCIES | ' | ' | ||||||
6 | COMMITMENTS AND CONTINGENCIES | 8.  | COMMITMENTS AND CONTINGENCIES (to be update) | |||||
The Company is subject to legal proceedings, claims and contingencies arising in the ordinary course of business. When such amounts can be estimated and the contingency is probable, management accrues the corresponding liability. While the ultimate outcome of lawsuits or other proceedings against the Company cannot be predicted with certainty, management does not believe the costs of such actions will have a material effect on the Company´s consolidated financial position or results of operations. | The Company is subject to legal proceedings, claims and contingencies arising in the ordinary course of business. When such amounts can be estimated and the contingency is probable, management accrues the corresponding liability.  While the ultimate outcome of lawsuits or other proceedings against the Company cannot be predicted with certainty, management does not believe the costs of such actions will have a material effect on the Company´s consolidated financial position or results of operations. | |||||||
a) | Claims in Paraguay | a)  | Claims in Paraguay | |||||
UABL – Ciudad del Este Customs Authority | UABL – Ciudad del Este Customs Authority | |||||||
On September 21, 2005 the local Customs Authority of Ciudad del Este, Paraguay issued a finding that certain UABL entities owe taxes to that authority in the amount of $2,200, together with a fine for non-payment of the taxes in the same amount, in respect of certain operations of our River Business for the prior three-year period. This matter was referred to the Central Customs Authority of Paraguay. | On September 21, 2005 the local Customs Authority of Ciudad del Este, Paraguay issued a finding that certain UABL entities owe taxes to that authority in the amount of $2,200, together with a fine for non-payment of the taxes in the same amount, in respect of certain operations of our River Business for the prior three-year period.  This matter was referred to the Central Customs Authority of Paraguay. | |||||||
After review of the entire case the Paraguayan Central Tax Authorities who have jurisdiction over the matter have confirmed the Company has no liability in respect of two of the three matters at issue, while they held a dissenting view on the third issue. Through a Resolution which was notified to UABL on October 13, 2006 the Paraguayan Undersecretary for Taxation has confirmed that, in his opinion, the Company is liable for a total of approximately $500 and has applied a fine of 100% of this amount. On November 24, 2006, the court confirmed that UABL were not liable for the first two issues. The Company has entered a plea with the respective court contending the interpretation on the third issue under consideration where the Company claims to be equally non-liable. | After review of the entire case the Paraguayan Central Tax Authorities who have jurisdiction over the matter have confirmed the Company has no liability in respect of two of the three matters at issue, while they held a dissenting view on the third issue.  Through a Resolution which was notified to UABL on October 13, 2006 the Paraguayan Undersecretary for Taxation has confirmed that, in his opinion, the Company is liable for a total of approximately $500 and has applied a fine of 100% of this amount.  On November 24, 2006, the court confirmed that UABL were not liable for the first two issues.  The Company has entered a plea with the respective court contending the interpretation on the third issue under consideration where the Company claims to be equally non-liable. | |||||||
On March 26, 2009, the Tax and Administrative Court decided that UABL was not liable for the third issue under discussion (the tax base used by UABL's entities to calculate the applicable withholding tax). On April 2, 2009, the Paraguayan Tax Authorities appealed the Tax and Administrative Court's decision. On September 22, 2010 the Paraguayan Supreme Court revoked the March 26, 2009, ruling of the Tax and Administrative Court and confirmed the decision of the Paraguayan Undersecretary for Taxation. | On March 26, 2009, the Tax and Administrative Court decided that UABL was not liable for the third issue under discussion (the tax base used by UABL's entities to calculate the applicable withholding tax). On April 2, 2009, the Paraguayan Tax Authorities appealed the Tax and Administrative Court decision. On September 22, 2010 the Paraguayan Supreme Court revoked the March 26, 2009, ruling of the Tax and Administrative Court and confirmed the decision of the Paraguayan Undersecretary for Taxation. | |||||||
For the year ended December 31, 2010 the Company recorded a charge totaling $1,294 for the full and final settlement of this claim. | ||||||||
For the year ended December 31, 2010 the Company recorded a charge totaling $1,294 for the full and final settlement of this claim. | ||||||||
In parallel with this ruling the Office of the Treasury Attorney initiated an action in respect of the other two issues concerned in this litigation (which had been terminated on November 24, 2006, with the admission of Central Tax Authorities that no taxes were due for these two issues and the consequent dropping of the action by the plaintiffs) to review certain formal aspects of the case on the grounds that the Paraguay Customs Department did not represent the interests of Paraguay. UABL submitted a defense in relation to the action commenced by the Office of the Treasury Attorney. Subsequently, the Office of the Treasury Attorney filed a response with regard to our defense. The evidentiary stage of the proceedings has concluded and a decision of the Court is pending. Aside from the mentioned procedures, the Customs Authorities of Paraguay have reopened the proceedings against UABL S.A., UABL Paraguay S.A. and Yataity S.A. in connection with the possible reopening of the case pending a decision of the reopening of the case in court. Counsel notified the Customs to hold the proceedings until such decision of the court is received and also contest any new investigation into the matter on the grounds that the action is time barred. In one of those reopened proceedings the Customs Authorities of Paraguay made a wrong determination of the taxes owe and fines and upon UABL's request through the submission of a remedy such customs authorities issued a final resolution on August 8, 2012 with a revised adjustment, where they found UABL S.A., UABL Paraguay S.A. and Yataity S.A. liable to pay approximately $400 subject to a fine of 100% of that amount. Having ended the administrative proceedings, on August 10, 2012 UABL commenced judicial proceedings to obtain a court judgment to rule off the erroneous decision of the Customs Authorities based on the fact the sum of $400 was duly paid and that no fine should then be imposed. We have been advised by UABL's counsel in the case that there is only a remote possibility that the Paraguayan Courts would find UABL liable for any of these taxes or fines still in dispute or that the final outcome of these proceedings could have a material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
In parallel with this ruling the Office of the Treasury Attorney has initiated an action in respect of the other two issues concerned in this litigation (which had been terminated on November 24, 2006, with the admission of Central Tax Authorities that no taxes were due for these two issues and the consequent dropping of the action by the plaintiffs) to review certain formal aspects of the case on the grounds that the Paraguay Customs Department did not represent the interests of Paraguay. UABL has submitted a defense in relation to the action commenced by the Office of the Treasury Attorney. Subsequently, the Office of the Treasury Attorney filed a response with regard to our defense. The evidentiary stage of the proceedings has concluded and a decision of the court is pending. Aside from the mentioned procedures, the Customs Authorities of Paraguay have reopened the proceedings against UABL S.A., UABL Paraguay S.A. and Yataity S.A. in connection with the possible reopening of the case pending a decision of the reopening of the case in court.  Counsel notified the Customs to hold the proceedings pending a decision of the court and also contest any new investigation into the matter on the grounds that the action is time barred. In one of those proceedings the customs authorities of Paraguay made a wrong determination of the taxes owe and fines and upon UABL's request through the submission of a remedy such customs authorities issued a final resolution on August 8, 2012 with a revised adjustment, where they found UABL S.A., UABL Paraguay S.A. and Yataity S.A. liable to pay approximately $400 subject to a fine of 100% of that amount.  Having ended the administrative proceedings, on August 10, 2012 UABL commenced judicial proceedings to obtain a court judgment to rule off the erroneous decision of the customs authorities based on the fact a court judgment to rule off the erroneous decision of the customs authorities based on the fact the sum of $400 was duly paid and that no fine should then be imposed. We have been advised by UABL's counsel in the case that there is only a remote possibility that a judicial court would find UABL liable for any of these taxes or fines still in dispute or that the final outcome of these proceedings could have a material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
UABL Paraguay S.A. - Paraguayan Customs Asunción | ||||||||
UABL Paraguay S.A. -  Paraguayan Customs Asunción | ||||||||
On April 7, 2009, the Paraguayan Customs in Asunción commenced administrative proceedings against UABL Paraguay S.A. alleging infringement of Customs regulations (smuggling) due to lack of submission of import clearance documents in Paraguay for some bunkers purchased between January 9, 2007 and December 23, 2008 from YPF S.A. in Argentina. Since those bunkers were purchased for consumption on board pushboats, UABL Paraguay S.A. submitted a defense on April 23, 2009, requesting the closing of those proceedings based on the non-infringement of Customs regulations; however the proceedings were not closed. On August 21, 2009, as part of the evidence to be rendered in the Customs proceedings UABL Paraguay S.A. submitted a technical report of the Paraguayan Coast Guard stating that all parcels of bunkers purchased by UABL Paraguay S.A. from YPF S.A. were consumed onboard the push boats. We were advised that the Paraguayan Customs in Ciudad del Este also commenced administrative proceedings against UABL Paraguay S.A. for the same reasons as the Customs in Asuncion; however those proceedings have been suspended. Customs Authorities appraised the bunkers and determined the corresponding import tax and fine to be $2,000. On March 22, 2010 the Customs in Asuncion issued their ruling on the matter imposing a fine of Gs. 54.723.820 (approximately $12), and UABL Paraguay S.A. will be paying the fine with the aim to end these proceedings. In parallel with this ruling the denouncing parties in Ciudad del Este submitted remedies against the decision of Customs in Asuncion arguing that such ruling was taken without bringing both dossiers together. Our legal counsel has recently advised that the Director of Customs in Asuncion decided to render null the ruling dated March 22, 2010 and ordered evidence to be filed in respect of years 2003 to 2006 before issuing the final ruling. | ||||||||
In a similar manner, on September 20, 2010 the Paraguayan Customs in Asuncion received a complaint against UABL Paraguay S.A. alleging infringement of Customs regulations due to lack of submission of import clearance documents in Paraguay for bunkers purchased during 2009 and 2010, from YPF S.A. in Argentina. UABL Paraguay S.A. submitted its defense together with all documents related to the bunker purchases. | On April 7, 2009, the Paraguayan Customs in Asunción commenced administrative proceedings against UABL Paraguay S.A. alleging infringement of Customs regulations (smuggling) due to lack of submission of import clearance documents in Paraguay for some bunkers purchased between January 9, 2007 and December 23, 2008 from YPF-Repsol S.A. in Argentina.  Since those bunkers were purchased for consumption on board pushboats, UABL Paraguay S.A. submitted a defense on April 23, 2009, requesting the closing of those proceedings based on the non-infringement of Customs regulations; however the proceedings were not closed. On August 21, 2009, as part of the evidence to be rendered in the Customs proceedings UABL Paraguay S.A. submitted a technical report of the Paraguayan Coast Guard stating that all parcels of bunkers purchased by UABL Paraguay S.A. from YPF-Repsol S.A. were consumed onboard the push boats. We were advised that the Paraguayan Customs in Ciudad del Este also commenced administrative proceedings against UABL Paraguay S.A. for the same reasons as the Customs in Asuncion; however those proceedings have been suspended. Customs Authorities appraised the bunkers and determined the corresponding import tax and fine to be $2,000. On March 22, 2010 the Customs in Asuncion issued their ruling on the matter imposing a fine of Gs. 54.723.820 (approximately $12), and UABL Paraguay S.A. will be paying the fine with the aim to end these proceedings. In parallel with this ruling the denouncing parties in Ciudad del Este submitted remedies against the decision of Customs in Asuncion arguing that such ruling was taken without bringing both dossiers together. Our legal counsel has recently advised that the Director of Customs in Asuncion decided to render null the ruling dated March 22, 2010 and ordered evidence to be filed in respect of years 2003 to 2006 before issuing the final ruling. In a similar manner, on September 20, 2010 the Paraguayan Customs in Asuncion received a complaint against UABL Paraguay S.A. alleging infringement of Customs regulations due to lack of submission of import clearance documents in Paraguay for bunkers purchased during 2009 and 2010, from YPF-Repsol S.A. in Argentina.  UABL Paraguay S.A. submitted its defense together with all documents related to the bunker purchases. | |||||||
Our legal counsel is of the opinion that remedies will be rejected and therefore that there is only a remote possibility that UABL Paraguay S.A. will finally be found liable for any such taxes or fines and / or that these proceedings will have financial material adverse impact on the consolidated financial position or results of operations of the Company. | Our legal counsel is of the opinion that remedies will be rejected and therefore that there is only a remote possibility that UABL Paraguay S.A. will finally be found liable for any such taxes or fines and / or that these proceedings will have financial material adverse impact on the consolidated financial position or results of operations of the Company. | |||||||
Oceanpar S.A. and UABL Paraguay S.A. - Customs investigation in connection with reimportation of barges subject to conversion | Oceanpar S.A. and UABL Paraguay S.A. - Customs investigation in connection with reimportation of barges subject to conversion | |||||||
Oceanpar S.A. was notified of this investigation on June 17, 2011. The matter under investigation is whether UABL Paraguay S.A. paid all import taxes and duties corresponding to the reimportation of barges submitted to conversion in foreign yards. On June 24, 2011 Oceanpar S.A. and UABL Paraguay S.A. submitted the evidence of all payments effected in 2008 corresponding to the reimportation of these barges. The evidentiary stage of the proceedings was concluded and the Customs issued its ruling on the matter imposing a fine of Gs. 2.791.514.822 (approximately $605). Oceanpar S.A. and UABL Paraguay S.A. made an administrative submission asking for a reconsideration of the decision, which was rejected on June 18, 2013. On July 18, 2013, Oceanpar S.A. and UABL Paraguay S.A. commenced judicial proceedings in order to appeal the said decisions. Our local counsel has advised that there is only a remote possibility that these proceedings will have a material adverse impact on our consolidated financial position or results of operations of the Company. | Oceanpar S.A. was notified of this investigation on June 17, 2011. The matter under investigation is whether UABL Paraguay S.A. paid all import taxes and duties corresponding to the reimportation of barges submitted to conversion in foreign yards. On June 24, 2011 Oceanpar S.A. and UABL Paraguay S.A. submitted the evidence of all payments effected in 2008 corresponding to the reimportation of these barges. Our Counsel has advised that there is only a remote possibility that these proceedings will have a material adverse impact on our consolidated financial position or results of operations of the Company. | |||||||
UABL Paraguay S.A. - Paraguayan Tax Authority | UABL Paraguay S.A. - Paraguayan Tax Authority | |||||||
On December 15, 2011, as a result of a previous investigation, the Paraguayan Tax Authorities gave notice that UABL Paraguay S.A. would have improperly used some fiscal credit and suggested some rectifications to be made. The aforementioned tax authorities also informed that UABL Paraguay S.A. may owe taxes due to differences in the rate applied to certain fiscal remittance incomes related to the operation of some barges under leasing. We believe that this finding is erroneous and UABL Paraguay S.A. commenced administrative proceedings on December 23, 2011, in order to refute the said findings and formally replied to all of the allegations upon which the finding was made. A decision of the administrative authorities is now pending. The potential amount in dispute has not been calculated yet but it should not exceed approximately $3,000. The proceedings are purely administrative at this point and if the tax authorities should decide to insist with their opinion the Company intends to contest the same in a judicial court. Our local counsel has advised that there is only a remote chance that these proceedings, when ultimately resolved by a judicial court, will have a material adverse impact on our consolidated financial position or results of operations of the Company. | On December 15, 2011, as a result of a previous investigation, the Paraguayan Tax Authorities gave notice that UABL Paraguay S.A. would have improperly used some fiscal credit and suggested some rectifications to be made. The aforementioned tax authorities also informed that UABL Paraguay S.A. may owe taxes due to differences in the rate applied to certain fiscal remittance incomes related to the operation of some barges under leasing. We believe that this finding is erroneous and UABL Paraguay S.A. commenced administrative proceedings on December 23, 2011, in order to refute the said findings and formally replied to all of the allegations upon which the finding was made. A decision of the administrative authorities is now pending. Â The potential amount in dispute has not been calculated yet but it should not exceed approximately $3,000. The proceedings are purely administrative at this point and if the tax authorities should decide to insist with their opinion the Company intends to contest the same in a judicial court. Our local counsel has advised that there is only a remote chance that these proceedings, when ultimately resolved by a judicial court, will have a material adverse impact on our consolidated financial position or results of operations of the Company. | |||||||
Obras Terminales y Servicios S.A. - Judicial Administration | Obras Terminales y Servicios S.A. - Judicial Administration | |||||||
On August 16, 2009, Mrs. Maria L. Rodriguez-Mendieta (hereinafter the "Plaintiff") commenced legal proceedings in Ciudad del Este, Paraguay against Obras Terminales y Servicios S.A. (hereinafter "OTS"), UABL Terminals (Paraguay) S.A., a Company in which we indirectly own fifty percent and which own a terminal that we operate under a lease in our River Business, certain directors and representatives in our River Business, and some of Mr.Abadie's successors and assigns. The Plaintiff alleges to be the holder of 50% of the capital stock of OTS that belongs to the Abadie family. OTS is the Company's 50% subsidiary that owns Tres Fronteras terminal. On August 21, 2009, the competent court granted an injunction to intervene OTS by appointing a Judicial Manager who replaced OTS' board of directors, while the appeal of this injunction is still pending such a court decision continues in effect. The Plaintiff is arguing that an extraordinary shareholders meeting of OTS held in 2005 resolved to increase the capital stock and consequently the whole of OTS' shares certificates were substituted prejudicing her rights since her shares certificates were neither cancelled nor substituted by new certificates. The Plaintiff is requesting the Paraguayan court: a) to recognize her capacity of shareholder of OTS in substitution of the Abadie family; b) payment of dividends; c) nullity of some legal acts; and d) removal of OTS' managers. All defendants have submitted their defenses before the competent court, however due to several motions and preceding exceptions, the evidence stage has not been reached yet. We have been advised by local counsel that if the Plaintiff succeeds in her plead, it will only affect the Abadie family without causing any financial material adverse effect on the remaining 50% capital stock of OTS that belongs to UABL Terminals (Paraguay) S.A. | On August 16, 2009, Mrs. Maria L. Rodriguez-Mendieta (hereinafter the "Plaintiff") commenced legal proceedings in Ciudad del Este, Paraguay against Obras Terminales y Servicios S.A. (hereinafter "OTS"), UABL Terminals (Paraguay) S.A., our subsidiary on the River Business, certain directors and representatives in our River Business, and some of Mr.Abadie's successors and assigns. The Plaintiff was the concubine of Mr. Benito "Tito" Abadie who died after some years of illness on October 21, 2010. The Plaintiff alleges to be the holder of 50% of the capital stock of OTS that belongs to the Abadie family. OTS is the Company's 50% subsidiary that owns Tres Fronteras terminal. On August 21, 2009, the competent court granted an injunction to intervene OTS by appointing a Judicial Manager who replaced OTS' board of directors, while the appeal of this injunction is still pending such a court decision continues in effect. The Plaintiff is arguing that an extraordinary shareholders meeting of OTS held in 2005 resolved to increase the capital stock and consequently the whole of OTS' shares certificates were substituted prejudicing her rights since her shares certificates were neither cancelled nor substituted by new certificates. The Plaintiff is requesting the Paraguayan court: a) to recognize her capacity of shareholder of OTS in substitution of the Abadie family; b) payment of dividends; c) nullity of some legal acts; and d) removal of OTS' managers. All defendants have submitted their defenses before the competent court, however due to several motions and preceding exceptions, the evidence stage has not been reached yet. We have been advised by local counsel that if the Plaintiff succeeds in her plead, it will only affect the Abadie family without causing any financial material adverse effect on the remaining 50% capital stock of OTS that belongs to UABL Terminals (Paraguay) S.A. | |||||||
b)Â Â | Tax claim in Bolivia | |||||||
b) | Tax claim in Bolivia | |||||||
On November 3, 2006 and April 25, 2007, the Bolivian Tax Authority ("Departamento de Inteligencia Fiscal de la Gerencia Nacional de Fiscalización") issued a notice in the Bolivian press advising that UABL International S.A. would owe taxes to that authority. On June 18, 2007, legal counsel in Bolivia submitted points of defense to the Bolivian tax authorities. | ||||||||
On November 3, 2006 and April 25, 2007, the Bolivian Tax Authority ("Departamento de Inteligencia Fiscal de la Gerencia Nacional de Fiscalización") issued a notice in the Bolivian press advising that UABL International S.A. would owe taxes to that authority. On June 18, 2007, legal counsel in Bolivia submitted points of defense to the Bolivian tax authorities. | ||||||||
On August 27, 2007 the Bolivian tax authorities gave notice of a resolution determining the taxes (value added tax, transaction tax and income tax) that UABL International S.A. would owe to them in the amount of approximately $5,800 (including interest and fines). On October 10, 2007, legal counsel in Bolivia gave notice to the Bolivian tax authorities of the lawsuit commenced by UABL International S.A. to refute the resolution above mentioned. | ||||||||
On August 27, 2007 the Bolivian tax authorities gave notice of a resolution determining the taxes (value added tax, transaction tax and income tax) that UABL International S.A. would owe to them in the amount of approximately $5,800 (including interest and fines). On October 10, 2007, legal counsel in Bolivia gave notice to the Bolivian tax authorities of the lawsuit commenced by UABL International S.A. to refute the resolution above mentioned. | ||||||||
On August 1, 2008, UABL International S.A. was served with a notice informing that the Bolivian Tax Authorities had replied to the lawsuit started by us. On August 22, 2008 a hearing and judicial inspection took place at Puerto Quijano, Bolivia. On August 30, 2008 both parties submitted their arguments to the judge, completing this part of the case.  On August 12, 2009, UABL International S.A. was served with a judgment of a Bolivian court ruling on certain taxes allegedly due by UABL International S.A. On August 22, 2009, UABL International S.A. submitted an appeal to the lower court judgment to which Bolivian tax authorities have contested.  The Court of appeal confirmed the judgment of the Lower Court.  UABL International S.A. has submitted a cassation appeal (an appeal on points of law) which is currently pending before the Bolivian Supreme Court. | ||||||||
On August 1, 2008, UABL International S.A. was served with a notice informing that the Bolivian Tax Authorities had replied to the lawsuit started by us. On August 22, 2008 a hearing and judicial inspection took place at Puerto Quijano, Bolivia. On August 30, 2008 both parties submitted their arguments to the judge, completing this part of the case. On August 12, 2009, UABL International S.A. was served with the judgment of the Bolivian court deciding in favor of the Bolivian tax authorities. On August 22, 2009, UABL International S.A. submitted an appeal to the lower court judgment to which Bolivian tax authorities have contested. The Court of appeal confirmed the judgment of the Lower Court. UABL International S.A. has submitted a cassation appeal (an appeal on points of law) before the Bolivian Supreme Court, who after we ceased to be the owner of UABL International S.A. we understand confirmed the judgment of the Lower Court. | ||||||||
On June 26, 2008, the same Bolivian court ordered a preemptive embargo against all barges owned by UABL International S.A. that may be registered in the International Bolivian Registry of Ships, or RIBB. According to Company's local counsel this preemptive embargo under Bolivian law has no effect over the Company's right to use its assets nor does it have any implication over the final decision of the court, the substance of the matter and in this case it is ineffective since UABL International S.A. did not have any assets owned by it registered in the RIBB. Moreover, UABL International S.A. had challenged the judge's decision to place the embargo.  On November 15, 2008, the lower court reconfirmed the embargo. UABL International S.A. appealed the decision of the lower court, which was later reconfirmed by a higher court. The shares of UABL International S.A. have ceased to belong to our Company and we have been advised by legal counsel that there is only a remote possibility that we would finally be found liable for any of these taxes or fines and / or that these proceedings will have financial material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
On June 26, 2008, the same Bolivian court ordered a preemptive embargo against all barges owned by UABL International S.A. that may be registered in the International Bolivian Registry of Ships, or RIBB. According to Company's local counsel this preemptive embargo under Bolivian law has no effect over the right to use its assets nor does it have any implication over the final decision of the court, the substance of the matter and in this case it is ineffective since UABL International S.A. did not have any assets owned by it registered in the RIBB. The shares of UABL International S.A. have ceased to belong to our Company and we have been advised by legal counsel that there is only a remote possibility that we would finally be found liable for any of these taxes or fines and / or that these proceedings will have financial material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
June 26, 2008, the same Bolivian court ordered a preemptive embargo against all barges owned by UABL International S.A. that may be registered in the International Bolivian Registry of Ships, or RIBB. According to Company's local counsel this preemptive embargo under Bolivian law has no effect over the Company's right to use its assets nor does it have any implication over the final decision of the court, the substance of the matter and in this case it is ineffective since UABL International S.A. did not have any assets owned by it registered in the RIBB. Moreover, UABL International S.A. had challenged the judge's decision to place the embargo. On November 15, 2008, the lower court reconfirmed the embargo. UABL International S.A. appealed the decision of the lower court, which was later reconfirmed by a higher court. The shares of UABL International S.A. have ceased to belong to our Company and we have been advised by legal counsel that there is only a remote possibility that we would finally be found liable for any of these taxes or fines and / or that these proceedings will have financial material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
c) | Ultrapetrol S.A. – Argentine Secretary of Industry and Argentine Customs Office | |||||||
c)  | Ultrapetrol S.A. – Argentine Secretary of Industry and Argentine Customs Office | |||||||
On June 24, 2009, Ultrapetrol S.A. (hereinafter "UPSA") requested to the Argentine Secretary of Industry, an authorization to re-export some unused steel plates that had been temporarily imported for industrialized conversion by means of vessels repairs. The total weight of those steel plates was 473 tons and their import value was approximately $370. The request of UPSA to the Secretary of Industry was based on the cancellations made by some related shipping companies that had formerly requested repair services for their vessels. Such repairs cancellations prevented UPSA to conduct the industrialized conversion of the above referred steel plates. On August 7, 2009, since UPSA commenced negotiations with two shipping companies for repairing some of their vessels, a time extension was requested to the Argentine Secretary of Industry, and alternatively it was also requested to grant the previously requested authorization to re-export the steel plates without industrialized conversion. On January 21, 2010, the competent authority rejected the time extension request and did not resolve the alternative authorization request. On February 25, 2010, UPSA made an administrative submission asking for a reconsideration of the decision, which was rejected on April 27, 2010. On November 4, 2011, UPSA submitted an administrative appeal before the Ministry of Industry, and its decision is still pending. In the event that steel plates cannot be exported, payable import duties and Customs' charges would amount to approximately $900, however in case of payment UPSA would have offsetting-tax credits amounting to approximately $300. We have been advised by local counsel that there is a positive prospect of obtaining the requested authorization for re-exporting the steel plates and we don't expect the resolution of these administrative proceedings to have a material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
On June 24, 2009, Ultrapetrol S.A. (hereinafter "UPSA") requested to the Argentine Secretary of Industry, an authorization to re-export some unused steel plates that had been temporarily imported for industrialized conversion by means of vessels repairs. The total weight of those steel plates was 473 tons and their import value was approximately $370. The request of UPSA to the Secretary of Industry was based on the cancellations made by some related shipping companies that had formerly requested repair services for their vessels. Such repairs cancellations prevented UPSA to conduct the industrialized conversion of the above referred steel plates. On August 7, 2009, since UPSA commenced negotiations with two shipping companies for repairing some of their vessels, a time extension was requested to the Argentine Secretary of Industry, and alternatively it was also requested to grant the previously requested authorization to re-export the steel plates without industrialized conversion. On January 21, 2010, the competent authority rejected the time extension request and did not resolve the alternative authorization request. On February 25, 2010, UPSA made an administrative submission asking for a reconsideration of the decision, which was rejected on April 27, 2010. On November 4, 2011, UPSA submitted an administrative appeal before the Ministry of Industry, and its decision is still pending. In the event that steel plates cannot be exported, payable import duties and Customs' charges would amount to approximately $900, however in case of payment UPSA would have offsetting-tax credits amounting to approximately $300. We have been advised by local counsel that there is a positive prospect of obtaining the requested authorization for re-exporting the steel plates and we don't expect the resolution of these administrative proceedings to have a material adverse impact on the consolidated financial position or results of operations of the Company. | ||||||||
d)Â Â | Indemnification to Sparrow under the investment agreement | |||||||
The investment agreement entered into with Sparrow described in Note 1 provides for our responsibility for certain liabilities related to our business. We provide indemnification in favor of Sparrow for certain matters, including labor matters, taxes, litigations, compliance with laws, environmental matters, insurances, vessels, among others as of December 12, 2012, the date of the closing of the investment agreement. These indemnification obligations will generally expire sixteen months after the closing date or six years after the closing date in the case of certain tax matters, and with certain indemnification obligations surviving indefinitely. | ||||||||
The Company shall not be liable for indemnity obligations unless and until the aggregate amount of indemnifiable losses equals or exceeds $10,000 with a deductible in the amount of $4,400, subject to certain exceptions. The maximum amount of indemnifiable losses which may be recovered from the Company shall not exceed $28,600 subject to certain exceptions. | ||||||||
e)Â Â | Lease obligations | |||||||
Rental expense under continuing obligations for the three years ended December 31, 2012 was $849, $1,119 and $1,048, respectively. At December 31, 2012, obligations under the companies' operating leases for office spaces and a ship repair facility with initial or remaining lease terms longer than one year were as follows: | ||||||||
The Company and its subsidiaries lease buildings for office spaces and a ship repair facility under various operating leases, which expire from 2012 to 2017 and which generally have renewal options at similar terms. | ||||||||
Year ending December 31, | ||||||||
2013 | $ | 1,016 | ||||||
2014 | 917 | |||||||
2015 | 273 | |||||||
2016 | 68 | |||||||
2017 | 58 | |||||||
Total | $ | 2,332 | ||||||
On April 6, 2008 we entered into a three-year bareboat charter for an 11,299 dwt, 2006 built product tanker, the M/T Austral which was extended for minimum 35 and maximum 37 months commencing on December 1, 2010.  The minimum obligations for the remaining term subsequent to December 31, 2012 is $1,292 in 2013.  On March 25, 2009 we entered into a one-year bareboat charter for a 5,706 dwt, 2008 built product tanker, the M/T Mediator which was re-delivered to her owner on October 6, 2010.  Rent expense for the three years ended December 31, 2012 was $1,536, $1,557 and $4,940, respectively.  When cash rental payments are not made on a straight–line basis, we recognize rental expense on a straight–line basis over the lease term. | ||||||||
On April 25, 2012, we entered into a bareboat charter agreement with a non-related party to charter twenty-four jumbo dry barges as described in Note 15. | ||||||||
f)Â Â | Charters-out | |||||||
The future minimum revenues, before reduction for brokerage commissions, expected to be received on time charter agreements of our PSVs in our Offshore Supply Business chartered five in Brazil and one in North Sea, which terms are longer than one year were as follows: | ||||||||
Year ending December 31, | ||||||||
2013 | $ | 34,238 | ||||||
2014 | 22,503 | |||||||
2015 | 13,492 | |||||||
2016 | 5,742 | |||||||
Total | $ | 75,975 | ||||||
The future minimum revenues, before reduction for brokerage commissions of three of our handy size-small product tanker vessels (one of them leased) in our Ocean Business chartered in South America, expected to be received on time charter agreements, which terms are longer than one year were as follows: | ||||||||
Year ending December 31, | ||||||||
2013 | $ | 18,090 | ||||||
2014 | 5,412 | |||||||
Total | $ | 23,502 | ||||||
On November 12, 2012, one of our subsidiaries in the River Business, entered into a transshipment services agreement to provide storage and transshipment services of cargo from river barges to ocean export vessel through our Parana Petrol barge, for a three-year term from June 1, 2013.  The future minimum revenues, before reduction for commissions, expected to be received were as follows: $6,600 in 2013, $13,200 in each of 2014 and 2015 and $6,600 in 2016. | ||||||||
Revenues from time charter agreements are generally not received when a vessel, is off-hire, which includes time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future. The scheduled future minimum revenues should not be construed to reflect total shipping revenues for any of the periods. | ||||||||
g)Â Â | Other | |||||||
At December 31, 2012, we employed several employees as crew on our vessels, land-based employees and shipyard workers.  These seafarers and shipyard workers are covered by industry-wide collective bargaining agreements that set basic standards applicable to all companies who hire such individuals in these industries.  Because most of our employees are covered by these industry-wide collective bargaining agreements, failure of industry groups to renew these agreements may disrupt our operations and adversely affect our earnings.  In addition, we cannot assure that these agreements will prevent labor interruptions.  While we have had no significant labor interruption in the past we do not believe any labor interruptions will disrupt our operations and harm our financial performance. | ||||||||
On our River Business, different degrees of unionization of our employees and crewmembers may lead to a change or leveling of such unionization, which could result in higher costs for us, thus affecting our results of operations. Furthermore, due to the unionized nature of our activity in South America, while in the process of negotiating such leveling, our operations may be affected by strikes in our River and Ocean businesses, causing us to suffer delays due to lack of the necessary crewing onboard our pushboats and ocean vessels. In our barge building facility at Punta Alvear, our workforce is also mainly unionized and negotiations over wages and conditions may have very little bearing on negotiations we have with our other employees and crew members. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||
INCOME TAXES - 10Q [Abstract] | ' | ' | ||||||||||||||
INCOME TAXES | ' | ' | ||||||||||||||
9 | INCOME TAXES | 9.  | INCOME TAXES | |||||||||||||
The Company operates through its subsidiaries, which are subject to several tax jurisdictions, as follows: | The Company operates through its subsidiaries, which are subject to several tax jurisdictions, as follows: | |||||||||||||||
a) | Bahamas | a)Â Â | Bahamas | |||||||||||||
The earnings from shipping operations were derived from sources outside the Bahamas and such earnings were not subject to Bahamian taxes. | The earnings from shipping operations were derived from sources outside the Bahamas and such earnings were not subject to Bahamian taxes. | |||||||||||||||
b) | Panama | |||||||||||||||
b)Â Â | Panama | |||||||||||||||
The earnings from shipping operations were derived from sources outside Panama and such earnings were not subject to Panamanian taxes. | ||||||||||||||||
The earnings from shipping operations were derived from sources outside Panama and such earnings were not subject to Panamanian taxes. | ||||||||||||||||
c) | Paraguay | |||||||||||||||
c)Â Â | Paraguay | |||||||||||||||
Our subsidiaries in Paraguay are subject to Paraguayan corporate income taxes. | ||||||||||||||||
Our subsidiaries in Paraguay are subject to Paraguayan corporate income taxes. | ||||||||||||||||
d) | Argentina | |||||||||||||||
d)Â Â | Argentina | |||||||||||||||
Our subsidiaries in Argentina are subject to Argentine corporate income taxes. | ||||||||||||||||
Our subsidiaries in Argentina are subject to Argentine corporate income taxes. | ||||||||||||||||
In Argentina, the tax on minimum presumed income ("TOMPI"), supplements income tax since it applies a minimum tax on the potential income from certain income generating-assets at a 1% tax rate. The Companies' tax obligation in any given year will be the higher of these two tax amounts. However, if in any given tax year TOMPI exceeds income tax, such excess may be computed as payment on account of any excess of income tax over TOMPI that may arise in any of the ten following years. | ||||||||||||||||
In Argentina, the tax on minimum presumed income ("TOMPI"), supplements income tax since it applies a minimum tax on the potential income from certain income generating-assets at a 1% tax rate.  The Companies' tax obligation in any given year will be the higher of these two tax amounts.  However, if in any given tax year TOMPI exceeds income tax, such excess may be computed as payment on account of any excess of income tax over TOMPI that may arise in any of the ten following years. | ||||||||||||||||
e) | Brazil | |||||||||||||||
e)Â Â | Brazil | |||||||||||||||
Our subsidiaries in Brazil are subject to Brazilian corporate income taxes. | ||||||||||||||||
Our subsidiaries in Brazil are subject to Brazilian corporate income taxes. | ||||||||||||||||
Income taxes in Brazil include federal income tax and social contribution (which is an additional federal income tax). Income tax is computed at the rate of 15%, plus a surtax of 10% on the amount that exceeds Brazilian reais 240,000 (equivalent to $108 at June 30, 2013) based on pretax income, adjusted for additions and exclusions established by the Brazilian tax legislation. Social contribution is calculated at the rate of 9%, on pretax income, in conformity with the tax law. | ||||||||||||||||
Income taxes in Brazil include federal income tax and social contribution (which is an additional federal income tax). Income tax is computed at the rate of 15%, plus a surtax of 10% on the amount that exceeds Brazilian reais 240,000 (equivalent to $117 at December 31, 2012) based on pretax income, adjusted for additions and exclusions established by the Brazilian tax legislation. Social contribution is calculated at the rate of 9%, on pretax income, in conformity with the tax law. | ||||||||||||||||
UP Offshore Apoio Maritimo Ltda., has foreign currency exchange gains recognized for tax purposes only in the period the debt (including intercompany transactions) is extinguished. A deferred income tax liability is recognized in the period the foreign currency exchange rate changes equal to the future taxable income at the applicable tax rate. | ||||||||||||||||
UP Offshore Apoio Maritimo Ltda., has foreign currency exchange gains recognized for tax purposes only in the period the debt (including intercompany transactions) is extinguished.  A deferred income tax liability is recognized in the period the foreign currency exchange rate changes equal to the future taxable income at the applicable tax rate. | ||||||||||||||||
f) | Chile | |||||||||||||||
f)Â Â | Chile | |||||||||||||||
Our subsidiary in the Ocean Business, Corporación de Navegación Mundial S.A. (Cor.Na.Mu.S.A.) is subject to Chilean corporate income taxes. | ||||||||||||||||
Our subsidiary in the Ocean Business, Corporación de Navegación Mundial S.A. (Cor.Na.Mu.S.A.) is subject to Chilean corporate income taxes. | ||||||||||||||||
g) | United Kingdom (UK) | |||||||||||||||
g)Â Â | United Kingdom (UK) | |||||||||||||||
Our subsidiary in the Offshore Supply Business, UP Offshore (UK) Limited, is not subject to corporate income tax in the United Kingdom, rather, it qualifies under UK tonnage tax rules and pays a flat rate based on the net tonnage of qualifying PSVs. | ||||||||||||||||
Our subsidiary in the Offshore Supply Business, UP Offshore (UK) Limited, is not subject to corporate income tax in the United Kingdom, rather, it qualifies under UK tonnage tax rules and pays a flat rate based on the net tonnage of qualifying PSVs. | ||||||||||||||||
h) | United States of America (US) | |||||||||||||||
h)Â Â | United States of America (US) | |||||||||||||||
Under the US Internal Revenue Code of 1986, as amended, or the Code, 50% of the gross shipping income of our vessel owning or chartering subsidiaries attributable to transportation that begins or ends, but that does not both begin and end, in the US are characterized as US source shipping income. Such income is subject to 4% US federal income tax without allowance for deduction, unless our subsidiaries qualify for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. | ||||||||||||||||
Under the U.S. Internal Revenue Code of 1986, as amended, or the Code, 50% of the gross shipping income of our vessel owning or chartering subsidiaries attributable to transportation that begins or ends, but that does not both begin and end, in the U.S. are characterized as U.S. source shipping income.  Such income is subject to 4% U.S. federal income tax without allowance for deduction, unless our subsidiaries qualify for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. | ||||||||||||||||
For the six-month period ended June 30, 2013, our subsidiaries did not derive any US source shipping income. Therefore our subsidiaries are not subject to any U.S. federal income taxes, except our ship management services provided by Ravenscroft. | ||||||||||||||||
For the three years in the period ended December 31, 2012, our subsidiaries did not derive any US source shipping income.  Therefore our subsidiaries are not subject to any U.S. federal income taxes, except our ship management services provided by Ravenscroft. | ||||||||||||||||
Income tax expense (benefit) from continuing operations (which includes TOMPI) is comprised of: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||
Current income tax expense | $ | 1,385 | $ | 1,904 | $ | 4,529 | ||||||||||
Deferred income tax (benefit) expense | (4,354 | ) | (3,641 | ) | 1,834 | |||||||||||
$ | (2,969 | ) | $ | (1,737 | ) | $ | 6,363 | |||||||||
Ultrapetrol's pre-tax income for the three years in the period ended December 31, 2012 was taxed in foreign jurisdictions (principally Argentina, Brazil and Paraguay). | ||||||||||||||||
The table below shows for each jurisdiction's total income tax expense and statutory tax rate: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||
Brazil (34%) | $ | 7 | $ | - | $ | 1,723 | ||||||||||
Argentina (35%) | 1,255 | 1,110 | 623 | |||||||||||||
Paraguay (10%) | 48 | 403 | 1,725 | |||||||||||||
Others | 75 | 391 | 458 | |||||||||||||
Current income tax expense | 1,385 | 1,904 | 4,529 | |||||||||||||
Deferred income tax (benefit) expense | (4,354 | ) | (3,641 | ) | 1,834 | |||||||||||
Income tax (benefit) expense | $ | (2,969 | ) | $ | (1,737 | ) | $ | 6,363 | ||||||||
Reconciliation of income tax expense (benefit) to taxes calculated based on the statutory tax rate is as follows: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||
(Loss) income from continuing operations before income taxes | $ | (65,733 | ) | $ | (19,972 | ) | $ | 1,958 | ||||||||
Sources not subject to income tax | 51,203 | 20,835 | 8,609 | |||||||||||||
(14,530 | ) | 863 | 10,567 | |||||||||||||
Tax rate | 35 | % | 35 | % | 35 | % | ||||||||||
Tax (benefit) expense at statutory tax rate | (5,085 | ) | 302 | 3,698 | ||||||||||||
Rate differential | 348 | (184 | ) | (306 | ) | |||||||||||
Change in valuation allowance | 1,549 | 197 | 1,215 | |||||||||||||
Effects of foreign exchange changes related | (1,479 | ) | (4,020 | ) | 1,174 | |||||||||||
to our foreign subsidiaries | ||||||||||||||||
Income tax witholding in foreign jurisdictions | 825 | 572 | 349 | |||||||||||||
Others | 873 | 1,396 | 233 | |||||||||||||
Income tax (benefit) expense | $ | (2,969 | ) | $ | (1,737 | ) | $ | 6,363 | ||||||||
The Company's deferred income tax assets have been reduced by intercompany profits from the sale of river barges within the group.  The Company has deferred income tax expense in Argentina in 2012 and 2011 amounting to $2,541 and $ 4,630, respectively and recognizes them as income tax expense as the river barges are consumed through using.  The balance as of December 31, 2012 of $ 7,010 was reflected as non-current assets. | ||||||||||||||||
At December 31, 2012, Argentinean subsidiaries had a consolidated credit related to TOMPI of $4,068 that expires from 2013 through 2022.  At December 31, 2012, Argentinean subsidiaries had accumulated benefit from tax loss carryforwards ("NOLs") for a consolidated total of $7,110 that expire from 2013 through 2017.  The Company believes it is more likely than not that the Company's subsidiaries NOLs and TOMPI credit, with exception of $2,192 of NOLs and $703 of TOMPI credit, will be utilized through the turnaround of existing temporary differences, future taxable income, tax strategies or a combination thereof. | ||||||||||||||||
As of December 31, 2012, the valuation allowance for deferred tax assets is increase from $1,346 in 2011 to $2,895 in 2012, principally related with the increase in the Argentinean subsidiaries. | ||||||||||||||||
At December 31, 2012, the Brazilian subsidiaries had benefit from NOLs for a consolidated total of $1,678 that do not expire but the usage is limited to 30% of the taxable income in any year. | ||||||||||||||||
The components of net deferred income tax liabilities included on the balance sheets were as follows: | ||||||||||||||||
At December 31, | ||||||||||||||||
2012 | 2011 | |||||||||||||||
Deferred income tax assets | ||||||||||||||||
Other, deferred income tax current assets | $ | 109 | $ | 286 | ||||||||||||
NOLs | 8,788 | 2,339 | ||||||||||||||
TOMPI credit | 4,068 | 3,694 | ||||||||||||||
Other | 421 | 3,453 | ||||||||||||||
Total deferred income tax noncurrent assets | 13,277 | 9,486 | ||||||||||||||
Valuation allowance of deferred income tax assets | (2,895 | ) | (1,346 | ) | ||||||||||||
Net deferred income tax noncurrent assets | 10,382 | 8,140 | ||||||||||||||
Deferred income tax liabilities | ||||||||||||||||
Vessels and equipment, net | 13,176 | 11,292 | ||||||||||||||
Intangible assets | 272 | 332 | ||||||||||||||
Unrealized exchange differences | 2,120 | 3,851 | ||||||||||||||
Other | 220 | 263 | ||||||||||||||
Total deferred income tax noncurrent liabilities | 15,788 | 15,738 | ||||||||||||||
Net deferred income tax liabilities | $ | (5,297 | ) | $ | (7,312 | ) | ||||||||||
As of January 1, 2012 and 2011, and for the years ended December 31, 2012 and 2011, the Company did not have any unrecognized tax positions.  In addition, the Company does not expect to hold unrecognized tax positions within the next twelve months.  Furthermore, the Company has elected to classify interest and penalties related to unrecognized tax positions, if and when required, as part of financial and operating expenses, respectively, in the consolidated statements of operations.  For the years ended December 31, 2012 and 2011, the Company has no accrued interest and penalties related to unrecognized tax positions. | ||||||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
RELATED PARTY TRANSACTIONS [Abstract] | ' | ||||||||||||
RELATED PARTY TRANSACTIONS | ' | ||||||||||||
10.  | RELATED PARTY TRANSACTIONS | ||||||||||||
At December 31, 2012 and 2011, the balances of current receivables from related parties were $10 and $57, and balances of current payable to related parties were $3,761 and $1,158, respectively. | |||||||||||||
At December 31, 2012 and 2011 the balances of noncurrent receivables from related parties were as follows: | |||||||||||||
At December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
OTS S.A. (1) | 3,852 | 2,195 | |||||||||||
Puertos del Sur S.A. (2) | - | 4,283 | |||||||||||
Total | $ | 3,852 | $ | 6,478 | |||||||||
(1)Â Â | Corresponds to temporary working capital advances. The advances have no maturity date and do no accrue interest. | ||||||||||||
(2)Â | Since the date of our acquisition of control of Puertos de Sur S.A., our consolidated financial statements included the balances of this company. | ||||||||||||
Voyage expenses paid to related parties | |||||||||||||
For the three years ended December 31, 2012, the voyage expenses paid to related parties were as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Commercial commissions (1) | $ | 1,064 | $ | 1,147 | $ | 1,101 | |||||||
Agency fees (2) | 1,689 | 3,475 | 441 | ||||||||||
Total | $ | 2,753 | $ | 4,622 | $ | 1,542 | |||||||
(1)Â Â | Commercial commissions | ||||||||||||
Pursuant to a commercial agreement signed between UP Offshore (Bahamas) Ltd. (our subsidiary in the Offshore Supply Business) and Firmapar Corp. (formerly Comintra), a minority shareholder of this, the parties agreed that Firmapar Corp. charges a 2% of the gross time charters revenues from Brazilian charters collected by UP Offshore (Bahamas) Ltd. on a consolidated basis beginning on June 25, 2003 and ending on June 25, 2013. | |||||||||||||
(2)Â Â | Agency fees | ||||||||||||
Pursuant to a commercial and an agency agreement with Ultrapetrol S.A., UABL S.A. and Ravenscroft, Shipping Services Argentina S.A. (formerly I. Shipping Service S.A.) and Navalia S.A. companies of the same control group as Inversiones Los Avellanos S.A., have agreed to perform the duties of port agent for us in Argentina. | |||||||||||||
Operations in OTS S.A.'s terminal | |||||||||||||
UABL Paraguay, our subsidiary in the River Business, operates the terminal that pertains to OTS S.A., a 50% owned company. | |||||||||||||
For the three years in the period ended December 31, 2012, UABL Paraguay S.A. paid to OTS S.A. $495, $1,057 and $991, respectively, for this operation. | |||||||||||||
Ultrapetrol bridge loan facility | |||||||||||||
As provided in the investment agreement entered into with Sparrow described in note 1 the Company has a $40,000 secured credit facility that matures one year after the drawdown date. Advances under the facility are available for general corporate purposes. Interest on advances is charged at a rate per annum of 9.00%. The credit facility contains various restrictive covenants including restriction to pay dividends, as well as other customary covenants, representations and warranties, funding conditions and events of default, including a cross-default clause. As of December 31, 2012 no drawdown under the credit facility was made. | |||||||||||||
SHARE_CAPITAL
SHARE CAPITAL | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2012 | |||
SHARE CAPITAL [Abstract] | ' | ' | ||
SHARE CAPITAL | ' | ' | ||
10 | SHARE CAPITAL | 11.  | SHARE CAPITAL | |
Common shares and shareholders | Common shares and shareholders | |||
The shares held directly by our Original Shareholders (Los Avellanos and Hazels), amounted to 7,864,085 shares at June 30, 2013, of which 7,716,366 are expressly entitled to seven votes per share (with the other 150,719 shares being one vote) and all other holders of our common stock are entitled to one vote per share. The special voting rights of the Original Shareholders are not transferable, unless transferred to another Original Shareholder. | On July 2, 2012, the shareholders of the Company at a Special General Meeting approved the increase in authorized share capital from 100,000,000 to 250,000,000 shares of common stock with a par value of $0.01 per share, and approved the adoption of the Third Amended and Restated Memorandum of Association and Sixth Amended and Restated Articles of Association. | |||
If, after the date that is four years following the date of the Shareholders' Agreement (November 13, 2012), Sparrow sells all of its shares to one or more third parties, the multi-vote rights attached to the shares owned by Los Avellanos and Hazels shall terminate upon such sale and be of no further force and effect, and all such shares shall entitle the holder thereof to one vote, unless after the date that is two years following the date of the Shareholders' Agreement and prior to such sale (i) the Company or Sparrow has successfully completed a third party sale at a price such that if all of Sparrow's shares were sold at such a price on the date of such sale, Sparrow would achieve a certain rate of return on its investment in the Company or (ii) the Company's directors nominated by Sparrow have not approved a proposal to cause the Company to make such a sale, at any time when the 180-day daily weighted average price of the Company's common stock was sufficiently high to achieve such rate of return. | The shares held directly by our Original Shareholders (Los Avellanos and Hazels), amounted 7,864,085 shares at December 31, 2012 of which 7,713,366 are expressly entitled to seven votes per share (with the other 150,719 shares being one vote) and all other holders of our common stock are entitled to one vote per share.  The special voting rights of the Original Shareholders are not transferable, unless transferred to another Original Shareholder. | |||
At June 30, 2013, the outstanding common shares are 140,419,487 par value $.01 per share. | If, after the date that is four years following the date of the Shareholders' Agreement (November 13, 2012), Sparrow sells all of its shares to one or more third parties, the multi-vote rights attached to the shares owned by Los Avellanos and Hazels shall terminate upon such sale and be of no further force and effect, and all such shares shall entitle the holder thereof to one vote, unless after the date that is two years following the date of the Shareholders' Agreement and prior to such sale (i) the Company or Sparrow has successfully completed a third party sale at a price such that if all of Sparrow's shares were sold at such a price on the date of such sale, Sparrow would achieve a certain rate of return on its investment in the Company or (ii) the Company's directors nominated by Sparrow have not approved a proposal to cause the Company to make such a sale, at any time when the 180-day daily weighted average price of the Company's common stock was sufficiently high to achieve such rate of return. | |||
At June 30, 2013, our shareholders Sparrow, Sparrow CI Sub Ltd. (a wholly owned subsidiary of Sparrow), Los Avellanos and Hazels hold 93,940,000, 16,060,000, 4,735,517 and 3,128,568 shares, respectively, which represent 66.9%, 11.4%, 3.4% and 2.2% of the outstanding shares, respectively. The joint voting power for these shares represents 87.9% of the total voting power and pursuant to a shareholder agreement signed between Sparrow, Los Avellanos and Hazels, Los Avellanos and Hazels agree to vote their shares of common stock in the same manner as Sparrow, except for any matter that requires, but does not obtain, the approval of six directors of the Company. | At December 31, 2012, the outstanding common shares are 140,419,487 par value $.01 per share. | |||
Los Avellanos and Hazels are controlled by members of the Menendez family, including Felipe Menendez R., our chief executive officer and a director, and Ricardo Menendez R., our executive vice president and a director. As such, they have the ability to exert influence over the operations of the Company. | At December 31, 2012 our shareholders Sparrow, Sparrow CI Sub Ltd. (a wholly owned subsidiary of Sparrow), Los Avellanos and Hazels hold 93,940,000, 16,060,000, 4,735,517 and 3,128,568 shares, respectively, which represent 66.9%, 11.4%, 3.4% and 2.2,% of the outstanding shares, respectively.  The joint voting power for these shares represents 87.9% of the total voting power and pursuant to a shareholder agreement signed between Sparrow, Los Avellanos and Hazels described in note 1, Los Avellanos and Hazels agree to vote their shares of common stock in the same manner as Sparrow, except for any matter that requires, but does not obtain, the approval of six directors of the Company. | |||
Los Avellanos and Hazels are controlled by members of the Menendez family, including Felipe Menendez R., our president, chief executive officer and a director, and Ricardo Menendez R., our executive vice president and a director.  As such, they have the ability to exert influence over the operations of the Company. | ||||
2008 Share repurchase program | ||||
Ultrapetrol's Board of Directors has approved a share repurchase program, effective March 17, 2008, for up to a total of $50,000 of the Company's common stock through December 31, 2008. The expiration date of the share repurchase program was extended by the Board of Directors until September 30, 2009, when it finally expired. | ||||
At December 31, 2012 the Company had repurchased a total of 3,923,094 common shares, at a total cost of $19,488. | ||||
Registration rights agreements | ||||
On September 21, 2006, prior to its initial public offering the Company entered into a registration rights agreement with Los Avellanos, Hazels and Solimar Holdings Ltd., its shareholders of record immediately prior to the initial public offering which was terminated on December 12, 2012. On the same date the Company entered into a new registration rights agreement with Sparrow, Sparrow CI Sub Ltd., Los Avellanos and Hazels, pursuant to which the Company has granted them and certain of their transferees, the right, under certain circumstances and subject to certain restrictions, including any applicable lock-up agreements then in place, to require the Company to register under the Securities Act shares of the Company's common stock held by them. Under the registration rights agreement, these persons will have the right to request the Company to register the sale of shares held by them on their behalf and may also require the Company to make available shelf registration statements permitting sales of shares into the market from time to time over an extended period. In addition, these persons will have the ability to exercise certain piggyback registration rights in connection with registered offerings requested by shareholders or initiated by the Company. | ||||
SUPPLEMENTAL_DISCLOSURE_OF_CAS
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | 12 Months Ended | |||||||||
Dec. 31, 2012 | ||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract] | ' | |||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | |||||||||
12.  | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||
Interest and income taxes paid for the three years in the period ended December 31, 2012, from continuing operations were as follows: | ||||||||||
For the years ended December 31, | ||||||||||
2012 | 2011 | 2010 | ||||||||
Interest paid | 30,131 | $ | 26,866 | $ | 21,750 | |||||
Income taxes paid | 1,014 | 316 | 100 | |||||||
BUSINESS_AND_GEOGRAPHIC_SEGMEN1
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION | ' | ' | ||||||||||||||||||||||||||||||||
11 | BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION | 13.  | BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION | |||||||||||||||||||||||||||||||
The Company organizes its business and evaluates performance by its operating segments, Ocean, River and Offshore Supply Business. The accounting policies of the reportable segments are the same as those for the unaudited condensed consolidated financial statements (Note 2). The Company does not have significant intersegment transactions. These segments and their respective operations are as follows: | The Company organizes its business and evaluates performance by its operating segments, Ocean, River and Offshore Supply Business.  The accounting policies of the reportable segments are the same as those for the consolidated financial statements (Note 2).  The Company does not have significant intersegment transactions.  These segments and their respective operations are as follows: | |||||||||||||||||||||||||||||||||
River Business: In our River Business, we own and operate several dry and tanker barges, and push boats. The dry barges transport basically agricultural and forestry products, iron ore and other cargoes, while the tanker barges carry petroleum products, vegetable oils and other liquids. We operate our pushboats and barges on the navigable waters of Parana, Paraguay and Uruguay Rivers and part of the River Plate in South America, also known as the Hidrovia region. River Business transportation services contributed 45% and 46% of consolidated operating revenues for the six-month periods ended June 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
River Business:  In our River Business, we own and operate several dry and tanker barges, and push boats.  In addition, we use one barge from our ocean fleet, the Alianza G2, as a transfer station.  The dry barges transport basically agricultural and forestry products, iron ore and other cargoes, while the tanker barges carry petroleum products, vegetable oils and other liquids.  We operate our pushboats and barges on the navigable waters of Parana, Paraguay and Uruguay Rivers and part of the River Plate in South America, also known as the Hidrovia region.  River Business transportation services contributed 52%, 57% and 52% of consolidated operating revenues for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||||||||
We operate our pushboats and barges on the navigable waters of Parana, Paraguay and Uruguay Rivers and part of the River Plate in South America, also known as the Hidrovia region. | ||||||||||||||||||||||||||||||||||
The Company also has a shipyard that should promote organic growth and from time to time make external sales.  Third party shipyard sales contributed 10%, 6% and 0% of consolidated operating revenues for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||||||||
The company also has a shipyard that should promote organic growth and from time to time make external sales. Third party shipyard sales contributed 16% and 3% of consolidated operating revenues for the six-month periods ended June 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
Offshore Supply Business:  We operate our Offshore Supply Business, using PSVs owned by UP Offshore (Bahamas), which eight are employed in the Brazilian market and one in the North Sea.  PSVs are designed to transport supplies such as containerized equipment, drill casing, pipes and heavy loads on deck, along with fuel, water, drilling fluids and bulk cement in under deck tanks and a variety of other supplies to drilling rigs and platforms.  Offshore Supply Business transportation services contributed 25%, 21% and 24% of consolidated operating revenues for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||||||||
Offshore Supply Business: We operate our Offshore Supply Business, using PSVs owned by UP Offshore (Bahamas), which eight are employed in the Brazilian market, one in the North Sea and the last one is currently proceeding form the building shipyard. PSVs are designed to transport supplies such as containerized equipment, drill casing, pipes and heavy loads on deck, along with fuel, water, drilling fluids and bulk cement in under deck tanks and a variety of other supplies to drilling rigs and platforms. Offshore Supply Business transportation services contributed 22% and 25% of consolidated operating revenues for the six-month periods ended June 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
Ocean Business:  In our Ocean Business, we operate eight oceangoing vessels:  four product tankers (one of which is on lease to us), two container feeder vessels under a container line service in Argentina cabotage trade, one oceangoing tug and one tank barge under the trade name Ultrapetrol.  Our Handy size/small product tanker vessels transport liquid bulk goods such as petroleum and petroleum derivatives on major trade routes around the globe.  Ocean Business transportation services contributed 23%, 22% and 24% of consolidated operating revenues for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||||||||
Ocean Business: In our Ocean Business, we operate eight oceangoing vessels: four product tankers (one of which is on lease to us), two container feeder vessels under a container line service in Argentina cabotage trade, one oceangoing tug and one tank barge under the trade name Ultrapetrol. Our Handy size/small product tanker vessels transport liquid bulk goods such as petroleum and petroleum derivatives on major trade routes around the globe. Ocean Business transportation services contributed 17% and 26% of consolidated operating revenues for the six-month periods ended June 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
All of the Company's operating revenues were derived from its foreign operations.  The following represents the Company's revenues attributed by geographical region in which services are provided to customers. | ||||||||||||||||||||||||||||||||||
All of the Company's operating revenues were derived from its foreign operations. The following represents the Company's revenues attributed by geographical region in which services are provided to customers. | ||||||||||||||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||||||||||||||
For the six-month periods ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||
(unaudited) | Revenues (1) | |||||||||||||||||||||||||||||||||
2013 | 2012 | − South America | $ | 238,572 | $ | 267,420 | $ | 199,585 | ||||||||||||||||||||||||||
Revenues (1) | − Europe | 28,320 | 19,910 | 19,923 | ||||||||||||||||||||||||||||||
−South America | $ | 162,595 | $ | 120,627 | − Central America | 35,333 | 16,499 | 5,624 | ||||||||||||||||||||||||||
−Central America | 21,021 | 9,523 | − North America | 7,438 | 227 | 1,219 | ||||||||||||||||||||||||||||
−Europe | 7,227 | 9,542 | − Asia | 3,506 | 426 | 4,094 | ||||||||||||||||||||||||||||
−North America | 538 | 3,413 | $ | 313,169 | $ | 304,482 | $ | 230,445 | ||||||||||||||||||||||||||
−Asia | 8,295 | 930 | ||||||||||||||||||||||||||||||||
$ | 199,676 | $ | 144,035 | (1)Â Â | Classified by country of domicile of charterers/costumers. | |||||||||||||||||||||||||||||
The Company's vessels are highly mobile and regularly and routinely moved between countries within a geographical region of the world.  In addition, these vessels may be redeployed among the geographical regions as changes in market conditions dictate.  Because of this mobility, long-lived assets, primarily vessels and equipment cannot be allocated to any one country. | ||||||||||||||||||||||||||||||||||
-1 | Classified by country of domicile of charterers/customers. | |||||||||||||||||||||||||||||||||
The following represents the Company's vessels and equipment based upon the assets' physical location as of the end of each applicable period presented: | ||||||||||||||||||||||||||||||||||
The Company's vessels are highly mobile and regularly and routinely moved between countries within a geographical region of the world. In addition, these vessels may be redeployed among the geographical regions as changes in market conditions dictate. Because of this mobility, long-lived assets, primarily vessels and equipment cannot be allocated to any one country. | ||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||
The following represents the Company's vessels and equipment based upon the assets' physical location as of the end of each applicable period presented: | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Vessels and equipment, net | ||||||||||||||||||||||||||||||||||
At June 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||
(unaudited) | − South America | $ | 564,352 | $ | 572,512 | |||||||||||||||||||||||||||||
Vessels and equipment, net | − Europe | 25,474 | 26,571 | |||||||||||||||||||||||||||||||
−South America | $ | 575,436 | $ | 564,352 | − Asia | 53,496 | 68,149 | |||||||||||||||||||||||||||
−Europe | 24,924 | 25,474 | − Other | 4,197 | 4,213 | |||||||||||||||||||||||||||||
−Asia | 36,455 | 53,496 | $ | 647,519 | $ | 671,445 | ||||||||||||||||||||||||||||
−Other | 4,294 | 4,197 | For the three years in the period ended December 31, 2012, 76%, 88% and 87% of the Company's revenues are concentrated in South America and at December 31, 2012 and 2011, 87% and 85% of the Company's vessels and equipment, respectively, are located in South America. | |||||||||||||||||||||||||||||||
$ | 641,109 | $ | 647,519 | |||||||||||||||||||||||||||||||
For the year ended December 31, 2012 revenues from charterers/customers domiciled in Argentina, Brazil, Uruguay and Paraguay represented 28%, 29%, 4% and 12%, of the Company's consolidated revenues, respectively. | ||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2013, 81% of the Company's revenues are concentrated in South America and at June 30, 2013, 90% of the Company's vessels and equipment are located in South America. | ||||||||||||||||||||||||||||||||||
For the year ended December 31, 2011 revenues from charterers/customers domiciled in Argentina, Brazil, Uruguay and Paraguay represented 29%, 25%, 20% and 12%, of the Company's consolidated revenues, respectively. | ||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2013, revenues from charterers domiciled in Argentina, Brazil and Paraguay represented 17%, 21% and 34%, of the Company's consolidated revenues, respectively. | ||||||||||||||||||||||||||||||||||
For the year ended December 31, 2010 revenues from charterers/customers domiciled in Argentina, Brazil, Uruguay and Paraguay represented 30%, 27%, 13% and 19%, of the Company's consolidated revenues, respectively. | ||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2012, 84% of the Company's revenues are concentrated in South America and at June 30, 2012, 85% of the Company's vessels and equipment are located in South America. | ||||||||||||||||||||||||||||||||||
As a result, the Company's financial condition and results of operations depend, to a significant extent, on macroeconomic, regulatory and political conditions prevailing in South America. | ||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2012 revenues from charterers domiciled in Argentina, Brazil and Paraguay represented 33%, 28% and 17%, of the Company's consolidated revenues, respectively. | ||||||||||||||||||||||||||||||||||
Revenue by segment consists only of services provided to external customers, as reported in the consolidated statement of operations.  Resources are allocated based on segment profit or loss from operation, before interest and taxes. | ||||||||||||||||||||||||||||||||||
As a result, the Company's financial condition and results of operations depend, to a significant extent, on macroeconomic, regulatory and political conditions prevailing in South America. | ||||||||||||||||||||||||||||||||||
Identifiable assets represent those assets used in the operations of each segment. | ||||||||||||||||||||||||||||||||||
Revenue by segment consists only of services provided to external customers, as reported in the unaudited condensed consolidated statement of operations. Resources are allocated based on segment profit or loss from operation, before interest and taxes. | ||||||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the year ended December 31, 2012: | ||||||||||||||||||||||||||||||||||
Identifiable assets represent those assets used in the operations of each segment. | ||||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | |||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the six-month period ended June 30, 2013 (unaudited): | Business | Supply | Business | |||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | |||||||||||||||||||||||||||||||
Business | Supply | Business | Revenues | $ | 163,279 | $ | 76,661 | $ | 73,229 | $ | 313,169 | |||||||||||||||||||||||
Business | Running and voyage and manufacturing expenses | 148,653 | 43,405 | 62,369 | 254,427 | |||||||||||||||||||||||||||||
Depreciation and amortization | 21,996 | 10,938 | 10,918 | 43,852 | ||||||||||||||||||||||||||||||
Revenues | $ | 122,531 | $ | 42,447 | $ | 34,698 | $ | 199,676 | Segment operating (loss) profit | (18,963 | ) | 17,615 | (23,771 | ) (1) | (25,119 | ) | ||||||||||||||||||
Running and voyage and manufacturing expenses | 92,127 | 20,583 | 30,324 | 143,034 | Segment assets | 387,484 | 263,315 | 123,033 | 773,832 | |||||||||||||||||||||||||
Depreciation and amortization | 11,727 | 5,395 | 3,401 | 20,523 | Investments in and receivables from affiliates | 4,032 | - | 250 | 4,282 | |||||||||||||||||||||||||
Segment operating profit (loss) | 10,664 | 11,636 | (3,097 | ) | 19,203 | Loss from investment in affiliates | (1,168 | ) | - | (7 | ) | (1,175 | ) | |||||||||||||||||||||
Segment assets | 410,015 | 272,727 | 111,424 | 794,166 | Additions to long-lived assets | 24,634 | 13,405 | 1,977 | 40,016 | |||||||||||||||||||||||||
Investments in and receivables from affiliates | 4,072 | - | 233 | 4,305 | ||||||||||||||||||||||||||||||
Loss from investment in affiliates | (302 | ) | - | (17 | ) | (319 | ) | (1)Â Â | Includes an impairment charge for our product tanker M/V Amadeo of $16,000. | |||||||||||||||||||||||||
Additions to long-lived assets | 2,196 | 5,454 | 5,332 | 12,982 | ||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the year ended December 31, 2011: | ||||||||||||||||||||||||||||||||||
Reconciliation of total assets of the segments to amount included in the unaudited condensed consolidated balance sheets were as follow: | ||||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | |||||||||||||||||||||||||||||||
At June 30, | Business | Supply | Business | |||||||||||||||||||||||||||||||
2013 | Business | |||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||
Revenues | $ | 174,594 | $ | 64,606 | $ | 65,282 | $ | 304,482 | ||||||||||||||||||||||||||
Total assets for reportable segments | $ | 794,166 | Running and voyage and manufacturing expenses | 132,719 | 38,852 | 53,036 | 224,607 | |||||||||||||||||||||||||||
Other assets | 14,609 | Depreciation and amortization | 20,139 | 9,436 | 9,569 | 39,144 | ||||||||||||||||||||||||||||
Corporate cash and cash equivalents | 131,315 | Segment operating (loss) profit | 13,138 | 10,999 | (4,753 | ) | 19,384 | |||||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | Segment assets | 392,549 | 263,094 | 124,527 | 780,170 | ||||||||||||||||||||||||||||
Consolidated total assets | $ | 1,122,205 | Investments in and receivables from affiliates | 6,595 | - | 256 | 6,851 | |||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the six-month period ended June 30, 2012 (unaudited): | Loss from investment in affiliates | (1,042 | ) | - | (31 | ) | (1,073 | ) | ||||||||||||||||||||||||||
Additions to long-lived assets (1) | 73,265 | 19,502 | 3,345 | 96,112 | ||||||||||||||||||||||||||||||
River Business | Offshore | Ocean Business | Total | |||||||||||||||||||||||||||||||
Supply | (1)Â Â | Excludes $1,751, which corresponds to additions to corporate assets. | ||||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the year ended December 31, 2010: | ||||||||||||||||||||||||||||||||||
Revenues | $ | 71,128 | $ | 35,170 | $ | 37,737 | $ | 144,035 | ||||||||||||||||||||||||||
Running and voyage and manufacturing expenses | 63,960 | 19,435 | 31,595 | 114,990 | River | Offshore | Ocean | Total | ||||||||||||||||||||||||||
Depreciation and amortization | 10,776 | 5,233 | 5,042 | 21,051 | Business | Supply | Business | |||||||||||||||||||||||||||
Segment operating (loss) profit | (5,157 | ) | 8,524 | (4,062 | ) | (695 | ) | Business | ||||||||||||||||||||||||||
Loss from investment in affiliates | (663 | ) | - | (3 | ) | (666 | ) | |||||||||||||||||||||||||||
Additions to long-lived assets | 18,484 | 8,541 | 314 | 27,339 | Revenues | $ | 120,024 | $ | 54,283 | $ | 56,138 | $ | 230,445 | |||||||||||||||||||||
Running and voyage and manufacturing expenses | 80,702 | 29,637 | 40,583 | 150,922 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 17,248 | 7,178 | 9,945 | 34,371 | ||||||||||||||||||||||||||||||
Segment operating (loss) profit | 10,244 | 10,611 | (2,137 | ) | 18,718 | |||||||||||||||||||||||||||||
Segment assets | 351,388 | 245,865 | 104,334 | 701,587 | ||||||||||||||||||||||||||||||
Investments in and receivables from affiliates | 6,537 | - | 287 | 6,824 | ||||||||||||||||||||||||||||||
Income (Loss) from investment in affiliates | (322 | ) | - | (19 | ) | (341 | ) | |||||||||||||||||||||||||||
Additions to long-lived assets | 67,942 | 7,141 | 30,164 | 105,247 | ||||||||||||||||||||||||||||||
Reconciliation of total assets of the segments to amount included in the consolidated balance sheets were as follow: | ||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||
Total assets for reportable segments | $ | 773,832 | $ | 780,170 | ||||||||||||||||||||||||||||||
Other assets | 14,271 | 16,021 | ||||||||||||||||||||||||||||||||
Corporate cash and cash equivalents | 222,215 | 34,096 | ||||||||||||||||||||||||||||||||
Consolidated total assets | $ | 1,010,318 | $ | 830,287 | ||||||||||||||||||||||||||||||
For the year ended December 31, 2012 revenues from one customer of Ultrapetrol Ocean and Offshore Supply Business represented $92,000 or 29% of the Company's consolidated revenues and revenues from one customer of Ultrapetrol River Business represented $49,600 or 16% of the Company's consolidated revenues. | ||||||||||||||||||||||||||||||||||
For the year ended December 31, 2011 revenues from one customer of Ultrapetrol Ocean and Offshore | ||||||||||||||||||||||||||||||||||
Supply Business represented $86,400 or 28% of the Company' s consolidated revenues and revenues from one customer of Ultrapetrol River Business represented $60,200 or 20% of the Company's consolidated revenues. | ||||||||||||||||||||||||||||||||||
For the year ended December 31, 2010 revenues from one customer of Ultrapetrol Ocean and Offshore Supply Business represented $75,200 or 33% of the Company's consolidated revenues and revenues from one customer of Ultrapetrol River Business represented $50,400 or 22% of the Company's consolidated revenues. | ||||||||||||||||||||||||||||||||||
STOCK_COMPENSATION
STOCK COMPENSATION | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
STOCK COMPENSATION [Abstract] | ' | ||||||||||||||||||||||||
STOCK COMPENSATION | ' | ||||||||||||||||||||||||
14.  | STOCK COMPENSATION | ||||||||||||||||||||||||
We have adopted the 2006 Stock Incentive Plan, or the 2006 Plan, dated July 20, 2006 which entitles certain of our officers, key employees and directors to receive restricted stock, stock appreciation rights, stock options, dividend equivalent rights, unrestricted stock, restricted stock units or performance shares. Under the 2006 Plan, a total of 5,000,000 shares of common stock have been reserved for issuance.  The 2006 Plan is administered by our Board of Directors.  Under the terms of the 2006 Plan, our Board of Directors is able to grant new options exercisable at a price per share to be determined by our Board of Directors.  Under the terms of the 2006 Plan, no options would be able to be exercised until at least one year after the closing of our IPO (October 18, 2006).  Any shares received on exercise of the options would not be able to be sold until one year after the date of the stock option grant.  All options will expire ten years from the date of grant.  The 2006 Plan expires ten years from the closing of our IPO. | |||||||||||||||||||||||||
In addition, on July 20, 2006 we entered into separate consulting agreements that became effective upon completion of our IPO (October 18, 2006) with companies controlled by our chief executive officer, executive vice president, chief financial officer and chief financial accountant for work they perform for us in various different jurisdictions.  On October 29, 2009 the consulting agreements were renewed for a three-year period.  On October 29, 2012 the consulting agreements were further renewed for another three-year period. | |||||||||||||||||||||||||
Restricted common stock awards | |||||||||||||||||||||||||
In connection with the 2012 consulting agreements the Company awarded a total of 329,375 shares of restricted stock at no cost to three companies controlled by the chief executive officer, executive vice president and chief financial officer. These shares are non-transferable until they vest, which occurs on the third anniversary date of the grant date, subject to earlier forfeiture upon termination of the consultant's appointment with the Company. During the vesting period, the shares have voting rights and cash dividends will be paid if declared. The fair market value of the Company´s share on the grant date was $1.43. | |||||||||||||||||||||||||
In connection with the 2009 consulting agreements, the Company awarded a total of 329,375 shares of restricted common stock at no cost to three companies controlled by our chief executive officer, executive vice president and chief financial officer which were cliff-vested on October 29, 2012.  The fair market value of each share on the grant date was $5.11. | |||||||||||||||||||||||||
In connection with the 2009 consulting agreements, the Company awarded a total of 329,375 shares of performance restricted common stock at no cost which were also subject to continued employment to three companies controlled by our chief executive officer, executive vice president and chief financial officer. All of the performance restricted common stock cliff-vested on October 29, 2012 and contained performance criteria based on our EBITDA.  On October 29, 2012 172,906 and 156,469 awards were fully vested and fully forfeited, respectively based on achievement of that award's target. | |||||||||||||||||||||||||
On November 29, 2010, 12,689 shares were granted to a non-employee director.  These shares were vested 6,852 in 2011 and 5,837 in 2012.  The fair market value of each share on the grant date was $6.83. | |||||||||||||||||||||||||
On December 5, 2009 the Company granted a total of 97,164 shares of restricted common stock at no cost to its non-employee directors.  These shares were vested 25,640 in 2010, 23,046 in 2011 and 16,194 in 2012 and 39,136 were fully forfeited in 2010 since the resignation of two non-employee directors.  The fair market value of each share on the grant date was $4.92. | |||||||||||||||||||||||||
Activity with respect to restricted common stock is summarized as follows: | |||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||
Nonvested shares outstanding at January 1 | 680,781 | 703,827 | 755,914 | ||||||||||||||||||||||
Granted | 329,375 | - | 12,689 | ||||||||||||||||||||||
Vested | (524,312 | ) | (23,046 | ) | (25,640 | ) | |||||||||||||||||||
Forfeited | (156,469 | ) | - | (39,136 | ) | ||||||||||||||||||||
Nonvested shares outstanding at December 31 | 329,375 | 680,781 | 703,827 | ||||||||||||||||||||||
2006 Plan shares issued as of the end of year | 1,246,503 | 838,644 | 783,358 | ||||||||||||||||||||||
Shares available for issuance under 2006 Plan as of the end of year | 3,753,497 | 4,161,356 | 4,216,642 | ||||||||||||||||||||||
Total stock based compensation expense as a result of all of these grants was $512 in 2012, $1,079 in 2011 and $1,266 in 2010 ($0 in 2012, $402 in 2011 and $576 in 2010 related with the performance based restricted common stock), and is recorded in the same line item as cash compensation.  The unrecognized compensation cost at December 31, 2012 was $444 of which $157 is expected to be recognized in each of 2013 and 2014 and $130 in 2015. | |||||||||||||||||||||||||
Stock options | |||||||||||||||||||||||||
In relation with the 2006 consulting agreements the Company awarded to three companies, one of which is controlled by our chief executive officer, one by our executive vice president and the other by our chief financial officer, stock options to purchase a total of 348,750 shares of common stock at an exercise price of $11.00 per share.  These stock options are fully vested and expire ten years from the date of grant.  The fair value of the options granted was estimated on the date of grant using the Black-Scholes option pricing model. | |||||||||||||||||||||||||
Additionally and in connection with the 2012 consulting agreement, on October 29, 2012 the Company awarded options to purchase a total of 329,375 shares of common stock of the Company, which will be granted over three years in equal annual installments and cliff vest in one year. The options shall be granted with an exercise price equal to the fair market value of a share of common stock of the Company on the applicable date on which the option is granted. The options shall be non-transferable. The term of the options shall be for a period of ten years following the date of grant of the applicable options. | |||||||||||||||||||||||||
The fair value of the options granted were estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 0.76% which is based on the U.S. Treasury yield curve in effect at the time of the grant, expected dividend yield of 0%, expected stock price volatility of 82% and expected life of 5.5 years, which has been computed based on the short-cut method per ASC 718-10-S99-1. The aggregate fair market value of the stock options on the grant date, $105, is being amortized as compensation expenses over the vesting period, using the straight-line method. | |||||||||||||||||||||||||
Total stock based compensation expenses was $18 for the period from October 29, 2012 to December 31, 2012 and is recorded in the same line items used for cash compensation.  The unrecognized compensation cost at December 31, 2012 was $87 which is expected to be recognized  in 2013. | |||||||||||||||||||||||||
Activity and related information with respect to the Company's stock options is summarized as follows: | |||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||
Shares | Exercise price | Shares | Exercise price | Shares | Exercise price | ||||||||||||||||||||
Under option at January 1 | 348,750 | $ | 11 | 348,750 | $ | 11 | $ | 348,750 | $ | 11 | |||||||||||||||
Options granted | 109,762 | 1.43 | - | - | - | - | |||||||||||||||||||
Options exercised | - | - | - | - | - | - | |||||||||||||||||||
Options forfeited or expired | - | - | - | - | - | - | |||||||||||||||||||
Under option at December 31 | 458,512 | $ | 8.71 | 348,750 | $ | 11 | 348,750 | $ | 11 | ||||||||||||||||
Options exercisable at December 31 | 348,750 | 11 | 348,750 | 11 | 348,750 | 11 | |||||||||||||||||||
The aggregate intrinsic value of options outstanding and exercisable represents the total intrinsic value (the difference between the fair value of the Company's stock on the last day of each year and the exercise price, multiplied by the number of options where the exercise price exceeds the fair value) that would have been received by the option holders had all option holders exercised their options as of year-end. | |||||||||||||||||||||||||
At December 31, 2012 the intrinsic values of options outstanding and exercisable were $24 and $0, respectively and at December 31, 2011 the intrinsic values of options outstanding and exercisable were $0. | |||||||||||||||||||||||||
BUILD_SALE_AND_LEASEBACK_OF_TW
BUILD, SALE AND LEASE-BACK OF TWENTY-FOUR JUMBO DRY BARGES | 12 Months Ended | ||||
Dec. 31, 2012 | |||||
BUILD, SALE AND LEASE-BACK OF TWENTY-FOUR JUMBO DRY BARGES [Abstract] | ' | ||||
BUILD, SALE AND LEASE-BACK OF TWENTY-FOUR JUMBO DRY BARGES | ' | ||||
15.  | BUILD, SALE AND LEASE-BACK OF TWENTY-FOUR JUMBO DRY BARGES | ||||
On April 25, 2012, we entered into a barge building contract with a non-related third party whereby we agreed to sell twenty-four newbuilt jumbo dry barges.  In addition, at the same time we entered into a bareboat barge charter agreement with that same non-related third party to charter those twenty-four barges for a period of 10 years, with no purchase option at the end of the lease. | |||||
At December 31, 2012 the Company delivered and leased-back 14 jumbo dry barges. | |||||
At December 31, 2012, obligations under the operating lease were as follows: | |||||
Year ending December 31 | |||||
2013 | $ | 2,019 | |||
2014 | 1,949 | ||||
2015 | 1,879 | ||||
2016 | 1,809 | ||||
2017 | 1,739 | ||||
Thereafter | 7,430 | ||||
Total | $ | 16,825 | |||
Rent expense for the year ended December 31, 2012 was $266. When cash rental payments are not made on a straight-line basis, we recognize rental expense on a straight-line basis over the lease term. | |||||
Subsequent Events | |||||
After December 31, 2012, the Company delivered and leased-back the remaining 10 jumbo dry-barges. |
SUPPLEMENTAL_GUARANTOR_INFORMA1
SUPPLEMENTAL GUARANTOR INFORMATION | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
12 | SUPPLEMENTAL GUARANTOR INFORMATION | 16.  | SUPPLEMENTAL GUARANTOR INFORMATION | ||||||||||||||||||||||||||||||||||||||||||||
On June 10, 2013, the Company issued $200,000 8.875% First Preferred Ship Mortgage Notes due 2021. | On November 24, 2004, the Company issued $180,000 9% First Preferred Ship Mortgage Notes due 2014. | ||||||||||||||||||||||||||||||||||||||||||||||
The 2021 Senior Notes are fully and unconditionally guaranteed on a joint and several basis by Company's subsidiaries directly involved in our Ocean and River Business. | The 2014 Senior Notes are fully and unconditionally guaranteed on a joint and several basis by Company's subsidiaries directly involved in our Ocean and River Business. | ||||||||||||||||||||||||||||||||||||||||||||||
The Indenture provides that the 2021 Senior Notes and each of the guarantees granted by Subsidiaries, other than the Mortgage, are governed by, and construed in accordance with, the laws of the state of New York. Each of the mortgaged vessels is registered under either the Panamanian flag, or another jurisdiction with similar procedures. All of the Subsidiary Guarantors are outside of the United States. | The Indenture provides that the 2014 Senior Notes and each of the guarantees granted by Subsidiaries, other than the Mortgage, are governed by, and construed in accordance with, the laws of the state of New York.  Each of the mortgaged vessels is registered under either the Panamanian flag, or another jurisdiction with similar procedures.  All of the Subsidiary Guarantors are outside of the United States. | ||||||||||||||||||||||||||||||||||||||||||||||
Supplemental condensed consolidating financial information for the Guarantor Subsidiaries for the 2021 Senior Notes is presented below. This information is prepared in accordance with the Company's accounting policies. This supplemental financial disclosure should be read in conjunction with the unaudited condensed consolidated financial statements. | Supplemental condensed consolidating financial information for the Guarantor Subsidiaries for the 2014 Senior Notes is presented below.  This information is prepared in accordance with the Company's accounting policies.  This supplemental financial disclosure should be read in conjunction with the consolidated financial statements. | ||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||
AT JUNE 30, 2013 (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||||||
AT DECEMBER 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Parent | Combined subsidiary guarantors | Combined subsidiary non guarantors | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Current assets | ||||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | Receivables from related parties | $ | 307,343 | $ | 124,498 | $ | 34,244 | $ | (466,075 | ) | $ | 10 | ||||||||||||||||||||||||||||||||||
Current assets | Other current assets | 201,491 | 55,084 | 50,405 | - | 306,980 | |||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 350,450 | $ | 46,448 | $ | 54,628 | $ | (451,497 | ) | $ | 29 | Total current assets | 508,834 | 179,582 | 84,649 | (466,075 | ) | 306,990 | |||||||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | - | - | - | 182,115 | ||||||||||||||||||||||||||||||||||||||||||
Other current assets | 83,581 | 77,020 | 77,963 | - | 238,564 | Noncurrent assets | |||||||||||||||||||||||||||||||||||||||||
Total current assets | 616,146 | 123,468 | 132,591 | (451,497 | ) | 420,708 | Vessels and equipment, net | - | 218,832 | 429,574 | (887 | ) | 647,519 | ||||||||||||||||||||||||||||||||||
Investment in affiliates | 151,447 | - | 251 | (151,447 | ) | 251 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent assets | Other noncurrent assets | 5,171 | 17,173 | 42,134 | (8,920 | ) | 55,558 | ||||||||||||||||||||||||||||||||||||||||
Vessels and equipment, net | - | 269,368 | 372,598 | (857 | ) | 641,109 | Total noncurrent assets | 156,618 | 236,005 | 471,959 | (161,254 | ) | 703,328 | ||||||||||||||||||||||||||||||||||
Investment in affiliates | 168,878 | - | 233 | (168,878 | ) | 233 | Total assets | $ | 665,452 | $ | 415,587 | $ | 556,608 | $ | (627,329 | ) | $ | 1,010,318 | |||||||||||||||||||||||||||||
Other noncurrent assets | 9,031 | 30,828 | 29,445 | (9,149 | ) | 60,155 | |||||||||||||||||||||||||||||||||||||||||
Total noncurrent assets | 177,909 | 300,196 | 402,276 | (178,884 | ) | 701,497 | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 794,055 | $ | 423,664 | $ | 534,867 | $ | (630,381 | ) | $ | 1,122,205 | Current liabilities | |||||||||||||||||||||||||||||||||||
Payable to related parties | $ | - | $ | 194,805 | $ | 275,031 | $ | (466,075 | ) | $ | 3,761 | ||||||||||||||||||||||||||||||||||||
Current portion of long-term financial debt | 80,000 | 6,420 | 42,611 | - | 129,031 | ||||||||||||||||||||||||||||||||||||||||||
Current liabilities | Other current liabilities | 5,701 | 34,441 | 25,811 | - | 65,953 | |||||||||||||||||||||||||||||||||||||||||
Payables to related parties | $ | - | $ | 155,245 | $ | 298,170 | $ | (451,497 | ) | $ | 1,918 | Total current liabilities | 85,701 | 235,666 | 343,453 | (466,075 | ) | 198,745 | |||||||||||||||||||||||||||||
2014 Senior Notes and accrued interest | 181,620 | - | - | - | 181,620 | ||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term financial debt | - | 6,420 | 22,284 | - | 28,704 | Noncurrent liabilities | |||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 3,871 | 71,760 | (11,593 | ) | - | 64,038 | Due to affiliates | $ | - | $ | 8,920 | $ | - | $ | (8,920 | ) | $ | - | |||||||||||||||||||||||||||||
Total current liabilities | 185,491 | 233,425 | 308,861 | (451,497 | ) | 276,280 | Long-term financial debt | 180,000 | 55,102 | 153,419 | - | 388,521 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 262 | 16,291 | - | 16,553 | |||||||||||||||||||||||||||||||||||||||||||
Noncurrent liabilities | Total noncurrent liabilities | 180,000 | 64,284 | 169,710 | (8,920 | ) | 405,074 | ||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 9,149 | - | (9,149 | ) | - | Total liabilities | 265,701 | 299,950 | 513,163 | (474,995 | ) | 603,819 | ||||||||||||||||||||||||||||||||||
Long-term financial debt net of current portion | 200,000 | 51,892 | 161,049 | - | 412,941 | ||||||||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | - | 254 | 16,831 | - | 17,085 | Equity of Ultrapetrol (Bahamas) Limited | 399,751 | 115,637 | 43,445 | (159,082 | ) | 399,751 | |||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 200,000 | 61,295 | 177,880 | (9,149 | ) | 430,026 | Noncontrolling interest | - | - | - | 6,748 | 6,748 | |||||||||||||||||||||||||||||||||||
Total liabilities | 385,491 | 294,720 | 486,741 | (460,646 | ) | 706,306 | Total equity | 399,751 | 115,637 | 43,445 | (152,334 | ) | 406,499 | ||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 665,452 | $ | 415,587 | $ | 556,608 | $ | (627,329 | ) | $ | 1,010,318 | ||||||||||||||||||||||||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 408,564 | 128,944 | 48,126 | (177,070 | ) | 408,564 | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | - | - | - | 7,335 | 7,335 | SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||
Total equity | 408,564 | 128,944 | 48,126 | (169,735 | ) | 415,899 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 794,055 | $ | 423,664 | $ | 534,867 | $ | (630,381 | ) | $ | 1,122,205 | AT DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
AT DECEMBER 31, 2012 | Parent | Combined subsidiary guarantors | Combined subsidiary non guarantors | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | Receivables from related parties | $ | 297,324 | $ | 101,196 | $ | 30,751 | $ | (429,214 | ) | $ | 57 | |||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Other current assets | 3,773 | 46,055 | 56,248 | - | 106,076 | |||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Total current assets | 301,097 | 147,251 | 86,999 | (429,214 | ) | 106,133 | ||||||||||||||||||||||||||||||||||||||
guarantors | amounts | ||||||||||||||||||||||||||||||||||||||||||||||
Current assets | Noncurrent assets | ||||||||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 307,343 | $ | 122,035 | $ | 87,737 | $ | (517,105 | ) | $ | 10 | Vessels and equipment, net | - | 212,324 | 460,066 | (945 | ) | 671,445 | |||||||||||||||||||||||||||||
Other current assets | 201,491 | 66,643 | 38,846 | - | 306,980 | Investment in affiliates | 201,323 | - | 373 | (201,323 | ) | 373 | |||||||||||||||||||||||||||||||||||
Total current assets | 508,834 | 188,678 | 126,583 | (517,105 | ) | 306,990 | Other noncurrent assets | 6,825 | 7,850 | 63,704 | (26,043 | ) | 52,336 | ||||||||||||||||||||||||||||||||||
Total noncurrent assets | 208,148 | 220,174 | 524,143 | (228,311 | ) | 724,154 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent assets | Total assets | $ | 509,245 | $ | 367,425 | $ | 611,142 | $ | (657,525 | ) | $ | 830,287 | |||||||||||||||||||||||||||||||||||
Vessels and equipment, net | - | 279,653 | 368,753 | (887 | ) | 647,519 | |||||||||||||||||||||||||||||||||||||||||
Investment in affiliates | 151,447 | - | 251 | (151,447 | ) | 251 | |||||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,171 | 26,032 | 33,275 | (8,920 | ) | 55,558 | Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Total noncurrent assets | 156,618 | 305,685 | 402,279 | (161,254 | ) | 703,328 | Payable to related parties | $ | - | $ | 127,664 | $ | 302,708 | $ | (429,214 | ) | $ | 1,158 | |||||||||||||||||||||||||||||
Total assets | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | Current portion of long-term financial debt | - | 3,478 | 18,026 | - | 21,504 | ||||||||||||||||||||||||||||||
Other current liabilities | 4,948 | 19,223 | 27,055 | - | 51,226 | ||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 4,948 | 150,365 | 347,789 | (429,214 | ) | 73,888 | |||||||||||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Payable to related parties | $ | - | $ | 224,281 | $ | 272,568 | $ | (493,088 | ) | $ | 3,761 | Noncurrent liabilities | |||||||||||||||||||||||||||||||||||
Current portion of long-term financial debt | - | 12,064 | 36,967 | - | 49,031 | Due to affiliates | $ | - | $ | 26,043 | $ | - | $ | (26,043 | ) | $ | - | ||||||||||||||||||||||||||||||
2017 Senior Convertible Notes | 80,000 | - | - | - | 80,000 | Long-term financial debt | 260,000 | 51,522 | 179,967 | - | 491,489 | ||||||||||||||||||||||||||||||||||||
Other current liabilities | 5,701 | 51,781 | 8,471 | - | 65,953 | Other noncurrent liabilities | - | 218 | 14,521 | - | 14,739 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 85,701 | 288,126 | 318,006 | (493,088 | ) | 198,745 | Total noncurrent liabilities | 260,000 | 77,783 | 194,488 | (26,043 | ) | 506,228 | ||||||||||||||||||||||||||||||||||
Total liabilities | 264,948 | 228,148 | 542,277 | (455,257 | ) | 580,116 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 32,937 | - | (32,937 | ) | - | Equity of Ultrapetrol (Bahamas) Limited | 244,297 | 139,277 | 68,865 | (208,142 | ) | 244,297 | ||||||||||||||||||||||||||||||||||
Long-term financial debt | 180,000 | 55,102 | 153,419 | - | 388,521 | Noncontrolling interest | - | - | - | 5,874 | 5,874 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | - | 262 | 16,291 | - | 16,553 | Total equity | 244,297 | 139,277 | 68,865 | (202,268 | ) | 250,171 | |||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 180,000 | 88,301 | 169,710 | (32,937 | ) | 405,074 | Total liabilities and equity | $ | 509,245 | $ | 367,425 | $ | 611,142 | $ | (657,525 | ) | $ | 830,287 | |||||||||||||||||||||||||||||
Total liabilities | 265,701 | 376,427 | 487,716 | (526,025 | ) | 603,819 | |||||||||||||||||||||||||||||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 399,751 | 117,936 | 41,146 | (159,082 | ) | 399,751 | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | - | - | - | 6,748 | 6,748 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | 399,751 | 117,936 | 41,146 | (152,334 | ) | 406,499 | FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | ||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2013 (UNAUDITED) | subsidiary non guarantors | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | Revenues | $ | - | $ | 121,985 | $ | 205,112 | $ | (13,928 | ) | $ | 313,169 | |||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Operating expenses | - | (133,209 | ) | (218,949 | ) | 13,870 | (338,288 | ) | ||||||||||||||||||||||||||||||||||||
guarantors | amounts | Operating (loss) profit | - | (11,224 | ) | (13,837 | ) | (58 | ) | (25,119 | ) | ||||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 144,155 | $ | 79,014 | $ | (23,493 | ) | $ | 199,676 | Investment in affiliates | (49,470 | ) | - | (1,175 | ) | 49,470 | (1,175 | ) | |||||||||||||||||||||||||||
Other (expenses) income | (14,187 | ) | (15,185 | ) | (10,067 | ) | - | (39,439 | ) | ||||||||||||||||||||||||||||||||||||||
Operating expenses | (3,706 | ) | (130,579 | ) | (69,710 | ) | 23,522 | (180,473 | ) | Loss before income taxes | (63,657 | ) | (26,409 | ) | (25,079 | ) | 49,412 | (65,733 | ) | ||||||||||||||||||||||||||||
Operating (loss) profit | (3,706 | ) | 13,576 | 9,304 | 29 | 19,203 | |||||||||||||||||||||||||||||||||||||||||
Income taxes benefit (expense) | - | 2,769 | 200 | - | 2,969 | ||||||||||||||||||||||||||||||||||||||||||
Investment in affiliates | 16,414 | - | (319 | ) | (16,414 | ) | (319 | ) | Loss from continuing operations | (63,657 | ) | (23,640 | ) | (24,879 | ) | 49,412 | (62,764 | ) | |||||||||||||||||||||||||||||
Other (expenses) income | (5,076 | ) | (1,710 | ) | (1,890 | ) | - | (8,676 | ) | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 7,632 | 11,866 | 7,095 | (16,385 | ) | 10,208 | Loss from discontinued operations | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Net loss | (63,657 | ) | (23,640 | ) | (24,879 | ) | 49,412 | (62,764 | ) | ||||||||||||||||||||||||||||||||||||||
Income taxes (expense) benefit | - | (858 | ) | (1,165 | ) | - | (2,023 | ) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 7,632 | 11,008 | 5,930 | (16,385 | ) | 8,185 | Net income attributable to noncontrolling interest | - | - | - | 893 | 893 | |||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (63,657 | ) | $ | (23,640 | ) | $ | (24,879 | ) | $ | 48,519 | $ | (63,657 | ) | |||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 553 | 553 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $ | 7,632 | $ | 11,008 | $ | 5,930 | $ | (16,938 | ) | $ | 7,632 | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | FOR THE YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (UNAUDITED) | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | Revenues | $ | - | $ | 129,340 | $ | 190,630 | $ | (15,488 | ) | $ | 304,482 | |||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 91,991 | $ | 72,139 | $ | (20,095 | ) | $ | 144,035 | Operating expenses | (8,490 | ) | (112,238 | ) | (179,800 | ) | 15,430 | (285,098 | ) | ||||||||||||||||||||||||||
Operating (loss) profit | (8,490 | ) | 17,102 | 10,830 | (58 | ) | 19,384 | ||||||||||||||||||||||||||||||||||||||||
Operating expenses | (3,027 | ) | (100,375 | ) | (61,393 | ) | 20,065 | (144,730 | ) | ||||||||||||||||||||||||||||||||||||||
Operating (loss) profit | (3,027 | ) | (8,384 | ) | 10,746 | (30 | ) | (695 | ) | Investment in affiliates | (7,886 | ) | - | (1,073 | ) | 7,886 | (1,073 | ) | |||||||||||||||||||||||||||||
Other (expenses) income | (2,429 | ) | (23,212 | ) | (12,642 | ) | - | (38,283 | ) | ||||||||||||||||||||||||||||||||||||||
Investment in affiliates | (12,534 | ) | - | (666 | ) | 12,534 | (666 | ) | Loss before income taxes | (18,805 | ) | (6,110 | ) | (2,885 | ) | 7,828 | (19,972 | ) | |||||||||||||||||||||||||||||
Other (expenses) income | (3,656 | ) | (15,125 | ) | (1,770 | ) | - | (20,551 | ) | ||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (19,217 | ) | (23,509 | ) | 8,310 | 12,504 | (21,912 | ) | Income taxes benefit (expense) | - | 1,550 | 187 | - | 1,737 | |||||||||||||||||||||||||||||||||
Loss from continuing operations | (18,805 | ) | (4,560 | ) | (2,698 | ) | 7,828 | (18,235 | ) | ||||||||||||||||||||||||||||||||||||||
Income taxes benefit (expense) | - | 2,155 | 985 | - | 3,140 | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (19,217 | ) | (21,354 | ) | 9,295 | 12,504 | (18,772 | ) | Loss from discontinued operations | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Net loss | (18,805 | ) | (4,560 | ) | (2,698 | ) | 7,828 | (18,235 | ) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 445 | 445 | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to Ultrapetrol (Bahamas) Limited | $ | (19,217 | ) | $ | (21,354 | ) | $ | 9,295 | $ | 12,059 | $ | (19,217 | ) | Net income attributable to noncontrolling interest | - | - | - | 570 | 570 | ||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (18,805 | ) | $ | (4,560 | ) | $ | (2,698 | ) | $ | 7,258 | $ | (18,805 | ) | |||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2013 (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 8,185 | $ | 11,008 | $ | 6,483 | $ | (17,491 | ) | $ | 8,185 | Revenues | $ | - | $ | 106,014 | $ | 133,015 | $ | (8,584 | ) | $ | 230,445 | ||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in)operating activities | (13,318 | ) | 18,816 | (20,000 | ) | 17,491 | 2,989 | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (5,133 | ) | 29,824 | (13,517 | ) | - | 11,174 | Operating expenses | (8,332 | ) | (89,245 | ) | (122,676 | ) | 8,526 | (211,727 | ) | ||||||||||||||||||||||||||||||
Operating (loss) profit | (8,332 | ) | 16,769 | 10,339 | (58 | ) | 18,718 | ||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (43,107 | ) | 6,551 | 60,344 | (23,788 | ) | - | ||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (5,647 | ) | (5,556 | ) | - | (11,203 | ) | Investment in affiliates | 8,153 | -1 | - | (341 | ) | (8,153 | ) | (341 | ) | |||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (43,107 | ) | 904 | 54,788 | (23,788 | ) | (11,203 | ) | Other (expenses) income | (5,192 | ) | (1,197 | ) | (10,030 | ) | - | (16,419 | ) | |||||||||||||||||||||||||||||
Loss before income taxes | (5,371 | ) | 15,572 | (32 | ) | (8,211 | ) | 1,958 | |||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | (23,788 | ) | - | 23,788 | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | (69,497 | ) | (2,851 | ) | (18,523 | ) | - | (90,871 | ) | Income taxes benefit (expense) | - | 313 | (6,676 | ) | - | (6,363 | ) | ||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (69,497 | ) | (26,639 | ) | (18,523 | ) | 23,788 | (90,871 | ) | Loss from continuing operations | (5,371 | ) | 15,885 | (6,708 | ) | (8,211 | ) | (4,405 | ) | ||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (117,737 | ) | $ | 4,089 | $ | 22,748 | $ | - | $ | (90,900 | ) | |||||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | (515 | ) | - | (515 | ) | ||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | Net loss | (5,371 | ) | 15,885 | (7,223 | ) | (8,211 | ) | (4,920 | ) | |||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (UNAUDITED) | Net income attributable to noncontrolling interest | - | - | - | 451 | 451 | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (5,371 | ) | $ | 15,885 | $ | (7,223 | ) | $ | (8,662 | ) | $ | (5,371 | ) | |||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
-1 | Includes a loss of $515 related to discontinued operations. | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | ||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (18,772 | ) | $ | (21,354 | ) | $ | 9,740 | $ | 11,614 | $ | (18,772 | ) | ||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in)operating activities | 13,280 | 48,154 | (34,345 | ) | (11,614 | ) | 15,475 | (stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (5,492 | ) | 26,800 | (24,605 | ) | - | (3,297 | ) | |||||||||||||||||||||||||||||||||||||||
 |  | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | 2,896 | 19,359 | (23,064 | ) | 809 | - | Parent | Combined subsidiary guarantors | subsidiary non guarantors | ||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (72,184 | ) | 50,232 | - | (21,952 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | 2,896 | (52,825 | ) | 27,168 | 809 | (21,952 | ) | Net loss | $ | -62,764 | $ | -23,640 | $ | -23,986 | $ | 47,626 | $ | -62,764 | |||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | 4,209 | (3,400 | ) | (809 | ) | - | Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 51,532 | -1,935 | 56,858 | -47,626 | 58,829 | ||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | 8,836 | 444 | - | 9,280 | Net cash (used in) provided by operating activities from continuing operations | -11,232 | -25,575 | 32,872 | - | -3,935 | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | - | 13,045 | (2,956 | ) | (809 | ) | 9,280 | Net cash (used in) operating activities from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | $ | (2,596 | ) | $ | (12,980 | ) | $ | (393 | ) | $ | - | $ | (15,969 | ) | Net cash (used in) provided by operating activities | -11,232 | -25,575 | 32,872 | - | -3,935 | |||||||||||||||||||||||||||
Intercompany sources | -10,019 | 43,839 | -16,697 | -17,123 | - | ||||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | -14,985 | -17,528 | - | -32,513 | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | -10,019 | 28,854 | -34,225 | -17,123 | -32,513 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | -17,123 | - | 17,123 | - | ||||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | 219,122 | 6,315 | -870 | - | 224,567 | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | 219,122 | -10,808 | -870 | 17,123 | 224,567 | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 197,871 | $ | -7,529 | $ | -2,223 | $ | - | $ | 188,119 | |||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (18,235 | ) | $ | (4,560 | ) | $ | (2,128 | ) | $ | 6,688 | $ | (18,235 | ) | |||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 12,134 | 21,396 | 6,165 | (6,688 | ) | 33,007 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (6,101 | ) | 16,836 | 4,037 | - | 14,772 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) operating activities from discontinued operations | - | - | (15 | ) | - | (15 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (6,101 | ) | 16,836 | 4,022 | - | 14,757 | |||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (17,947 | ) | (1,322 | ) | (6,774 | ) | 26,043 | - | |||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (42,907 | ) | (54,956 | ) | - | (97,863 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities | (17,947 | ) | (44,229 | ) | (61,730 | ) | 26,043 | (97,863 | ) | ||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | 26,043 | - | (26,043 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | (15,000 | ) | 14,963 | 11,669 | - | 11,632 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (15,000 | ) | 41,006 | 11,669 | (26,043 | ) | 11,632 | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | (39,048 | ) | $ | 13,613 | $ | (46,039 | ) | $ | - | $ | (71,474 | ) | ||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (4,920 | ) | $ | 13,169 | $ | 5,307 | $ | (18,476 | ) | $ | (4,920 | ) | ||||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | 515 | - | 515 | ||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities from continuing operations | (1,601 | ) | (2,539 | ) | 10,913 | 18,476 | 25,249 | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (6,521 | ) | 10,630 | 16,735 | - | 20,844 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) operating activities from discontinued operations | - | - | (1,950 | ) | - | (1,950 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (6,521 | ) | 10,630 | 14,785 | - | 18,894 | |||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (60,822 | ) | (16,189 | ) | - | 77,011 | - | ||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (3,850 | ) | (52,239 | ) | - | (56,089 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities from continuing operations | (60,822 | ) | (20,039 | ) | (52,239 | ) | 77,011 | (56,089 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash provided by investing activities from discontinued operations | - | - | 1,950 | - | 1,950 | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities | (60,822 | ) | (20,039 | ) | (50,289 | ) | 77,011 | (54,139 | ) | ||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | - | 77,011 | (77,011 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | 75,281 | - | 12,333 | - | 87,614 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 75,281 | - | 89,344 | (77,011 | ) | 87,614 | |||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 7,938 | $ | (9,409 | ) | $ | 53,840 | $ | - | $ | 52,369 | ||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL_GUARANTOR_INFORMA2
SUPPLEMENTAL GUARANTOR INFORMATION FOR THE NEW NOTES | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION FOR THE NEW NOTES [Abstract] | ' | ||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION FOR THE NEW NOTES | ' | ||||||||||||||||||||
17. SUPPLEMENTAL GUARANTOR INFORMATION FOR THE NEW NOTES | |||||||||||||||||||||
On May 28, 2013, the Company intends to offer New First Preferred Ship Mortgage Notes due 2021 (the "New Notes") amounting to $200,000. The net proceeds of the offering will be used to redeem all of our 9% Ship Preferred Mortgage Notes due 2014 amounting $180,000. | |||||||||||||||||||||
The New Notes will be fully and unconditionally guaranteed on a joint and several senior basis by the following wholly owned subsidiaries of the Company, directly involved in our River and Ocean Business, which offered their assets in collateral of the above mentioned New Notes: Arlene Investments Inc., Brinkley Shipping Inc., Dampierre Holdings Spain S.L., Danube Maritime Inc., Dingle Barges Inc., General Ventures Inc., Hallandale Commercial Corp., Longmoor Holdings Inc., Oceanpar S.A., Palmdeal Shipping Inc., Parabal S.A., Parfina S.A., Princely International Finance Corp., Riverview Commercial Corp., UABL Paraguay S.A., UABL S.A. and Ultrapetrol S.A (the "New Subsidiary Guarantors"). | |||||||||||||||||||||
The Indenture provides that the New Notes and each of the Security Agreements, other than the Mortgages, are governed by, and construed in accordance with, the laws of the state of New York. | |||||||||||||||||||||
Each of the mortgaged vessels and barges is registered under either the Panamanian, Paraguayan, Argentinean and Liberian Flag, or another jurisdiction with similar procedures. Although all of the New Subsidiary Guarantors are outside of the United States. | |||||||||||||||||||||
Supplemental condensed combining financial information for the New Subsidiary Guarantors for the New Notes is presented below. This information is prepared in accordance with the Company's accounting policies. This supplemental financial disclosure has been prepared on the same basis described in note 16, and should be read in conjunction with the consolidated financial statements. | |||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AT DECEMBER 31, 2012 | |||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
subsidiary | subsidiary non | adjustments | consolidated | ||||||||||||||||||
guarantors | guarantors | amounts | |||||||||||||||||||
Current assets | |||||||||||||||||||||
Receivables from related parties | $ | 307,343 | $ | 122,035 | $ | 87,737 | $ | (517,105 | ) | $ | 10 | ||||||||||
Other current assets | 201,491 | 66,643 | 38,846 | — | 306,980 | ||||||||||||||||
Total current assets | 508,834 | 188,678 | 126,583 | (517,105 | ) | 306,990 | |||||||||||||||
Noncurrent assets | |||||||||||||||||||||
Vessels and equipment, net | — | 279,653 | 368,753 | (887 | ) | 647,519 | |||||||||||||||
Investment in affiliates | 151,447 | — | 251 | (151,447 | ) | 251 | |||||||||||||||
Other noncurrent assets | 5,171 | 26,032 | 33,275 | (8,920 | ) | 55,558 | |||||||||||||||
Total noncurrent assets | 156,618 | 305,685 | 402,279 | (161,254 | ) | 703,328 | |||||||||||||||
Total assets | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | ||||||||||
Current liabilities | |||||||||||||||||||||
Payable to related parties | $ | — | $ | 224,281 | $ | 272,568 | $ | (493,088 | ) | $ | 3,761 | ||||||||||
Current portion of long-term financial debt | 80,000 | 12,064 | 36,967 | — | 129,031 | ||||||||||||||||
Other current liabilities | 5,701 | 51,781 | 8,471 | — | 65,953 | ||||||||||||||||
Total current liabilities | 85,701 | 288,126 | 318,006 | (493,088 | ) | 198,745 | |||||||||||||||
Noncurrent liabilities | |||||||||||||||||||||
Due to affiliates | $ | — | $ | 32,937 | $ | — | $ | (32,937 | ) | $ | — | ||||||||||
Long-term financial debt | 180,000 | 55,102 | 153,419 | — | 388,521 | ||||||||||||||||
Other noncurrent liabilities | — | 262 | 16,291 | — | 16,553 | ||||||||||||||||
Total noncurrent liabilities | 180,000 | 88,301 | 169,710 | (32,937 | ) | 405,074 | |||||||||||||||
Total liabilities | 265,701 | 376,427 | 487,716 | (526,025 | ) | 603,819 | |||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 399,751 | 117,936 | 41,146 | (159,082 | ) | 399,751 | |||||||||||||||
Noncontrolling interest | — | — | — | 6,748 | 6,748 | ||||||||||||||||
Total equity | 399,751 | 117,936 | 41,146 | (152,334 | ) | 406,499 | |||||||||||||||
Total liabilities and equity | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | ||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AT DECEMBER 31, 2011 | |||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
subsidiary | subsidiary non | adjustments | consolidated | ||||||||||||||||||
guarantors | guarantors | amounts | |||||||||||||||||||
Current assets | |||||||||||||||||||||
Receivables from related parties | $ | 297,324 | $ | 97,396 | $ | 90,116 | $ | (484,779 | ) | $ | 57 | ||||||||||
Other current assets | 3,773 | 62,079 | 40,224 | — | 106,076 | ||||||||||||||||
Total current assets | 301,097 | 159,475 | 130,340 | (484,779 | ) | 106,133 | |||||||||||||||
Noncurrent assets | |||||||||||||||||||||
Vessels and equipment, net | — | 292,458 | 379,932 | (945 | ) | 671,445 | |||||||||||||||
Investment in affiliates | 201,323 | — | 373 | (201,323 | ) | 373 | |||||||||||||||
Other noncurrent assets | 6,825 | 14,632 | 56,922 | (26,043 | ) | 52,336 | |||||||||||||||
Total noncurrent assets | 208,148 | 307,090 | 437,227 | (228,311 | ) | 724,154 | |||||||||||||||
Total assets | $ | 509,245 | $ | 466,565 | $ | 567,567 | $ | (713,090 | ) | $ | 830,287 | ||||||||||
Current liabilities | |||||||||||||||||||||
Payable to related parties | $ | — | $ | 166,005 | $ | 298,909 | $ | (463,756 | ) | $ | 1,158 | ||||||||||
Current portion of long-term financial debt | — | 5,046 | 16,458 | — | 21,504 | ||||||||||||||||
Other current liabilities | 4,948 | 31,878 | 14,400 | — | 51,226 | ||||||||||||||||
Total current liabilities | 4,948 | 202,929 | 329,767 | (463,756 | ) | 73,888 | |||||||||||||||
Noncurrent liabilities | |||||||||||||||||||||
Due to affiliates | $ | — | $ | 47,066 | $ | — | $ | (47,066 | ) | $ | — | ||||||||||
Long-term financial debt | 260,000 | 57,166 | 174,323 | — | 491,489 | ||||||||||||||||
Other noncurrent liabilities | — | 218 | 14,521 | — | 14,739 | ||||||||||||||||
Total noncurrent liabilities | 260,000 | 104,450 | 188,844 | (47,066 | ) | 506,228 | |||||||||||||||
Total liabilities | 264,948 | 307,379 | 518,611 | (510,822 | ) | 580,116 | |||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 244,297 | 159,186 | 48,956 | (208,142 | ) | 244,297 | |||||||||||||||
Noncontrolling interest | — | — | — | 5,874 | 5,874 | ||||||||||||||||
Total equity | 244,297 | 159,186 | 48,956 | (202,268 | ) | 250,171 | |||||||||||||||
Total liabilities and equity | $ | 509,245 | $ | 466,565 | $ | 567,567 | $ | (713,090 | ) | $ | 830,287 | ||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
subsidiary | subsidiary non | adjustments | consolidated | ||||||||||||||||||
guarantors | guarantors | amounts | |||||||||||||||||||
Revenues | $ | — | $ | 207,429 | $ | 140,530 | $ | (34,790 | ) | $ | 313,169 | ||||||||||
Operating expenses | — | (234,412 | ) | (138,608 | ) | 34,732 | (338,288 | ) | |||||||||||||
Operating (loss) profit | — | (26,983 | ) | 1,922 | (58 | ) | (25,119 | ) | |||||||||||||
Investment in affiliates | (49,470 | ) | — | (1,175 | ) | 49,470 | (1,175 | ) | |||||||||||||
Other (expenses) income | (14,187 | ) | (17,311 | ) | (7,941 | ) | — | (39,439 | ) | ||||||||||||
Loss before income taxes | (63,657 | ) | (44,294 | ) | (7,194 | ) | 49,412 | (65,733 | ) | ||||||||||||
Income taxes benefit (expense) | — | 3,044 | (75 | ) | — | 2,969 | |||||||||||||||
Loss from continuing operations | (63,657 | ) | (41,250 | ) | (7,269 | ) | 49,412 | (62,764 | ) | ||||||||||||
Loss from discontinued operations | — | — | — | — | — | ||||||||||||||||
Net loss | (63,657 | ) | (41,250 | ) | (7,269 | ) | 49,412 | (62,764 | ) | ||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 893 | 893 | ||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (63,657 | ) | $ | (41,250 | ) | $ | (7,269 | ) | $ | 48,519 | $ | (63,657 | ) | |||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
subsidiary | subsidiary non | adjustments | consolidated | ||||||||||||||||||
guarantors | guarantors | amounts | |||||||||||||||||||
Revenues | $ | — | $ | 208,130 | $ | 137,274 | $ | (40,922 | ) | $ | 304,482 | ||||||||||
Operating expenses | (8,490 | ) | (185,834 | ) | (131,638 | ) | 40,864 | (285,098 | ) | ||||||||||||
Operating (loss) profit | (8,490 | ) | 22,296 | 5,636 | (58 | ) | 19,384 | ||||||||||||||
Investment in affiliates | (7,886 | ) | — | (1,073 | ) | 7,886 | (1,073 | ) | |||||||||||||
Other (expenses) income | (2,429 | ) | (25,378 | ) | (10,476 | ) | — | (38,283 | ) | ||||||||||||
Loss before income taxes | (18,805 | ) | (3,082 | ) | (5,913 | ) | 7,828 | (19,972 | ) | ||||||||||||
Income taxes benefit (expense) | — | 1,060 | 677 | — | 1,737 | ||||||||||||||||
Loss from continuing operations | (18,805 | ) | (2,022 | ) | (5,236 | ) | 7,828 | (18,235 | ) | ||||||||||||
Loss from discontinued operations | — | — | — | — | — | ||||||||||||||||
Net loss | (18,805 | ) | (2,022 | ) | (5,236 | ) | 7,828 | (18,235 | ) | ||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 570 | 570 | ||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (18,805 | ) | $ | (2,022 | ) | $ | (5,236 | ) | $ | 7,258 | $ | (18,805 | ) | |||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
subsidiary | subsidiary non | adjustments | consolidated | ||||||||||||||||||
guarantors | guarantors | amounts | |||||||||||||||||||
Revenues | $ | — | $ | 154,326 | $ | 119,193 | $ | (43,074 | ) | $ | 230,445 | ||||||||||
Operating expenses | (8,332 | ) | (137,862 | ) | (108,549 | ) | 43,016 | (211,727 | ) | ||||||||||||
Operating (loss) profit | (8,332 | ) | 16,464 | 10,644 | (58 | ) | 18,718 | ||||||||||||||
Investment in affiliates | 8,153 | -1 | — | (341 | ) | (8,153 | ) | (341 | ) | ||||||||||||
Other (expenses) income | (5,192 | ) | (2,406 | ) | (8,821 | ) | — | (16,419 | ) | ||||||||||||
(Loss) income before income taxes | (5,371 | ) | 14,058 | 1,482 | (8,211 | ) | 1,958 | ||||||||||||||
Income taxes benefit (expense) | — | 486 | (6,849 | ) | — | (6,363 | ) | ||||||||||||||
(Loss) income from continuing operations | (5,371 | ) | 14,544 | (5,367 | ) | (8,211 | ) | (4,405 | ) | ||||||||||||
Loss from discontinued operations | — | — | (515 | ) | — | (515 | ) | ||||||||||||||
Net (loss) income | (5,371 | ) | 14,544 | (5,882 | ) | (8,211 | ) | (4,920 | ) | ||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 451 | 451 | ||||||||||||||||
Net (loss) income attributable to Ultrapetrol (Bahamas) Limited | $ | (5,371 | ) | $ | 14,544 | $ | (5,882 | ) | $ | (8,662 | ) | $ | (5,371 | ) | |||||||
__________________ | |||||||||||||||||||||
-1 | Includes a loss of $ 515 related to discontinued operations. | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
subsidiary | subsidiary non | adjustments | consolidated | ||||||||||||||||||
guarantors | guarantors | amounts | |||||||||||||||||||
Net loss | $ | (62,764 | ) | $ | (41,250 | ) | $ | (6,376 | ) | $ | 47,626 | $ | (62,764 | ) | |||||||
Loss from discontinued operations | — | — | — | — | — | ||||||||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 51,532 | 16,695 | 38,228 | (47,626 | ) | 58,829 | |||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (11,232 | ) | (24,555 | ) | 31,852 | — | (3,935 | ) | |||||||||||||
Net cash (used in) operating activities from discontinued operations | — | — | — | — | — | ||||||||||||||||
Net cash (used in) provided by operating activities | (11,232 | ) | (24,555 | ) | 31,852 | — | (3,935 | ) | |||||||||||||
Intercompany sources | (10,019 | ) | 43,839 | (16,697 | ) | (17,123 | ) | — | |||||||||||||
Non-subsidiary sources | — | (15,507 | ) | (17,006 | ) | — | (32,513 | ) | |||||||||||||
Net cash (used in) provided by investing activities | (10,019 | ) | 28,332 | (33,703 | ) | (17,123 | ) | (32,513 | ) | ||||||||||||
Intercompany sources | — | (17,123 | ) | — | 17,123 | — | |||||||||||||||
Non-subsidiary sources | 219,122 | 4,747 | 698 | — | 224,567 | ||||||||||||||||
Net cash (used in) provided by financing activities | 219,122 | (12,376 | ) | 698 | 17,123 | 224,567 | |||||||||||||||
Net increase (decrease) in cash and cash | $ | 197,871 | $ | (8,599 | ) | $ | (1,153 | ) | $ | — | $ | 188,119 | |||||||||
equivalents | |||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
subsidiary | subsidiary non | adjustments | consolidated | ||||||||||||||||||
guarantors | guarantors | amounts | |||||||||||||||||||
Net loss | $ | (18,235 | ) | $ | (2,022 | ) | $ | (4,666 | ) | $ | 6,688 | $ | (18,235 | ) | |||||||
Loss from discontinued operations | — | — | — | — | — | ||||||||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 12,134 | 18,755 | 8,806 | (6,688 | ) | 33,007 | |||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (6,101 | ) | 16,733 | 4,140 | — | 14,772 | |||||||||||||||
Net cash (used in) operating activities from discontinued operations | — | — | (15 | ) | — | (15 | ) | ||||||||||||||
Net cash (used in) provided by operating activities | (6,101 | ) | 16,733 | 4,125 | — | 14,757 | |||||||||||||||
Intercompany sources | (17,947 | ) | (1,322 | ) | (6,774 | ) | 26,043 | — | |||||||||||||
Non-subsidiary sources | — | (46,828 | ) | (51,035 | ) | — | (97,863 | ) | |||||||||||||
Net cash (used in) investing activities | (17,947 | ) | (48,150 | ) | (57,809 | ) | 26,043 | (97,863 | ) | ||||||||||||
Intercompany sources | — | 31,543 | (5,500 | ) | (26,043 | ) | — | ||||||||||||||
Non-subsidiary sources | (15,000 | ) | 13,395 | 13,237 | — | 11,632 | |||||||||||||||
Net cash (used in) provided by financing activities | (15,000 | ) | 44,938 | 7,737 | (26,043 | ) | 11,632 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | (39,048 | ) | $ | 13,521 | $ | (45,947 | ) | $ | — | $ | (71,474 | ) | ||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
subsidiary | subsidiary non | adjustments | consolidated | ||||||||||||||||||
guarantors | guarantors | amounts | |||||||||||||||||||
Net (loss) income | $ | (4,920 | ) | $ | 14,544 | $ | (5,431 | ) | $ | (9,113 | ) | $ | (4,920 | ) | |||||||
Loss from discontinued operations | — | — | 515 | — | 515 | ||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities from continuing operations | (1,601 | ) | 31,076 | (13,339 | ) | 9,113 | 25,249 | ||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (6,521 | ) | 45,620 | (18,255 | ) | — | 20,844 | ||||||||||||||
Net cash (used in) operating activities from discontinued operations | — | — | (1,950 | ) | — | (1,950 | ) | ||||||||||||||
Net cash (used in) provided by operating activities | (6,521 | ) | 45,620 | (20,205 | ) | — | 18,894 | ||||||||||||||
Intercompany sources | (60,822 | ) | (16,189 | ) | — | 77,011 | — | ||||||||||||||
Non-subsidiary sources | — | (38,088 | ) | (18,001 | ) | — | (56,089 | ) | |||||||||||||
Net cash (used in) investing activities from continuing operations | (60,822 | ) | (54,277 | ) | (18,001 | ) | 77,011 | (56,089 | ) | ||||||||||||
Net cash provided by investing activities from discontinued operations | — | — | 1,950 | — | 1,950 | ||||||||||||||||
Net cash (used in) investing activities | (60,822 | ) | (54,277 | ) | (16,051 | ) | 77,011 | (54,139 | ) | ||||||||||||
Intercompany sources | — | 1,354 | 75,657 | (77,011 | ) | — | |||||||||||||||
Non-subsidiary sources | 75,281 | (1,568 | ) | 13,901 | — | 87,614 | |||||||||||||||
Net cash provided by financing activities | 75,281 | (214 | ) | 89,558 | (77,011 | ) | 87,614 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 7,938 | $ | (8,871 | ) | $ | 53,302 | $ | — | $ | 52,369 | ||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES - 10Q (Policies) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ||||||||||||||||||||
Basis of presentation and principles of consolidation | ' | ' | ||||||||||||||||||||
a) | Basis of presentation and principles of consolidation | |||||||||||||||||||||
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for interim financial information. The consolidated balance sheet at December 31, 2012, has been derived from the audited financial statement at that date. The unaudited condensed consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements. All adjustments which, in the opinion of the management of the Company, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal, recurring nature and have been reflected in the unaudited condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full fiscal year or for any future period. | ||||||||||||||||||||||
These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company's Annual Report on Form 20-F for the year ended December 31, 2012. | ||||||||||||||||||||||
The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries, both majority and wholly owned. Significant intercompany accounts and transactions have been eliminated in this consolidation. Investments in 50% or less owned affiliates, in which the Company exercises significant influence, are accounted for by the equity method. | ||||||||||||||||||||||
The Company uses the U.S. dollar as its functional currency. Receivables and payables denominated in foreign currencies are translated into U.S. dollars at the rate of exchange at the balance sheet date, while revenues and expenses are translated using the average exchange rate for each month. Certain subsidiaries enter into transactions denominated in currencies other than their functional currency. Changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in the unaudited condensed consolidated statement of operations in the period in which the currency exchange rate changes. | ||||||||||||||||||||||
During the six-month period ended June 30, 2013, the Company performed through its subsidiaries several transactions at different exchanges rates between local currencies and U.S. dollars. Pursuant to ASC 830, these transactions when measured at the particular applicable exchange rate at which they were settled result in foreign currency exchange gains amounting to $15,200 in the unaudited condensed consolidated statement of operations for the six-month period ended June 30, 2013. | ||||||||||||||||||||||
Income (Loss) per share attributable to Ultrapetrol (Bahamas) Limited | ' | ' | ||||||||||||||||||||
b) | Income (Loss) per share attributable to Ultrapetrol (Bahamas) Limited | u)Â Â | Loss per share | |||||||||||||||||||
Basic income (loss) per share attributable to Ultrapetrol (Bahamas) Limited is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the relevant periods net of shares held in treasury. Diluted income (loss) per share attributable to Ultrapetrol (Bahamas) Limited reflects the potential dilution that could occur if securities or other contracts to issue common shares result in the issuance of such shares. In determining dilutive shares for this purpose the Company assumes, through the application of the treasury stock and if-converted methods, all restricted stock grants have vested, all common shares have been issued pursuant to the exercise of all outstanding stock options and all common shares have been issued pursuant to the conversion of all outstanding convertible notes. | Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the relevant periods net of shares held in treasury.  Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common shares result in the issuance of such shares.  In determining dilutive shares for this purpose the Company assumes, through the application of the treasury stock and if-converted methods, all restricted stock grants have vested, all common shares have been issued pursuant to the exercise of all outstanding stock options and all common shares have been issued pursuant to the conversion of all outstanding convertible notes. | |||||||||||||||||||||
For the six-month period ended June 30, 2012, the Company had a net loss and therefore the effect of potentially dilutive securities was antidilutive. | For the three years in the period ended December 31, 2012, the Company had a net loss from continuing operations and therefore the effect of potentially dilutive securities was antidilutive. | |||||||||||||||||||||
The following outstanding equity awards are not included in the diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited calculation because they would have had an antidilutive effect: | The following outstanding equity awards are not included in the diluted net loss per share calculation because they would have had an antidilutive effect: | |||||||||||||||||||||
For the six month periods | For the years ended December 31, | |||||||||||||||||||||
ended June 30, (unaudited) | 2012 | 2011 | 2010 | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Stock options | 459,000 | 349,000 | 349,000 | |||||||||||||||||||
Stock options | 348,750 | 348,750 | Restricted stock | 329,000 | 705,000 | 520,000 | ||||||||||||||||
Restricted stock | - | 680,000 | Convertible debt | 13,051,000 | 13,051,000 | 13,051,000 | ||||||||||||||||
Convertible debt | - | 13,051,000 | Total | 13,839,000 | 14,105,000 | 13,920,000 | ||||||||||||||||
Total | 348,750 | 14,079,750 | The following table sets forth the computation of basic and diluted loss per share attributable to Ultrapetrol (Bahamas) Limited. | |||||||||||||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited: | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
For the six month periods | 2012 | 2011 | 2010 | |||||||||||||||||||
ended June 30, (unaudited) | ||||||||||||||||||||||
2013 | 2012 | Loss from continuing operations | $ | (63,657 | ) | $ | (18,805 | ) | $ | (4,856 | ) | |||||||||||
Loss from discontinued operations | - | - | (515 | ) | ||||||||||||||||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $ | 7,632 | $ | (19,217 | ) | Net loss | $ | (63,657 | ) | $ | (18,805 | ) | $ | (5,371 | ) | |||||||
Basic weighted average number of shares | 140,092,934 | 29,568,622 | For the years ended December 31, | |||||||||||||||||||
Effect on dilutive shares-- Options and restricted stock | 182,858 | - | 2012 | 2011 | 2010 | |||||||||||||||||
Diluted weighted average number of shares | 140,275,792 | 29,568,622 | Basic and diluted weighted average number of shares | 35,382,913 | 29,547,365 | 29,525,025 | ||||||||||||||||
Basic and diluted income (loss) per share attributable to Ultrapetrol (Bahamas) Limited | $ | 0.05 | $ | (0.65 | ) | Basic and diluted loss per share: | ||||||||||||||||
From continuing operations | $ | (1.80 | ) | $ | (0.64 | ) | $ | (0.16 | ) | |||||||||||||
From discontinued operations | - | - | (0.02 | ) | ||||||||||||||||||
$ | (1.80 | ) | $ | (0.64 | ) | $ | (0.18 | ) | ||||||||||||||
Comprehensive income (loss) | ' | ' | ||||||||||||||||||||
c) | Comprehensive income (loss) | s)Â Â | Comprehensive loss | |||||||||||||||||||
The components of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets were as follows: | The components of accumulated other comprehensive loss in the consolidated balance sheets were as follows: | |||||||||||||||||||||
At June | At December | At December 31, | ||||||||||||||||||||
30, 2013 | 31, 2012 | 2012 | 2011 | |||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,958 | ) | $ | (1,727 | ) | ||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,482 | ) | $ | (1,958 | ) | Unrealized net losses on interest rate swaps | (803 | ) | (482 | ) | |||||||||||
Unrealized net losses on interest rate swap | (190 | ) | (803 | ) | Unrealized net gains on EURO hedge | 137 | 145 | |||||||||||||||
Unrealized net gains on EURO hedge | 132 | 137 | Accumulated other comprehensive loss | (2,624 | ) | (2,064 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) | (1,540 | ) | (2,624 | ) | ||||||||||||||||||
Amounts attributable to noncontrolling interest | (46 | ) | (27 | ) | ||||||||||||||||||
Amounts attributable to noncontrolling interest | (12 | ) | (46 | ) | Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (2,578 | ) | $ | (2,037 | ) | |||||||||||
Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (1,528 | ) | $ | (2,578 | ) | At December 31, 2012, the Company expects that it will reclassify $996 of net losses on interest rate collar and interest rate swaps from accumulated other comprehensive loss to earnings during the next twelve months related to the payments of interest of our variable interest rate debt that will affect earnings for 2013. |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ||||||||||||||||||||
Basis of presentation and principles of consolidation | ' | ' | ||||||||||||||||||||
a)Â Â | Basis of presentation and principles of consolidation | |||||||||||||||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). | ||||||||||||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries, both majority and wholly owned. Significant intercompany accounts and transactions have been eliminated in this consolidation.  Investments in 50% or less owned affiliates, in which the Company exercises significant influence, are accounted for by the equity method. | ||||||||||||||||||||||
Estimates | ' | ' | ||||||||||||||||||||
b)Â Â | Estimates | |||||||||||||||||||||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the years.  Significant estimates have been made by management, including the allowance for doubtful accounts, insurance claims receivable, useful lives and valuation of vessels, hedge accounting, recoverability of tangible and intangible assets and certain accrued liabilities.  Actual results may differ from those estimates. | ||||||||||||||||||||||
Revenues and related expenses | ' | ' | ||||||||||||||||||||
c)Â Â | Revenues and related expenses | |||||||||||||||||||||
Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, prices are fixed or determinable and collection is reasonably assured. | ||||||||||||||||||||||
The primary source of the Company's revenue, freight transportation by river barges, ocean-going vessels or PSVs, is recognized based on time charters, bareboat charters, consecutive voyage charters or affreightment / voyage contracts. | ||||||||||||||||||||||
Revenue from time charters and bareboat charters is earned and recognized on a daily basis.  Revenue from affreightment / voyage contracts and consecutive voyage charters is recognized based upon the percentage of voyage completion.  In our River Business, a voyage is deemed to commence upon the departure of the discharged barge of the previous voyage and is deemed to end upon the completion of discharge of the current voyage.  The percentage of voyage completion is based on the miles transited at the balance sheet date divided by the total miles expected for the voyage.  The position of the barge at the balance sheet date is determined by locating the position of the pushboat with the barge in tow through the use of a global positioning system ("GPS"). | ||||||||||||||||||||||
The Company does not begin recognizing revenue if the charter agreement has not been entered into with the customer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. | ||||||||||||||||||||||
Demurrage income represents charges made to the charterer when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned. | ||||||||||||||||||||||
The recognition of revenue due to shortfalls on take or pay contracts occurs at the end of each declaration period. A declaration period is defined as the time period in which the contract volume obligation was to be met. If the volume was not met during that time period, then the amount of billable revenue resulting from the failure to perform will be calculated and recognized as it is billed. | ||||||||||||||||||||||
Vessel voyage costs, primarily consisting of port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements.  The commissions paid in advance are deferred and amortized over the related voyage charter period to the extent commissions are earned as the Company's revenues are earned.  Bunker expenses are capitalized when acquired as operating supplies and subsequently charged to voyage expenses as consumed.  All other voyage expenses and other vessel operating expenses are expensed as incurred. | ||||||||||||||||||||||
From time to time we provide ship salvage services under Lloyd's Standard Form of Salvage Agreement ("LOF"). The Company recognizes costs as incurred on these LOF services.  Revenue is recorded at the time the LOF settlement or arbitration award occurs.  In those cases where a minimum salvage remuneration is guaranteed or determined by contract then such minimum amount is recognized in revenue when services are rendered. | ||||||||||||||||||||||
In its River Business the Company uses the completed contract method for river barges built which typically have construction periods of 30 days or less. Contracts are considered complete when title has passed, the customer has technically accepted the river barges and the Company does not retain risks or rewards of ownership of the river barges. Losses are accrued if manufacturing costs are expected to exceed manufacturing contract revenue. | ||||||||||||||||||||||
Manufacturing expenses are primarily comprised of steel cost, which is the largest component of our raw materials, and the cost of labor. | ||||||||||||||||||||||
The Company accounts for multiple element arrangements, in accordance with ASC 605-25.  For such transactions, revenue on arrangements that include multiple elements is allocated to each element based on the relative fair value of each element, and fair value is determined by vendor-specific objective evidence of fair value (VSOE). | ||||||||||||||||||||||
Foreign currency translation | ' | ' | ||||||||||||||||||||
d)Â Â | Foreign currency translation | |||||||||||||||||||||
The Company uses the US dollar as its functional currency.  Receivables and payables denominated in foreign currencies are translated into US dollars at the rate of exchange at the balance sheet date, while revenues and expenses are translated using the average exchange rate for each month. | ||||||||||||||||||||||
Certain subsidiaries enter into transactions denominated in currencies other than their functional currency.  Changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in the consolidated statements of operations in the period in which the currency exchange rate changes. | ||||||||||||||||||||||
Cash and cash equivalents | ' | ' | ||||||||||||||||||||
e)Â Â | Cash and cash equivalents | |||||||||||||||||||||
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.  Cash equivalents consist of money market instruments and interest-bearing deposits.  The credit risk associated with cash and cash equivalents is considered to be low due to the high credit quality of the financial institutions with which the Company operates. | ||||||||||||||||||||||
Restricted cash | ' | ' | ||||||||||||||||||||
f)Â Â | Restricted cash | |||||||||||||||||||||
Certain of the Company's loan agreements require the Company to fund:Â Â (a) a loan retention account equivalent to the next loan installment (depending on the frequency of the repayment elected by the Company, i.e. quarterly or semi annually) plus interest which is used to fund the loan installments coming due, (b) a drydocking account which is restricted for use and can only be used for the purpose of paying for drydocking or special survey expenses and (c) cash deposits required as collateral with certain banks under the Company's borrowing arrangements. | ||||||||||||||||||||||
Accounts receivable | ' | ' | ||||||||||||||||||||
g)Â Â | Accounts receivable | |||||||||||||||||||||
Most of the Company's accounts receivable are due from international oil companies, international grainhouses, traders and mining companies.  The Company performs ongoing credit evaluations of its trade customers and generally does not require collateral. The Company routinely reviews its accounts receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Trade receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. | ||||||||||||||||||||||
Accounts receivable from one customer of Ultrapetrol Ocean and Offshore Supply Business accounted for 27% of total consolidated accounts receivable as of December 31, 2012. | ||||||||||||||||||||||
Accounts receivable from one customer of Ultrapetrol Ocean and Offshore Supply Business accounted for 24% and one customer of Ultrapetrol River Business accounted for 17% of total consolidated accounts receivable as of December 31, 2011. | ||||||||||||||||||||||
Changes in the allowance for doubtful accounts for the three years ended December 31, 2012, were as follow: | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Balance at January 1 | $ | 841 | $ | 555 | $ | 411 | ||||||||||||||||
Provision | 1,559 | 598 | 377 | |||||||||||||||||||
Recovery | (293 | ) | - | (18 | ) | |||||||||||||||||
Amounts written off (1) | (191 | ) | (312 | ) | (215 | ) | ||||||||||||||||
Balance at December 31 | $ | 1,916 | $ | 841 | $ | 555 | ||||||||||||||||
(1)Â Â | Accounts charged to the allowance when collection efforts cease. | |||||||||||||||||||||
Concentrations of credit risk | ' | ' | ||||||||||||||||||||
h)Â Â | Concentrations of credit risk | |||||||||||||||||||||
The Company is exposed to concentrations of credit risk associated with its cash and cash equivalents, restricted cash and derivative instruments. The Company minimizes its credit risk relating to these positions by monitoring the financial condition of the financial institutions and counterparties involved and by primarily conducting business with large, well-established financial institutions and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its significant counterparties. The Company is also exposed to concentrations of credit risk relating to its receivables due from customers in the industries in which operates. The Company does not generally require collateral or other security to support its outstanding receivables. The Company minimizes its credit risk relating to receivables by performing ongoing credit evaluations and, to date, credit losses have not been material. | ||||||||||||||||||||||
Insurance claims receivable | ' | ' | ||||||||||||||||||||
i)Â Â | Insurance claims receivable | |||||||||||||||||||||
Insurance claims receivable comprise claims submitted relating to hull and machinery (H&M), protection and indemnity (P&I), loss of hire (LOH) and strike insurance coverage.  They are recorded when the recovery of an insurance claim is probable.  Deductible amounts related to covered incidents are expensed in the period of occurrence of the incident.  The credit risk associated with insurance claims receivable is considered low due to the high credit quality and funded status of the insurance underwriters and P&I clubs in which the Company is either a client or a member.  Insurance claims receivable, included in other receivables in the accompanying balance sheets, amounts to $6,017 and $4,531 at December 31, 2012 and 2011, respectively. | ||||||||||||||||||||||
Operating supplies and inventories | ' | ' | ||||||||||||||||||||
j)Â Â | Operating supplies and inventories | |||||||||||||||||||||
Operating supplies and inventories are carried at the lower of cost or market and consist of the following: | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
River barges in progress and raw material related to barge production for sale to third parties | $ | 10,019 | $ | - | ||||||||||||||||||
Fuel and supplies | 3,619 | 4,520 | ||||||||||||||||||||
$ | 13,638 | $ | 4,520 | |||||||||||||||||||
Vessels and equipment, net | ' | ' | ||||||||||||||||||||
k)Â Â | Vessels and equipment, net | |||||||||||||||||||||
Vessels and equipment are stated at cost less accumulated depreciation.  This cost includes the purchase price and all directly attributable costs (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods).  Subsequent expenditures for conversions renewals or major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the safety of the vessels. | ||||||||||||||||||||||
New barges built for the River Business segment in our own shipyard in Punta Alvear, Argentina are capitalized at cost. | ||||||||||||||||||||||
Depreciation is computed net of the estimated scrap value which is equal to the product of each vessel's lightweight tonnage and estimated scrap value per lightweight ton and is recorded using the straight-line method over the estimated useful lives of the vessels.  Acquired secondhand vessels are depreciated from the date of their acquisition over the remaining estimated useful life. | ||||||||||||||||||||||
From time to time, the Company acquires vessels which have already exceeded the Company's useful life policy, in which case the Company depreciates such vessels based on its best estimate of such vessel's remaining useful life, typically until the next survey or certification date. | ||||||||||||||||||||||
Improvements to leased property are amortized over the shorter of their economic life or the respective lease term. | ||||||||||||||||||||||
The estimated useful life of each of the Company's major categories of assets is as follows: | ||||||||||||||||||||||
Useful life | ||||||||||||||||||||||
(in years) | ||||||||||||||||||||||
Ocean-going vessels | 24 to 27 | |||||||||||||||||||||
PSVs | 24 | |||||||||||||||||||||
River barges and push boats | 35 | |||||||||||||||||||||
Buildings | 20 to 30 | |||||||||||||||||||||
Furniture and equipment | 5 to 15 | |||||||||||||||||||||
However, when regulations place limitations over the ability of a vessel to trade, its useful life is adjusted to end at the date such regulations become effective. Currently, these regulations do not affect any of our vessels. | ||||||||||||||||||||||
At the time vessels are disposed of, the assets and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recorded in other operating income. | ||||||||||||||||||||||
Long-lived assets are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.  If the sum of the expected future undiscounted cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying value of the asset.  The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the Company determines undiscounted projected net operating cash flows for each vessel in the Ocean and Offshore Supply Business and as a fleet in the River Business and compares them to their carrying value. The cash flow period is based on the remaining lives of the vessels or the fleet, which range from 4 to 24 years.  The projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days. The Company estimates the daily time charter equivalent for the unfixed days based on the historical average for similar vessels and utilizing available market data for time charter and spot market rates and forward freight agreements over the remaining estimated life of the vessel, net of brokerage commissions, expected outflows for assets' maintenance and assets' operating expenses (including planned drydocking and special survey expenditures),  and fleet utilization ranging from 93% to 99%. The salvage value used in the impairment test is estimated in $405 (four hundred and five U.S. dollars) per light weight ton (LWT) in accordance with the Company's assets' depreciation policy. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. Charter rates may remain at depressed levels for some time which could adversely affect the Company's revenue and profitability, and future assessments of asset impairment. As a result of the impairment review, the Company determined that the carrying amounts of its assets were recoverable, and therefore, concluded that no impairment loss was necessary for 2010, 2011 and 2012, except for the charge described below. | ||||||||||||||||||||||
During the year ended December 31, 2012, the Company recorded an impairment charge totaling $16,000 to write down the carrying amount of its product tanker M/V Amadeo to its estimated fair value. The write down was as a consequence of the level of distress in the tanker market, and its high operational costs. | ||||||||||||||||||||||
Dry dock costs | ' | ' | ||||||||||||||||||||
l)Â Â | Dry dock costs | |||||||||||||||||||||
The Company's vessels must be periodically drydocked and pass inspections to maintain their operating classification, as mandated by maritime regulations.  Costs incurred to drydock a vessel / pushboat are deferred and amortized using the straight-line method over the period to the next drydock, generally 24 to 36 months.  Drydocking costs incurred are comprised of: painting the vessel's hull and sides, recoating cargo and fuel tanks, and performing other engine and equipment maintenance activities to bring the vessel into compliance with classification standards.  The unamortized portion of dry dock costs for vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel's sale. | ||||||||||||||||||||||
Expenditures for maintenance and minor repairs are expensed as incurred. | ||||||||||||||||||||||
Investments in affiliates | ' | ' | ||||||||||||||||||||
m)Â Â | Investments in affiliates | |||||||||||||||||||||
These investments are accounted for by the equity method. At December 31, 2012 and 2011 and for each of the three years in the period ended December 31, 2012, this includes our interest in 50% of Obras Terminales y Servicios S.A. ("OTS S.A.") and in 49% of MarÃtima Sipsa S.A. | ||||||||||||||||||||||
At December 31, 2011 and for the years ended December 31, 2011 and 2010 it also includes our interest in 50% of Puertos del Sur S.A. As described in Note 4, during 2012 the Company purchased the other 50% of Puertos del Sur S.A. | ||||||||||||||||||||||
Identifiable intangible assets | ' | ' | ||||||||||||||||||||
n)Â Â | Identifiable intangible assets | |||||||||||||||||||||
The Company's intangible assets arose as a result of the Ravenscroft acquisition in 2006, and consist principally of a safety management system which is being amortized over its useful life of eight years using the straight-line method. | ||||||||||||||||||||||
Accumulated amortization at December 31, 2012 and 2011 amounted to $1,181 and $1,006, respectively and amortization for the three years in the period ended December 31, 2012 amounted to $175, $175 and $305, respectively.  Amortization of intangible assets for the five years subsequent to December 31, 2012 is expected to be $175 in 2013 and $44 in 2014. | ||||||||||||||||||||||
Goodwill | ' | ' | ||||||||||||||||||||
o)Â Â | Goodwill | |||||||||||||||||||||
Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired.  The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests.  The Company's impairment review process compares the fair value of the reporting unit to its carrying value, including the goodwill related to the reporting unit.  To determine the fair value of the reporting unit, the Company uses a discounted future cash flow ("DCF") approach that uses estimates for revenue, costs and appropriate discount rates, among others.  These various estimates are reviewed each time the Company tests goodwill for impairment and many are developed as part of the Company's routine business planning and forecasting process.  The Company believes its estimates and assumptions are reasonable; however, variations from those estimates could produce materially different results. | ||||||||||||||||||||||
Other assets | ' | ' | ||||||||||||||||||||
p)Â Â | Other assets | |||||||||||||||||||||
This account corresponds to costs incurred to issue debt net of amortization costs, which are being amortized over the term of the debt using the effective interest rate method.  Any unamortized balance of costs relating to debt repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding debt modifications and extinguishment.  Amortization for debt issuance expense for the three years in the period ended December 31, 2012 totaled $2,217; $2,323 and $1,340, respectively, and is included in financial expense in the accompanying consolidated statements of operations. | ||||||||||||||||||||||
Accounts payable | ' | ' | ||||||||||||||||||||
q)Â Â | Accounts payable | |||||||||||||||||||||
Accounts payable at December 31, 2012 and 2011 consists of insurance premium payables, operating expenses, among others. | ||||||||||||||||||||||
Deferred gains -- River barges sale-leaseback transactions | ' | ' | ||||||||||||||||||||
r)Â Â | Deferred gains -- River barges sale-leaseback transactions | |||||||||||||||||||||
The Company has entered into a river barges sale-leaseback transaction (Note 15) with a finance company.  Gains are deferred to the extent of the present value of future minimum lease payments and are amortized as reductions to rental expense over the applicable lease term.  Deferred gains activity related to these transactions for the year ended December 31, 2012 is as follows: | ||||||||||||||||||||||
Balance at beginning of year | $ | - | ||||||||||||||||||||
Deferred gains arising from sales | 2,116 | |||||||||||||||||||||
Amortization of deferred gains included in operating expenses as reduction to rental expense | (30 | ) | ||||||||||||||||||||
Balance at end of the year | $ | 2,086 | ||||||||||||||||||||
Comprehensive loss | ' | ' | ||||||||||||||||||||
c) | Comprehensive income (loss) | s)Â Â | Comprehensive loss | |||||||||||||||||||
The components of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets were as follows: | The components of accumulated other comprehensive loss in the consolidated balance sheets were as follows: | |||||||||||||||||||||
At June | At December | At December 31, | ||||||||||||||||||||
30, 2013 | 31, 2012 | 2012 | 2011 | |||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,958 | ) | $ | (1,727 | ) | ||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,482 | ) | $ | (1,958 | ) | Unrealized net losses on interest rate swaps | (803 | ) | (482 | ) | |||||||||||
Unrealized net losses on interest rate swap | (190 | ) | (803 | ) | Unrealized net gains on EURO hedge | 137 | 145 | |||||||||||||||
Unrealized net gains on EURO hedge | 132 | 137 | Accumulated other comprehensive loss | (2,624 | ) | (2,064 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) | (1,540 | ) | (2,624 | ) | ||||||||||||||||||
Amounts attributable to noncontrolling interest | (46 | ) | (27 | ) | ||||||||||||||||||
Amounts attributable to noncontrolling interest | (12 | ) | (46 | ) | Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (2,578 | ) | $ | (2,037 | ) | |||||||||||
Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (1,528 | ) | $ | (2,578 | ) | At December 31, 2012, the Company expects that it will reclassify $996 of net losses on interest rate collar and interest rate swaps from accumulated other comprehensive loss to earnings during the next twelve months related to the payments of interest of our variable interest rate debt that will affect earnings for 2013. | |||||||||||||||
Derivative financial instruments | ' | ' | ||||||||||||||||||||
t)Â Â | Derivative financial instruments | |||||||||||||||||||||
The Company from time to time uses derivative financial instruments to reduce risk from foreign currency fluctuations, changes in spot market rates for oceangoing vessels, changes in interest rate and changes in bunker fuel prices. | ||||||||||||||||||||||
The Company recognizes all of its derivative instruments as either assets or liabilities in the balance sheet at fair value.  The accounting for changes in the fair value (i.e., gains or losses) of a derivative financial instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. | ||||||||||||||||||||||
For derivative financial instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative financial instrument is reported as a component of other comprehensive loss and reclassified into earnings in the same line item associated with the hedged transaction in the same period or periods during which the hedged transaction affects earnings.  The ineffective portion of a derivative's change in fair value is immediately recognized in income. | ||||||||||||||||||||||
Derivative financial instruments that are not designated as hedges for accounting purposes are adjusted to fair value through income. | ||||||||||||||||||||||
Loss per share | ' | ' | ||||||||||||||||||||
b) | Income (Loss) per share attributable to Ultrapetrol (Bahamas) Limited | u)Â Â | Loss per share | |||||||||||||||||||
Basic income (loss) per share attributable to Ultrapetrol (Bahamas) Limited is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the relevant periods net of shares held in treasury. Diluted income (loss) per share attributable to Ultrapetrol (Bahamas) Limited reflects the potential dilution that could occur if securities or other contracts to issue common shares result in the issuance of such shares. In determining dilutive shares for this purpose the Company assumes, through the application of the treasury stock and if-converted methods, all restricted stock grants have vested, all common shares have been issued pursuant to the exercise of all outstanding stock options and all common shares have been issued pursuant to the conversion of all outstanding convertible notes. | Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the relevant periods net of shares held in treasury.  Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common shares result in the issuance of such shares.  In determining dilutive shares for this purpose the Company assumes, through the application of the treasury stock and if-converted methods, all restricted stock grants have vested, all common shares have been issued pursuant to the exercise of all outstanding stock options and all common shares have been issued pursuant to the conversion of all outstanding convertible notes. | |||||||||||||||||||||
For the six-month period ended June 30, 2012, the Company had a net loss and therefore the effect of potentially dilutive securities was antidilutive. | For the three years in the period ended December 31, 2012, the Company had a net loss from continuing operations and therefore the effect of potentially dilutive securities was antidilutive. | |||||||||||||||||||||
The following outstanding equity awards are not included in the diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited calculation because they would have had an antidilutive effect: | The following outstanding equity awards are not included in the diluted net loss per share calculation because they would have had an antidilutive effect: | |||||||||||||||||||||
For the six month periods | For the years ended December 31, | |||||||||||||||||||||
ended June 30, (unaudited) | 2012 | 2011 | 2010 | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Stock options | 459,000 | 349,000 | 349,000 | |||||||||||||||||||
Stock options | 348,750 | 348,750 | Restricted stock | 329,000 | 705,000 | 520,000 | ||||||||||||||||
Restricted stock | - | 680,000 | Convertible debt | 13,051,000 | 13,051,000 | 13,051,000 | ||||||||||||||||
Convertible debt | - | 13,051,000 | Total | 13,839,000 | 14,105,000 | 13,920,000 | ||||||||||||||||
Total | 348,750 | 14,079,750 | The following table sets forth the computation of basic and diluted loss per share attributable to Ultrapetrol (Bahamas) Limited. | |||||||||||||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited: | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
For the six month periods | 2012 | 2011 | 2010 | |||||||||||||||||||
ended June 30, (unaudited) | ||||||||||||||||||||||
2013 | 2012 | Loss from continuing operations | $ | (63,657 | ) | $ | (18,805 | ) | $ | (4,856 | ) | |||||||||||
Loss from discontinued operations | - | - | (515 | ) | ||||||||||||||||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $ | 7,632 | $ | (19,217 | ) | Net loss | $ | (63,657 | ) | $ | (18,805 | ) | $ | (5,371 | ) | |||||||
Basic weighted average number of shares | 140,092,934 | 29,568,622 | For the years ended December 31, | |||||||||||||||||||
Effect on dilutive shares-- Options and restricted stock | 182,858 | - | 2012 | 2011 | 2010 | |||||||||||||||||
Diluted weighted average number of shares | 140,275,792 | 29,568,622 | Basic and diluted weighted average number of shares | 35,382,913 | 29,547,365 | 29,525,025 | ||||||||||||||||
Basic and diluted income (loss) per share attributable to Ultrapetrol (Bahamas) Limited | $ | 0.05 | $ | (0.65 | ) | Basic and diluted loss per share: | ||||||||||||||||
From continuing operations | $ | (1.80 | ) | $ | (0.64 | ) | $ | (0.16 | ) | |||||||||||||
From discontinued operations | - | - | (0.02 | ) | ||||||||||||||||||
$ | (1.80 | ) | $ | (0.64 | ) | $ | (0.18 | ) | ||||||||||||||
Stock compensation | ' | ' | ||||||||||||||||||||
v)Â Â | Stock compensation | |||||||||||||||||||||
Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award, and is recognized as expense over the employee's service period, which is generally the vesting period of the equity grant. The fair value of performance based restricted common stock awards that are probable of being earned is expensed over the performance periods as the awards vest.  The Company does not estimate forfeitures in its expense calculations as forfeiture history has been minor. | ||||||||||||||||||||||
Other operating income, net | ' | ' | ||||||||||||||||||||
w)Â Â | Other operating income, net | |||||||||||||||||||||
For the three years in the period ended December 31, 2012, this account includes: | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Arbitration award (1) | $ | - | $ | 4,748 | $ | - | ||||||||||||||||
Gain on sale of vessels, net | 3,564 | - | 724 | |||||||||||||||||||
Claims against insurance companies, net (2) | 3,901 | 3,543 | (46 | ) | ||||||||||||||||||
Other | 911 | (34 | ) | (61 | ) | |||||||||||||||||
$ | 8,376 | $ | 8,257 | $ | 617 | |||||||||||||||||
(1)Â Â | One of our subsidiaries in the River Business, UABL Paraguay S.A., made a claim against a former customer in an arbitration proceeding where we claim damages for non performance under a transportation contract. On December 2, 2011 a final amount of $5,308 was awarded to the Company, which was collected on December 21, 2011. Due to the disputed nature of the claim, the Company had not recognized any income related to the claim and now since the arbitration proceeding was favorably settled and collected recognizing an income of $4,748, after deducting related legal fees of $560. | |||||||||||||||||||||
(2)Â Â | Corresponds to loss of hire insurance claims. | |||||||||||||||||||||
Income taxes | ' | ' | ||||||||||||||||||||
x)Â Â | Income taxes | |||||||||||||||||||||
The Company accounts for deferred income taxes under the liability method.  Under this method, deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities at each period end corresponding to those jurisdictions subject to income taxes.  Deferred tax assets are recognized for all deductible temporary differences and an offsetting valuation allowance is recorded to the extent that it is not more likely than not that the deferred tax assets will be realized.  Deferred tax is measured based on tax rates and laws enacted or substantively enacted at the balance sheet date in any jurisdiction. | ||||||||||||||||||||||
Income tax regulations in the different countries in which we operate are subject to interpretation by taxing authorities.  As a result, our judgment in the determination of uncertain income tax positions could be interpreted differently.  In this sense, the income tax returns of our primary income tax jurisdictions remain subject to examination by related tax authorities.  The tax returns are open to examination from 3 to 7 years. | ||||||||||||||||||||||
Accounting standards recently adopted | ' | ' | ||||||||||||||||||||
y)Â Â | Accounting standards recently adopted | |||||||||||||||||||||
On January 1, 2012, we adopted an update issued by the Financial Accounting Standards Board, or FASB to existing guidance on the presentation of comprehensive income. This update requires the presentation of the components of net loss and other comprehensive income (loss) either in a single continuous statement or in two separate but consecutive statements. Net loss and other comprehensive income (loss) has been presented in two separate but consecutive statements for the current reporting period and prior comparative period in our consolidated financial statements. | ||||||||||||||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES - 10Q (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ||||||||||||||||||||
Outstanding Equity Awards Not Included in the Diluted Net Loss per Share Calculation | ' | ' | ||||||||||||||||||||
The following outstanding equity awards are not included in the diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited calculation because they would have had an antidilutive effect: | The following outstanding equity awards are not included in the diluted net loss per share calculation because they would have had an antidilutive effect: | |||||||||||||||||||||
For the six month periods | For the years ended December 31, | |||||||||||||||||||||
ended June 30, (unaudited) | 2012 | 2011 | 2010 | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Stock options | 459,000 | 349,000 | 349,000 | |||||||||||||||||||
Stock options | 348,750 | 348,750 | Restricted stock | 329,000 | 705,000 | 520,000 | ||||||||||||||||
Restricted stock | - | 680,000 | Convertible debt | 13,051,000 | 13,051,000 | 13,051,000 | ||||||||||||||||
Convertible debt | - | 13,051,000 | Total | 13,839,000 | 14,105,000 | 13,920,000 | ||||||||||||||||
Total | 348,750 | 14,079,750 | ||||||||||||||||||||
Computation of Basic and Diluted Loss per Share | ' | ' | ||||||||||||||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited: | The following table sets forth the computation of basic and diluted loss per share attributable to Ultrapetrol (Bahamas) Limited. | |||||||||||||||||||||
For the six month periods | For the years ended December 31, | |||||||||||||||||||||
ended June 30, (unaudited) | 2012 | 2011 | 2010 | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Loss from continuing operations | $ | (63,657 | ) | $ | (18,805 | ) | $ | (4,856 | ) | |||||||||||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $ | 7,632 | $ | (19,217 | ) | Loss from discontinued operations | - | - | (515 | ) | ||||||||||||
Net loss | $ | (63,657 | ) | $ | (18,805 | ) | $ | (5,371 | ) | |||||||||||||
Basic weighted average number of shares | 140,092,934 | 29,568,622 | ||||||||||||||||||||
Effect on dilutive shares-- Options and restricted stock | 182,858 | - | For the years ended December 31, | |||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Diluted weighted average number of shares | 140,275,792 | 29,568,622 | ||||||||||||||||||||
Basic and diluted weighted average number of shares | 35,382,913 | 29,547,365 | 29,525,025 | |||||||||||||||||||
Basic and diluted income (loss) per share attributable to Ultrapetrol (Bahamas) Limited | $ | 0.05 | $ | (0.65 | ) | |||||||||||||||||
Basic and diluted loss per share: | ||||||||||||||||||||||
From continuing operations | $ | (1.80 | ) | $ | (0.64 | ) | $ | (0.16 | ) | |||||||||||||
From discontinued operations | - | - | (0.02 | ) | ||||||||||||||||||
$ | (1.80 | ) | $ | (0.64 | ) | $ | (0.18 | ) | ||||||||||||||
Accumulated Other Comprehensive Loss | ' | ' | ||||||||||||||||||||
The components of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets were as follows: | The components of accumulated other comprehensive loss in the consolidated balance sheets were as follows: | |||||||||||||||||||||
At June | At December | At December 31, | ||||||||||||||||||||
30, 2013 | 31, 2012 | 2012 | 2011 | |||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,958 | ) | $ | (1,727 | ) | ||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,482 | ) | $ | (1,958 | ) | Unrealized net losses on interest rate swaps | (803 | ) | (482 | ) | |||||||||||
Unrealized net losses on interest rate swap | (190 | ) | (803 | ) | Unrealized net gains on EURO hedge | 137 | 145 | |||||||||||||||
Unrealized net gains on EURO hedge | 132 | 137 | Accumulated other comprehensive loss | (2,624 | ) | (2,064 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) | (1,540 | ) | (2,624 | ) | ||||||||||||||||||
Amounts attributable to noncontrolling interest | (46 | ) | (27 | ) | ||||||||||||||||||
Amounts attributable to noncontrolling interest | (12 | ) | (46 | ) | Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (2,578 | ) | $ | (2,037 | ) | |||||||||||
Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (1,528 | ) | $ | (2,578 | ) |
VESSELS_AND_EQUIPMENT_NET_10Q_
VESSELS AND EQUIPMENT, NET - 10Q (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
VESSELS AND EQUIPMENT, NET [Abstract] | ' | ' | ||||||||||||||||
Vessels and Equipment, Net | ' | ' | ||||||||||||||||
The capitalized cost of the vessels and equipment, and the related accumulated depreciation at June 30, 2013 and December 31, 2012 were as follows: | The capitalized cost of the vessels and equipment, and the related accumulated depreciation at December 31, 2012 and 2011 were as follows: | |||||||||||||||||
At June | At December | At December 31, | ||||||||||||||||
30, 2013 | 31, 2012 | 2012 | 2011 | |||||||||||||||
(unaudited) | ||||||||||||||||||
Ocean-going vessels | $ | 115,375 | $ | 127,468 | ||||||||||||||
Ocean-going vessels | $ | 120,546 | $ | 115,375 | River barges and pushboats | 411,820 | 398,391 | |||||||||||
River barges and pushboats | 411,926 | 411,820 | PSVs | 223,032 | 199,453 | |||||||||||||
PSVs | 245,527 | 223,032 | Advances for PSV construction | 53,496 | 68,149 | |||||||||||||
Advances for PSV construction | 36,455 | 53,496 | Furniture and equipment | 11,822 | 10,458 | |||||||||||||
Furniture and equipment | 12,433 | 11,822 | Building, land, operating base and shipyard | 54,902 | 52,491 | |||||||||||||
Building, land, operating base and shipyard | 55,829 | 54,902 | Total original book value | 870,447 | 856,410 | |||||||||||||
Total original book value | 882,716 | 870,447 | Accumulated depreciation | (222,928 | ) | (184,965 | ) | |||||||||||
Accumulated depreciation | (241,607 | ) | (222,928 | ) | Net book value | $ | 647,519 | $ | 671,445 | |||||||||
Net book value | $ | 641,109 | $ | 647,519 |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT AND OTHER FINANCIAL DEBT [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Balances of long-term financial debt | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Balances of long-term financial debt at June 30, 2013 and December 31, 2012: | Balances of long-term financial debt were as follows: | ||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2013 | At December 31, 2012 | At December 31, | |||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Financial institution / | Nominal value | Financial institution / | Nominal value | ||||||||||||||||||||||||||||||||||||||||||
Borrower | Other | Due-year | Current | Noncurrent | Total | Total | Borrower | Other | Due-year (1) | Current | Noncurrent | Total | Total | ||||||||||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | Jun-21 | $ | - | $ | 200,000 | $ | 200,000 | $ | - | Ultrapetrol (Bahamas) Ltd. | Private Investors | Nov-14 | $ | - | $ | 180,000 | $ | 180,000 | $ | 180,000 | ||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | - | - | - | - | 180,000 | Ultrapetrol (Bahamas) Ltd. | Private Investors | Jan-13 | 80,000 | - | - | 80,000 | ||||||||||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | - | -1 | - | - | - | - | UP Offshore Apoio MarÃtimo Ltda. | DVB AG | Through 2016 | 900 | 5,950 | 6,850 | 7,750 | |||||||||||||||||||||||||||||||
UP Offshore Apoio MarÃtimo Ltda. | DVB AG | Through 2016 | 900 | 5,500 | 6,400 | 6,850 | UP Offshore (Bahamas) Ltd. | DVB AG | Through 2016 | 12,575 | 29,650 | 42,225 | 38,250 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB AG | Through 2016 | 4,300 | 27,500 | 31,800 | 42,225 | UP Offshore (Bahamas) Ltd. | DVB AG | Through 2017 | 2,000 | 11,000 | 13,000 | 15,000 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB AG | Through 2017 | 2,000 | 10,000 | 12,000 | 13,000 | UP Offshore (Bahamas) Ltd. | DVB SE + Banco Security | Through 2018 | 3,333 | 30,833 | 34,166 | 37,500 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB SE + Banco Security | Through 2018 | 3,333 | 29,167 | 32,500 | 34,166 | Ingatestone Holdings Inc. | DVB AG | - | 5,639 | 8,161 | 13,800 | 15,525 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB AG | - | 2,019 | 6,606 | 8,625 | 13,800 | Ingatestone Holdings Inc | Natixis | Mar-13 | 5,175 | - | 5,175 | 15,525 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | Natixis | - | - | - | - | 5,175 | UP Offshore Apoio MarÃtimo Ltda. | BNDES | Through 2027 | 1,110 | 14,708 | 15,818 | 16,928 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB SE + NIBC | - | - | - | - | 20,850 | Stanyan Shipping Inc. | Natixis | Through 2017 | 1,108 | 5,438 | 6,546 | 9,303 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB NV + NIBC + ABN Amro | Through 2017 | 4,470 | 35,749 | 40,219 | - | Hallandale Commercial Corp. | Nordea | Apr-13 | 5,644 | - | 5,644 | 7,212 | ||||||||||||||||||||||||||||||||
UP Offshore Apoio MarÃtimo Ltda. | BNDES | Through 2027 | 1,110 | 14,153 | 15,263 | 15,818 | UABL Paraguay | IFC | Through 2020 | 2,174 | 20,652 | 22,826 | 25,000 | ||||||||||||||||||||||||||||||||
Stanyan Shipping Inc. | Natixis | Through 2017 | 1,108 | 4,984 | 6,092 | 6,546 | UABL Paraguay | OFID | Through 2020 | 1,304 | 12,391 | 13,695 | 15,000 | ||||||||||||||||||||||||||||||||
Hallandale Commercial Corp. | Nordea | - | - | - | - | 5,644 | UABL Barges and others | IFC | Through 2020 | 3,044 | 28,913 | 31,957 | 35,000 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. | IFC | Through 2020 | 2,174 | 19,565 | 21,739 | 22,826 | UABL Paraguay and Riverpar | IFC | Through 2021 | 1,765 | 13,235 | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. | OFID | Through 2020 | 1,304 | 11,739 | 13,043 | 13,695 | UABL Paraguay and Riverpar | OFID | Through 2021 | 1,176 | 8,824 | 10,000 | - | ||||||||||||||||||||||||||||||||
UABL Barges and others | IFC | Through 2020 | 3,044 | 27,391 | 30,435 | 31,957 | Ingatestone Holdings Inc. | DVB SE + NIBC | - | 2,084 | 18,766 | 20,850 | - | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. and Riverpar S.A. | IFC | Through 2021 | 1,765 | 12,353 | 14,118 | 15,000 | At December 31, 2012 | $ | 129,031 | $ | 388,521 | $ | 517,552 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. and Riverpar S.A. | OFID | Through 2021 | 1,177 | 8,234 | 9,411 | 10,000 | At December 31, 2011 | $ | 21,504 | $ | 491,489 | $ | 517,552 | ||||||||||||||||||||||||||||||||
At June 30, 2013 | $ | 28,704 | -2 | $ | 412,941 | $ | 441,645 | Â Â | |||||||||||||||||||||||||||||||||||||
At December 31, 2012 | $ | 49,031 | $ | 388,521 | $ | 437,552 | Â Â | ||||||||||||||||||||||||||||||||||||||
-1 | On January 23, 2013, the Company repaid the 2017 Senior Convertible Notes. See Note 3.b). | Â Â (1)Â See the descriptions below. | |||||||||||||||||||||||||||||||||||||||||||
-2 | Excludes the 2014 Senior Notes which were disclosed as current liabilities in the unaudited condensed consolidated balance sheet under the caption "2014 Senior Notes and accrued interest". See Note 3.a). |
FINANCIAL_INSTRUMENTS_10Q_Tabl
FINANCIAL INSTRUMENTS - 10Q (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||
FAIR VALUE INSTRUMENTS [Abstract] | ' | ' | ||||||||||||||||||||||||||||
Liabilities Measured on Recurring Basis | ' | ' | ||||||||||||||||||||||||||||
The Company's liabilities as of June 30, 2013 that are measured at fair value on a recurring basis are summarized below: | The Company's liabilities as of December 31, 2012 that are measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Current liabilities: | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
-Interest rate collar (included in other liabilities) | - | 718 | - | Current liabilities: | - | 722 | - | |||||||||||||||||||||||
-Interest rate swaps (included in other liabilities) | - | 349 | - | -Â Interest rate collar (included in other liabilities) | ||||||||||||||||||||||||||
Noncurrent liabilities: | -Â Interest rate swaps (included in other liabilities) | - | 348 | - | ||||||||||||||||||||||||||
-Interest rate collar (included in other liabilities) | - | 764 | - | Noncurrent liabilities: | - | 1,235 | - | |||||||||||||||||||||||
-Interest rate swaps (included in other liabilities) | - | 320 | - | -Â Interest rate collar (included in other liabilities) | ||||||||||||||||||||||||||
-Â Interest rate swaps (included in other liabilities) | - | 791 | - | |||||||||||||||||||||||||||
Fair Value of Other Financial Assets and Liabilities | ' | ' | ||||||||||||||||||||||||||||
The estimated fair value of the Company's other financial assets and liabilities were as follows: | ||||||||||||||||||||||||||||||
The estimated fair value of the Company's other financial assets and liabilities as of June 30, 2013 were as follows: | ||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||
Carrying | Estimated | 2012 | 2011 | |||||||||||||||||||||||||||
amount (unaudited) | fair value (unaudited) | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||
ASSETS | amount | fair value | amount | fair value | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 131,315 | $ | 131,315 | ||||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | 182,115 | Cash and cash equivalents | $ | 222,215 | $ | 222,215 | $ | 34,096 | $ | 34,096 | |||||||||||||||||||
Restricted cash (current and noncurrent portion) | 10,369 | 10,369 | Restricted cash (current and noncurrent portion) | 7,432 | 7,432 | 8,302 | 8,302 | |||||||||||||||||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||||||||||||||
2014 Senior Notes and accrued interest | $ | 181,620 | $ | 181,620 | Long term financial debt (current and non-current portion – Note 5) (1) | $ | 517,552 | $ | 517,595 | $ | 512,993 | $ | 468,393 | |||||||||||||||||
Long term financial debt (current | 441,645 | 441,645 | ||||||||||||||||||||||||||||
and non-current portion – Note 5) (1) | (1)  |  The fair value of long term financial debt is measured using Level 2 fair value inputs. | ||||||||||||||||||||||||||||
-1 | The fair value of long term financial debt is measured using Level 2 fair value inputs. |
DERIVATIVE_INSTRUMENTS_AND_HED2
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - 10Q (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES [Abstract] | ' | ' | ||||||||||||||||
Derivative Instruments | ' | ' | ||||||||||||||||
Liabilities arising from outstanding derivative positions are included in the accompanying unaudited condensed consolidated balance sheets as other liabilities, as follows: | Liabilities arising from outstanding derivative positions are included in the accompanying consolidated balance sheets as other liabilities, as follows: | |||||||||||||||||
At June 30, 2013 | At December 31, 2012 | |||||||||||||||||
(unaudited) | Current other liabilities | Noncurrent other liabilities | ||||||||||||||||
Current other | Noncurrent other liabilities | Derivatives designated as hedging instruments | ||||||||||||||||
liabilities | Interest rate collar (cash flow hedge) | $ | 722 | $ | 1,235 | |||||||||||||
Derivatives designated as hedging instruments | Interest rate swaps (cash flow hedge) | 348 | 791 | |||||||||||||||
Interest rate collar (cash flow hedge) | $ | 718 | $ | 764 | $ | 1,070 | $ | 2,026 | ||||||||||
Interest rate swaps (cash flow hedge) | 349 | 320 | ||||||||||||||||
$ | 1,067 | $ | 1,084 | At December 31, 2011 | ||||||||||||||
Current other liabilities | Noncurrent other liabilities | |||||||||||||||||
At December 31, 2012 | Derivatives designated as hedging instruments | |||||||||||||||||
Current other | Noncurrent other liabilities | Interest rate collar (cash flow hedge) | $ | 582 | $ | 1,145 | ||||||||||||
liabilities | Interest rate swaps (cash flow hedge) | 251 | 643 | |||||||||||||||
Derivatives designated as hedging instruments | $ | 833 | $ | 1,788 | ||||||||||||||
Interest rate collar (cash flow hedge) | $ | 722 | $ | 1,235 | ||||||||||||||
Interest rate swaps (cash flow hedge) | 348 | 791 | ||||||||||||||||
$ | 1,070 | $ | 2,026 |
BUSINESS_AND_GEOGRAPHIC_SEGMEN2
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION - 10Q (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
Revenue by Geographical Region | ' | ' | ||||||||||||||||||||||||||||||||
All of the Company's operating revenues were derived from its foreign operations. The following represents the Company's revenues attributed by geographical region in which services are provided to customers. | All of the Company's operating revenues were derived from its foreign operations.  The following represents the Company's revenues attributed by geographical region in which services are provided to customers. | |||||||||||||||||||||||||||||||||
For the six-month periods ended June 30, | For the years ended December 31, | |||||||||||||||||||||||||||||||||
(unaudited) | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||
2013 | 2012 | Revenues (1) | ||||||||||||||||||||||||||||||||
Revenues (1) | − South America | $ | 238,572 | $ | 267,420 | $ | 199,585 | |||||||||||||||||||||||||||
−South America | $ | 162,595 | $ | 120,627 | − Europe | 28,320 | 19,910 | 19,923 | ||||||||||||||||||||||||||
−Central America | 21,021 | 9,523 | − Central America | 35,333 | 16,499 | 5,624 | ||||||||||||||||||||||||||||
−Europe | 7,227 | 9,542 | − North America | 7,438 | 227 | 1,219 | ||||||||||||||||||||||||||||
−North America | 538 | 3,413 | − Asia | 3,506 | 426 | 4,094 | ||||||||||||||||||||||||||||
−Asia | 8,295 | 930 | $ | 313,169 | $ | 304,482 | $ | 230,445 | ||||||||||||||||||||||||||
$ | 199,676 | $ | 144,035 | |||||||||||||||||||||||||||||||
(1)Â Â | Classified by country of domicile of charterers/costumers. | |||||||||||||||||||||||||||||||||
-1 | Classified by country of domicile of charterers/customers. | |||||||||||||||||||||||||||||||||
Assets by Geographical Region | ' | ' | ||||||||||||||||||||||||||||||||
The following represents the Company's vessels and equipment based upon the assets' physical location as of the end of each applicable period presented: | The following represents the Company's vessels and equipment based upon the assets' physical location as of the end of each applicable period presented: | |||||||||||||||||||||||||||||||||
At June 30, 2013 | At December 31, 2012 | At December 31, | ||||||||||||||||||||||||||||||||
(unaudited) | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Vessels and equipment, net | Vessels and equipment, net | |||||||||||||||||||||||||||||||||
−South America | $ | 575,436 | $ | 564,352 | ||||||||||||||||||||||||||||||
−Europe | 24,924 | 25,474 | − South America | $ | 564,352 | $ | 572,512 | |||||||||||||||||||||||||||
−Asia | 36,455 | 53,496 | − Europe | 25,474 | 26,571 | |||||||||||||||||||||||||||||
−Other | 4,294 | 4,197 | − Asia | 53,496 | 68,149 | |||||||||||||||||||||||||||||
$ | 641,109 | $ | 647,519 | − Other | 4,197 | 4,213 | ||||||||||||||||||||||||||||
$ | 647,519 | $ | 671,445 | |||||||||||||||||||||||||||||||
Operating Segment Information | ' | ' | ||||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the six-month period ended June 30, 2013 (unaudited): | The following schedule presents segment information about the Company's operations for the year ended December 31, 2012: | |||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | River | Offshore | Ocean | Total | |||||||||||||||||||||||||||
Business | Supply | Business | Business | Supply | Business | |||||||||||||||||||||||||||||
Business | Business | |||||||||||||||||||||||||||||||||
Revenues | $ | 122,531 | $ | 42,447 | $ | 34,698 | $ | 199,676 | Revenues | $ | 163,279 | $ | 76,661 | $ | 73,229 | $ | 313,169 | |||||||||||||||||
Running and voyage and manufacturing expenses | 92,127 | 20,583 | 30,324 | 143,034 | Running and voyage and manufacturing expenses | 148,653 | 43,405 | 62,369 | 254,427 | |||||||||||||||||||||||||
Depreciation and amortization | 11,727 | 5,395 | 3,401 | 20,523 | Depreciation and amortization | 21,996 | 10,938 | 10,918 | 43,852 | |||||||||||||||||||||||||
Segment operating profit (loss) | 10,664 | 11,636 | (3,097 | ) | 19,203 | Segment operating (loss) profit | (18,963 | ) | 17,615 | (23,771 | ) (1) | (25,119 | ) | |||||||||||||||||||||
Segment assets | 410,015 | 272,727 | 111,424 | 794,166 | Segment assets | 387,484 | 263,315 | 123,033 | 773,832 | |||||||||||||||||||||||||
Investments in and receivables from affiliates | 4,072 | - | 233 | 4,305 | Investments in and receivables from affiliates | 4,032 | - | 250 | 4,282 | |||||||||||||||||||||||||
Loss from investment in affiliates | (302 | ) | - | (17 | ) | (319 | ) | Loss from investment in affiliates | (1,168 | ) | - | (7 | ) | (1,175 | ) | |||||||||||||||||||
Additions to long-lived assets | 2,196 | 5,454 | 5,332 | 12,982 | Additions to long-lived assets | 24,634 | 13,405 | 1,977 | 40,016 | |||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the six-month period ended June 30, 2012 (unaudited): | ||||||||||||||||||||||||||||||||||
(1)Â Â | Includes an impairment charge for our product tanker M/V Amadeo of $16,000. | |||||||||||||||||||||||||||||||||
River Business | Offshore | Ocean Business | Total | |||||||||||||||||||||||||||||||
Supply | The following schedule presents segment information about the Company's operations for the year ended December 31, 2011: | |||||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | |||||||||||||||||||||||||||||||
Revenues | $ | 71,128 | $ | 35,170 | $ | 37,737 | $ | 144,035 | Business | Supply | Business | |||||||||||||||||||||||
Running and voyage and manufacturing expenses | 63,960 | 19,435 | 31,595 | 114,990 | Business | |||||||||||||||||||||||||||||
Depreciation and amortization | 10,776 | 5,233 | 5,042 | 21,051 | ||||||||||||||||||||||||||||||
Segment operating (loss) profit | (5,157 | ) | 8,524 | (4,062 | ) | (695 | ) | Revenues | $ | 174,594 | $ | 64,606 | $ | 65,282 | $ | 304,482 | ||||||||||||||||||
Loss from investment in affiliates | (663 | ) | - | (3 | ) | (666 | ) | Running and voyage and manufacturing expenses | 132,719 | 38,852 | 53,036 | 224,607 | ||||||||||||||||||||||
Additions to long-lived assets | 18,484 | 8,541 | 314 | 27,339 | Depreciation and amortization | 20,139 | 9,436 | 9,569 | 39,144 | |||||||||||||||||||||||||
Segment operating (loss) profit | 13,138 | 10,999 | (4,753 | ) | 19,384 | |||||||||||||||||||||||||||||
Segment assets | 392,549 | 263,094 | 124,527 | 780,170 | ||||||||||||||||||||||||||||||
Investments in and receivables from affiliates | 6,595 | - | 256 | 6,851 | ||||||||||||||||||||||||||||||
Loss from investment in affiliates | (1,042 | ) | - | (31 | ) | (1,073 | ) | |||||||||||||||||||||||||||
Additions to long-lived assets (1) | 73,265 | 19,502 | 3,345 | 96,112 | ||||||||||||||||||||||||||||||
(1)Â Â | Excludes $1,751, which corresponds to additions to corporate assets. | |||||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the year ended December 31, 2010: | ||||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | |||||||||||||||||||||||||||||||
Business | Supply | Business | ||||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||
Revenues | $ | 120,024 | $ | 54,283 | $ | 56,138 | $ | 230,445 | ||||||||||||||||||||||||||
Running and voyage and manufacturing expenses | 80,702 | 29,637 | 40,583 | 150,922 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 17,248 | 7,178 | 9,945 | 34,371 | ||||||||||||||||||||||||||||||
Segment operating (loss) profit | 10,244 | 10,611 | (2,137 | ) | 18,718 | |||||||||||||||||||||||||||||
Segment assets | 351,388 | 245,865 | 104,334 | 701,587 | ||||||||||||||||||||||||||||||
Investments in and receivables from affiliates | 6,537 | - | 287 | 6,824 | ||||||||||||||||||||||||||||||
Income (Loss) from investment in affiliates | (322 | ) | - | (19 | ) | (341 | ) | |||||||||||||||||||||||||||
Additions to long-lived assets | 67,942 | 7,141 | 30,164 | 105,247 | ||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated | ' | ' | ||||||||||||||||||||||||||||||||
Reconciliation of total assets of the segments to amount included in the consolidated balance sheets were as follow: | ||||||||||||||||||||||||||||||||||
Reconciliation of total assets of the segments to amount included in the unaudited condensed consolidated balance sheets were as follow: | ||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||
At June 30, | 2012 | 2011 | ||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||
(unaudited) | Total assets for reportable segments | $ | 773,832 | $ | 780,170 | |||||||||||||||||||||||||||||
Other assets | 14,271 | 16,021 | ||||||||||||||||||||||||||||||||
Total assets for reportable segments | $ | 794,166 | Corporate cash and cash equivalents | 222,215 | 34,096 | |||||||||||||||||||||||||||||
Other assets | 14,609 | Consolidated total assets | $ | 1,010,318 | $ | 830,287 | ||||||||||||||||||||||||||||
Corporate cash and cash equivalents | 131,315 | |||||||||||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | |||||||||||||||||||||||||||||||||
Consolidated total assets | $ | 1,122,205 |
SUPPLEMENTAL_GUARANTOR_INFORMA3
SUPPLEMENTAL GUARANTOR INFORMATION - 10Q (Tables) | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||||
AT JUNE 30, 2013 (UNAUDITED) | AT DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined subsidiary non guarantors | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Current assets | ||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Receivables from related parties | $ | 307,343 | $ | 124,498 | $ | 34,244 | $ | (466,075 | ) | $ | 10 | |||||||||||||||||||||||||||||||||
guarantors | amounts | Other current assets | 201,491 | 55,084 | 50,405 | - | 306,980 | ||||||||||||||||||||||||||||||||||||||||
Current assets | Total current assets | 508,834 | 179,582 | 84,649 | (466,075 | ) | 306,990 | ||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 350,450 | $ | 46,448 | $ | 54,628 | $ | (451,497 | ) | $ | 29 | ||||||||||||||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | - | - | - | 182,115 | Noncurrent assets | |||||||||||||||||||||||||||||||||||||||||
Other current assets | 83,581 | 77,020 | 77,963 | - | 238,564 | Vessels and equipment, net | - | 218,832 | 429,574 | (887 | ) | 647,519 | |||||||||||||||||||||||||||||||||||
Total current assets | 616,146 | 123,468 | 132,591 | (451,497 | ) | 420,708 | Investment in affiliates | 151,447 | - | 251 | (151,447 | ) | 251 | ||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,171 | 17,173 | 42,134 | (8,920 | ) | 55,558 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent assets | Total noncurrent assets | 156,618 | 236,005 | 471,959 | (161,254 | ) | 703,328 | ||||||||||||||||||||||||||||||||||||||||
Vessels and equipment, net | - | 269,368 | 372,598 | (857 | ) | 641,109 | Total assets | $ | 665,452 | $ | 415,587 | $ | 556,608 | $ | (627,329 | ) | $ | 1,010,318 | |||||||||||||||||||||||||||||
Investment in affiliates | 168,878 | - | 233 | (168,878 | ) | 233 | |||||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 9,031 | 30,828 | 29,445 | (9,149 | ) | 60,155 | |||||||||||||||||||||||||||||||||||||||||
Total noncurrent assets | 177,909 | 300,196 | 402,276 | (178,884 | ) | 701,497 | Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 794,055 | $ | 423,664 | $ | 534,867 | $ | (630,381 | ) | $ | 1,122,205 | Payable to related parties | $ | - | $ | 194,805 | $ | 275,031 | $ | (466,075 | ) | $ | 3,761 | ||||||||||||||||||||||||
Current portion of long-term financial debt | 80,000 | 6,420 | 42,611 | - | 129,031 | ||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 5,701 | 34,441 | 25,811 | - | 65,953 | ||||||||||||||||||||||||||||||||||||||||||
Current liabilities | Total current liabilities | 85,701 | 235,666 | 343,453 | (466,075 | ) | 198,745 | ||||||||||||||||||||||||||||||||||||||||
Payables to related parties | $ | - | $ | 155,245 | $ | 298,170 | $ | (451,497 | ) | $ | 1,918 | ||||||||||||||||||||||||||||||||||||
2014 Senior Notes and accrued interest | 181,620 | - | - | - | 181,620 | Noncurrent liabilities | |||||||||||||||||||||||||||||||||||||||||
Current portion of long-term financial debt | - | 6,420 | 22,284 | - | 28,704 | Due to affiliates | $ | - | $ | 8,920 | $ | - | $ | (8,920 | ) | $ | - | ||||||||||||||||||||||||||||||
Other current liabilities | 3,871 | 71,760 | (11,593 | ) | - | 64,038 | Long-term financial debt | 180,000 | 55,102 | 153,419 | - | 388,521 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 185,491 | 233,425 | 308,861 | (451,497 | ) | 276,280 | Other noncurrent liabilities | 262 | 16,291 | - | 16,553 | ||||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 180,000 | 64,284 | 169,710 | (8,920 | ) | 405,074 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent liabilities | Total liabilities | 265,701 | 299,950 | 513,163 | (474,995 | ) | 603,819 | ||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 9,149 | - | (9,149 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Long-term financial debt net of current portion | 200,000 | 51,892 | 161,049 | - | 412,941 | Equity of Ultrapetrol (Bahamas) Limited | 399,751 | 115,637 | 43,445 | (159,082 | ) | 399,751 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | - | 254 | 16,831 | - | 17,085 | Noncontrolling interest | - | - | - | 6,748 | 6,748 | ||||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 200,000 | 61,295 | 177,880 | (9,149 | ) | 430,026 | Total equity | 399,751 | 115,637 | 43,445 | (152,334 | ) | 406,499 | ||||||||||||||||||||||||||||||||||
Total liabilities | 385,491 | 294,720 | 486,741 | (460,646 | ) | 706,306 | Total liabilities and equity | $ | 665,452 | $ | 415,587 | $ | 556,608 | $ | (627,329 | ) | $ | 1,010,318 | |||||||||||||||||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 408,564 | 128,944 | 48,126 | (177,070 | ) | 408,564 | SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | - | - | - | 7,335 | 7,335 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | 408,564 | 128,944 | 48,126 | (169,735 | ) | 415,899 | AT DECEMBER 31, 2011 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 794,055 | $ | 423,664 | $ | 534,867 | $ | (630,381 | ) | $ | 1,122,205 | ||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined subsidiary non guarantors | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
AT DECEMBER 31, 2012 | Current assets | ||||||||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 297,324 | $ | 101,196 | $ | 30,751 | $ | (429,214 | ) | $ | 57 | ||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | Other current assets | 3,773 | 46,055 | 56,248 | - | 106,076 | |||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Total current assets | 301,097 | 147,251 | 86,999 | (429,214 | ) | 106,133 | ||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | |||||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | Noncurrent assets | |||||||||||||||||||||||||||||||||||||||||||||
Current assets | Vessels and equipment, net | - | 212,324 | 460,066 | (945 | ) | 671,445 | ||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 307,343 | $ | 122,035 | $ | 87,737 | $ | (517,105 | ) | $ | 10 | Investment in affiliates | 201,323 | - | 373 | (201,323 | ) | 373 | |||||||||||||||||||||||||||||
Other current assets | 201,491 | 66,643 | 38,846 | - | 306,980 | Other noncurrent assets | 6,825 | 7,850 | 63,704 | (26,043 | ) | 52,336 | |||||||||||||||||||||||||||||||||||
Total current assets | 508,834 | 188,678 | 126,583 | (517,105 | ) | 306,990 | Total noncurrent assets | 208,148 | 220,174 | 524,143 | (228,311 | ) | 724,154 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 509,245 | $ | 367,425 | $ | 611,142 | $ | (657,525 | ) | $ | 830,287 | ||||||||||||||||||||||||||||||||||||
Noncurrent assets | |||||||||||||||||||||||||||||||||||||||||||||||
Vessels and equipment, net | - | 279,653 | 368,753 | (887 | ) | 647,519 | |||||||||||||||||||||||||||||||||||||||||
Investment in affiliates | 151,447 | - | 251 | (151,447 | ) | 251 | Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,171 | 26,032 | 33,275 | (8,920 | ) | 55,558 | Payable to related parties | $ | - | $ | 127,664 | $ | 302,708 | $ | (429,214 | ) | $ | 1,158 | |||||||||||||||||||||||||||||
Total noncurrent assets | 156,618 | 305,685 | 402,279 | (161,254 | ) | 703,328 | Current portion of long-term financial debt | - | 3,478 | 18,026 | - | 21,504 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | Other current liabilities | 4,948 | 19,223 | 27,055 | - | 51,226 | ||||||||||||||||||||||||||||||
Total current liabilities | 4,948 | 150,365 | 347,789 | (429,214 | ) | 73,888 | |||||||||||||||||||||||||||||||||||||||||
Current liabilities | Noncurrent liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Payable to related parties | $ | - | $ | 224,281 | $ | 272,568 | $ | (493,088 | ) | $ | 3,761 | Due to affiliates | $ | - | $ | 26,043 | $ | - | $ | (26,043 | ) | $ | - | ||||||||||||||||||||||||
Current portion of long-term financial debt | - | 12,064 | 36,967 | - | 49,031 | Long-term financial debt | 260,000 | 51,522 | 179,967 | - | 491,489 | ||||||||||||||||||||||||||||||||||||
2017 Senior Convertible Notes | 80,000 | - | - | - | 80,000 | Other noncurrent liabilities | - | 218 | 14,521 | - | 14,739 | ||||||||||||||||||||||||||||||||||||
Other current liabilities | 5,701 | 51,781 | 8,471 | - | 65,953 | Total noncurrent liabilities | 260,000 | 77,783 | 194,488 | (26,043 | ) | 506,228 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 85,701 | 288,126 | 318,006 | (493,088 | ) | 198,745 | Total liabilities | 264,948 | 228,148 | 542,277 | (455,257 | ) | 580,116 | ||||||||||||||||||||||||||||||||||
Noncurrent liabilities | Equity of Ultrapetrol (Bahamas) Limited | 244,297 | 139,277 | 68,865 | (208,142 | ) | 244,297 | ||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 32,937 | - | (32,937 | ) | - | Noncontrolling interest | - | - | - | 5,874 | 5,874 | |||||||||||||||||||||||||||||||||||
Long-term financial debt | 180,000 | 55,102 | 153,419 | - | 388,521 | Total equity | 244,297 | 139,277 | 68,865 | (202,268 | ) | 250,171 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | - | 262 | 16,291 | - | 16,553 | Total liabilities and equity | $ | 509,245 | $ | 367,425 | $ | 611,142 | $ | (657,525 | ) | $ | 830,287 | ||||||||||||||||||||||||||||||
Total noncurrent liabilities | 180,000 | 88,301 | 169,710 | (32,937 | ) | 405,074 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities | 265,701 | 376,427 | 487,716 | (526,025 | ) | 603,819 | |||||||||||||||||||||||||||||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 399,751 | 117,936 | 41,146 | (159,082 | ) | 399,751 | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | - | - | - | 6,748 | 6,748 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | 399,751 | 117,936 | 41,146 | (152,334 | ) | 406,499 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2013 (UNAUDITED) | FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 144,155 | $ | 79,014 | $ | (23,493 | ) | $ | 199,676 | Revenues | $ | - | $ | 121,985 | $ | 205,112 | $ | (13,928 | ) | $ | 313,169 | ||||||||||||||||||||||||
Operating expenses | (3,706 | ) | (130,579 | ) | (69,710 | ) | 23,522 | (180,473 | ) | Operating expenses | - | (133,209 | ) | (218,949 | ) | 13,870 | (338,288 | ) | |||||||||||||||||||||||||||||
Operating (loss) profit | (3,706 | ) | 13,576 | 9,304 | 29 | 19,203 | Operating (loss) profit | - | (11,224 | ) | (13,837 | ) | (58 | ) | (25,119 | ) | |||||||||||||||||||||||||||||||
Investment in affiliates | 16,414 | - | (319 | ) | (16,414 | ) | (319 | ) | Investment in affiliates | (49,470 | ) | - | (1,175 | ) | 49,470 | (1,175 | ) | ||||||||||||||||||||||||||||||
Other (expenses) income | (5,076 | ) | (1,710 | ) | (1,890 | ) | - | (8,676 | ) | Other (expenses) income | (14,187 | ) | (15,185 | ) | (10,067 | ) | - | (39,439 | ) | ||||||||||||||||||||||||||||
Income (loss) before income taxes | 7,632 | 11,866 | 7,095 | (16,385 | ) | 10,208 | Loss before income taxes | (63,657 | ) | (26,409 | ) | (25,079 | ) | 49,412 | (65,733 | ) | |||||||||||||||||||||||||||||||
Income taxes (expense) benefit | - | (858 | ) | (1,165 | ) | - | (2,023 | ) | Income taxes benefit (expense) | - | 2,769 | 200 | - | 2,969 | |||||||||||||||||||||||||||||||||
Net income (loss) | 7,632 | 11,008 | 5,930 | (16,385 | ) | 8,185 | Loss from continuing operations | (63,657 | ) | (23,640 | ) | (24,879 | ) | 49,412 | (62,764 | ) | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 553 | 553 | Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $ | 7,632 | $ | 11,008 | $ | 5,930 | $ | (16,938 | ) | $ | 7,632 | Net loss | (63,657 | ) | (23,640 | ) | (24,879 | ) | 49,412 | (62,764 | ) | ||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Net income attributable to noncontrolling interest | - | - | - | 893 | 893 | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (63,657 | ) | $ | (23,640 | ) | $ | (24,879 | ) | $ | 48,519 | $ | (63,657 | ) | |||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 91,991 | $ | 72,139 | $ | (20,095 | ) | $ | 144,035 | Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | (3,027 | ) | (100,375 | ) | (61,393 | ) | 20,065 | (144,730 | ) | ||||||||||||||||||||||||||||||||||||||
Operating (loss) profit | (3,027 | ) | (8,384 | ) | 10,746 | (30 | ) | (695 | ) | Revenues | $ | - | $ | 129,340 | $ | 190,630 | $ | (15,488 | ) | $ | 304,482 | ||||||||||||||||||||||||||
Investment in affiliates | (12,534 | ) | - | (666 | ) | 12,534 | (666 | ) | Operating expenses | (8,490 | ) | (112,238 | ) | (179,800 | ) | 15,430 | (285,098 | ) | |||||||||||||||||||||||||||||
Other (expenses) income | (3,656 | ) | (15,125 | ) | (1,770 | ) | - | (20,551 | ) | Operating (loss) profit | (8,490 | ) | 17,102 | 10,830 | (58 | ) | 19,384 | ||||||||||||||||||||||||||||||
(Loss) income before income taxes | (19,217 | ) | (23,509 | ) | 8,310 | 12,504 | (21,912 | ) | |||||||||||||||||||||||||||||||||||||||
Investment in affiliates | (7,886 | ) | - | (1,073 | ) | 7,886 | (1,073 | ) | |||||||||||||||||||||||||||||||||||||||
Income taxes benefit (expense) | - | 2,155 | 985 | - | 3,140 | Other (expenses) income | (2,429 | ) | (23,212 | ) | (12,642 | ) | - | (38,283 | ) | ||||||||||||||||||||||||||||||||
Net (loss) income | (19,217 | ) | (21,354 | ) | 9,295 | 12,504 | (18,772 | ) | Loss before income taxes | (18,805 | ) | (6,110 | ) | (2,885 | ) | 7,828 | (19,972 | ) | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 445 | 445 | Income taxes benefit (expense) | - | 1,550 | 187 | - | 1,737 | ||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to Ultrapetrol (Bahamas) Limited | $ | (19,217 | ) | $ | (21,354 | ) | $ | 9,295 | $ | 12,059 | $ | (19,217 | ) | Loss from continuing operations | (18,805 | ) | (4,560 | ) | (2,698 | ) | 7,828 | (18,235 | ) | ||||||||||||||||||||||||
Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Net loss | (18,805 | ) | (4,560 | ) | (2,698 | ) | 7,828 | (18,235 | ) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 570 | 570 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (18,805 | ) | $ | (4,560 | ) | $ | (2,698 | ) | $ | 7,258 | $ | (18,805 | ) | |||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 106,014 | $ | 133,015 | $ | (8,584 | ) | $ | 230,445 | ||||||||||||||||||||||||||||||||||||
Operating expenses | (8,332 | ) | (89,245 | ) | (122,676 | ) | 8,526 | (211,727 | ) | ||||||||||||||||||||||||||||||||||||||
Operating (loss) profit | (8,332 | ) | 16,769 | 10,339 | (58 | ) | 18,718 | ||||||||||||||||||||||||||||||||||||||||
Investment in affiliates | 8,153 | -1 | - | (341 | ) | (8,153 | ) | (341 | ) | ||||||||||||||||||||||||||||||||||||||
Other (expenses) income | (5,192 | ) | (1,197 | ) | (10,030 | ) | - | (16,419 | ) | ||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (5,371 | ) | 15,572 | (32 | ) | (8,211 | ) | 1,958 | |||||||||||||||||||||||||||||||||||||||
Income taxes benefit (expense) | - | 313 | (6,676 | ) | - | (6,363 | ) | ||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations | (5,371 | ) | 15,885 | (6,708 | ) | (8,211 | ) | (4,405 | ) | ||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | (515 | ) | - | (515 | ) | ||||||||||||||||||||||||||||||||||||||||
Net loss | (5,371 | ) | 15,885 | (7,223 | ) | (8,211 | ) | (4,920 | ) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 451 | 451 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (5,371 | ) | $ | 15,885 | $ | (7,223 | ) | $ | (8,662 | ) | $ | (5,371 | ) | |||||||||||||||||||||||||||||||||
-1 | Includes a loss of $515 related to discontinued operations. | ||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flow | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2013 (UNAUDITED) | FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Â | Â | Combined | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Parent | Combined subsidiary guarantors | subsidiary non guarantors | ||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | -62,764 | $ | -23,640 | $ | -23,986 | $ | 47,626 | $ | -62,764 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 8,185 | $ | 11,008 | $ | 6,483 | $ | (17,491 | ) | $ | 8,185 | Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in)operating activities | (13,318 | ) | 18,816 | (20,000 | ) | 17,491 | 2,989 | Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 51,532 | -1,935 | 56,858 | -47,626 | 58,829 | ||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (5,133 | ) | 29,824 | (13,517 | ) | - | 11,174 | Net cash (used in) provided by operating activities from continuing operations | -11,232 | -25,575 | 32,872 | - | -3,935 | ||||||||||||||||||||||||||||||||||
Net cash (used in) operating activities from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (43,107 | ) | 6,551 | 60,344 | (23,788 | ) | - | Net cash (used in) provided by operating activities | -11,232 | -25,575 | 32,872 | - | -3,935 | ||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (5,647 | ) | (5,556 | ) | - | (11,203 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (43,107 | ) | 904 | 54,788 | (23,788 | ) | (11,203 | ) | Intercompany sources | -10,019 | 43,839 | -16,697 | -17,123 | - | |||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | -14,985 | -17,528 | - | -32,513 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | (23,788 | ) | - | 23,788 | - | Net cash (used in) provided by investing activities | -10,019 | 28,854 | -34,225 | -17,123 | -32,513 | |||||||||||||||||||||||||||||||||||
Non-subsidiary sources | (69,497 | ) | (2,851 | ) | (18,523 | ) | - | (90,871 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (69,497 | ) | (26,639 | ) | (18,523 | ) | 23,788 | (90,871 | ) | Intercompany sources | - | -17,123 | - | 17,123 | - | ||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (117,737 | ) | $ | 4,089 | $ | 22,748 | $ | - | $ | (90,900 | ) | Non-subsidiary sources | 219,122 | 6,315 | -870 | - | 224,567 | |||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | 219,122 | -10,808 | -870 | 17,123 | 224,567 | ||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | Net increase (decrease) in cash and cash equivalents | $ | 197,871 | $ | -7,529 | $ | -2,223 | $ | - | $ | 188,119 | ||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (18,772 | ) | $ | (21,354 | ) | $ | 9,740 | $ | 11,614 | $ | (18,772 | ) | subsidiary non guarantors | |||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in)operating activities | 13,280 | 48,154 | (34,345 | ) | (11,614 | ) | 15,475 | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (5,492 | ) | 26,800 | (24,605 | ) | - | (3,297 | ) | Net loss | $ | (18,235 | ) | $ | (4,560 | ) | $ | (2,128 | ) | $ | 6,688 | $ | (18,235 | ) | ||||||||||||||||||||||||
Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | 2,896 | 19,359 | (23,064 | ) | 809 | - | Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 12,134 | 21,396 | 6,165 | (6,688 | ) | 33,007 | ||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (72,184 | ) | 50,232 | - | (21,952 | ) | Net cash (used in) provided by operating activities from continuing operations | (6,101 | ) | 16,836 | 4,037 | - | 14,772 | |||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | 2,896 | (52,825 | ) | 27,168 | 809 | (21,952 | ) | Net cash (used in) operating activities from discontinued operations | - | - | (15 | ) | - | (15 | ) | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (6,101 | ) | 16,836 | 4,022 | - | 14,757 | |||||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | 4,209 | (3,400 | ) | (809 | ) | - | ||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | 8,836 | 444 | - | 9,280 | Intercompany sources | (17,947 | ) | (1,322 | ) | (6,774 | ) | 26,043 | - | |||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | - | 13,045 | (2,956 | ) | (809 | ) | 9,280 | Non-subsidiary sources | - | (42,907 | ) | (54,956 | ) | - | (97,863 | ) | |||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | $ | (2,596 | ) | $ | (12,980 | ) | $ | (393 | ) | $ | - | $ | (15,969 | ) | Net cash (used in) investing activities | (17,947 | ) | (44,229 | ) | (61,730 | ) | 26,043 | (97,863 | ) | |||||||||||||||||||||||
Intercompany sources | - | 26,043 | - | (26,043 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | (15,000 | ) | 14,963 | 11,669 | - | 11,632 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (15,000 | ) | 41,006 | 11,669 | (26,043 | ) | 11,632 | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | (39,048 | ) | $ | 13,613 | $ | (46,039 | ) | $ | - | $ | (71,474 | ) | ||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (4,920 | ) | $ | 13,169 | $ | 5,307 | $ | (18,476 | ) | $ | (4,920 | ) | ||||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | 515 | - | 515 | ||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities from continuing operations | (1,601 | ) | (2,539 | ) | 10,913 | 18,476 | 25,249 | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (6,521 | ) | 10,630 | 16,735 | - | 20,844 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) operating activities from discontinued operations | - | - | (1,950 | ) | - | (1,950 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (6,521 | ) | 10,630 | 14,785 | - | 18,894 | |||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (60,822 | ) | (16,189 | ) | - | 77,011 | - | ||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (3,850 | ) | (52,239 | ) | - | (56,089 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities from continuing operations | (60,822 | ) | (20,039 | ) | (52,239 | ) | 77,011 | (56,089 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash provided by investing activities from discontinued operations | - | - | 1,950 | - | 1,950 | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities | (60,822 | ) | (20,039 | ) | (50,289 | ) | 77,011 | (54,139 | ) | ||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | - | 77,011 | (77,011 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | 75,281 | - | 12,333 | - | 87,614 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 75,281 | - | 89,344 | (77,011 | ) | 87,614 | |||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 7,938 | $ | (9,409 | ) | $ | 53,840 | $ | - | $ | 52,369 | ||||||||||||||||||||||||||||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE5
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ||||||||||||||||||||
Changes in Allowance for Doubtful Accounts | ' | ' | ||||||||||||||||||||
Changes in the allowance for doubtful accounts for the three years ended December 31, 2012, were as follow: | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Balance at January 1 | $ | 841 | $ | 555 | $ | 411 | ||||||||||||||||
Provision | 1,559 | 598 | 377 | |||||||||||||||||||
Recovery | (293 | ) | - | (18 | ) | |||||||||||||||||
Amounts written off (1) | (191 | ) | (312 | ) | (215 | ) | ||||||||||||||||
Balance at December 31 | $ | 1,916 | $ | 841 | $ | 555 | ||||||||||||||||
(1)Â Â | Accounts charged to the allowance when collection efforts cease. | |||||||||||||||||||||
Operating Supplies and Inventories | ' | ' | ||||||||||||||||||||
Operating supplies and inventories are carried at the lower of cost or market and consist of the following: | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
River barges in progress and raw material related to barge production for sale to third parties | $ | 10,019 | $ | - | ||||||||||||||||||
Fuel and supplies | 3,619 | 4,520 | ||||||||||||||||||||
$ | 13,638 | $ | 4,520 | |||||||||||||||||||
Estimated Useful Life of Assets | ' | ' | ||||||||||||||||||||
The estimated useful life of each of the Company's major categories of assets is as follows: | ||||||||||||||||||||||
Useful life | ||||||||||||||||||||||
(in years) | ||||||||||||||||||||||
Ocean-going vessels | 24 to 27 | |||||||||||||||||||||
PSVs | 24 | |||||||||||||||||||||
River barges and push boats | 35 | |||||||||||||||||||||
Buildings | 20 to 30 | |||||||||||||||||||||
Furniture and equipment | 5 to 15 | |||||||||||||||||||||
Deferred Gains | ' | ' | ||||||||||||||||||||
The Company has entered into a river barges sale-leaseback transaction (Note 15) with a finance company.  Gains are deferred to the extent of the present value of future minimum lease payments and are amortized as reductions to rental expense over the applicable lease term.  Deferred gains activity related to these transactions for the year ended December 31, 2012 is as follows: | ||||||||||||||||||||||
Balance at beginning of year | $ | - | ||||||||||||||||||||
Deferred gains arising from sales | 2,116 | |||||||||||||||||||||
Amortization of deferred gains included in operating expenses as reduction to rental expense | (30 | ) | ||||||||||||||||||||
Balance at end of the year | $ | 2,086 | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ' | ||||||||||||||||||||
The components of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets were as follows: | The components of accumulated other comprehensive loss in the consolidated balance sheets were as follows: | |||||||||||||||||||||
At June | At December | At December 31, | ||||||||||||||||||||
30, 2013 | 31, 2012 | 2012 | 2011 | |||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,958 | ) | $ | (1,727 | ) | ||||||||||||||||
Unrealized net losses on interest rate collar | $ | (1,482 | ) | $ | (1,958 | ) | Unrealized net losses on interest rate swaps | (803 | ) | (482 | ) | |||||||||||
Unrealized net losses on interest rate swap | (190 | ) | (803 | ) | Unrealized net gains on EURO hedge | 137 | 145 | |||||||||||||||
Unrealized net gains on EURO hedge | 132 | 137 | Accumulated other comprehensive loss | (2,624 | ) | (2,064 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) | (1,540 | ) | (2,624 | ) | ||||||||||||||||||
Amounts attributable to noncontrolling interest | (46 | ) | (27 | ) | ||||||||||||||||||
Amounts attributable to noncontrolling interest | (12 | ) | (46 | ) | Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (2,578 | ) | $ | (2,037 | ) | |||||||||||
Amounts attributable to Ultrapetrol (Bahamas) Limited | $ | (1,528 | ) | $ | (2,578 | ) | ||||||||||||||||
Outstanding Equity Awards Not Included in the Diluted Net Loss per Share Calculation | ' | ' | ||||||||||||||||||||
The following outstanding equity awards are not included in the diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited calculation because they would have had an antidilutive effect: | The following outstanding equity awards are not included in the diluted net loss per share calculation because they would have had an antidilutive effect: | |||||||||||||||||||||
For the six month periods | For the years ended December 31, | |||||||||||||||||||||
ended June 30, (unaudited) | 2012 | 2011 | 2010 | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Stock options | 459,000 | 349,000 | 349,000 | |||||||||||||||||||
Stock options | 348,750 | 348,750 | Restricted stock | 329,000 | 705,000 | 520,000 | ||||||||||||||||
Restricted stock | - | 680,000 | Convertible debt | 13,051,000 | 13,051,000 | 13,051,000 | ||||||||||||||||
Convertible debt | - | 13,051,000 | Total | 13,839,000 | 14,105,000 | 13,920,000 | ||||||||||||||||
Total | 348,750 | 14,079,750 | ||||||||||||||||||||
Computation of Basic and Diluted Loss per Share | ' | ' | ||||||||||||||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to Ultrapetrol (Bahamas) Limited: | The following table sets forth the computation of basic and diluted loss per share attributable to Ultrapetrol (Bahamas) Limited. | |||||||||||||||||||||
For the six month periods | For the years ended December 31, | |||||||||||||||||||||
ended June 30, (unaudited) | 2012 | 2011 | 2010 | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Loss from continuing operations | $ | (63,657 | ) | $ | (18,805 | ) | $ | (4,856 | ) | |||||||||||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $ | 7,632 | $ | (19,217 | ) | Loss from discontinued operations | - | - | (515 | ) | ||||||||||||
Net loss | $ | (63,657 | ) | $ | (18,805 | ) | $ | (5,371 | ) | |||||||||||||
Basic weighted average number of shares | 140,092,934 | 29,568,622 | ||||||||||||||||||||
Effect on dilutive shares-- Options and restricted stock | 182,858 | - | For the years ended December 31, | |||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Diluted weighted average number of shares | 140,275,792 | 29,568,622 | ||||||||||||||||||||
Basic and diluted weighted average number of shares | 35,382,913 | 29,547,365 | 29,525,025 | |||||||||||||||||||
Basic and diluted income (loss) per share attributable to Ultrapetrol (Bahamas) Limited | $ | 0.05 | $ | (0.65 | ) | |||||||||||||||||
Basic and diluted loss per share: | ||||||||||||||||||||||
From continuing operations | $ | (1.80 | ) | $ | (0.64 | ) | $ | (0.16 | ) | |||||||||||||
From discontinued operations | - | - | (0.02 | ) | ||||||||||||||||||
$ | (1.80 | ) | $ | (0.64 | ) | $ | (0.18 | ) | ||||||||||||||
Other Operating Income, Net | ' | ' | ||||||||||||||||||||
For the three years in the period ended December 31, 2012, this account includes: | ||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Arbitration award (1) | $ | - | $ | 4,748 | $ | - | ||||||||||||||||
Gain on sale of vessels, net | 3,564 | - | 724 | |||||||||||||||||||
Claims against insurance companies, net (2) | 3,901 | 3,543 | (46 | ) | ||||||||||||||||||
Other | 911 | (34 | ) | (61 | ) | |||||||||||||||||
$ | 8,376 | $ | 8,257 | $ | 617 | |||||||||||||||||
(1)Â Â | One of our subsidiaries in the River Business, UABL Paraguay S.A., made a claim against a former customer in an arbitration proceeding where we claim damages for non performance under a transportation contract. On December 2, 2011 a final amount of $5,308 was awarded to the Company, which was collected on December 21, 2011. Due to the disputed nature of the claim, the Company had not recognized any income related to the claim and now since the arbitration proceeding was favorably settled and collected recognizing an income of $4,748, after deducting related legal fees of $560. | |||||||||||||||||||||
(2)Â Â | Corresponds to loss of hire insurance claims. | |||||||||||||||||||||
DRY_DOCK_Tables
DRY DOCK (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
DRY DOCK [Abstract] | ' | ||||||||
Capitalized Dry Dock | ' | ||||||||
The capitalized amounts in dry dock at December 31, 2012 and 2011 were as follows: | |||||||||
At December 31, | |||||||||
2012 | 2011 | ||||||||
Original book value | $ | 23,699 | $ | 19,786 | |||||
Accumulated amortization | (19,461 | ) | (14,698 | ) | |||||
Net book value | $ | 4,238 | $ | 5,088 |
VESSELS_AND_EQUIPMENT_NET_Tabl
VESSELS AND EQUIPMENT, NET (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
VESSELS AND EQUIPMENT, NET [Abstract] | ' | ' | ||||||||||||||||
Vessels and Equipment, Net | ' | ' | ||||||||||||||||
The capitalized cost of the vessels and equipment, and the related accumulated depreciation at June 30, 2013 and December 31, 2012 were as follows: | The capitalized cost of the vessels and equipment, and the related accumulated depreciation at December 31, 2012 and 2011 were as follows: | |||||||||||||||||
At June | At December | At December 31, | ||||||||||||||||
30, 2013 | 31, 2012 | 2012 | 2011 | |||||||||||||||
(unaudited) | ||||||||||||||||||
Ocean-going vessels | $ | 115,375 | $ | 127,468 | ||||||||||||||
Ocean-going vessels | $ | 120,546 | $ | 115,375 | River barges and pushboats | 411,820 | 398,391 | |||||||||||
River barges and pushboats | 411,926 | 411,820 | PSVs | 223,032 | 199,453 | |||||||||||||
PSVs | 245,527 | 223,032 | Advances for PSV construction | 53,496 | 68,149 | |||||||||||||
Advances for PSV construction | 36,455 | 53,496 | Furniture and equipment | 11,822 | 10,458 | |||||||||||||
Furniture and equipment | 12,433 | 11,822 | Building, land, operating base and shipyard | 54,902 | 52,491 | |||||||||||||
Building, land, operating base and shipyard | 55,829 | 54,902 | Total original book value | 870,447 | 856,410 | |||||||||||||
Total original book value | 882,716 | 870,447 | Accumulated depreciation | (222,928 | ) | (184,965 | ) | |||||||||||
Accumulated depreciation | (241,607 | ) | (222,928 | ) | Net book value | $ | 647,519 | $ | 671,445 | |||||||||
Net book value | $ | 641,109 | $ | 647,519 |
LONGTERM_DEBT_AND_OTHER_FINANC1
LONG-TERM DEBT AND OTHER FINANCIAL DEBT (Tables) | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT AND OTHER FINANCIAL DEBT [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Balances of long-term financial debt | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Balances of long-term financial debt at June 30, 2013 and December 31, 2012: | Balances of long-term financial debt were as follows: | ||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2013 | At December 31, 2012 | At December 31, | |||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Financial institution / | Nominal value | Financial institution / | Nominal value | ||||||||||||||||||||||||||||||||||||||||||
Borrower | Other | Due-year | Current | Noncurrent | Total | Total | Borrower | Other | Due-year (1) | Current | Noncurrent | Total | Total | ||||||||||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | Jun-21 | $ | - | $ | 200,000 | $ | 200,000 | $ | - | Ultrapetrol (Bahamas) Ltd. | Private Investors | Nov-14 | $ | - | $ | 180,000 | $ | 180,000 | $ | 180,000 | ||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | - | - | - | - | 180,000 | Ultrapetrol (Bahamas) Ltd. | Private Investors | Jan-13 | 80,000 | - | - | 80,000 | ||||||||||||||||||||||||||||||||
Ultrapetrol (Bahamas) Ltd. | Private Investors | - | -1 | - | - | - | - | UP Offshore Apoio MarÃtimo Ltda. | DVB AG | Through 2016 | 900 | 5,950 | 6,850 | 7,750 | |||||||||||||||||||||||||||||||
UP Offshore Apoio MarÃtimo Ltda. | DVB AG | Through 2016 | 900 | 5,500 | 6,400 | 6,850 | UP Offshore (Bahamas) Ltd. | DVB AG | Through 2016 | 12,575 | 29,650 | 42,225 | 38,250 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB AG | Through 2016 | 4,300 | 27,500 | 31,800 | 42,225 | UP Offshore (Bahamas) Ltd. | DVB AG | Through 2017 | 2,000 | 11,000 | 13,000 | 15,000 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB AG | Through 2017 | 2,000 | 10,000 | 12,000 | 13,000 | UP Offshore (Bahamas) Ltd. | DVB SE + Banco Security | Through 2018 | 3,333 | 30,833 | 34,166 | 37,500 | ||||||||||||||||||||||||||||||||
UP Offshore (Bahamas) Ltd. | DVB SE + Banco Security | Through 2018 | 3,333 | 29,167 | 32,500 | 34,166 | Ingatestone Holdings Inc. | DVB AG | - | 5,639 | 8,161 | 13,800 | 15,525 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB AG | - | 2,019 | 6,606 | 8,625 | 13,800 | Ingatestone Holdings Inc | Natixis | Mar-13 | 5,175 | - | 5,175 | 15,525 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | Natixis | - | - | - | - | 5,175 | UP Offshore Apoio MarÃtimo Ltda. | BNDES | Through 2027 | 1,110 | 14,708 | 15,818 | 16,928 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB SE + NIBC | - | - | - | - | 20,850 | Stanyan Shipping Inc. | Natixis | Through 2017 | 1,108 | 5,438 | 6,546 | 9,303 | ||||||||||||||||||||||||||||||||
Ingatestone Holdings Inc. | DVB NV + NIBC + ABN Amro | Through 2017 | 4,470 | 35,749 | 40,219 | - | Hallandale Commercial Corp. | Nordea | Apr-13 | 5,644 | - | 5,644 | 7,212 | ||||||||||||||||||||||||||||||||
UP Offshore Apoio MarÃtimo Ltda. | BNDES | Through 2027 | 1,110 | 14,153 | 15,263 | 15,818 | UABL Paraguay | IFC | Through 2020 | 2,174 | 20,652 | 22,826 | 25,000 | ||||||||||||||||||||||||||||||||
Stanyan Shipping Inc. | Natixis | Through 2017 | 1,108 | 4,984 | 6,092 | 6,546 | UABL Paraguay | OFID | Through 2020 | 1,304 | 12,391 | 13,695 | 15,000 | ||||||||||||||||||||||||||||||||
Hallandale Commercial Corp. | Nordea | - | - | - | - | 5,644 | UABL Barges and others | IFC | Through 2020 | 3,044 | 28,913 | 31,957 | 35,000 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. | IFC | Through 2020 | 2,174 | 19,565 | 21,739 | 22,826 | UABL Paraguay and Riverpar | IFC | Through 2021 | 1,765 | 13,235 | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. | OFID | Through 2020 | 1,304 | 11,739 | 13,043 | 13,695 | UABL Paraguay and Riverpar | OFID | Through 2021 | 1,176 | 8,824 | 10,000 | - | ||||||||||||||||||||||||||||||||
UABL Barges and others | IFC | Through 2020 | 3,044 | 27,391 | 30,435 | 31,957 | Ingatestone Holdings Inc. | DVB SE + NIBC | - | 2,084 | 18,766 | 20,850 | - | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. and Riverpar S.A. | IFC | Through 2021 | 1,765 | 12,353 | 14,118 | 15,000 | At December 31, 2012 | $ | 129,031 | $ | 388,521 | $ | 517,552 | ||||||||||||||||||||||||||||||||
UABL Paraguay S.A. and Riverpar S.A. | OFID | Through 2021 | 1,177 | 8,234 | 9,411 | 10,000 | At December 31, 2011 | $ | 21,504 | $ | 491,489 | $ | 517,552 | ||||||||||||||||||||||||||||||||
At June 30, 2013 | $ | 28,704 | -2 | $ | 412,941 | $ | 441,645 | Â Â | |||||||||||||||||||||||||||||||||||||
At December 31, 2012 | $ | 49,031 | $ | 388,521 | $ | 437,552 | Â Â | ||||||||||||||||||||||||||||||||||||||
-1 | On January 23, 2013, the Company repaid the 2017 Senior Convertible Notes. See Note 3.b). | Â Â (1)Â See the descriptions below. | |||||||||||||||||||||||||||||||||||||||||||
-2 | Excludes the 2014 Senior Notes which were disclosed as current liabilities in the unaudited condensed consolidated balance sheet under the caption "2014 Senior Notes and accrued interest". See Note 3.a). | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate annual future payments due to the long-term financial debt | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Aggregate annual future payments due to the long-term financial debt were as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Year ending December 31 | |||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | 129,031 | |||||||||||||||||||||||||||||||||||||||||||
2014 | 208,716 | ||||||||||||||||||||||||||||||||||||||||||||
2015 | 24,098 | ||||||||||||||||||||||||||||||||||||||||||||
2016 | 49,091 | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 40,022 | ||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 66,594 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 517,552 | |||||||||||||||||||||||||||||||||||||||||||
9% First Preferred Ship Mortgage Notes due 2014 |
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||
FAIR VALUE INSTRUMENTS [Abstract] | ' | ' | ||||||||||||||||||||||||||||
Liabilities Measured on Recurring Basis | ' | ' | ||||||||||||||||||||||||||||
The Company's liabilities as of June 30, 2013 that are measured at fair value on a recurring basis are summarized below: | The Company's liabilities as of December 31, 2012 that are measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Current liabilities: | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
-Interest rate collar (included in other liabilities) | - | 718 | - | Current liabilities: | - | 722 | - | |||||||||||||||||||||||
-Interest rate swaps (included in other liabilities) | - | 349 | - | -Â Interest rate collar (included in other liabilities) | ||||||||||||||||||||||||||
Noncurrent liabilities: | -Â Interest rate swaps (included in other liabilities) | - | 348 | - | ||||||||||||||||||||||||||
-Interest rate collar (included in other liabilities) | - | 764 | - | Noncurrent liabilities: | - | 1,235 | - | |||||||||||||||||||||||
-Interest rate swaps (included in other liabilities) | - | 320 | - | -Â Interest rate collar (included in other liabilities) | ||||||||||||||||||||||||||
-Â Interest rate swaps (included in other liabilities) | - | 791 | - | |||||||||||||||||||||||||||
Fair Value Measured on Non-Recurring Basis | ' | ' | ||||||||||||||||||||||||||||
The Company's assets as of December 31, 2012 that are measured at fair value on a non-recurring basis are summarized below: | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Vessels and equipment held and used | $ | - | $ | - | $ | 7,380 | ||||||||||||||||||||||||
Fair Value of Other Financial Assets and Liabilities | ' | ' | ||||||||||||||||||||||||||||
The estimated fair value of the Company's other financial assets and liabilities were as follows: | ||||||||||||||||||||||||||||||
The estimated fair value of the Company's other financial assets and liabilities as of June 30, 2013 were as follows: | ||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||
Carrying | Estimated | 2012 | 2011 | |||||||||||||||||||||||||||
amount (unaudited) | fair value (unaudited) | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||
ASSETS | amount | fair value | amount | fair value | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 131,315 | $ | 131,315 | ||||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | 182,115 | Cash and cash equivalents | $ | 222,215 | $ | 222,215 | $ | 34,096 | $ | 34,096 | |||||||||||||||||||
Restricted cash (current and noncurrent portion) | 10,369 | 10,369 | Restricted cash (current and noncurrent portion) | 7,432 | 7,432 | 8,302 | 8,302 | |||||||||||||||||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||||||||||||||
2014 Senior Notes and accrued interest | $ | 181,620 | $ | 181,620 | Long term financial debt (current and non-current portion – Note 5) (1) | $ | 517,552 | $ | 517,595 | $ | 512,993 | $ | 468,393 | |||||||||||||||||
Long term financial debt (current | 441,645 | 441,645 | ||||||||||||||||||||||||||||
and non-current portion – Note 5) (1) | (1)  |  The fair value of long term financial debt is measured using Level 2 fair value inputs. | ||||||||||||||||||||||||||||
-1 | The fair value of long term financial debt is measured using Level 2 fair value inputs. |
DERIVATIVE_INSTRUMENTS_AND_HED3
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES [Abstract] | ' | ' | ||||||||||||||||
Derivative Instruments | ' | ' | ||||||||||||||||
Liabilities arising from outstanding derivative positions are included in the accompanying unaudited condensed consolidated balance sheets as other liabilities, as follows: | Liabilities arising from outstanding derivative positions are included in the accompanying consolidated balance sheets as other liabilities, as follows: | |||||||||||||||||
At June 30, 2013 | At December 31, 2012 | |||||||||||||||||
(unaudited) | Current other liabilities | Noncurrent other liabilities | ||||||||||||||||
Current other | Noncurrent other liabilities | Derivatives designated as hedging instruments | ||||||||||||||||
liabilities | Interest rate collar (cash flow hedge) | $ | 722 | $ | 1,235 | |||||||||||||
Derivatives designated as hedging instruments | Interest rate swaps (cash flow hedge) | 348 | 791 | |||||||||||||||
Interest rate collar (cash flow hedge) | $ | 718 | $ | 764 | $ | 1,070 | $ | 2,026 | ||||||||||
Interest rate swaps (cash flow hedge) | 349 | 320 | ||||||||||||||||
$ | 1,067 | $ | 1,084 | At December 31, 2011 | ||||||||||||||
Current other liabilities | Noncurrent other liabilities | |||||||||||||||||
At December 31, 2012 | Derivatives designated as hedging instruments | |||||||||||||||||
Current other | Noncurrent other liabilities | Interest rate collar (cash flow hedge) | $ | 582 | $ | 1,145 | ||||||||||||
liabilities | Interest rate swaps (cash flow hedge) | 251 | 643 | |||||||||||||||
Derivatives designated as hedging instruments | $ | 833 | $ | 1,788 | ||||||||||||||
Interest rate collar (cash flow hedge) | $ | 722 | $ | 1,235 | ||||||||||||||
Interest rate swaps (cash flow hedge) | 348 | 791 | ||||||||||||||||
$ | 1,070 | $ | 2,026 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2012 | |||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||||
Future Minimum Rental Payments for Operating Leases | ' | ||||
Rental expense under continuing obligations for the three years ended December 31, 2012 was $849, $1,119 and $1,048, respectively. At December 31, 2012, obligations under the companies' operating leases for office spaces and a ship repair facility with initial or remaining lease terms longer than one year were as follows: | |||||
The Company and its subsidiaries lease buildings for office spaces and a ship repair facility under various operating leases, which expire from 2012 to 2017 and which generally have renewal options at similar terms. | |||||
Year ending December 31, | |||||
2013 | $ | 1,016 | |||
2014 | 917 | ||||
2015 | 273 | ||||
2016 | 68 | ||||
2017 | 58 | ||||
Total | $ | 2,332 | |||
Offshore Supply Business [Member] | ' | ||||
Revenue from External Customer [Line Items] | ' | ||||
Future Minimum Revenues | ' | ||||
The future minimum revenues, before reduction for brokerage commissions, expected to be received on time charter agreements of our PSVs in our Offshore Supply Business chartered five in Brazil and one in North Sea, which terms are longer than one year were as follows: | |||||
Year ending December 31, | |||||
2013 | $ | 34,238 | |||
2014 | 22,503 | ||||
2015 | 13,492 | ||||
2016 | 5,742 | ||||
Total | $ | 75,975 | |||
Ocean Business [Member] | ' | ||||
Revenue from External Customer [Line Items] | ' | ||||
Future Minimum Revenues | ' | ||||
The future minimum revenues, before reduction for brokerage commissions of three of our handy size-small product tanker vessels (one of them leased) in our Ocean Business chartered in South America, expected to be received on time charter agreements, which terms are longer than one year were as follows: | |||||
Year ending December 31, | |||||
2013 | $ | 18,090 | |||
2014 | 5,412 | ||||
Total | $ | 23,502 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
INCOME TAXES - 10Q [Abstract] | ' | ||||||||||||
Income Tax Expense (Benefit) | ' | ||||||||||||
Income tax expense (benefit) from continuing operations (which includes TOMPI) is comprised of: | |||||||||||||
For the years ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Current income tax expense | $ | 1,385 | $ | 1,904 | $ | 4,529 | |||||||
Deferred income tax (benefit) expense | (4,354 | ) | (3,641 | ) | 1,834 | ||||||||
$ | (2,969 | ) | $ | (1,737 | ) | $ | 6,363 | ||||||
The table below shows for each jurisdiction's total income tax expense and statutory tax rate: | |||||||||||||
For the years ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Brazil (34%) | $ | 7 | $ | - | $ | 1,723 | |||||||
Argentina (35%) | 1,255 | 1,110 | 623 | ||||||||||
Paraguay (10%) | 48 | 403 | 1,725 | ||||||||||
Others | 75 | 391 | 458 | ||||||||||
Current income tax expense | 1,385 | 1,904 | 4,529 | ||||||||||
Deferred income tax (benefit) expense | (4,354 | ) | (3,641 | ) | 1,834 | ||||||||
Income tax (benefit) expense | $ | (2,969 | ) | $ | (1,737 | ) | $ | 6,363 | |||||
Effective Income Tax Rate Reconciliation | ' | ||||||||||||
Reconciliation of income tax expense (benefit) to taxes calculated based on the statutory tax rate is as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
(Loss) income from continuing operations before income taxes | $ | (65,733 | ) | $ | (19,972 | ) | $ | 1,958 | |||||
Sources not subject to income tax | 51,203 | 20,835 | 8,609 | ||||||||||
(14,530 | ) | 863 | 10,567 | ||||||||||
Tax rate | 35 | % | 35 | % | 35 | % | |||||||
Tax (benefit) expense at statutory tax rate | (5,085 | ) | 302 | 3,698 | |||||||||
Rate differential | 348 | (184 | ) | (306 | ) | ||||||||
Change in valuation allowance | 1,549 | 197 | 1,215 | ||||||||||
Effects of foreign exchange changes related | (1,479 | ) | (4,020 | ) | 1,174 | ||||||||
to our foreign subsidiaries | |||||||||||||
Income tax witholding in foreign jurisdictions | 825 | 572 | 349 | ||||||||||
Others | 873 | 1,396 | 233 | ||||||||||
Income tax (benefit) expense | $ | (2,969 | ) | $ | (1,737 | ) | $ | 6,363 | |||||
Deferred Tax Assets and Liabilities | ' | ||||||||||||
The components of net deferred income tax liabilities included on the balance sheets were as follows: | |||||||||||||
At December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
Deferred income tax assets | |||||||||||||
Other, deferred income tax current assets | $ | 109 | $ | 286 | |||||||||
NOLs | 8,788 | 2,339 | |||||||||||
TOMPI credit | 4,068 | 3,694 | |||||||||||
Other | 421 | 3,453 | |||||||||||
Total deferred income tax noncurrent assets | 13,277 | 9,486 | |||||||||||
Valuation allowance of deferred income tax assets | (2,895 | ) | (1,346 | ) | |||||||||
Net deferred income tax noncurrent assets | 10,382 | 8,140 | |||||||||||
Deferred income tax liabilities | |||||||||||||
Vessels and equipment, net | 13,176 | 11,292 | |||||||||||
Intangible assets | 272 | 332 | |||||||||||
Unrealized exchange differences | 2,120 | 3,851 | |||||||||||
Other | 220 | 263 | |||||||||||
Total deferred income tax noncurrent liabilities | 15,788 | 15,738 | |||||||||||
Net deferred income tax liabilities | $ | (5,297 | ) | $ | (7,312 | ) | |||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
RELATED PARTY TRANSACTIONS [Abstract] | ' | ||||||||||||
Related Party Balances | ' | ||||||||||||
At December 31, 2012 and 2011 the balances of noncurrent receivables from related parties were as follows: | |||||||||||||
At December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
OTS S.A. (1) | 3,852 | 2,195 | |||||||||||
Puertos del Sur S.A. (2) | - | 4,283 | |||||||||||
Total | $ | 3,852 | $ | 6,478 | |||||||||
(1)Â Â | Corresponds to temporary working capital advances. The advances have no maturity date and do no accrue interest. | ||||||||||||
(2)Â | Since the date of our acquisition of control of Puertos de Sur S.A., our consolidated financial statements included the balances of this company. | ||||||||||||
Expenses Paid to Related Parties | ' | ||||||||||||
For the three years ended December 31, 2012, the voyage expenses paid to related parties were as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Commercial commissions (1) | $ | 1,064 | $ | 1,147 | $ | 1,101 | |||||||
Agency fees (2) | 1,689 | 3,475 | 441 | ||||||||||
Total | $ | 2,753 | $ | 4,622 | $ | 1,542 | |||||||
(1)Â Â | Commercial commissions | ||||||||||||
Pursuant to a commercial agreement signed between UP Offshore (Bahamas) Ltd. (our subsidiary in the Offshore Supply Business) and Firmapar Corp. (formerly Comintra), a minority shareholder of this, the parties agreed that Firmapar Corp. charges a 2% of the gross time charters revenues from Brazilian charters collected by UP Offshore (Bahamas) Ltd. on a consolidated basis beginning on June 25, 2003 and ending on June 25, 2013. | |||||||||||||
(2)Â Â | Agency fees | ||||||||||||
Pursuant to a commercial and an agency agreement with Ultrapetrol S.A., UABL S.A. and Ravenscroft, Shipping Services Argentina S.A. (formerly I. Shipping Service S.A.) and Navalia S.A. companies of the same control group as Inversiones Los Avellanos S.A., have agreed to perform the duties of port agent for us in Argentina. |
SUPPLEMENTAL_DISCLOSURE_OF_CAS1
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2012 | ||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract] | ' | |||||||||
Supplemental Disclosure of Cash Flow Information | ' | |||||||||
Interest and income taxes paid for the three years in the period ended December 31, 2012, from continuing operations were as follows: | ||||||||||
For the years ended December 31, | ||||||||||
2012 | 2011 | 2010 | ||||||||
Interest paid | 30,131 | $ | 26,866 | $ | 21,750 | |||||
Income taxes paid | 1,014 | 316 | 100 | |||||||
BUSINESS_AND_GEOGRAPHIC_SEGMEN3
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
Revenue by Geographical Region | ' | ' | ||||||||||||||||||||||||||||||||
All of the Company's operating revenues were derived from its foreign operations. The following represents the Company's revenues attributed by geographical region in which services are provided to customers. | All of the Company's operating revenues were derived from its foreign operations.  The following represents the Company's revenues attributed by geographical region in which services are provided to customers. | |||||||||||||||||||||||||||||||||
For the six-month periods ended June 30, | For the years ended December 31, | |||||||||||||||||||||||||||||||||
(unaudited) | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||
2013 | 2012 | Revenues (1) | ||||||||||||||||||||||||||||||||
Revenues (1) | − South America | $ | 238,572 | $ | 267,420 | $ | 199,585 | |||||||||||||||||||||||||||
−South America | $ | 162,595 | $ | 120,627 | − Europe | 28,320 | 19,910 | 19,923 | ||||||||||||||||||||||||||
−Central America | 21,021 | 9,523 | − Central America | 35,333 | 16,499 | 5,624 | ||||||||||||||||||||||||||||
−Europe | 7,227 | 9,542 | − North America | 7,438 | 227 | 1,219 | ||||||||||||||||||||||||||||
−North America | 538 | 3,413 | − Asia | 3,506 | 426 | 4,094 | ||||||||||||||||||||||||||||
−Asia | 8,295 | 930 | $ | 313,169 | $ | 304,482 | $ | 230,445 | ||||||||||||||||||||||||||
$ | 199,676 | $ | 144,035 | |||||||||||||||||||||||||||||||
(1)Â Â | Classified by country of domicile of charterers/costumers. | |||||||||||||||||||||||||||||||||
-1 | Classified by country of domicile of charterers/customers. | |||||||||||||||||||||||||||||||||
Assets by Geographical Region | ' | ' | ||||||||||||||||||||||||||||||||
The following represents the Company's vessels and equipment based upon the assets' physical location as of the end of each applicable period presented: | The following represents the Company's vessels and equipment based upon the assets' physical location as of the end of each applicable period presented: | |||||||||||||||||||||||||||||||||
At June 30, 2013 | At December 31, 2012 | At December 31, | ||||||||||||||||||||||||||||||||
(unaudited) | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Vessels and equipment, net | Vessels and equipment, net | |||||||||||||||||||||||||||||||||
−South America | $ | 575,436 | $ | 564,352 | ||||||||||||||||||||||||||||||
−Europe | 24,924 | 25,474 | − South America | $ | 564,352 | $ | 572,512 | |||||||||||||||||||||||||||
−Asia | 36,455 | 53,496 | − Europe | 25,474 | 26,571 | |||||||||||||||||||||||||||||
−Other | 4,294 | 4,197 | − Asia | 53,496 | 68,149 | |||||||||||||||||||||||||||||
$ | 641,109 | $ | 647,519 | − Other | 4,197 | 4,213 | ||||||||||||||||||||||||||||
$ | 647,519 | $ | 671,445 | |||||||||||||||||||||||||||||||
Operating Segment Information | ' | ' | ||||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the six-month period ended June 30, 2013 (unaudited): | The following schedule presents segment information about the Company's operations for the year ended December 31, 2012: | |||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | River | Offshore | Ocean | Total | |||||||||||||||||||||||||||
Business | Supply | Business | Business | Supply | Business | |||||||||||||||||||||||||||||
Business | Business | |||||||||||||||||||||||||||||||||
Revenues | $ | 122,531 | $ | 42,447 | $ | 34,698 | $ | 199,676 | Revenues | $ | 163,279 | $ | 76,661 | $ | 73,229 | $ | 313,169 | |||||||||||||||||
Running and voyage and manufacturing expenses | 92,127 | 20,583 | 30,324 | 143,034 | Running and voyage and manufacturing expenses | 148,653 | 43,405 | 62,369 | 254,427 | |||||||||||||||||||||||||
Depreciation and amortization | 11,727 | 5,395 | 3,401 | 20,523 | Depreciation and amortization | 21,996 | 10,938 | 10,918 | 43,852 | |||||||||||||||||||||||||
Segment operating profit (loss) | 10,664 | 11,636 | (3,097 | ) | 19,203 | Segment operating (loss) profit | (18,963 | ) | 17,615 | (23,771 | ) (1) | (25,119 | ) | |||||||||||||||||||||
Segment assets | 410,015 | 272,727 | 111,424 | 794,166 | Segment assets | 387,484 | 263,315 | 123,033 | 773,832 | |||||||||||||||||||||||||
Investments in and receivables from affiliates | 4,072 | - | 233 | 4,305 | Investments in and receivables from affiliates | 4,032 | - | 250 | 4,282 | |||||||||||||||||||||||||
Loss from investment in affiliates | (302 | ) | - | (17 | ) | (319 | ) | Loss from investment in affiliates | (1,168 | ) | - | (7 | ) | (1,175 | ) | |||||||||||||||||||
Additions to long-lived assets | 2,196 | 5,454 | 5,332 | 12,982 | Additions to long-lived assets | 24,634 | 13,405 | 1,977 | 40,016 | |||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the six-month period ended June 30, 2012 (unaudited): | ||||||||||||||||||||||||||||||||||
(1)Â Â | Includes an impairment charge for our product tanker M/V Amadeo of $16,000. | |||||||||||||||||||||||||||||||||
River Business | Offshore | Ocean Business | Total | |||||||||||||||||||||||||||||||
Supply | The following schedule presents segment information about the Company's operations for the year ended December 31, 2011: | |||||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | |||||||||||||||||||||||||||||||
Revenues | $ | 71,128 | $ | 35,170 | $ | 37,737 | $ | 144,035 | Business | Supply | Business | |||||||||||||||||||||||
Running and voyage and manufacturing expenses | 63,960 | 19,435 | 31,595 | 114,990 | Business | |||||||||||||||||||||||||||||
Depreciation and amortization | 10,776 | 5,233 | 5,042 | 21,051 | ||||||||||||||||||||||||||||||
Segment operating (loss) profit | (5,157 | ) | 8,524 | (4,062 | ) | (695 | ) | Revenues | $ | 174,594 | $ | 64,606 | $ | 65,282 | $ | 304,482 | ||||||||||||||||||
Loss from investment in affiliates | (663 | ) | - | (3 | ) | (666 | ) | Running and voyage and manufacturing expenses | 132,719 | 38,852 | 53,036 | 224,607 | ||||||||||||||||||||||
Additions to long-lived assets | 18,484 | 8,541 | 314 | 27,339 | Depreciation and amortization | 20,139 | 9,436 | 9,569 | 39,144 | |||||||||||||||||||||||||
Segment operating (loss) profit | 13,138 | 10,999 | (4,753 | ) | 19,384 | |||||||||||||||||||||||||||||
Segment assets | 392,549 | 263,094 | 124,527 | 780,170 | ||||||||||||||||||||||||||||||
Investments in and receivables from affiliates | 6,595 | - | 256 | 6,851 | ||||||||||||||||||||||||||||||
Loss from investment in affiliates | (1,042 | ) | - | (31 | ) | (1,073 | ) | |||||||||||||||||||||||||||
Additions to long-lived assets (1) | 73,265 | 19,502 | 3,345 | 96,112 | ||||||||||||||||||||||||||||||
(1)Â Â | Excludes $1,751, which corresponds to additions to corporate assets. | |||||||||||||||||||||||||||||||||
The following schedule presents segment information about the Company's operations for the year ended December 31, 2010: | ||||||||||||||||||||||||||||||||||
River | Offshore | Ocean | Total | |||||||||||||||||||||||||||||||
Business | Supply | Business | ||||||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||||||||
Revenues | $ | 120,024 | $ | 54,283 | $ | 56,138 | $ | 230,445 | ||||||||||||||||||||||||||
Running and voyage and manufacturing expenses | 80,702 | 29,637 | 40,583 | 150,922 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 17,248 | 7,178 | 9,945 | 34,371 | ||||||||||||||||||||||||||||||
Segment operating (loss) profit | 10,244 | 10,611 | (2,137 | ) | 18,718 | |||||||||||||||||||||||||||||
Segment assets | 351,388 | 245,865 | 104,334 | 701,587 | ||||||||||||||||||||||||||||||
Investments in and receivables from affiliates | 6,537 | - | 287 | 6,824 | ||||||||||||||||||||||||||||||
Income (Loss) from investment in affiliates | (322 | ) | - | (19 | ) | (341 | ) | |||||||||||||||||||||||||||
Additions to long-lived assets | 67,942 | 7,141 | 30,164 | 105,247 | ||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated | ' | ' | ||||||||||||||||||||||||||||||||
Reconciliation of total assets of the segments to amount included in the consolidated balance sheets were as follow: | ||||||||||||||||||||||||||||||||||
Reconciliation of total assets of the segments to amount included in the unaudited condensed consolidated balance sheets were as follow: | ||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||
At June 30, | 2012 | 2011 | ||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||
(unaudited) | Total assets for reportable segments | $ | 773,832 | $ | 780,170 | |||||||||||||||||||||||||||||
Other assets | 14,271 | 16,021 | ||||||||||||||||||||||||||||||||
Total assets for reportable segments | $ | 794,166 | Corporate cash and cash equivalents | 222,215 | 34,096 | |||||||||||||||||||||||||||||
Other assets | 14,609 | Consolidated total assets | $ | 1,010,318 | $ | 830,287 | ||||||||||||||||||||||||||||
Corporate cash and cash equivalents | 131,315 | |||||||||||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | |||||||||||||||||||||||||||||||||
Consolidated total assets | $ | 1,122,205 |
STOCK_COMPENSATION_Tables
STOCK COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
STOCK COMPENSATION [Abstract] | ' | ||||||||||||||||||||||||
Restricted Common Stock Activity | ' | ||||||||||||||||||||||||
Activity with respect to restricted common stock is summarized as follows: | |||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||
Nonvested shares outstanding at January 1 | 680,781 | 703,827 | 755,914 | ||||||||||||||||||||||
Granted | 329,375 | - | 12,689 | ||||||||||||||||||||||
Vested | (524,312 | ) | (23,046 | ) | (25,640 | ) | |||||||||||||||||||
Forfeited | (156,469 | ) | - | (39,136 | ) | ||||||||||||||||||||
Nonvested shares outstanding at December 31 | 329,375 | 680,781 | 703,827 | ||||||||||||||||||||||
2006 Plan shares issued as of the end of year | 1,246,503 | 838,644 | 783,358 | ||||||||||||||||||||||
Shares available for issuance under 2006 Plan as of the end of year | 3,753,497 | 4,161,356 | 4,216,642 | ||||||||||||||||||||||
Stock Options Activity | ' | ||||||||||||||||||||||||
Activity and related information with respect to the Company's stock options is summarized as follows: | |||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||
Shares | Exercise price | Shares | Exercise price | Shares | Exercise price | ||||||||||||||||||||
Under option at January 1 | 348,750 | $ | 11 | 348,750 | $ | 11 | $ | 348,750 | $ | 11 | |||||||||||||||
Options granted | 109,762 | 1.43 | - | - | - | - | |||||||||||||||||||
Options exercised | - | - | - | - | - | - | |||||||||||||||||||
Options forfeited or expired | - | - | - | - | - | - | |||||||||||||||||||
Under option at December 31 | 458,512 | $ | 8.71 | 348,750 | $ | 11 | 348,750 | $ | 11 | ||||||||||||||||
Options exercisable at December 31 | 348,750 | 11 | 348,750 | 11 | 348,750 | 11 |
BUILD_SALE_AND_LEASEBACK_OF_TW1
BUILD, SALE AND LEASE-BACK OF TWENTY-FOUR JUMBO DRY BARGES (Tables) | 12 Months Ended | ||||
Dec. 31, 2012 | |||||
BUILD, SALE AND LEASE-BACK OF TWENTY-FOUR JUMBO DRY BARGES [Abstract] | ' | ||||
Obligations under Operating Lease | ' | ||||
At December 31, 2012, obligations under the operating lease were as follows: | |||||
Year ending December 31 | |||||
2013 | $ | 2,019 | |||
2014 | 1,949 | ||||
2015 | 1,879 | ||||
2016 | 1,809 | ||||
2017 | 1,739 | ||||
Thereafter | 7,430 | ||||
Total | $ | 16,825 |
SUPPLEMENTAL_GUARANTOR_INFORMA4
SUPPLEMENTAL GUARANTOR INFORMATION (Tables) | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||||
AT JUNE 30, 2013 (UNAUDITED) | AT DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined subsidiary non guarantors | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Current assets | ||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Receivables from related parties | $ | 307,343 | $ | 124,498 | $ | 34,244 | $ | (466,075 | ) | $ | 10 | |||||||||||||||||||||||||||||||||
guarantors | amounts | Other current assets | 201,491 | 55,084 | 50,405 | - | 306,980 | ||||||||||||||||||||||||||||||||||||||||
Current assets | Total current assets | 508,834 | 179,582 | 84,649 | (466,075 | ) | 306,990 | ||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 350,450 | $ | 46,448 | $ | 54,628 | $ | (451,497 | ) | $ | 29 | ||||||||||||||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | - | - | - | 182,115 | Noncurrent assets | |||||||||||||||||||||||||||||||||||||||||
Other current assets | 83,581 | 77,020 | 77,963 | - | 238,564 | Vessels and equipment, net | - | 218,832 | 429,574 | (887 | ) | 647,519 | |||||||||||||||||||||||||||||||||||
Total current assets | 616,146 | 123,468 | 132,591 | (451,497 | ) | 420,708 | Investment in affiliates | 151,447 | - | 251 | (151,447 | ) | 251 | ||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,171 | 17,173 | 42,134 | (8,920 | ) | 55,558 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent assets | Total noncurrent assets | 156,618 | 236,005 | 471,959 | (161,254 | ) | 703,328 | ||||||||||||||||||||||||||||||||||||||||
Vessels and equipment, net | - | 269,368 | 372,598 | (857 | ) | 641,109 | Total assets | $ | 665,452 | $ | 415,587 | $ | 556,608 | $ | (627,329 | ) | $ | 1,010,318 | |||||||||||||||||||||||||||||
Investment in affiliates | 168,878 | - | 233 | (168,878 | ) | 233 | |||||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 9,031 | 30,828 | 29,445 | (9,149 | ) | 60,155 | |||||||||||||||||||||||||||||||||||||||||
Total noncurrent assets | 177,909 | 300,196 | 402,276 | (178,884 | ) | 701,497 | Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 794,055 | $ | 423,664 | $ | 534,867 | $ | (630,381 | ) | $ | 1,122,205 | Payable to related parties | $ | - | $ | 194,805 | $ | 275,031 | $ | (466,075 | ) | $ | 3,761 | ||||||||||||||||||||||||
Current portion of long-term financial debt | 80,000 | 6,420 | 42,611 | - | 129,031 | ||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 5,701 | 34,441 | 25,811 | - | 65,953 | ||||||||||||||||||||||||||||||||||||||||||
Current liabilities | Total current liabilities | 85,701 | 235,666 | 343,453 | (466,075 | ) | 198,745 | ||||||||||||||||||||||||||||||||||||||||
Payables to related parties | $ | - | $ | 155,245 | $ | 298,170 | $ | (451,497 | ) | $ | 1,918 | ||||||||||||||||||||||||||||||||||||
2014 Senior Notes and accrued interest | 181,620 | - | - | - | 181,620 | Noncurrent liabilities | |||||||||||||||||||||||||||||||||||||||||
Current portion of long-term financial debt | - | 6,420 | 22,284 | - | 28,704 | Due to affiliates | $ | - | $ | 8,920 | $ | - | $ | (8,920 | ) | $ | - | ||||||||||||||||||||||||||||||
Other current liabilities | 3,871 | 71,760 | (11,593 | ) | - | 64,038 | Long-term financial debt | 180,000 | 55,102 | 153,419 | - | 388,521 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 185,491 | 233,425 | 308,861 | (451,497 | ) | 276,280 | Other noncurrent liabilities | 262 | 16,291 | - | 16,553 | ||||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 180,000 | 64,284 | 169,710 | (8,920 | ) | 405,074 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent liabilities | Total liabilities | 265,701 | 299,950 | 513,163 | (474,995 | ) | 603,819 | ||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 9,149 | - | (9,149 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Long-term financial debt net of current portion | 200,000 | 51,892 | 161,049 | - | 412,941 | Equity of Ultrapetrol (Bahamas) Limited | 399,751 | 115,637 | 43,445 | (159,082 | ) | 399,751 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | - | 254 | 16,831 | - | 17,085 | Noncontrolling interest | - | - | - | 6,748 | 6,748 | ||||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 200,000 | 61,295 | 177,880 | (9,149 | ) | 430,026 | Total equity | 399,751 | 115,637 | 43,445 | (152,334 | ) | 406,499 | ||||||||||||||||||||||||||||||||||
Total liabilities | 385,491 | 294,720 | 486,741 | (460,646 | ) | 706,306 | Total liabilities and equity | $ | 665,452 | $ | 415,587 | $ | 556,608 | $ | (627,329 | ) | $ | 1,010,318 | |||||||||||||||||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 408,564 | 128,944 | 48,126 | (177,070 | ) | 408,564 | SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | - | - | - | 7,335 | 7,335 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | 408,564 | 128,944 | 48,126 | (169,735 | ) | 415,899 | AT DECEMBER 31, 2011 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 794,055 | $ | 423,664 | $ | 534,867 | $ | (630,381 | ) | $ | 1,122,205 | ||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined subsidiary non guarantors | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
AT DECEMBER 31, 2012 | Current assets | ||||||||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 297,324 | $ | 101,196 | $ | 30,751 | $ | (429,214 | ) | $ | 57 | ||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | Other current assets | 3,773 | 46,055 | 56,248 | - | 106,076 | |||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Total current assets | 301,097 | 147,251 | 86,999 | (429,214 | ) | 106,133 | ||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | |||||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | Noncurrent assets | |||||||||||||||||||||||||||||||||||||||||||||
Current assets | Vessels and equipment, net | - | 212,324 | 460,066 | (945 | ) | 671,445 | ||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 307,343 | $ | 122,035 | $ | 87,737 | $ | (517,105 | ) | $ | 10 | Investment in affiliates | 201,323 | - | 373 | (201,323 | ) | 373 | |||||||||||||||||||||||||||||
Other current assets | 201,491 | 66,643 | 38,846 | - | 306,980 | Other noncurrent assets | 6,825 | 7,850 | 63,704 | (26,043 | ) | 52,336 | |||||||||||||||||||||||||||||||||||
Total current assets | 508,834 | 188,678 | 126,583 | (517,105 | ) | 306,990 | Total noncurrent assets | 208,148 | 220,174 | 524,143 | (228,311 | ) | 724,154 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 509,245 | $ | 367,425 | $ | 611,142 | $ | (657,525 | ) | $ | 830,287 | ||||||||||||||||||||||||||||||||||||
Noncurrent assets | |||||||||||||||||||||||||||||||||||||||||||||||
Vessels and equipment, net | - | 279,653 | 368,753 | (887 | ) | 647,519 | |||||||||||||||||||||||||||||||||||||||||
Investment in affiliates | 151,447 | - | 251 | (151,447 | ) | 251 | Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,171 | 26,032 | 33,275 | (8,920 | ) | 55,558 | Payable to related parties | $ | - | $ | 127,664 | $ | 302,708 | $ | (429,214 | ) | $ | 1,158 | |||||||||||||||||||||||||||||
Total noncurrent assets | 156,618 | 305,685 | 402,279 | (161,254 | ) | 703,328 | Current portion of long-term financial debt | - | 3,478 | 18,026 | - | 21,504 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | Other current liabilities | 4,948 | 19,223 | 27,055 | - | 51,226 | ||||||||||||||||||||||||||||||
Total current liabilities | 4,948 | 150,365 | 347,789 | (429,214 | ) | 73,888 | |||||||||||||||||||||||||||||||||||||||||
Current liabilities | Noncurrent liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Payable to related parties | $ | - | $ | 224,281 | $ | 272,568 | $ | (493,088 | ) | $ | 3,761 | Due to affiliates | $ | - | $ | 26,043 | $ | - | $ | (26,043 | ) | $ | - | ||||||||||||||||||||||||
Current portion of long-term financial debt | - | 12,064 | 36,967 | - | 49,031 | Long-term financial debt | 260,000 | 51,522 | 179,967 | - | 491,489 | ||||||||||||||||||||||||||||||||||||
2017 Senior Convertible Notes | 80,000 | - | - | - | 80,000 | Other noncurrent liabilities | - | 218 | 14,521 | - | 14,739 | ||||||||||||||||||||||||||||||||||||
Other current liabilities | 5,701 | 51,781 | 8,471 | - | 65,953 | Total noncurrent liabilities | 260,000 | 77,783 | 194,488 | (26,043 | ) | 506,228 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 85,701 | 288,126 | 318,006 | (493,088 | ) | 198,745 | Total liabilities | 264,948 | 228,148 | 542,277 | (455,257 | ) | 580,116 | ||||||||||||||||||||||||||||||||||
Noncurrent liabilities | Equity of Ultrapetrol (Bahamas) Limited | 244,297 | 139,277 | 68,865 | (208,142 | ) | 244,297 | ||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 32,937 | - | (32,937 | ) | - | Noncontrolling interest | - | - | - | 5,874 | 5,874 | |||||||||||||||||||||||||||||||||||
Long-term financial debt | 180,000 | 55,102 | 153,419 | - | 388,521 | Total equity | 244,297 | 139,277 | 68,865 | (202,268 | ) | 250,171 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | - | 262 | 16,291 | - | 16,553 | Total liabilities and equity | $ | 509,245 | $ | 367,425 | $ | 611,142 | $ | (657,525 | ) | $ | 830,287 | ||||||||||||||||||||||||||||||
Total noncurrent liabilities | 180,000 | 88,301 | 169,710 | (32,937 | ) | 405,074 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities | 265,701 | 376,427 | 487,716 | (526,025 | ) | 603,819 | |||||||||||||||||||||||||||||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 399,751 | 117,936 | 41,146 | (159,082 | ) | 399,751 | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | - | - | - | 6,748 | 6,748 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | 399,751 | 117,936 | 41,146 | (152,334 | ) | 406,499 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2013 (UNAUDITED) | FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 144,155 | $ | 79,014 | $ | (23,493 | ) | $ | 199,676 | Revenues | $ | - | $ | 121,985 | $ | 205,112 | $ | (13,928 | ) | $ | 313,169 | ||||||||||||||||||||||||
Operating expenses | (3,706 | ) | (130,579 | ) | (69,710 | ) | 23,522 | (180,473 | ) | Operating expenses | - | (133,209 | ) | (218,949 | ) | 13,870 | (338,288 | ) | |||||||||||||||||||||||||||||
Operating (loss) profit | (3,706 | ) | 13,576 | 9,304 | 29 | 19,203 | Operating (loss) profit | - | (11,224 | ) | (13,837 | ) | (58 | ) | (25,119 | ) | |||||||||||||||||||||||||||||||
Investment in affiliates | 16,414 | - | (319 | ) | (16,414 | ) | (319 | ) | Investment in affiliates | (49,470 | ) | - | (1,175 | ) | 49,470 | (1,175 | ) | ||||||||||||||||||||||||||||||
Other (expenses) income | (5,076 | ) | (1,710 | ) | (1,890 | ) | - | (8,676 | ) | Other (expenses) income | (14,187 | ) | (15,185 | ) | (10,067 | ) | - | (39,439 | ) | ||||||||||||||||||||||||||||
Income (loss) before income taxes | 7,632 | 11,866 | 7,095 | (16,385 | ) | 10,208 | Loss before income taxes | (63,657 | ) | (26,409 | ) | (25,079 | ) | 49,412 | (65,733 | ) | |||||||||||||||||||||||||||||||
Income taxes (expense) benefit | - | (858 | ) | (1,165 | ) | - | (2,023 | ) | Income taxes benefit (expense) | - | 2,769 | 200 | - | 2,969 | |||||||||||||||||||||||||||||||||
Net income (loss) | 7,632 | 11,008 | 5,930 | (16,385 | ) | 8,185 | Loss from continuing operations | (63,657 | ) | (23,640 | ) | (24,879 | ) | 49,412 | (62,764 | ) | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 553 | 553 | Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $ | 7,632 | $ | 11,008 | $ | 5,930 | $ | (16,938 | ) | $ | 7,632 | Net loss | (63,657 | ) | (23,640 | ) | (24,879 | ) | 49,412 | (62,764 | ) | ||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Net income attributable to noncontrolling interest | - | - | - | 893 | 893 | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (63,657 | ) | $ | (23,640 | ) | $ | (24,879 | ) | $ | 48,519 | $ | (63,657 | ) | |||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 91,991 | $ | 72,139 | $ | (20,095 | ) | $ | 144,035 | Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | (3,027 | ) | (100,375 | ) | (61,393 | ) | 20,065 | (144,730 | ) | ||||||||||||||||||||||||||||||||||||||
Operating (loss) profit | (3,027 | ) | (8,384 | ) | 10,746 | (30 | ) | (695 | ) | Revenues | $ | - | $ | 129,340 | $ | 190,630 | $ | (15,488 | ) | $ | 304,482 | ||||||||||||||||||||||||||
Investment in affiliates | (12,534 | ) | - | (666 | ) | 12,534 | (666 | ) | Operating expenses | (8,490 | ) | (112,238 | ) | (179,800 | ) | 15,430 | (285,098 | ) | |||||||||||||||||||||||||||||
Other (expenses) income | (3,656 | ) | (15,125 | ) | (1,770 | ) | - | (20,551 | ) | Operating (loss) profit | (8,490 | ) | 17,102 | 10,830 | (58 | ) | 19,384 | ||||||||||||||||||||||||||||||
(Loss) income before income taxes | (19,217 | ) | (23,509 | ) | 8,310 | 12,504 | (21,912 | ) | |||||||||||||||||||||||||||||||||||||||
Investment in affiliates | (7,886 | ) | - | (1,073 | ) | 7,886 | (1,073 | ) | |||||||||||||||||||||||||||||||||||||||
Income taxes benefit (expense) | - | 2,155 | 985 | - | 3,140 | Other (expenses) income | (2,429 | ) | (23,212 | ) | (12,642 | ) | - | (38,283 | ) | ||||||||||||||||||||||||||||||||
Net (loss) income | (19,217 | ) | (21,354 | ) | 9,295 | 12,504 | (18,772 | ) | Loss before income taxes | (18,805 | ) | (6,110 | ) | (2,885 | ) | 7,828 | (19,972 | ) | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 445 | 445 | Income taxes benefit (expense) | - | 1,550 | 187 | - | 1,737 | ||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to Ultrapetrol (Bahamas) Limited | $ | (19,217 | ) | $ | (21,354 | ) | $ | 9,295 | $ | 12,059 | $ | (19,217 | ) | Loss from continuing operations | (18,805 | ) | (4,560 | ) | (2,698 | ) | 7,828 | (18,235 | ) | ||||||||||||||||||||||||
Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Net loss | (18,805 | ) | (4,560 | ) | (2,698 | ) | 7,828 | (18,235 | ) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 570 | 570 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (18,805 | ) | $ | (4,560 | ) | $ | (2,698 | ) | $ | 7,258 | $ | (18,805 | ) | |||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 106,014 | $ | 133,015 | $ | (8,584 | ) | $ | 230,445 | ||||||||||||||||||||||||||||||||||||
Operating expenses | (8,332 | ) | (89,245 | ) | (122,676 | ) | 8,526 | (211,727 | ) | ||||||||||||||||||||||||||||||||||||||
Operating (loss) profit | (8,332 | ) | 16,769 | 10,339 | (58 | ) | 18,718 | ||||||||||||||||||||||||||||||||||||||||
Investment in affiliates | 8,153 | -1 | - | (341 | ) | (8,153 | ) | (341 | ) | ||||||||||||||||||||||||||||||||||||||
Other (expenses) income | (5,192 | ) | (1,197 | ) | (10,030 | ) | - | (16,419 | ) | ||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (5,371 | ) | 15,572 | (32 | ) | (8,211 | ) | 1,958 | |||||||||||||||||||||||||||||||||||||||
Income taxes benefit (expense) | - | 313 | (6,676 | ) | - | (6,363 | ) | ||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations | (5,371 | ) | 15,885 | (6,708 | ) | (8,211 | ) | (4,405 | ) | ||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | (515 | ) | - | (515 | ) | ||||||||||||||||||||||||||||||||||||||||
Net loss | (5,371 | ) | 15,885 | (7,223 | ) | (8,211 | ) | (4,920 | ) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 451 | 451 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (5,371 | ) | $ | 15,885 | $ | (7,223 | ) | $ | (8,662 | ) | $ | (5,371 | ) | |||||||||||||||||||||||||||||||||
-1 | Includes a loss of $515 related to discontinued operations. | ||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flow | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2013 (UNAUDITED) | FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Â | Â | Combined | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Parent | Combined subsidiary guarantors | subsidiary non guarantors | ||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | -62,764 | $ | -23,640 | $ | -23,986 | $ | 47,626 | $ | -62,764 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 8,185 | $ | 11,008 | $ | 6,483 | $ | (17,491 | ) | $ | 8,185 | Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in)operating activities | (13,318 | ) | 18,816 | (20,000 | ) | 17,491 | 2,989 | Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 51,532 | -1,935 | 56,858 | -47,626 | 58,829 | ||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (5,133 | ) | 29,824 | (13,517 | ) | - | 11,174 | Net cash (used in) provided by operating activities from continuing operations | -11,232 | -25,575 | 32,872 | - | -3,935 | ||||||||||||||||||||||||||||||||||
Net cash (used in) operating activities from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (43,107 | ) | 6,551 | 60,344 | (23,788 | ) | - | Net cash (used in) provided by operating activities | -11,232 | -25,575 | 32,872 | - | -3,935 | ||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (5,647 | ) | (5,556 | ) | - | (11,203 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (43,107 | ) | 904 | 54,788 | (23,788 | ) | (11,203 | ) | Intercompany sources | -10,019 | 43,839 | -16,697 | -17,123 | - | |||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | -14,985 | -17,528 | - | -32,513 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | (23,788 | ) | - | 23,788 | - | Net cash (used in) provided by investing activities | -10,019 | 28,854 | -34,225 | -17,123 | -32,513 | |||||||||||||||||||||||||||||||||||
Non-subsidiary sources | (69,497 | ) | (2,851 | ) | (18,523 | ) | - | (90,871 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (69,497 | ) | (26,639 | ) | (18,523 | ) | 23,788 | (90,871 | ) | Intercompany sources | - | -17,123 | - | 17,123 | - | ||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (117,737 | ) | $ | 4,089 | $ | 22,748 | $ | - | $ | (90,900 | ) | Non-subsidiary sources | 219,122 | 6,315 | -870 | - | 224,567 | |||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | 219,122 | -10,808 | -870 | 17,123 | 224,567 | ||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | Net increase (decrease) in cash and cash equivalents | $ | 197,871 | $ | -7,529 | $ | -2,223 | $ | - | $ | 188,119 | ||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (18,772 | ) | $ | (21,354 | ) | $ | 9,740 | $ | 11,614 | $ | (18,772 | ) | subsidiary non guarantors | |||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in)operating activities | 13,280 | 48,154 | (34,345 | ) | (11,614 | ) | 15,475 | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (5,492 | ) | 26,800 | (24,605 | ) | - | (3,297 | ) | Net loss | $ | (18,235 | ) | $ | (4,560 | ) | $ | (2,128 | ) | $ | 6,688 | $ | (18,235 | ) | ||||||||||||||||||||||||
Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | 2,896 | 19,359 | (23,064 | ) | 809 | - | Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 12,134 | 21,396 | 6,165 | (6,688 | ) | 33,007 | ||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (72,184 | ) | 50,232 | - | (21,952 | ) | Net cash (used in) provided by operating activities from continuing operations | (6,101 | ) | 16,836 | 4,037 | - | 14,772 | |||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | 2,896 | (52,825 | ) | 27,168 | 809 | (21,952 | ) | Net cash (used in) operating activities from discontinued operations | - | - | (15 | ) | - | (15 | ) | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (6,101 | ) | 16,836 | 4,022 | - | 14,757 | |||||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | 4,209 | (3,400 | ) | (809 | ) | - | ||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | 8,836 | 444 | - | 9,280 | Intercompany sources | (17,947 | ) | (1,322 | ) | (6,774 | ) | 26,043 | - | |||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | - | 13,045 | (2,956 | ) | (809 | ) | 9,280 | Non-subsidiary sources | - | (42,907 | ) | (54,956 | ) | - | (97,863 | ) | |||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | $ | (2,596 | ) | $ | (12,980 | ) | $ | (393 | ) | $ | - | $ | (15,969 | ) | Net cash (used in) investing activities | (17,947 | ) | (44,229 | ) | (61,730 | ) | 26,043 | (97,863 | ) | |||||||||||||||||||||||
Intercompany sources | - | 26,043 | - | (26,043 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | (15,000 | ) | 14,963 | 11,669 | - | 11,632 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (15,000 | ) | 41,006 | 11,669 | (26,043 | ) | 11,632 | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | (39,048 | ) | $ | 13,613 | $ | (46,039 | ) | $ | - | $ | (71,474 | ) | ||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (4,920 | ) | $ | 13,169 | $ | 5,307 | $ | (18,476 | ) | $ | (4,920 | ) | ||||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | 515 | - | 515 | ||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities from continuing operations | (1,601 | ) | (2,539 | ) | 10,913 | 18,476 | 25,249 | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (6,521 | ) | 10,630 | 16,735 | - | 20,844 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) operating activities from discontinued operations | - | - | (1,950 | ) | - | (1,950 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (6,521 | ) | 10,630 | 14,785 | - | 18,894 | |||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (60,822 | ) | (16,189 | ) | - | 77,011 | - | ||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (3,850 | ) | (52,239 | ) | - | (56,089 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities from continuing operations | (60,822 | ) | (20,039 | ) | (52,239 | ) | 77,011 | (56,089 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash provided by investing activities from discontinued operations | - | - | 1,950 | - | 1,950 | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities | (60,822 | ) | (20,039 | ) | (50,289 | ) | 77,011 | (54,139 | ) | ||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | - | 77,011 | (77,011 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | 75,281 | - | 12,333 | - | 87,614 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 75,281 | - | 89,344 | (77,011 | ) | 87,614 | |||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 7,938 | $ | (9,409 | ) | $ | 53,840 | $ | - | $ | 52,369 | ||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL_GUARANTOR_INFORMA5
SUPPLEMENTAL GUARANTOR INFORMATION FOR THE NEW NOTES (Tables) | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION FOR THE NEW NOTES [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||||
AT JUNE 30, 2013 (UNAUDITED) | AT DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined subsidiary non guarantors | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Current assets | ||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Receivables from related parties | $ | 307,343 | $ | 124,498 | $ | 34,244 | $ | (466,075 | ) | $ | 10 | |||||||||||||||||||||||||||||||||
guarantors | amounts | Other current assets | 201,491 | 55,084 | 50,405 | - | 306,980 | ||||||||||||||||||||||||||||||||||||||||
Current assets | Total current assets | 508,834 | 179,582 | 84,649 | (466,075 | ) | 306,990 | ||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 350,450 | $ | 46,448 | $ | 54,628 | $ | (451,497 | ) | $ | 29 | ||||||||||||||||||||||||||||||||||||
Restricted cash to redeem 2014 Senior Notes | 182,115 | - | - | - | 182,115 | Noncurrent assets | |||||||||||||||||||||||||||||||||||||||||
Other current assets | 83,581 | 77,020 | 77,963 | - | 238,564 | Vessels and equipment, net | - | 218,832 | 429,574 | (887 | ) | 647,519 | |||||||||||||||||||||||||||||||||||
Total current assets | 616,146 | 123,468 | 132,591 | (451,497 | ) | 420,708 | Investment in affiliates | 151,447 | - | 251 | (151,447 | ) | 251 | ||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,171 | 17,173 | 42,134 | (8,920 | ) | 55,558 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent assets | Total noncurrent assets | 156,618 | 236,005 | 471,959 | (161,254 | ) | 703,328 | ||||||||||||||||||||||||||||||||||||||||
Vessels and equipment, net | - | 269,368 | 372,598 | (857 | ) | 641,109 | Total assets | $ | 665,452 | $ | 415,587 | $ | 556,608 | $ | (627,329 | ) | $ | 1,010,318 | |||||||||||||||||||||||||||||
Investment in affiliates | 168,878 | - | 233 | (168,878 | ) | 233 | |||||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 9,031 | 30,828 | 29,445 | (9,149 | ) | 60,155 | |||||||||||||||||||||||||||||||||||||||||
Total noncurrent assets | 177,909 | 300,196 | 402,276 | (178,884 | ) | 701,497 | Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 794,055 | $ | 423,664 | $ | 534,867 | $ | (630,381 | ) | $ | 1,122,205 | Payable to related parties | $ | - | $ | 194,805 | $ | 275,031 | $ | (466,075 | ) | $ | 3,761 | ||||||||||||||||||||||||
Current portion of long-term financial debt | 80,000 | 6,420 | 42,611 | - | 129,031 | ||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 5,701 | 34,441 | 25,811 | - | 65,953 | ||||||||||||||||||||||||||||||||||||||||||
Current liabilities | Total current liabilities | 85,701 | 235,666 | 343,453 | (466,075 | ) | 198,745 | ||||||||||||||||||||||||||||||||||||||||
Payables to related parties | $ | - | $ | 155,245 | $ | 298,170 | $ | (451,497 | ) | $ | 1,918 | ||||||||||||||||||||||||||||||||||||
2014 Senior Notes and accrued interest | 181,620 | - | - | - | 181,620 | Noncurrent liabilities | |||||||||||||||||||||||||||||||||||||||||
Current portion of long-term financial debt | - | 6,420 | 22,284 | - | 28,704 | Due to affiliates | $ | - | $ | 8,920 | $ | - | $ | (8,920 | ) | $ | - | ||||||||||||||||||||||||||||||
Other current liabilities | 3,871 | 71,760 | (11,593 | ) | - | 64,038 | Long-term financial debt | 180,000 | 55,102 | 153,419 | - | 388,521 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 185,491 | 233,425 | 308,861 | (451,497 | ) | 276,280 | Other noncurrent liabilities | 262 | 16,291 | - | 16,553 | ||||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 180,000 | 64,284 | 169,710 | (8,920 | ) | 405,074 | |||||||||||||||||||||||||||||||||||||||||
Noncurrent liabilities | Total liabilities | 265,701 | 299,950 | 513,163 | (474,995 | ) | 603,819 | ||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 9,149 | - | (9,149 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Long-term financial debt net of current portion | 200,000 | 51,892 | 161,049 | - | 412,941 | Equity of Ultrapetrol (Bahamas) Limited | 399,751 | 115,637 | 43,445 | (159,082 | ) | 399,751 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | - | 254 | 16,831 | - | 17,085 | Noncontrolling interest | - | - | - | 6,748 | 6,748 | ||||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 200,000 | 61,295 | 177,880 | (9,149 | ) | 430,026 | Total equity | 399,751 | 115,637 | 43,445 | (152,334 | ) | 406,499 | ||||||||||||||||||||||||||||||||||
Total liabilities | 385,491 | 294,720 | 486,741 | (460,646 | ) | 706,306 | Total liabilities and equity | $ | 665,452 | $ | 415,587 | $ | 556,608 | $ | (627,329 | ) | $ | 1,010,318 | |||||||||||||||||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 408,564 | 128,944 | 48,126 | (177,070 | ) | 408,564 | SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | - | - | - | 7,335 | 7,335 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | 408,564 | 128,944 | 48,126 | (169,735 | ) | 415,899 | AT DECEMBER 31, 2011 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 794,055 | $ | 423,664 | $ | 534,867 | $ | (630,381 | ) | $ | 1,122,205 | ||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined subsidiary non guarantors | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
AT DECEMBER 31, 2012 | Current assets | ||||||||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 297,324 | $ | 101,196 | $ | 30,751 | $ | (429,214 | ) | $ | 57 | ||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | Other current assets | 3,773 | 46,055 | 56,248 | - | 106,076 | |||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Total current assets | 301,097 | 147,251 | 86,999 | (429,214 | ) | 106,133 | ||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | |||||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | Noncurrent assets | |||||||||||||||||||||||||||||||||||||||||||||
Current assets | Vessels and equipment, net | - | 212,324 | 460,066 | (945 | ) | 671,445 | ||||||||||||||||||||||||||||||||||||||||
Receivables from related parties | $ | 307,343 | $ | 122,035 | $ | 87,737 | $ | (517,105 | ) | $ | 10 | Investment in affiliates | 201,323 | - | 373 | (201,323 | ) | 373 | |||||||||||||||||||||||||||||
Other current assets | 201,491 | 66,643 | 38,846 | - | 306,980 | Other noncurrent assets | 6,825 | 7,850 | 63,704 | (26,043 | ) | 52,336 | |||||||||||||||||||||||||||||||||||
Total current assets | 508,834 | 188,678 | 126,583 | (517,105 | ) | 306,990 | Total noncurrent assets | 208,148 | 220,174 | 524,143 | (228,311 | ) | 724,154 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 509,245 | $ | 367,425 | $ | 611,142 | $ | (657,525 | ) | $ | 830,287 | ||||||||||||||||||||||||||||||||||||
Noncurrent assets | |||||||||||||||||||||||||||||||||||||||||||||||
Vessels and equipment, net | - | 279,653 | 368,753 | (887 | ) | 647,519 | |||||||||||||||||||||||||||||||||||||||||
Investment in affiliates | 151,447 | - | 251 | (151,447 | ) | 251 | Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,171 | 26,032 | 33,275 | (8,920 | ) | 55,558 | Payable to related parties | $ | - | $ | 127,664 | $ | 302,708 | $ | (429,214 | ) | $ | 1,158 | |||||||||||||||||||||||||||||
Total noncurrent assets | 156,618 | 305,685 | 402,279 | (161,254 | ) | 703,328 | Current portion of long-term financial debt | - | 3,478 | 18,026 | - | 21,504 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | Other current liabilities | 4,948 | 19,223 | 27,055 | - | 51,226 | ||||||||||||||||||||||||||||||
Total current liabilities | 4,948 | 150,365 | 347,789 | (429,214 | ) | 73,888 | |||||||||||||||||||||||||||||||||||||||||
Current liabilities | Noncurrent liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Payable to related parties | $ | - | $ | 224,281 | $ | 272,568 | $ | (493,088 | ) | $ | 3,761 | Due to affiliates | $ | - | $ | 26,043 | $ | - | $ | (26,043 | ) | $ | - | ||||||||||||||||||||||||
Current portion of long-term financial debt | - | 12,064 | 36,967 | - | 49,031 | Long-term financial debt | 260,000 | 51,522 | 179,967 | - | 491,489 | ||||||||||||||||||||||||||||||||||||
2017 Senior Convertible Notes | 80,000 | - | - | - | 80,000 | Other noncurrent liabilities | - | 218 | 14,521 | - | 14,739 | ||||||||||||||||||||||||||||||||||||
Other current liabilities | 5,701 | 51,781 | 8,471 | - | 65,953 | Total noncurrent liabilities | 260,000 | 77,783 | 194,488 | (26,043 | ) | 506,228 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 85,701 | 288,126 | 318,006 | (493,088 | ) | 198,745 | Total liabilities | 264,948 | 228,148 | 542,277 | (455,257 | ) | 580,116 | ||||||||||||||||||||||||||||||||||
Noncurrent liabilities | Equity of Ultrapetrol (Bahamas) Limited | 244,297 | 139,277 | 68,865 | (208,142 | ) | 244,297 | ||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 32,937 | - | (32,937 | ) | - | Noncontrolling interest | - | - | - | 5,874 | 5,874 | |||||||||||||||||||||||||||||||||||
Long-term financial debt | 180,000 | 55,102 | 153,419 | - | 388,521 | Total equity | 244,297 | 139,277 | 68,865 | (202,268 | ) | 250,171 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | - | 262 | 16,291 | - | 16,553 | Total liabilities and equity | $ | 509,245 | $ | 367,425 | $ | 611,142 | $ | (657,525 | ) | $ | 830,287 | ||||||||||||||||||||||||||||||
Total noncurrent liabilities | 180,000 | 88,301 | 169,710 | (32,937 | ) | 405,074 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities | 265,701 | 376,427 | 487,716 | (526,025 | ) | 603,819 | |||||||||||||||||||||||||||||||||||||||||
Equity of Ultrapetrol (Bahamas) Limited | 399,751 | 117,936 | 41,146 | (159,082 | ) | 399,751 | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | - | - | - | 6,748 | 6,748 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | 399,751 | 117,936 | 41,146 | (152,334 | ) | 406,499 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 665,452 | $ | 494,363 | $ | 528,862 | $ | (678,359 | ) | $ | 1,010,318 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2013 (UNAUDITED) | FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 144,155 | $ | 79,014 | $ | (23,493 | ) | $ | 199,676 | Revenues | $ | - | $ | 121,985 | $ | 205,112 | $ | (13,928 | ) | $ | 313,169 | ||||||||||||||||||||||||
Operating expenses | (3,706 | ) | (130,579 | ) | (69,710 | ) | 23,522 | (180,473 | ) | Operating expenses | - | (133,209 | ) | (218,949 | ) | 13,870 | (338,288 | ) | |||||||||||||||||||||||||||||
Operating (loss) profit | (3,706 | ) | 13,576 | 9,304 | 29 | 19,203 | Operating (loss) profit | - | (11,224 | ) | (13,837 | ) | (58 | ) | (25,119 | ) | |||||||||||||||||||||||||||||||
Investment in affiliates | 16,414 | - | (319 | ) | (16,414 | ) | (319 | ) | Investment in affiliates | (49,470 | ) | - | (1,175 | ) | 49,470 | (1,175 | ) | ||||||||||||||||||||||||||||||
Other (expenses) income | (5,076 | ) | (1,710 | ) | (1,890 | ) | - | (8,676 | ) | Other (expenses) income | (14,187 | ) | (15,185 | ) | (10,067 | ) | - | (39,439 | ) | ||||||||||||||||||||||||||||
Income (loss) before income taxes | 7,632 | 11,866 | 7,095 | (16,385 | ) | 10,208 | Loss before income taxes | (63,657 | ) | (26,409 | ) | (25,079 | ) | 49,412 | (65,733 | ) | |||||||||||||||||||||||||||||||
Income taxes (expense) benefit | - | (858 | ) | (1,165 | ) | - | (2,023 | ) | Income taxes benefit (expense) | - | 2,769 | 200 | - | 2,969 | |||||||||||||||||||||||||||||||||
Net income (loss) | 7,632 | 11,008 | 5,930 | (16,385 | ) | 8,185 | Loss from continuing operations | (63,657 | ) | (23,640 | ) | (24,879 | ) | 49,412 | (62,764 | ) | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 553 | 553 | Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $ | 7,632 | $ | 11,008 | $ | 5,930 | $ | (16,938 | ) | $ | 7,632 | Net loss | (63,657 | ) | (23,640 | ) | (24,879 | ) | 49,412 | (62,764 | ) | ||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Net income attributable to noncontrolling interest | - | - | - | 893 | 893 | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (63,657 | ) | $ | (23,640 | ) | $ | (24,879 | ) | $ | 48,519 | $ | (63,657 | ) | |||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 91,991 | $ | 72,139 | $ | (20,095 | ) | $ | 144,035 | Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | (3,027 | ) | (100,375 | ) | (61,393 | ) | 20,065 | (144,730 | ) | ||||||||||||||||||||||||||||||||||||||
Operating (loss) profit | (3,027 | ) | (8,384 | ) | 10,746 | (30 | ) | (695 | ) | Revenues | $ | - | $ | 129,340 | $ | 190,630 | $ | (15,488 | ) | $ | 304,482 | ||||||||||||||||||||||||||
Investment in affiliates | (12,534 | ) | - | (666 | ) | 12,534 | (666 | ) | Operating expenses | (8,490 | ) | (112,238 | ) | (179,800 | ) | 15,430 | (285,098 | ) | |||||||||||||||||||||||||||||
Other (expenses) income | (3,656 | ) | (15,125 | ) | (1,770 | ) | - | (20,551 | ) | Operating (loss) profit | (8,490 | ) | 17,102 | 10,830 | (58 | ) | 19,384 | ||||||||||||||||||||||||||||||
(Loss) income before income taxes | (19,217 | ) | (23,509 | ) | 8,310 | 12,504 | (21,912 | ) | |||||||||||||||||||||||||||||||||||||||
Investment in affiliates | (7,886 | ) | - | (1,073 | ) | 7,886 | (1,073 | ) | |||||||||||||||||||||||||||||||||||||||
Income taxes benefit (expense) | - | 2,155 | 985 | - | 3,140 | Other (expenses) income | (2,429 | ) | (23,212 | ) | (12,642 | ) | - | (38,283 | ) | ||||||||||||||||||||||||||||||||
Net (loss) income | (19,217 | ) | (21,354 | ) | 9,295 | 12,504 | (18,772 | ) | Loss before income taxes | (18,805 | ) | (6,110 | ) | (2,885 | ) | 7,828 | (19,972 | ) | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 445 | 445 | Income taxes benefit (expense) | - | 1,550 | 187 | - | 1,737 | ||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to Ultrapetrol (Bahamas) Limited | $ | (19,217 | ) | $ | (21,354 | ) | $ | 9,295 | $ | 12,059 | $ | (19,217 | ) | Loss from continuing operations | (18,805 | ) | (4,560 | ) | (2,698 | ) | 7,828 | (18,235 | ) | ||||||||||||||||||||||||
Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Net loss | (18,805 | ) | (4,560 | ) | (2,698 | ) | 7,828 | (18,235 | ) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 570 | 570 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (18,805 | ) | $ | (4,560 | ) | $ | (2,698 | ) | $ | 7,258 | $ | (18,805 | ) | |||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | - | $ | 106,014 | $ | 133,015 | $ | (8,584 | ) | $ | 230,445 | ||||||||||||||||||||||||||||||||||||
Operating expenses | (8,332 | ) | (89,245 | ) | (122,676 | ) | 8,526 | (211,727 | ) | ||||||||||||||||||||||||||||||||||||||
Operating (loss) profit | (8,332 | ) | 16,769 | 10,339 | (58 | ) | 18,718 | ||||||||||||||||||||||||||||||||||||||||
Investment in affiliates | 8,153 | -1 | - | (341 | ) | (8,153 | ) | (341 | ) | ||||||||||||||||||||||||||||||||||||||
Other (expenses) income | (5,192 | ) | (1,197 | ) | (10,030 | ) | - | (16,419 | ) | ||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (5,371 | ) | 15,572 | (32 | ) | (8,211 | ) | 1,958 | |||||||||||||||||||||||||||||||||||||||
Income taxes benefit (expense) | - | 313 | (6,676 | ) | - | (6,363 | ) | ||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations | (5,371 | ) | 15,885 | (6,708 | ) | (8,211 | ) | (4,405 | ) | ||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | (515 | ) | - | (515 | ) | ||||||||||||||||||||||||||||||||||||||||
Net loss | (5,371 | ) | 15,885 | (7,223 | ) | (8,211 | ) | (4,920 | ) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | - | - | - | 451 | 451 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | $ | (5,371 | ) | $ | 15,885 | $ | (7,223 | ) | $ | (8,662 | ) | $ | (5,371 | ) | |||||||||||||||||||||||||||||||||
-1 | Includes a loss of $515 related to discontinued operations. | ||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flow | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2013 (UNAUDITED) | FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | Â | Â | Combined | Consolidating adjustments | Total consolidated amounts | ||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | Parent | Combined subsidiary guarantors | subsidiary non guarantors | ||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | -62,764 | $ | -23,640 | $ | -23,986 | $ | 47,626 | $ | -62,764 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 8,185 | $ | 11,008 | $ | 6,483 | $ | (17,491 | ) | $ | 8,185 | Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in)operating activities | (13,318 | ) | 18,816 | (20,000 | ) | 17,491 | 2,989 | Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 51,532 | -1,935 | 56,858 | -47,626 | 58,829 | ||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (5,133 | ) | 29,824 | (13,517 | ) | - | 11,174 | Net cash (used in) provided by operating activities from continuing operations | -11,232 | -25,575 | 32,872 | - | -3,935 | ||||||||||||||||||||||||||||||||||
Net cash (used in) operating activities from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (43,107 | ) | 6,551 | 60,344 | (23,788 | ) | - | Net cash (used in) provided by operating activities | -11,232 | -25,575 | 32,872 | - | -3,935 | ||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (5,647 | ) | (5,556 | ) | - | (11,203 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (43,107 | ) | 904 | 54,788 | (23,788 | ) | (11,203 | ) | Intercompany sources | -10,019 | 43,839 | -16,697 | -17,123 | - | |||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | -14,985 | -17,528 | - | -32,513 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | (23,788 | ) | - | 23,788 | - | Net cash (used in) provided by investing activities | -10,019 | 28,854 | -34,225 | -17,123 | -32,513 | |||||||||||||||||||||||||||||||||||
Non-subsidiary sources | (69,497 | ) | (2,851 | ) | (18,523 | ) | - | (90,871 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (69,497 | ) | (26,639 | ) | (18,523 | ) | 23,788 | (90,871 | ) | Intercompany sources | - | -17,123 | - | 17,123 | - | ||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (117,737 | ) | $ | 4,089 | $ | 22,748 | $ | - | $ | (90,900 | ) | Non-subsidiary sources | 219,122 | 6,315 | -870 | - | 224,567 | |||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | 219,122 | -10,808 | -870 | 17,123 | 224,567 | ||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | Net increase (decrease) in cash and cash equivalents | $ | 197,871 | $ | -7,529 | $ | -2,223 | $ | - | $ | 188,119 | ||||||||||||||||||||||||||||||||||||
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined | Combined | Consolidating adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||
subsidiary | subsidiary non guarantors | consolidated | (stated in thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||
guarantors | amounts | ||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (18,772 | ) | $ | (21,354 | ) | $ | 9,740 | $ | 11,614 | $ | (18,772 | ) | subsidiary non guarantors | |||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in)operating activities | 13,280 | 48,154 | (34,345 | ) | (11,614 | ) | 15,475 | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (5,492 | ) | 26,800 | (24,605 | ) | - | (3,297 | ) | Net loss | $ | (18,235 | ) | $ | (4,560 | ) | $ | (2,128 | ) | $ | 6,688 | $ | (18,235 | ) | ||||||||||||||||||||||||
Loss from discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Intercompany sources | 2,896 | 19,359 | (23,064 | ) | 809 | - | Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 12,134 | 21,396 | 6,165 | (6,688 | ) | 33,007 | ||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (72,184 | ) | 50,232 | - | (21,952 | ) | Net cash (used in) provided by operating activities from continuing operations | (6,101 | ) | 16,836 | 4,037 | - | 14,772 | |||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | 2,896 | (52,825 | ) | 27,168 | 809 | (21,952 | ) | Net cash (used in) operating activities from discontinued operations | - | - | (15 | ) | - | (15 | ) | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (6,101 | ) | 16,836 | 4,022 | - | 14,757 | |||||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | 4,209 | (3,400 | ) | (809 | ) | - | ||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | 8,836 | 444 | - | 9,280 | Intercompany sources | (17,947 | ) | (1,322 | ) | (6,774 | ) | 26,043 | - | |||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | - | 13,045 | (2,956 | ) | (809 | ) | 9,280 | Non-subsidiary sources | - | (42,907 | ) | (54,956 | ) | - | (97,863 | ) | |||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | $ | (2,596 | ) | $ | (12,980 | ) | $ | (393 | ) | $ | - | $ | (15,969 | ) | Net cash (used in) investing activities | (17,947 | ) | (44,229 | ) | (61,730 | ) | 26,043 | (97,863 | ) | |||||||||||||||||||||||
Intercompany sources | - | 26,043 | - | (26,043 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | (15,000 | ) | 14,963 | 11,669 | - | 11,632 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (15,000 | ) | 41,006 | 11,669 | (26,043 | ) | 11,632 | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | (39,048 | ) | $ | 13,613 | $ | (46,039 | ) | $ | - | $ | (71,474 | ) | ||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
(stated in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Combined subsidiary guarantors | Combined | Consolidating adjustments | Total consolidated amounts | |||||||||||||||||||||||||||||||||||||||||||
subsidiary non guarantors | |||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (4,920 | ) | $ | 13,169 | $ | 5,307 | $ | (18,476 | ) | $ | (4,920 | ) | ||||||||||||||||||||||||||||||||||
Loss from discontinued operations | - | - | 515 | - | 515 | ||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities from continuing operations | (1,601 | ) | (2,539 | ) | 10,913 | 18,476 | 25,249 | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (6,521 | ) | 10,630 | 16,735 | - | 20,844 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) operating activities from discontinued operations | - | - | (1,950 | ) | - | (1,950 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (6,521 | ) | 10,630 | 14,785 | - | 18,894 | |||||||||||||||||||||||||||||||||||||||||
Intercompany sources | (60,822 | ) | (16,189 | ) | - | 77,011 | - | ||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | - | (3,850 | ) | (52,239 | ) | - | (56,089 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities from continuing operations | (60,822 | ) | (20,039 | ) | (52,239 | ) | 77,011 | (56,089 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash provided by investing activities from discontinued operations | - | - | 1,950 | - | 1,950 | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) investing activities | (60,822 | ) | (20,039 | ) | (50,289 | ) | 77,011 | (54,139 | ) | ||||||||||||||||||||||||||||||||||||||
Intercompany sources | - | - | 77,011 | (77,011 | ) | - | |||||||||||||||||||||||||||||||||||||||||
Non-subsidiary sources | 75,281 | - | 12,333 | - | 87,614 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 75,281 | - | 89,344 | (77,011 | ) | 87,614 | |||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 7,938 | $ | (9,409 | ) | $ | 53,840 | $ | - | $ | 52,369 | ||||||||||||||||||||||||||||||||||||
NATURE_OF_OPERATIONS_AND_CORPO2
NATURE OF OPERATIONS AND CORPORATE ORGANIZATION - 10Q (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Dec. 31, 2012 | |
Segment | Segment | |
NATURE OF OPERATIONS AND CORPORATE ORGANIZATION [Abstract] | ' | ' |
Number of segments of marine transportation | 3 | 3 |
SIGNIFICANT_ACCOUNTING_POLICIE6
SIGNIFICANT ACCOUNTING POLICIES - 10Q (Details) (USD $) | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Aug. 16, 2009 | Dec. 31, 2012 |
Puertos del Sur S.A. [Member] | Puertos del Sur S.A. [Member] | Puertos del Sur S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Maritima Sipsa S.A. [Member] | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method ownership percentage (in hundredths) | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 49.00% |
Foreign currency exchange gains | $15,200 | ' | ' | ' | ' | ' | ' | ' |
SIGNIFICANT_ACCOUNTING_POLICIE7
SIGNIFICANT ACCOUNTING POLICIES - 10Q (1) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Outstanding equity awards (in shares) | 348,750 | 14,079,750 | 13,839,000 | 14,105,000 | 13,920,000 |
Net loss attributable to parent [Abstract] | ' | ' | ' | ' | ' |
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | $7,632 | ($19,217) | ($63,657) | ($18,805) | ($5,371) |
Basic weighted average number of shares (in shares) | 140,092,934 | 29,568,622 | ' | ' | ' |
Effect on dilutive shares-- Options and restricted stock | 182,858 | 0 | ' | ' | ' |
Diluted weighted average number of shares (in shares) | 140,275,792 | 29,568,622 | ' | ' | ' |
Basic and diluted income (loss) per share attributable to Ultrapetrol (Bahamas) Limited (in dollars per share) | $0.05 | ($0.65) | ($1.80) | ($0.64) | ($0.18) |
Stock Options [Member] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Outstanding equity awards (in shares) | 348,750 | 348,750 | 459,000 | 349,000 | 349,000 |
Restricted Stock [Member] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Outstanding equity awards (in shares) | 0 | 680,000 | 329,000 | 705,000 | 520,000 |
Convertible Debt [Member] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Outstanding equity awards (in shares) | 0 | 13,051,000 | 13,051,000 | 13,051,000 | 13,051,000 |
SIGNIFICANT_ACCOUNTING_POLICIE8
SIGNIFICANT ACCOUNTING POLICIES - 10Q (2) (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) | ($1,540) | ($2,624) | ($2,064) |
Amounts attributable to noncontrolling interest | -12 | -46 | -27 |
Amounts attributable to Ultrapetrol (Bahamas) Limited | -1,528 | -2,578 | -2,037 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Unrealized Net Losses on Interest Rate Collar [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) | -1,482 | -1,958 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Unrealized Net Losses on Interest Rate Swap [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) | -190 | -803 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Unrealized Net Gains on EURO Hedge [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) | $132 | $137 | ' |
REDEMPTION_OF_NOTES_Details
REDEMPTION OF NOTES (Details) (USD $) | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Dec. 23, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 10, 2013 | Jun. 10, 2013 | Nov. 24, 2004 | Jun. 30, 2013 | Jan. 23, 2013 | Dec. 23, 2010 | Dec. 31, 2010 | Dec. 31, 2012 | |
First Preferred Ship Mortgage Notes [Member] | First Preferred Ship Mortgage Notes [Member] | First Preferred Ship Mortgage Notes [Member] | First Preferred Ship Mortgage Notes [Member] | Convertible Senior Notes Due 2017 [Member] | Convertible Senior Notes Due 2017 [Member] | Convertible Senior Notes Due 2017 [Member] | Convertible Senior Notes Due 2017 [Member] | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument offering date | ' | ' | ' | ' | ' | ' | ' | ' | 24-Nov-04 | ' | ' | 23-Dec-10 | ' | ' |
Face amount of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | $180,000,000 | ' | ' | $80,000,000 | ' | ' |
Debt instrument, stated interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | 7.25% | ' | ' |
Debt instrument redeemed | ' | ' | ' | ' | ' | ' | ' | 180,000,000 | ' | ' | ' | ' | ' | 80,000,000 |
Debt instrument redemption price (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | 100.00% | ' | ' |
Debt instrument principal and interest transferred to trustee | ' | ' | ' | ' | ' | ' | ' | 182,115,000 | ' | ' | ' | ' | ' | ' |
Debt instrument interest paid | ' | ' | ' | ' | ' | ' | ' | 2,115,000 | ' | ' | ' | ' | ' | ' |
Debt instrument outstanding as current liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181,620,000 | ' | ' | ' | 80,000,000 |
Debt instrument principal repayment | ' | ' | ' | ' | ' | ' | 180,000,000 | ' | ' | ' | 80,000,000 | ' | ' | ' |
Loss on extinguishment of debt | $0 | ($3,785,000) | $0 | ($940,000) | $0 | $0 | $1,700,000 | ' | ' | ' | $2,821,000 | ' | ' | ' |
Debt instrument interest payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest on the 2017 Senior Convertible Notes was payable semi-annually on January 15 and July 15 of each year. | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jan-17 | ' |
VESSELS_AND_EQUIPMENT_NET_10Q_1
VESSELS AND EQUIPMENT, NET - 10Q (Details) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 25, 2013 | Jul. 05, 2013 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Jan. 30, 2013 | 22-May-12 | Feb. 21, 2007 | Jan. 30, 2013 | Jun. 30, 2014 | Aug. 12, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Vessel | Noncontrolling Interest Acquisition [Member] | Noncontrolling Interest Acquisition [Member] | Feeder Container Vessels [Member] | Capesize Vessels [Member] | Pushboats [Member] | Pushboats [Member] | Barges [Member] | Barges [Member] | Barges [Member] | Barges [Member] | Ocean-going Vessels [Member] | Ocean-going Vessels [Member] | Ocean-going Vessels [Member] | Ocean-going Vessels [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | Advances for PSV Construction [Member] | Advances for PSV Construction [Member] | Advances for PSV Construction [Member] | Furniture and Equipment [Member] | Furniture and Equipment [Member] | Furniture and Equipment [Member] | Building, Land, Operating Base and Shipyard [Member] | Building, Land, Operating Base and Shipyard [Member] | Building, Land, Operating Base and Shipyard [Member] | |||||
Subsequent Event [Member] | Subsequent Event [Member] | Vessels Purchased [Member] | Vessels Sold [Member] | Vessels Purchased [Member] | Vessels Sold [Member] | Vessels Sold [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built, Sold and Leaseback [Member] | Feeder Container Vessels [Member] | Vessels Sold [Member] | Pushboats [Member] | Pushboats [Member] | Pushboats [Member] | Barges [Member] | Barges [Member] | Barges [Member] | Barges [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | ||||||||||||||||||||||||
Ocean Business [Member] | Ocean Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | Vessels Purchased [Member] | River Business [Member] | Vessels Purchased [Member] | Vessels Sold [Member] | Vessels Sold [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built, Sold and Leaseback [Member] | Vessels Built, Sold and Leaseback [Member] | INDIA [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Delivery of UP Pearl [Member] | ||||||||||||||||||||||||||
Vessel | Vessel | Vessel | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | INDIA [Member] | INDIA [Member] | INDIA [Member] | INDIA [Member] | INDIA [Member] | INDIA [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||
Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Installment | Vessel | Installment | INDIA [Member] | INDIA [Member] | |||||||||||||||||||||||||||||||||||||||||
Vessel | Vessel | |||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original book value | $882,716 | ' | $870,447 | $856,410 | ' | ' | ' | ' | ' | ' | ' | ' | $31,400 | $9,100 | ' | $120,546 | $115,375 | $127,468 | ' | $411,926 | $411,820 | $398,391 | ' | ' | ' | ' | $8,598 | ' | ' | ' | $245,527 | $223,032 | $199,453 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36,455 | $53,496 | $68,149 | $12,433 | $11,822 | $10,458 | $55,829 | $54,902 | $52,491 |
Accumulated depreciation | -241,607 | ' | -222,928 | -184,965 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value | 641,109 | ' | 647,519 | 671,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | 19,067 | 18,974 | 38,914 | 34,891 | 29,880 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value of assets pledged | 396,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions and Disposals [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | 4 | ' | ' | ' | ' | ' | ' | 2 | 3 | ' | ' | ' | 42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 1 | 1 | 8 | 8 | 10 | 14 | ' | ' | ' | ' | ' | 3 | 4 | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase (sale) price | ' | ' | ' | ' | ' | ' | ' | ' | 36,584 | 2,900 | 3,850 | ' | ' | ' | ' | ' | ' | ' | 26,200 | ' | ' | ' | 13,020 | ' | 3,850 | ' | ' | ' | 9,300 | ' | ' | ' | ' | ' | 88,052 | ' | ' | ' | ' | 88,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of vessel | ' | ' | ' | ' | ' | ' | ' | ' | 724 | ' | 3,564 | 2,116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,564 | ' | ' | ' | 1,779 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of vessel | 882,716 | ' | 870,447 | 856,410 | ' | ' | ' | ' | ' | ' | ' | ' | 31,400 | 9,100 | ' | 120,546 | 115,375 | 127,468 | ' | 411,926 | 411,820 | 398,391 | ' | ' | ' | ' | 8,598 | ' | ' | ' | 245,527 | 223,032 | 199,453 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,455 | 53,496 | 68,149 | 12,433 | 11,822 | 10,458 | 55,829 | 54,902 | 52,491 |
Number of installments, note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of purchase price paid in installments (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in contract price due to penalty for late delivery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800 | 1,800 | ' | 1,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,400 | 33,100 | ' | ' | ' | ' | ' | ' | ' | 893 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,900 | 17,600 | ' | ' | ' | ' | ' | ' | 1,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage by noncontrolling owners (in hundredths) | 87.90% | ' | 87.90% | ' | ' | ' | 5.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock to be purchased from noncontrolling interest (in shares) | ' | ' | ' | ' | ' | ' | 2,500,119 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to noncontrolling interests | ' | ' | ' | ' | ' | $10,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in UP Offshore (Bahamas) Limited (in hundredths) | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LONGTERM_DEBT_Details
LONG-TERM DEBT (Details) (USD $) | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 23, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 31-May-13 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2010 | Mar. 31, 2013 | Mar. 28, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2007 | Mar. 31, 2012 | Dec. 31, 2008 | Jun. 24, 2008 | Mar. 28, 2013 | Jun. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2012 | Nov. 24, 2004 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 23, 2010 | Dec. 31, 2006 | Jun. 30, 2013 | Dec. 31, 2012 | Jan. 17, 2006 | Jan. 17, 2006 | Jan. 17, 2006 | Dec. 31, 2012 | Jun. 30, 2013 | Aug. 01, 2012 | Dec. 28, 2006 | Jan. 17, 2006 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Oct. 31, 2007 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2007 | Jun. 30, 2013 | Dec. 21, 2007 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Jan. 26, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Oct. 22, 2012 | Oct. 22, 2012 | Oct. 22, 2012 | Oct. 29, 2012 | Jun. 28, 2013 | Mar. 28, 2013 | Jan. 24, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jan. 18, 2013 | Jan. 18, 2013 | Jun. 30, 2013 | Jan. 18, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Jan. 24, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Apr. 15, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Dec. 21, 2007 | Nov. 30, 2007 | Dec. 28, 2013 | Dec. 28, 2012 | Dec. 28, 2013 | Dec. 28, 2012 | ||||
Vessel | Revolving Credit Facility [Member] | PSVs [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, June 2021 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, June 2021 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, June 2021 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, June 2021 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, June 2021 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, Tranche 1 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, Tranche 1 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, Tranche 2 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, Tranche 2 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2017 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2017 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2017 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, January 2013 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2017 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2017 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2017 [Member] | UP Offshore (Bahamas) Ltd., DVB AG [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | Ingatestone Holdings Inc. DVB AG [Member] | Ingatestone Holdings Inc. DVB AG [Member] | Ingatestone Holdings Inc., Netixis, Through March 2013 [Member] | Ingatestone Holdings Inc., Netixis, Through March 2013 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay and Riverpar S.A., OFID and IFC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | |||||||||
Subsequent Event [Member] | Pushboats [Member] | Oceangoing Barges [Member] | River Barges [Member] | Subsequent Event [Member] | Tranche | Tranche A [Member] | Tranche A [Member] | Tranche A [Member] | Tranche A [Member] | Tranche B [Member] | Maximum [Member] | Pushboats [Member] | Oceangoing Barges [Member] | River Barges [Member] | Tranche | Tranche A [Member] | Tranche B [Member] | Tranche A [Member] | Standby Letters of Credit [Member] | Standby Letters of Credit [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Pushboats [Member] | Barges [Member] | Re-bottoming Barges [Member] | Pushboats [Member] | Barges [Member] | Re-bottoming Barges [Member] | Tranche | Tranche | Tranche A [Member] | Tranche B [Member] | Subsequent Event [Member] | Tranche | Tranche A [Member] | Tranche A [Member] | Tranche B [Member] | Tranche B [Member] | Tranche C [Member] | Tranche D [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel | Vessel | Vessel | Vessel | Tranche B [Member] | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Second Advances [Member] | Second Advances [Member] | Second Advances [Member] | Second Advances [Member] | Tranche | Tranche A [Member] | Tranche B [Member] | Tranche C [Member] | Tranche D [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Nominal value, current | ' | $28,704,000 | [1] | ' | $49,031,000 | $21,504,000 | ' | ' | ' | $0 | ' | ' | ' | ' | $0 | ' | $0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000 | ' | ' | ' | ' | ' | $4,300,000 | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | $3,333,000 | ' | $2,019,000 | ' | $0 | ' | $1,110,000 | ' | ' | ' | ' | ' | ' | $1,108,000 | ' | ' | ' | $2,174,000 | ' | ' | ' | ' | $1,304,000 | ' | ' | ' | ' | $3,044,000 | ' | ' | ' | ' | $1,765,000 | ' | ' | ' | ' | ' | ' | ' | ' | $1,177,000 | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | |
Nominal value, noncurrent | ' | 412,941,000 | ' | 388,521,000 | 491,489,000 | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | 0 | ' | 0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | 27,500,000 | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | 29,167,000 | ' | 6,606,000 | ' | 0 | ' | 14,153,000 | ' | ' | ' | ' | ' | ' | 4,984,000 | ' | ' | ' | 19,565,000 | ' | ' | ' | ' | 11,739,000 | ' | ' | ' | ' | 27,391,000 | ' | ' | ' | ' | 12,353,000 | ' | ' | ' | ' | ' | ' | ' | ' | 8,234,000 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,749,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total | ' | 441,645,000 | ' | 437,552,000 | ' | ' | ' | ' | 200,000,000 | 0 | ' | ' | ' | 0 | 180,000,000 | 0 | [2] | 0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,250,000 | ' | ' | ' | 34,500,000 | 34,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,400,000 | 6,850,000 | ' | ' | ' | 42,225,000 | 31,800,000 | ' | ' | ' | ' | 13,000,000 | 12,000,000 | ' | 62,075,000 | ' | ' | 32,500,000 | 34,166,000 | 8,625,000 | 13,800,000 | 0 | 5,175,000 | 15,263,000 | 15,818,000 | ' | ' | ' | 6,546,000 | ' | 6,092,000 | ' | ' | ' | 21,739,000 | 22,826,000 | ' | ' | ' | 13,043,000 | 13,695,000 | ' | ' | ' | 30,435,000 | 31,957,000 | ' | ' | ' | 14,118,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | 9,411,000 | 10,000,000 | ' | ' | ' | ' | 93,478,000 | 0 | 20,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | 40,219,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5,644,000 | ' | ' | ' | ' | ' | ' | ' | |
Detailed Information of Debt Instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Face amount of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,600,000 | 93,600,000 | ' | ' | ' | 60,000,000 | 33,600,000 | ' | ' | 180,000,000 | ' | ' | ' | 80,000,000 | ' | ' | ' | 15,000,000 | 13,000,000 | 2,000,000 | ' | ' | ' | 61,306,000 | ' | ' | ' | ' | 25,000,000 | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 18,730,000 | ' | 21,500,000 | ' | ' | ' | 13,616,000 | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | 42,000,000 | 21,000,000 | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | 84,000,000 | 21,000,000 | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | 84,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | ' | ' | ' | ' | 20,200,000 | 20,200,000 | ' | ' | ' | ' | |||
Interest Rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 8.88% | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | 7.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | 6.38% | 1.63% | 6.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.16% | 4.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Feb-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-16 | ' | ' | ' | ' | 29-Feb-16 | 30-Nov-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Feb-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29-Oct-17 | ' | ' | ' | ' | ' | ' | ' | 15-Apr-13 | 13-Apr-13 | ' | ' | ' | ' | ' | ' | ' | |||
Quarterly change in commitment | ' | ' | ' | ' | ' | ' | 1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Annual change in commitment | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Variable rate basis | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basis spread on variable rate (in hundredths) | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | ' | ' | ' | 3.50% | ' | 1.20% | ' | ' | ' | 1.50% | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | ' | ' | ' | ' | ' | 1.88% | 3.25% | ' | ' | ' | 1.88% | 3.25% | ' | ' | ' | 1.88% | 3.25% | ' | ' | 3.65% | ' | ' | ' | ' | ' | ' | ' | ' | 3.65% | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | 1.50% | 1.50% | 3.00% | 3.00% | |||
Commitment fee percentage (in hundredths) | ' | ' | ' | ' | ' | ' | 1.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of vessels | ' | 4 | ' | ' | ' | ' | ' | 4 | ' | ' | 14 | 4 | 335 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 2 | 337 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 64 | 50 | ' | ' | ' | ' | 9 | 64 | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Repurchase price percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Convertible notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | 10,350,000 | ' | ' | ' | ' | ' | ' | ' | 5,175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Loss on extinguishment of debt | 0 | -3,785,000 | 0 | -940,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 345,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 619,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,850,000 | 15,550,000 | 5,000,000 | 20,850,000 | 20,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of collateral to loan balance (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133.30% | ' | ' | ' | 66.70% | 133.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133.30% | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | |||
Single amount of advances, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | 16,000,000 | 16,000,000 | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Period of debt service considered for liquidity required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Minimum employment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Extinguishment of debt, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,800,000 | ' | ' | $940,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,252,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Excludes the 2014 Senior Notes which were disclosed as current liabilities in the unaudited condensed consolidated balance sheet under the caption "2014 Senior Notes and accrued interest". See Note 3.a). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | On January 23, 2013, the Company repaid the 2017 Senior Convertible Notes. See Note 3.b). |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - 10Q (Details) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2006 | Jun. 30, 2013 | Jan. 17, 2006 | Sep. 21, 2005 | Dec. 31, 2012 | Aug. 16, 2009 | Dec. 31, 2012 | Aug. 16, 2009 | Dec. 31, 2012 | Aug. 16, 2009 | Dec. 31, 2012 | Aug. 16, 2009 | Sep. 21, 2005 | Jun. 30, 2011 | Jun. 30, 2011 | Mar. 22, 2010 | Mar. 22, 2010 | Mar. 31, 2010 | Mar. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2006 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Nov. 04, 2011 | Aug. 27, 2007 | |
USD ($) | Matter | USD ($) | USD ($) | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | ARGENTINA [Member] | ARGENTINA [Member] | BOLIVIA [Member] | ||
Abadie Family [Member] | Abadie Family [Member] | Tres Fronteras Terminal [Member] | Tres Fronteras Terminal [Member] | UABL Terminals (Paraguay) S.A. [Member] | UABL Terminals (Paraguay) S.A. [Member] | USD ($) | USD ($) | PYG | USD ($) | PYG | USD ($) | PYG | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||
Matter | T | |||||||||||||||||||||||||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Taxes payable | ' | ' | ' | ' | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years under examination | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of matters under examination with no liability | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Total number of matters under examination | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Income tax examination, liability recorded | 400,000 | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 400,000 | ' | ' | ' | ' |
Amount of liability paid | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of tax liability applied as fine (in hundredths) | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' |
Expense recorded from settlement with taxing authority | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,294,000 | ' | ' | ' | ' | ' | ' |
Estimated import tax and fine | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' |
Fines assessed per examination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 605,000 | 2,791,514,822 | 12,000 | 54,723,820 | 12,000 | 54,723,820 | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax examination, possible loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | 5,800,000 |
Weight of Steel Plates (in tons) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 473 | ' | ' |
Import value of steel plates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 370,000 | ' | ' |
Offsetting tax credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' |
Obras Terminales y Servicios S.A. [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage of investments (in hundredths) | 50.00% | ' | 50.00% | ' | ' | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FINANCIAL_INSTRUMENTS_10Q_Deta
FINANCIAL INSTRUMENTS - 10Q (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | ||||||
ASSETS [Abstract] | ' | ' | ' | |||
Restricted cash to redeem 2014 Senior Notes | $182,115 | $0 | ' | |||
LIABILITIES [Abstract] | ' | ' | ' | |||
2014 Senior Notes and accrued interest | 181,620 | 0 | 0 | |||
Ownership percentage of investments not estimated at fair value (in hundredths) | 50.00% | 50.00% | ' | |||
Carrying Amount [Member] | ' | ' | ' | |||
ASSETS [Abstract] | ' | ' | ' | |||
Cash and cash equivalents | 131,315 | 222,215 | 34,096 | |||
Restricted cash to redeem 2014 Senior Notes | 182,115 | ' | ' | |||
Restricted cash (current and noncurrent portion) | 10,369 | 7,432 | 8,302 | |||
LIABILITIES [Abstract] | ' | ' | ' | |||
2014 Senior Notes and accrued interest | 181,620 | ' | ' | |||
Long term financial debt (current and non-current portion - Note 5) | 441,645 | [1] | 517,552 | [1] | 512,993 | [1] |
Estimated Fair Value [Member] | ' | ' | ' | |||
ASSETS [Abstract] | ' | ' | ' | |||
Cash and cash equivalents | 131,315 | 222,215 | 34,096 | |||
Restricted cash to redeem 2014 Senior Notes | 182,115 | ' | ' | |||
Restricted cash (current and noncurrent portion) | 10,369 | 7,432 | 8,302 | |||
LIABILITIES [Abstract] | ' | ' | ' | |||
2014 Senior Notes and accrued interest | 181,620 | ' | ' | |||
Long term financial debt (current and non-current portion - Note 5) | 441,645 | [1] | 517,595 | [1] | 468,393 | [1] |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ' | |||
Current Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 0 | 0 | ' | |||
-Interest rate swap (included in other liabilities) | 0 | 0 | ' | |||
Noncurrent Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 0 | 0 | ' | |||
-Interest rate swap (included in other liabilities) | 0 | 0 | ' | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' | ' | |||
Current Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 718 | 722 | ' | |||
-Interest rate swap (included in other liabilities) | 349 | 348 | ' | |||
Noncurrent Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 764 | 1,235 | ' | |||
-Interest rate swap (included in other liabilities) | 320 | 791 | ' | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ' | |||
Current Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 0 | 0 | ' | |||
-Interest rate swap (included in other liabilities) | 0 | 0 | ' | |||
Noncurrent Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 0 | 0 | ' | |||
-Interest rate swap (included in other liabilities) | $0 | $0 | ' | |||
[1] | The fair value of long term financial debt is measured using Level 2 fair value inputs. |
DERIVATIVE_INSTRUMENTS_AND_HED4
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - 10Q (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Interest Rate Collar [Member] | Interest Rate Collar [Member] | Interest Rate Collar [Member] | Interest Rate Collar [Member] | Interest Rate Collar [Member] | Interest Rate Collar [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] |
Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2016 and 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2016 and 2018 [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Minimum [Member] | Maximum [Member] | |||||||
UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2016 and 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2016 and 2018 [Member] | |||||||||||||||
Derivatives Designated as Hedging Instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current other liabilities | $1,067 | $1,070 | $833 | ' | ' | ' | $718 | $722 | $582 | ' | ' | $349 | $348 | $251 | ' | ' |
Noncurrent other liabilities | 1,084 | 2,026 | 1,788 | ' | ' | ' | 764 | 1,235 | 1,145 | ' | ' | 320 | 791 | 643 | ' | ' |
Interest Rate Agreements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate derivative | ' | ' | ' | $65,217 | $68,478 | $75,000 | ' | ' | ' | $46,554 | $49,500 | ' | ' | ' | ' | ' |
Floor strike rate (in hundredths) | ' | ' | ' | ' | ' | 1.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cap strike rate (in hundredths) | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.89% | 3.67% |
INCOME_TAXES_10Q_Details
INCOME TAXES - 10Q (Details) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | |
BRAZIL [Member] | BRAZIL [Member] | BRAZIL [Member] | BRAZIL [Member] | UNITED STATES [Member] | UNITED STATES [Member] | Tax on Minimum Presumed Income (TOMPI) [Member] | Tax on Minimum Presumed Income (TOMPI) [Member] | Surtax [Member] | Surtax [Member] | Social Contribution [Member] | Social Contribution [Member] | |
USD ($) | BRL | USD ($) | BRL | ARGENTINA [Member] | ARGENTINA [Member] | BRAZIL [Member] | BRAZIL [Member] | BRAZIL [Member] | BRAZIL [Member] | |||
Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax rate (in hundredths) | 15.00% | 15.00% | 15.00% | 15.00% | 4.00% | 4.00% | 1.00% | 1.00% | 10.00% | 10.00% | 9.00% | 9.00% |
Period tax may be imposed | ' | ' | ' | ' | ' | ' | '10 years | '10 years | ' | ' | ' | ' |
Threshold amount for additional taxes | $108,000 | 240,000 | $117,000 | 240,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of gross shipping income subject to income tax (in hundredths) | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' |
SHARE_CAPITAL_10Q_Details
SHARE CAPITAL - 10Q (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Director | Director | ||
Shareholders [Line Items] | ' | ' | ' |
Number of years for share rights to terminate | '4 years | ' | ' |
Number of years for share rights to not terminate | '2 years | ' | ' |
Period considered for moving average price of common stock | '180 days | '180 days | ' |
Shares outstanding (in shares) | 140,419,487 | 140,419,487 | 30,011,628 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Ownership percentage by noncontrolling owners (in hundredths) | 87.90% | 87.90% | ' |
Number of directors required for approval | 6 | 6 | ' |
Original Shareholders [Member] | ' | ' | ' |
Shareholders [Line Items] | ' | ' | ' |
Stock issued (in shares) | 7,864,085 | 7,864,085 | ' |
Original Shareholders [Member] | One Vote [Member] | ' | ' | ' |
Shareholders [Line Items] | ' | ' | ' |
Number of votes per share | 1 | 1 | ' |
Stock issued (in shares) | 150,719 | 150,719 | ' |
Original Shareholders [Member] | Seven Votes [Member] | ' | ' | ' |
Shareholders [Line Items] | ' | ' | ' |
Number of votes per share | 7 | 7 | ' |
Stock issued (in shares) | 7,716,366 | 7,713,366 | ' |
Inversiones Los Avellanos S.A. [Member] | ' | ' | ' |
Shareholders [Line Items] | ' | ' | ' |
Stock issued (in shares) | ' | 4,735,517 | ' |
Shares outstanding (in shares) | ' | 7,713,366 | ' |
Ownership percentage by noncontrolling owners (in hundredths) | ' | 3.40% | ' |
Sparrow Company [Member] | ' | ' | ' |
Shareholders [Line Items] | ' | ' | ' |
Stock issued (in shares) | 93,940,000 | 93,940,000 | ' |
Ownership percentage by noncontrolling owners (in hundredths) | 66.90% | 66.90% | ' |
Sparrow CI Sub Ltd [Member] | ' | ' | ' |
Shareholders [Line Items] | ' | ' | ' |
Stock issued (in shares) | 16,060,000 | 16,060,000 | ' |
Ownership percentage by noncontrolling owners (in hundredths) | 11.40% | 11.40% | ' |
Los Avellanos Ltd [Member] | ' | ' | ' |
Shareholders [Line Items] | ' | ' | ' |
Stock issued (in shares) | 4,735,517 | ' | ' |
Ownership percentage by noncontrolling owners (in hundredths) | 3.40% | ' | ' |
Hazels (Bahamas) Investments Inc. [Member] | ' | ' | ' |
Shareholders [Line Items] | ' | ' | ' |
Stock issued (in shares) | 3,128,568 | 3,128,568 | ' |
Ownership percentage by noncontrolling owners (in hundredths) | 2.20% | 2.20% | ' |
BUSINESS_AND_GEOGRAPHIC_SEGMEN4
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION - 10Q (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | ||||||
Vessel | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | 4 | ' | ' | ' | ' | ' | |||||
Revenues | $199,676,000 | [1] | $144,035,000 | [1] | $313,169,000 | [2] | $304,482,000 | [2] | $230,445,000 | [2] | ' |
Vessels and equipment, net | 641,109,000 | ' | 647,519,000 | 671,445,000 | ' | ' | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 199,676,000 | 144,035,000 | 313,169,000 | 304,482,000 | 230,445,000 | ' | |||||
Running and voyage and manufacturing expenses | 143,034,000 | 114,990,000 | 254,427,000 | 224,607,000 | 150,922,000 | ' | |||||
Depreciation and amortization | 20,523,000 | 21,051,000 | 43,852,000 | [3] | 39,144,000 | [3] | 34,371,000 | [3] | ' | ||
Segment operating profit (loss) | 19,203,000 | -695,000 | -25,119,000 | 19,384,000 | 18,718,000 | ' | |||||
Segment assets | 794,166,000 | ' | 773,832,000 | 780,170,000 | 701,587,000 | ' | |||||
Investments in and receivables from affiliates | 4,305,000 | ' | 4,282,000 | 6,851,000 | 6,824,000 | ' | |||||
Loss from investment in affiliates | -319,000 | -666,000 | -1,175,000 | -1,073,000 | -341,000 | ' | |||||
Additions to long-lived assets | 12,982,000 | 27,339,000 | 40,016,000 | 96,112,000 | [4] | 105,247,000 | ' | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Total assets for reportable segments | 794,166,000 | ' | ' | ' | ' | ' | |||||
Other assets | 14,609,000 | ' | 14,271,000 | 16,021,000 | ' | ' | |||||
Corporate cash and cash equivalents | 131,315,000 | 18,127,000 | 222,215,000 | 34,096,000 | 105,570,000 | 53,201,000 | |||||
Restricted cash to redeem 2014 Senior Notes | 182,115,000 | ' | 0 | ' | ' | ' | |||||
Consolidated total assets | 1,122,205,000 | ' | 1,010,318,000 | 830,287,000 | ' | ' | |||||
South America [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | 81.00% | 84.00% | ' | ' | ' | ' | |||||
Percentage of vessels and equipment (in hundredths) | 90.00% | 85.00% | ' | ' | ' | ' | |||||
Revenues | 162,595,000 | [1] | 120,627,000 | [1] | 238,572,000 | [2] | 267,420,000 | [2] | 199,585,000 | [2] | ' |
Vessels and equipment, net | 575,436,000 | ' | 564,352,000 | 572,512,000 | ' | ' | |||||
Europe [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 7,227,000 | [1] | 9,542,000 | [1] | 28,320,000 | [2] | 19,910,000 | [2] | 19,923,000 | [2] | ' |
Vessels and equipment, net | 24,924,000 | ' | 25,474,000 | 26,571,000 | ' | ' | |||||
Central America [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 21,021,000 | [1] | 9,523,000 | [1] | 35,333,000 | [2] | 16,499,000 | [2] | 5,624,000 | [2] | ' |
North America [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 538,000 | [1] | 3,413,000 | [1] | 7,438,000 | [2] | 227,000 | [2] | 1,219,000 | [2] | ' |
Asia [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 8,295,000 | [1] | 930,000 | [1] | 3,506,000 | [2] | 426,000 | [2] | 4,094,000 | [2] | ' |
Vessels and equipment, net | 36,455,000 | ' | 53,496,000 | 68,149,000 | ' | ' | |||||
Other Countries [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Vessels and equipment, net | 4,294,000 | ' | 4,197,000 | 4,213,000 | ' | ' | |||||
ARGENTINA [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | 17.00% | 33.00% | ' | ' | ' | ' | |||||
BRAZIL [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | 21.00% | 28.00% | ' | ' | ' | ' | |||||
PARAGUAY [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | 34.00% | 17.00% | ' | ' | ' | ' | |||||
Handy Size Small Product Tanker [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | ' | ' | 3 | ' | ' | ' | |||||
River Business [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | 45.00% | 46.00% | ' | ' | ' | ' | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 122,531,000 | 71,128,000 | 163,279,000 | 174,594,000 | 120,024,000 | ' | |||||
Running and voyage and manufacturing expenses | 92,127,000 | 63,960,000 | 148,653,000 | 132,719,000 | 80,702,000 | ' | |||||
Depreciation and amortization | 11,727,000 | 10,776,000 | 21,996,000 | 20,139,000 | 17,248,000 | ' | |||||
Segment operating profit (loss) | 10,664,000 | -5,157,000 | -18,963,000 | 13,138,000 | 10,244,000 | ' | |||||
Segment assets | 410,015,000 | ' | 387,484,000 | 392,549,000 | 351,388,000 | ' | |||||
Investments in and receivables from affiliates | 4,072,000 | ' | 4,032,000 | 6,595,000 | 6,537,000 | ' | |||||
Loss from investment in affiliates | -302,000 | -663,000 | -1,168,000 | -1,042,000 | -322,000 | ' | |||||
Additions to long-lived assets | 2,196,000 | 18,484,000 | 24,634,000 | 73,265,000 | [4] | 67,942,000 | ' | ||||
Shipyard [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | 16.00% | 3.00% | ' | ' | ' | ' | |||||
Offshore Supply Business [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | 22.00% | 25.00% | ' | ' | ' | ' | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 42,447,000 | 35,170,000 | 76,661,000 | 64,606,000 | 54,283,000 | ' | |||||
Running and voyage and manufacturing expenses | 20,583,000 | 19,435,000 | 43,405,000 | 38,852,000 | 29,637,000 | ' | |||||
Depreciation and amortization | 5,395,000 | 5,233,000 | 10,938,000 | 9,436,000 | 7,178,000 | ' | |||||
Segment operating profit (loss) | 11,636,000 | 8,524,000 | 17,615,000 | 10,999,000 | 10,611,000 | ' | |||||
Segment assets | 272,727,000 | ' | 263,315,000 | 263,094,000 | 245,865,000 | ' | |||||
Investments in and receivables from affiliates | 0 | ' | 0 | 0 | 0 | ' | |||||
Loss from investment in affiliates | 0 | 0 | 0 | 0 | 0 | ' | |||||
Additions to long-lived assets | 5,454,000 | 8,541,000 | 13,405,000 | 19,502,000 | [4] | 7,141,000 | ' | ||||
Ocean Business [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | 17.00% | 26.00% | ' | ' | ' | ' | |||||
Number of Vessels | 8 | ' | 8 | ' | ' | ' | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 34,698,000 | 37,737,000 | 73,229,000 | 65,282,000 | 56,138,000 | ' | |||||
Running and voyage and manufacturing expenses | 30,324,000 | 31,595,000 | 62,369,000 | 53,036,000 | 40,583,000 | ' | |||||
Depreciation and amortization | 3,401,000 | 5,042,000 | 10,918,000 | 9,569,000 | 9,945,000 | ' | |||||
Segment operating profit (loss) | -3,097,000 | -4,062,000 | -23,771,000 | [5] | -4,753,000 | -2,137,000 | ' | ||||
Segment assets | 111,424,000 | ' | 123,033,000 | 124,527,000 | 104,334,000 | ' | |||||
Investments in and receivables from affiliates | 233,000 | ' | 250,000 | 256,000 | 287,000 | ' | |||||
Loss from investment in affiliates | -17,000 | -3,000 | -7,000 | -31,000 | -19,000 | ' | |||||
Additions to long-lived assets | 5,332,000 | 314,000 | 1,977,000 | 3,345,000 | [4] | 30,164,000 | ' | ||||
Ocean Business [Member] | Handy Size Small Product Tanker [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | 4 | ' | 4 | ' | ' | ' | |||||
Ocean Business [Member] | Feeder Container Vessels [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | 2 | ' | 2 | ' | ' | ' | |||||
Ocean Business [Member] | Oceangoing Tug [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | 1 | ' | 1 | ' | ' | ' | |||||
Ocean Business [Member] | Oceangoing Barges [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | 1 | ' | 1 | ' | ' | ' | |||||
Corporate [Member] | ' | ' | ' | ' | ' | ' | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Additions to long-lived assets | ' | ' | ' | $1,751 | ' | ' | |||||
[1] | Classified by country of domicile of charterers/customers. | ||||||||||
[2] | Classified by country of domicile of charterers/costumers. | ||||||||||
[3] | Operating expenses included $2,753, $4,622 and $1,542 in 2012, 2011 and 2010, respectively, from related parties. | ||||||||||
[4] | Excludes $1,751, which corresponds to additions to corporate assets. | ||||||||||
[5] | Includes an impairment charge for our product tanker M/V Amadeo of $16,000 |
SUPPLEMENTAL_GUARANTOR_INFORMA6
SUPPLEMENTAL GUARANTOR INFORMATION - 10Q (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | 28-May-13 | ||||||
Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | First Preferred Ship Mortgage Notes due 2021 [Member] | First Preferred Ship Mortgage Notes due 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Face amount of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | $200,000 | |||||
Interest Rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.88% | ' | |||||
Current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Receivables from related parties | 29,000 | ' | 10,000 | 57,000 | ' | ' | 350,450,000 | ' | 307,343,000 | 297,324,000 | ' | 46,448,000 | ' | 122,035,000 | 97,396,000 | ' | 54,628,000 | ' | 87,737,000 | 90,116,000 | ' | -451,497,000 | ' | -517,105,000 | -484,779,000 | ' | ' | ' | |||||
Restricted cash to redeem 2014 Senior Notes | 182,115,000 | ' | 0 | ' | ' | ' | 182,115,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | |||||
Other current assets | 238,564,000 | ' | 306,980,000 | 106,076,000 | ' | ' | 83,581,000 | ' | 201,491,000 | 3,773,000 | ' | 77,020,000 | ' | 66,643,000 | 62,079,000 | ' | 77,963,000 | ' | 38,846,000 | 40,224,000 | ' | 0 | ' | 0 | 0 | ' | ' | ' | |||||
Total current assets | 420,708,000 | ' | 306,990,000 | 106,133,000 | ' | ' | 616,146,000 | ' | 508,834,000 | 301,097,000 | ' | 123,468,000 | ' | 188,678,000 | 159,475,000 | ' | 132,591,000 | ' | 126,583,000 | 130,340,000 | ' | -451,497,000 | ' | -517,105,000 | -484,779,000 | ' | ' | ' | |||||
Noncurrent assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Vessels and equipment, net | 641,109,000 | ' | 647,519,000 | 671,445,000 | ' | ' | 0 | ' | 0 | 0 | ' | 269,368,000 | ' | 279,653,000 | 292,458,000 | ' | 372,598,000 | ' | 368,753,000 | 379,932,000 | ' | -857,000 | ' | -887,000 | -945,000 | ' | ' | ' | |||||
Investments in affiliates | 233,000 | ' | 251,000 | 373,000 | ' | ' | 168,878,000 | ' | 151,447,000 | 201,323,000 | ' | 0 | ' | 0 | 0 | ' | 233,000 | ' | 251,000 | 373,000 | ' | -168,878,000 | ' | -151,447,000 | -201,323,000 | ' | ' | ' | |||||
Other noncurrent assets | 60,155,000 | ' | 55,558,000 | 52,336,000 | ' | ' | 9,031,000 | ' | 5,171,000 | 6,825,000 | ' | 30,828,000 | ' | 26,032,000 | 14,632,000 | ' | 29,445,000 | ' | 33,275,000 | 56,922,000 | ' | -9,149,000 | ' | -8,920,000 | -26,043,000 | ' | ' | ' | |||||
Total noncurrent assets | 701,497,000 | ' | 703,328,000 | 724,154,000 | ' | ' | 177,909,000 | ' | 156,618,000 | 208,148,000 | ' | 300,196,000 | ' | 305,685,000 | 307,090,000 | ' | 402,276,000 | ' | 402,279,000 | 437,227,000 | ' | -178,884,000 | ' | -161,254,000 | -228,311,000 | ' | ' | ' | |||||
Total assets | 1,122,205,000 | ' | 1,010,318,000 | 830,287,000 | ' | ' | 794,055,000 | ' | 665,452,000 | 509,245,000 | ' | 423,664,000 | ' | 494,363,000 | 466,565,000 | ' | 534,867,000 | ' | 528,862,000 | 567,567,000 | ' | -630,381,000 | ' | -678,359,000 | -713,090,000 | ' | ' | ' | |||||
Current Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Payable to related parties | 1,918,000 | ' | 3,761,000 | 1,158,000 | ' | ' | 0 | ' | 0 | 0 | ' | 155,245,000 | ' | 224,281,000 | 166,005,000 | ' | 298,170,000 | ' | 272,568,000 | 298,909,000 | ' | -451,497,000 | ' | -493,088,000 | -463,756,000 | ' | ' | ' | |||||
2014 Senior Notes and accrued interest | 181,620,000 | ' | 0 | 0 | ' | ' | 181,620,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | |||||
Current portion of long-term financial debt | 28,704,000 | [1] | ' | 49,031,000 | 21,504,000 | ' | ' | 0 | ' | 0 | 0 | ' | 6,420,000 | ' | 12,064,000 | 5,046,000 | ' | 22,284,000 | ' | 36,967,000 | 16,458,000 | ' | 0 | ' | 0 | 0 | ' | ' | ' | ||||
2017 Senior Convertible Notes | 0 | ' | 80,000,000 | 0 | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||||
Other current liabilities | 64,038,000 | ' | 65,953,000 | 51,226,000 | ' | ' | 3,871,000 | ' | 5,701,000 | 4,948,000 | ' | 71,760,000 | ' | 51,781,000 | 31,878,000 | ' | -11,593,000 | ' | 8,471,000 | 14,400,000 | ' | 0 | ' | 0 | 0 | ' | ' | ' | |||||
Total current liabilities | 276,280,000 | ' | 198,745,000 | 73,888,000 | ' | ' | 185,491,000 | ' | 85,701,000 | 4,948,000 | ' | 233,425,000 | ' | 288,126,000 | 202,929,000 | ' | 308,861,000 | ' | 318,006,000 | 329,767,000 | ' | -451,497,000 | ' | -493,088,000 | -463,756,000 | ' | ' | ' | |||||
Noncurrent Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Due to affiliates | 0 | ' | 0 | 0 | ' | ' | 0 | ' | 0 | 0 | ' | 9,149,000 | ' | 32,937,000 | 47,066,000 | ' | 0 | ' | 0 | 0 | ' | -9,149,000 | ' | -32,937,000 | -47,066,000 | ' | ' | ' | |||||
Long-term financial debt net of current portion | 412,941,000 | ' | 388,521,000 | 491,489,000 | ' | ' | 200,000,000 | ' | 180,000,000 | 260,000,000 | ' | 51,892,000 | ' | 55,102,000 | 57,166,000 | ' | 161,049,000 | ' | 153,419,000 | 174,323,000 | ' | 0 | ' | 0 | 0 | ' | ' | ' | |||||
Other noncurrent liabilities | 17,085,000 | ' | 16,553,000 | 14,739,000 | ' | ' | 0 | ' | 0 | 0 | ' | 254,000 | ' | 262,000 | 218,000 | ' | 16,831,000 | ' | 16,291,000 | 14,521,000 | ' | 0 | ' | 0 | 0 | ' | ' | ' | |||||
Total noncurrent liabilities | 430,026,000 | ' | 405,074,000 | 506,228,000 | ' | ' | 200,000,000 | ' | 180,000,000 | 260,000,000 | ' | 61,295,000 | ' | 88,301,000 | 104,450,000 | ' | 177,880,000 | ' | 169,710,000 | 188,844,000 | ' | -9,149,000 | ' | -32,937,000 | -47,066,000 | ' | ' | ' | |||||
Total liabilities | 706,306,000 | ' | 603,819,000 | 580,116,000 | ' | ' | 385,491,000 | ' | 265,701,000 | 264,948,000 | ' | 294,720,000 | ' | 376,427,000 | 307,379,000 | ' | 486,741,000 | ' | 487,716,000 | 518,611,000 | ' | -460,646,000 | ' | -526,025,000 | -510,822,000 | ' | ' | ' | |||||
Equity of Ultrapetrol (Bahamas) Limited | 408,564,000 | ' | 399,751,000 | 244,297,000 | ' | ' | 408,564,000 | ' | 399,751,000 | 244,297,000 | ' | 128,944,000 | ' | 117,936,000 | 159,186,000 | ' | 48,126,000 | ' | 41,146,000 | 48,956,000 | ' | -177,070,000 | ' | -159,082,000 | -208,142,000 | ' | ' | ' | |||||
Noncontrolling interest | 7,335,000 | ' | 6,748,000 | 5,874,000 | ' | ' | 0 | ' | 0 | 0 | ' | 0 | ' | 0 | 0 | ' | 0 | ' | 0 | 0 | ' | 7,335,000 | ' | 6,748,000 | 5,874,000 | ' | ' | ' | |||||
Total equity | 415,899,000 | 231,773,000 | 406,499,000 | 250,171,000 | 268,794,000 | 288,583,000 | 408,564,000 | ' | 399,751,000 | 244,297,000 | ' | 128,944,000 | ' | 117,936,000 | 159,186,000 | ' | 48,126,000 | ' | 41,146,000 | 48,956,000 | ' | -169,735,000 | ' | -152,334,000 | -202,268,000 | ' | ' | ' | |||||
Total liabilities and equity | 1,122,205,000 | ' | 1,010,318,000 | 830,287,000 | ' | ' | 794,055,000 | ' | 665,452,000 | 509,245,000 | ' | 423,664,000 | ' | 494,363,000 | 466,565,000 | ' | 534,867,000 | ' | 528,862,000 | 567,567,000 | ' | -630,381,000 | ' | -678,359,000 | -713,090,000 | ' | ' | ' | |||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | 199,676,000 | 144,035,000 | 313,169,000 | 304,482,000 | 230,445,000 | ' | 0 | 0 | 0 | 0 | 0 | 144,155,000 | 91,991,000 | 207,429,000 | 208,130,000 | 154,326,000 | 79,014,000 | 72,139,000 | 140,530,000 | 137,274,000 | 119,193,000 | -23,493,000 | -20,095,000 | -34,790,000 | -40,922,000 | -43,074,000 | ' | ' | |||||
Operating expenses | -180,473,000 | -144,730,000 | -338,288,000 | [2] | -285,098,000 | [2] | -211,727,000 | [2] | ' | -3,706,000 | -3,027,000 | 0 | -8,490,000 | -8,332,000 | -130,579,000 | -100,375,000 | -234,412,000 | -185,834,000 | -137,862,000 | -69,710,000 | -61,393,000 | -138,608,000 | -131,638,000 | -108,549,000 | 23,522,000 | 20,065,000 | 34,732,000 | 40,864,000 | 43,016,000 | ' | ' | ||
Operating profit (loss) | 19,203,000 | -695,000 | -25,119,000 | 19,384,000 | 18,718,000 | ' | -3,706,000 | -3,027,000 | 0 | -8,490,000 | -8,332,000 | 13,576,000 | -8,384,000 | -26,983,000 | 22,296,000 | 16,464,000 | 9,304,000 | 10,746,000 | 1,922,000 | 5,636,000 | 10,644,000 | 29,000 | -30,000 | -58,000 | -58,000 | -58,000 | ' | ' | |||||
Investments in affiliates | -319,000 | -666,000 | -1,175,000 | -1,073,000 | -341,000 | ' | 16,414,000 | -12,534,000 | -49,470,000 | -7,886,000 | 8,153,000 | [3] | 0 | 0 | 0 | 0 | 0 | -319,000 | -666,000 | -1,175,000 | -1,073,000 | -341,000 | -16,414,000 | 12,534,000 | 49,470,000 | 7,886,000 | -8,153,000 | ' | ' | ||||
Other (expenses) income | -8,676,000 | -20,551,000 | -39,439,000 | -38,283,000 | -16,419,000 | ' | -5,076,000 | -3,656,000 | -14,187,000 | -2,429,000 | -5,192,000 | -1,710,000 | -15,125,000 | -17,311,000 | -25,378,000 | -2,406,000 | -1,890,000 | -1,770,000 | -7,941,000 | -10,476,000 | -8,821,000 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||||
Income (loss) before income taxes | 10,208,000 | -21,912,000 | -65,733,000 | -19,972,000 | 1,958,000 | ' | 7,632,000 | -19,217,000 | -63,657,000 | -18,805,000 | -5,371,000 | 11,866,000 | -23,509,000 | -44,294,000 | -3,082,000 | 14,058,000 | 7,095,000 | 8,310,000 | -7,194,000 | -5,913,000 | 1,482,000 | -16,385,000 | 12,504,000 | 49,412,000 | 7,828,000 | -8,211,000 | ' | ' | |||||
Income tax (expenses) benefit | -2,023,000 | 3,140,000 | 2,969,000 | 1,737,000 | -6,363,000 | ' | 0 | 0 | 0 | 0 | 0 | 858,000 | -2,155,000 | 3,044,000 | 1,060,000 | 486,000 | 1,165,000 | -985,000 | -75,000 | 677,000 | -6,849,000 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||||
Net income (loss) | 8,185,000 | -18,772,000 | -62,764,000 | -18,235,000 | -4,920,000 | ' | 7,632,000 | -19,217,000 | -63,657,000 | -18,805,000 | -5,371,000 | -21,354,000 | -21,354,000 | -41,250,000 | -2,022,000 | 14,544,000 | 9,295,000 | 9,295,000 | -7,269,000 | -5,236,000 | -5,882,000 | -16,385,000 | 12,504,000 | 49,412,000 | 7,828,000 | -8,211,000 | ' | ' | |||||
Net income attributable to noncontrolling interest | 553,000 | 445,000 | 893,000 | 570,000 | 451,000 | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 553,000 | 445,000 | 893,000 | 570,000 | 451,000 | ' | ' | |||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | 7,632,000 | -19,217,000 | -63,657,000 | -18,805,000 | -5,371,000 | ' | 7,632,000 | -19,217,000 | -63,657,000 | -18,805,000 | -5,371,000 | 11,008,000 | -21,354,000 | -41,250,000 | -2,022,000 | 14,544,000 | 5,930,000 | 9,295,000 | -7,269,000 | -5,236,000 | -5,882,000 | -16,938,000 | 12,059,000 | 48,519,000 | 7,258,000 | -8,662,000 | ' | ' | |||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | 8,185,000 | -18,772,000 | -62,764,000 | -18,235,000 | -4,920,000 | ' | 8,185,000 | -18,772,000 | -62,764,000 | -18,235,000 | -4,920,000 | 11,008,000 | -21,354,000 | -41,250,000 | -2,022,000 | 14,544,000 | 6,483,000 | 9,740,000 | -6,376,000 | -4,666,000 | -5,431,000 | -17,491,000 | 11,614,000 | 47,626,000 | 6,688,000 | -9,113,000 | ' | ' | |||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) from operating activities | 2,989,000 | 15,475,000 | 58,829,000 | 33,007,000 | 25,249,000 | ' | -13,318,000 | 13,280,000 | 51,532,000 | 12,134,000 | -1,601,000 | 18,816,000 | 48,154,000 | 16,695,000 | 18,755,000 | 31,076,000 | -20,000,000 | -34,345,000 | 38,228,000 | 8,806,000 | -13,339,000 | 17,491,000 | -11,614,000 | -47,626,000 | -6,688,000 | 9,113,000 | ' | ' | |||||
Net cash (used in) provided by operating activities from continuing operations | 11,174,000 | -3,297,000 | -3,935,000 | 14,772,000 | 20,844,000 | ' | -5,133,000 | -5,492,000 | -11,232,000 | -6,101,000 | -6,521,000 | 29,824,000 | 26,800,000 | -24,555,000 | 16,733,000 | 45,620,000 | -13,517,000 | -24,605,000 | 31,852,000 | 4,140,000 | -18,255,000 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||||
Intercompany sources | 0 | 0 | 0 | 0 | 0 | ' | -43,107,000 | 2,896,000 | -10,019,000 | -17,947,000 | -60,822,000 | 6,551,000 | 19,359,000 | 43,839,000 | -1,322,000 | -16,189,000 | 60,344,000 | -23,064,000 | -16,697,000 | -6,774,000 | 0 | -23,788,000 | 809,000 | -17,123,000 | 26,043,000 | 77,011,000 | ' | ' | |||||
Non-subsidiary sources | -11,203,000 | -21,952,000 | -32,513,000 | -97,863,000 | -56,089,000 | ' | 0 | 0 | 0 | 0 | 0 | -5,647,000 | -72,184,000 | -15,507,000 | -46,828,000 | -38,088,000 | -5,556,000 | 50,232,000 | -17,006,000 | -51,035,000 | -18,001,000 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||||
Net cash (used in) provided by investing activities | -11,203,000 | -21,952,000 | -32,513,000 | -97,863,000 | -56,089,000 | ' | -43,107,000 | 2,896,000 | ' | ' | -60,822,000 | 904,000 | -52,825,000 | ' | ' | -54,277,000 | 54,788,000 | 27,168,000 | ' | ' | -18,001,000 | -23,788,000 | 809,000 | ' | ' | 77,011,000 | ' | ' | |||||
Intercompany sources | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | -23,788,000 | 4,209,000 | -17,123,000 | 31,543,000 | 1,354,000 | 0 | -3,400,000 | 0 | -5,500,000 | 75,657,000 | 23,788,000 | -809,000 | 17,123,000 | -26,043,000 | -77,011,000 | ' | ' | |||||
Non-subsidiary sources | -90,871,000 | 9,280,000 | 224,567,000 | 11,632,000 | 87,614,000 | ' | -69,497,000 | 0 | 219,122,000 | -15,000,000 | 75,281,000 | -2,851,000 | 8,836,000 | 4,747,000 | 13,395,000 | -1,568,000 | -18,523,000 | 444,000 | 698,000 | 13,237,000 | 13,901,000 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||||
Net cash (used in) provided by financing activities | -90,871,000 | 9,280,000 | 224,567,000 | 11,632,000 | 87,614,000 | ' | -69,497,000 | 0 | 219,122,000 | -15,000,000 | 75,281,000 | -26,639,000 | 13,045,000 | -12,376,000 | 44,938,000 | -214,000 | -18,523,000 | -2,956,000 | 698,000 | 7,737,000 | 89,558,000 | 23,788,000 | -809,000 | 17,123,000 | -26,043,000 | -77,011,000 | ' | ' | |||||
Net (decrease) increase in cash and cash equivalents | ($90,900,000) | ($15,969,000) | $188,119,000 | ($71,474,000) | $52,369,000 | ' | ($117,737,000) | ($2,596,000) | $197,871,000 | ($39,048,000) | $7,938,000 | $4,089,000 | ($12,980,000) | ($8,599,000) | $13,521,000 | ($8,871,000) | $22,748,000 | ($393,000) | ($1,153,000) | ($45,947,000) | $53,302,000 | $0 | $0 | $0 | $0 | $0 | ' | ' | |||||
[1] | Excludes the 2014 Senior Notes which were disclosed as current liabilities in the unaudited condensed consolidated balance sheet under the caption "2014 Senior Notes and accrued interest". See Note 3.a). | ||||||||||||||||||||||||||||||||
[2] | Operating expenses included $2,753, $4,622 and $1,542 in 2012, 2011 and 2010, respectively, from related parties. | ||||||||||||||||||||||||||||||||
[3] | Includes a loss of $515 related to discontinued operations. |
NATURE_OF_OPERATIONS_AND_CORPO3
NATURE OF OPERATIONS AND CORPORATE ORGANIZATION (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Segment | Segment | ||||
Director | Director | ||||
NATURE OF OPERATIONS AND CORPORATE ORGANIZATION [Abstract] | ' | ' | ' | ' | ' |
Number of segments of marine transportation | 3 | ' | 3 | ' | ' |
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' | ' |
Net proceeds from issuance of stock | $192,618 | $0 | $219,122 | $0 | $0 |
Number of directors required to approve certain actions of the entity | ' | ' | 6 | ' | ' |
Number of years the drag along rights take effect after the closing date | ' | ' | '4 years | ' | ' |
Southern Cross Latin America Private Equity Funds III and IV [Member] | ' | ' | ' | ' | ' |
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' | ' |
Common stock issued (in shares) | ' | ' | 110,000,000 | ' | ' |
Sparrow Capital Investments, Ltd [Member] | ' | ' | ' | ' | ' |
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' | ' |
Common stock issued (in shares) | ' | ' | 16,060,000 | ' | ' |
Purchase price (in dollars per share) | ' | ' | $2 | ' | ' |
Net proceeds from issuance of stock | ' | ' | $219,122 | ' | ' |
Number of directors appointed for initial period of six months after December 12, 2012 | ' | ' | 2 | ' | ' |
Number of directors appointed subsequent to the termination of initial period | ' | ' | 4 | ' | ' |
Los Avellanos and Hazels [Member] | ' | ' | ' | ' | ' |
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' | ' |
Number of directors appointed for initial period of six months after December 12, 2012 | ' | ' | 4 | ' | ' |
Number of directors appointed subsequent to the termination of initial period | ' | ' | 2 | ' | ' |
SIGNIFICANT_ACCOUNTING_POLICIE9
SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Aug. 16, 2009 | Dec. 31, 2012 | |||
Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Puertos del Sur S.A. [Member] | Puertos del Sur S.A. [Member] | Puertos del Sur S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Maritima Sipsa S.A. [Member] | ||||||||
Ultrapetrol Ocean and Offshore Supply Business [Member] | Ultrapetrol Ocean and Offshore Supply Business [Member] | Ultrapetrol River Business [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity method ownership percentage (in hundredths) | 50.00% | ' | ' | 50.00% | ' | ' | ' | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 49.00% | |||
Revenues and Related Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Construction Period | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and Cash Equivalents [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maximum number of months of maturity of highly liquid investments to be considered as cash equivalents | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accounts Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Concentration risk, percentage (in hundredths) | ' | ' | ' | ' | 27.00% | 24.00% | 17.00% | ' | ' | ' | ' | ' | ' | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Balance at January 1 | $841 | $555 | $411 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Provision | 1,559 | 598 | 377 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Recovery | -293 | 0 | -18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amounts written off | -191 | [1] | -312 | [1] | -215 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at December 31 | 1,916 | 841 | 555 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Insurance Claims Receivable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Insurance claims receivable | $6,017 | $4,531 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Accounts charged to the allowance when collection efforts cease |
Recovered_Sheet1
SIGNIFICANT ACCOUNTING POLICIES, Property and Equipment, OCI (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
River barges in progress and raw material related to barge production | ' | ' | $10,019,000 | $0 | ' | |||
Fuel and supplies | ' | ' | 3,619,000 | 4,520,000 | ' | |||
Operating supplies and inventories | 18,039,000 | ' | 13,638,000 | 4,520,000 | ' | |||
Estimated salvage value used in impairment test per light weight ton | ' | ' | 405 | ' | ' | |||
Impairment charge | ' | ' | 16,000,000 | [1] | 0 | [1] | 0 | [1] |
Identifiable Intangible Assets [Abstract] | ' | ' | ' | ' | ' | |||
Useful life of intangible assets | ' | ' | '8 years | ' | ' | |||
Accumulated amortization | ' | ' | 1,181,000 | 1,006,000 | ' | |||
Amortization of intangible assets | ' | ' | 175,000 | 175,000 | 305,000 | |||
Estimated Amortization of Intangible Assets [Abstract] | ' | ' | ' | ' | ' | |||
2013 | ' | ' | 175,000 | ' | ' | |||
2014 | ' | ' | 44,000 | ' | ' | |||
Other Assets [Abstract] | ' | ' | ' | ' | ' | |||
Debt issuance expense amortization | 1,375,000 | 1,491,000 | 2,217,000 | 2,323,000 | 1,340,000 | |||
Deferred gains -- River barges sale-leaseback transactions | ' | ' | ' | ' | ' | |||
Balance at beginning of year | 2,086,000 | 0 | 0 | ' | ' | |||
Deferred gains arising from sales | ' | ' | 2,116,000 | ' | ' | |||
Amortization of deferred gains included in operating expenses as reduction to rental expense | ' | ' | -30,000 | ' | ' | |||
Balance at end of the year | 3,784,000 | ' | 2,086,000 | 0 | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Accumulated other comprehensive income (loss) | -1,540,000 | ' | -2,624,000 | -2,064,000 | ' | |||
Amounts attributable to noncontrolling interest | -12,000 | ' | -46,000 | -27,000 | ' | |||
Amounts attributable to Ultrapetrol (Bahamas) Limited | -1,528,000 | ' | -2,578,000 | -2,037,000 | ' | |||
Net losses on interest rate interest rate derivatives to be reclassified in next twelve months | ' | ' | 996,000 | ' | ' | |||
Interest Rate Collar [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Unrealized net loss | ' | ' | -1,958,000 | -1,727,000 | ' | |||
Interest Rate Swap [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Unrealized net loss | ' | ' | -803,000 | -482,000 | ' | |||
EURO Hedge [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Unrealized net loss | ' | ' | $137,000 | $145,000 | ' | |||
Minimum [Member] | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Cash flow period | ' | ' | '4 years | ' | ' | |||
Percentage of utilization of fleet (in hundredths) | ' | ' | 93.00% | ' | ' | |||
Dry Dock Costs [Abstract] | ' | ' | ' | ' | ' | |||
Deferred dry dock costs amortization period | ' | ' | '24 months | ' | ' | |||
Maximum [Member] | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Cash flow period | ' | ' | '24 years | ' | ' | |||
Percentage of utilization of fleet (in hundredths) | ' | ' | 99.00% | ' | ' | |||
Dry Dock Costs [Abstract] | ' | ' | ' | ' | ' | |||
Deferred dry dock costs amortization period | ' | ' | '36 months | ' | ' | |||
Ocean-going Vessels [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Useful life | ' | ' | '24 years | ' | ' | |||
Ocean-going Vessels [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Useful life | ' | ' | '27 years | ' | ' | |||
PSVs [Member] | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Useful life | ' | ' | '24 years | ' | ' | |||
River Barges and Push Boats [Member] | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Useful life | ' | ' | '35 years | ' | ' | |||
Buildings [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Useful life | ' | ' | '20 years | ' | ' | |||
Buildings [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Useful life | ' | ' | '30 years | ' | ' | |||
Furniture and Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Useful life | ' | ' | '5 years | ' | ' | |||
Furniture and Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Useful life | ' | ' | '15 years | ' | ' | |||
[1] | Operating expenses included $2,753, $4,622 and $1,542 in 2012, 2011 and 2010, respectively, from related parties. |
Recovered_Sheet2
SIGNIFICANT ACCOUNTING POLICIES, Earnings per share (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | |||
Outstanding equity awards (in shares) | 348,750 | 14,079,750 | 13,839,000 | 14,105,000 | 13,920,000 | |||
Net loss attributable to parent [Abstract] | ' | ' | ' | ' | ' | |||
Loss from continuing operations | ' | ' | ($63,657) | ($18,805) | ($4,856) | |||
Loss from discontinued operations | ' | ' | 0 | 0 | -515 | |||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | 7,632 | -19,217 | -63,657 | -18,805 | -5,371 | |||
Basic and diluted weighted average number of shares (in shares) | ' | ' | 35,382,913 | 29,547,365 | 29,525,025 | |||
Basic and diluted loss per share [Abstract] | ' | ' | ' | ' | ' | |||
From continuing operations (in dollars per share) | ' | ' | ($1.80) | ($0.64) | ($0.16) | |||
From discontinued operations (in dollars per share) | ' | ' | $0 | $0 | ($0.02) | |||
Basic and diluted earnings per share (in dollars per share) | $0.05 | ($0.65) | ($1.80) | ($0.64) | ($0.18) | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | |||
Gain on sale of vessels, net | 0 | 3,557 | 3,564 | 0 | 724 | |||
Other | ' | ' | 911 | -34 | -61 | |||
Other operating income, net | 1,407 | 6,748 | 8,376 | [1] | 8,257 | [1] | 617 | [1] |
Litigation settlement, gross | ' | ' | ' | 5,308 | ' | |||
Legal fees | ' | ' | ' | 560 | ' | |||
Income Taxes [Abstract] | ' | ' | ' | ' | ' | |||
Income tax examination, period of examination, minimum | ' | ' | '3 years | ' | ' | |||
Income tax examination, period of examination, maximum | ' | ' | '7 years | ' | ' | |||
Arbitration Award [Member] | ' | ' | ' | ' | ' | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | |||
Gain on settlement | ' | ' | 0 | [2] | 4,748 | [2] | 0 | [2] |
Insurance Claims [Member] | ' | ' | ' | ' | ' | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | |||
Gain on settlement | ' | ' | $3,901 | [3] | $3,543 | [3] | ($46) | [3] |
Stock Options [Member] | ' | ' | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | |||
Outstanding equity awards (in shares) | 348,750 | 348,750 | 459,000 | 349,000 | 349,000 | |||
Restricted Stock [Member] | ' | ' | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | |||
Outstanding equity awards (in shares) | 0 | 680,000 | 329,000 | 705,000 | 520,000 | |||
Convertible Debt [Member] | ' | ' | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | |||
Outstanding equity awards (in shares) | 0 | 13,051,000 | 13,051,000 | 13,051,000 | 13,051,000 | |||
[1] | Operating expenses included $2,753, $4,622 and $1,542 in 2012, 2011 and 2010, respectively, from related parties. | |||||||
[2] | One of our subsidiaries in the River Business, UABL Paraguay S.A., made a claim against a former customer in an arbitration proceeding where we claim damages for non performance under a transportation contract. On December 2, 2011 a final amount of $5,308 was awarded to the Company, which was collected on December 21, 2011. Due to the disputed nature of the claim, the Company had not recognized any income related to the claim and now since the arbitration proceeding was favorably settled and collected recognizing an income of $4,748, after deducting related legal fees of $560. | |||||||
[3] | Corresponds to loss of hire insurance claims. |
DRY_DOCK_Details
DRY DOCK (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Capitalized Amounts in Dry Dock [Abstract] | ' | ' | ' |
Original book value | $23,699 | $19,786 | ' |
Accumulated amortization | -19,461 | -14,698 | ' |
Net book value | 4,238 | 5,088 | ' |
Amortization expense | $4,763 | $4,078 | $4,186 |
VESSELS_AND_EQUIPMENT_NET_Deta
VESSELS AND EQUIPMENT, NET (Details) (USD $) | 6 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 3-May-12 | Apr. 25, 2012 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Jan. 30, 2013 | 22-May-12 | Feb. 21, 2007 | Jan. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Vessel | River Business [Member] | River Business [Member] | Feeder Container Vessels [Member] | Capesize Vessels [Member] | Pushboats [Member] | Pushboats [Member] | Barges [Member] | Barges [Member] | Barges [Member] | Barges [Member] | Ocean-going Vessels [Member] | Ocean-going Vessels [Member] | Ocean-going Vessels [Member] | Ocean-going Vessels [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | River Barges and Push Boats [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | PSVs [Member] | Advances for PSV Construction [Member] | Advances for PSV Construction [Member] | Advances for PSV Construction [Member] | Furniture and Equipment [Member] | Furniture and Equipment [Member] | Furniture and Equipment [Member] | Building, Land, Operating Base and Shipyard [Member] | Building, Land, Operating Base and Shipyard [Member] | Building, Land, Operating Base and Shipyard [Member] | |||||
Vessels Purchased [Member] | Vessels Sold [Member] | Vessels Purchased [Member] | Vessels Sold [Member] | Vessels Sold [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built, Sold and Leaseback [Member] | Feeder Container Vessels [Member] | Vessels Sold [Member] | Pushboats [Member] | Pushboats [Member] | Pushboats [Member] | Barges [Member] | Barges [Member] | Barges [Member] | Barges [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built [Member] | ||||||||||||||||||||||||||
Ocean Business [Member] | Ocean Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | Vessels Purchased [Member] | River Business [Member] | Vessels Purchased [Member] | Vessels Sold [Member] | Vessels Sold [Member] | Vessels Built [Member] | Vessels Built [Member] | Vessels Built, Sold and Leaseback [Member] | Vessels Built, Sold and Leaseback [Member] | INDIA [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | Offshore Supply Business [Member] | ||||||||||||||||||||||||||
Vessel | Vessel | Vessel | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | River Business [Member] | INDIA [Member] | INDIA [Member] | INDIA [Member] | INDIA [Member] | INDIA [Member] | INDIA [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||
Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Installment | Vessel | Vessel | INDIA [Member] | |||||||||||||||||||||||||||||||||||||||||
Installment | Vessel | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original book value | $882,716 | ' | $870,447 | $856,410 | ' | ' | ' | ' | ' | ' | ' | ' | $31,400 | $9,100 | ' | $120,546 | $115,375 | $127,468 | ' | $411,926 | $411,820 | $398,391 | ' | ' | ' | ' | $8,598 | ' | ' | ' | $245,527 | $223,032 | $199,453 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36,455 | $53,496 | $68,149 | $12,433 | $11,822 | $10,458 | $55,829 | $54,902 | $52,491 |
Accumulated depreciation | -241,607 | ' | -222,928 | -184,965 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value | 641,109 | ' | 647,519 | 671,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | 19,067 | 18,974 | 38,914 | 34,891 | 29,880 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | ' | ' | 0 | 0 | 1,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions and Disposals [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | 4 | ' | ' | ' | ' | ' | ' | 2 | 3 | ' | ' | ' | 42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 1 | 1 | 8 | 8 | 10 | 14 | ' | ' | ' | ' | ' | 3 | 4 | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase (sale) price | ' | ' | ' | ' | ' | ' | ' | ' | 36,584 | 2,900 | 3,850 | ' | ' | ' | ' | ' | ' | ' | 26,200 | ' | ' | ' | 13,020 | ' | 3,850 | ' | ' | ' | 9,300 | ' | ' | ' | ' | ' | 88,052 | ' | ' | ' | ' | 88,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of vessel | ' | ' | ' | ' | ' | ' | ' | ' | 724 | ' | 3,564 | 2,116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,564 | ' | ' | ' | 1,779 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of vessel | 882,716 | ' | 870,447 | 856,410 | ' | ' | ' | ' | ' | ' | ' | ' | 31,400 | 9,100 | ' | 120,546 | 115,375 | 127,468 | ' | 411,926 | 411,820 | 398,391 | ' | ' | ' | ' | 8,598 | ' | ' | ' | 245,527 | 223,032 | 199,453 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,455 | 53,496 | 68,149 | 12,433 | 11,822 | 10,458 | 55,829 | 54,902 | 52,491 |
Equity method ownership percentage (in hundredths) | 50.00% | ' | 50.00% | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, partner's interests acquired (in hundredths) | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of installments, note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of purchase price paid in installments (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners interest | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in contract price due to penalty for late delivery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800 | 1,800 | ' | 1,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,400 | 33,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,900 | $17,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LONGTERM_DEBT_AND_OTHER_FINANC2
LONG-TERM DEBT AND OTHER FINANCIAL DEBT (Details) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Feb. 14, 2012 | Dec. 31, 2012 | Dec. 31, 2010 | Mar. 31, 2013 | Jan. 23, 2013 | Dec. 31, 2010 | Dec. 31, 2010 | Mar. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2007 | Mar. 31, 2012 | Dec. 31, 2008 | Jun. 24, 2008 | Mar. 28, 2013 | Dec. 31, 2010 | Jun. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2012 | Nov. 24, 2004 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 23, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2006 | Jun. 30, 2013 | Jan. 17, 2006 | Dec. 31, 2006 | Jan. 17, 2006 | Jan. 17, 2006 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2013 | Aug. 01, 2012 | Dec. 28, 2006 | Jan. 17, 2006 | Dec. 31, 2012 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2007 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Aug. 01, 2012 | Aug. 01, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2007 | Jun. 30, 2013 | 21-May-12 | Dec. 21, 2007 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2007 | Jun. 30, 2013 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2007 | Jun. 30, 2013 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2007 | Jun. 30, 2013 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 26, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Oct. 22, 2012 | Oct. 22, 2012 | Oct. 22, 2012 | Oct. 29, 2012 | Jan. 24, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 28, 2013 | Mar. 28, 2013 | Jan. 24, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jan. 18, 2013 | Jan. 18, 2013 | Jun. 30, 2013 | Jan. 18, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Jan. 24, 2013 | Jan. 18, 2013 | Dec. 31, 2012 | Jan. 18, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 18, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 18, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 18, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Apr. 15, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Dec. 21, 2007 | Nov. 30, 2007 | Dec. 28, 2013 | Dec. 28, 2012 | Dec. 28, 2013 | Dec. 28, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Vessel | PSVs [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2017 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2017 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2017 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2017 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2017 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2017 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2017 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ingatestone Holdings Inc., DVB AG and Netixis, Through 2019 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, January 2013 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, January 2013 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, January 2013 [Member] | Ultrapetrol (Bahamas) Ltd [Member] | Ultrapetrol (Bahamas) Ltd [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore Apoio Maritimo Ltda., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2016 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2017 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2017 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2017 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2017 [Member] | UP Offshore (Bahamas) Ltd., DVB AG, Through 2017 [Member] | UP Offshore (Bahamas) Ltd., DVB AG [Member] | UP Offshore (Bahamas) Ltd., DVB AG [Member] | UP Offshore (Bahamas) Ltd., DVB AG [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | Ingatestone Holdings Inc. DVB AG [Member] | Ingatestone Holdings Inc. DVB AG [Member] | Ingatestone Holdings Inc. DVB AG [Member] | Ingatestone Holdings Inc. DVB AG [Member] | Ingatestone Holdings Inc., Netixis, Through March 2013 [Member] | Ingatestone Holdings Inc., Netixis, Through March 2013 [Member] | Ingatestone Holdings Inc., Netixis, Through March 2013 [Member] | Ingatestone Holdings Inc., Netixis, Through March 2013 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | UP Offshore Apoio Maritimo Ltda., BNDES, Through 2027 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | Stanyan Shipping Inc., Natixis, Through 2017 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., IFC, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Paraguay S.A., OFID, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Barges and Others, IFC, Through 2020 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., IFC, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay S.A. and Riverpar S.A., OFID, Through 2021 [Member] | UABL Paraguay and Riverpar S.A., OFID and IFC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB SE and NIBC [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Ingatestone Holdings Inc. DVB Bank America, NIBC and ABN Amro due 2017 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | Hallandale Commercial Corp., Nordea, Through April 2013 [Member] | ||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | Quarter | Tranche | Tranche A [Member] | Tranche A [Member] | Tranche A [Member] | Tranche A [Member] | Tranche A [Member] | Tranche B [Member] | Tranche B [Member] | Maximum [Member] | Pushboats [Member] | Oceangoing Barges [Member] | River Barges [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Payment Guarantee [Member] | Tranche | Tranche A [Member] | Tranche A [Member] | Tranche B [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Tranche A [Member] | Minimum [Member] | Maximum [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Installment | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | PSV UP Onyx [Member] | PSV UP Pearl [Member] | Advance | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Installment | Standby Letters of Credit [Member] | Standby Letters of Credit [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Minimum [Member] | Maximum [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Quarter | Installment | Payment Guarantee [Member] | Minimum [Member] | Maximum [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Installment | Payment Guarantee [Member] | Minimum [Member] | Maximum [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Installment | Payment Guarantee [Member] | Minimum [Member] | Maximum [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Quarter | Minimum [Member] | Maximum [Member] | Pushboats [Member] | Barges [Member] | Re-bottoming Barges [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Quarter | Pushboats [Member] | Barges [Member] | Re-bottoming Barges [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Tranche | Tranche | Tranche A [Member] | Tranche B [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Tranche | Quarter | Tranche A [Member] | Tranche A [Member] | Tranche B [Member] | Tranche B [Member] | Tranche C [Member] | Tranche D [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Quarter | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel | Installment | Tranche B [Member] | Vessel | Vessel | Vessel | Installment | Quarter | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Advance | Second Advances [Member] | Second Advances [Member] | Second Advances [Member] | Second Advances [Member] | Installment | Tranche A [Member] | Tranche A [Member] | Tranche A [Member] | Tranche A [Member] | Tranche B [Member] | Tranche B [Member] | Tranche B [Member] | Tranche C [Member] | Tranche C [Member] | Tranche C [Member] | Tranche D [Member] | Tranche D [Member] | Tranche D [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment | Tranche | First Advances [Member] | Second Advances [Member] | First Advances [Member] | Second Advances [Member] | First Advances [Member] | Second Advances [Member] | First Advances [Member] | Second Advances [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Nominal value, current | $28,704,000 | [1] | $49,031,000 | $21,504,000 | ' | $129,031,000 | $21,504,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | $80,000,000 | ' | ' | ' | ' | ' | $900,000 | ' | ' | ' | ' | $900,000 | ' | ' | $4,300,000 | ' | ' | ' | ' | ' | ' | $12,575,000 | ' | ' | ' | $2,000,000 | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | $3,333,000 | $3,333,000 | ' | $2,019,000 | ' | $5,639,000 | ' | $0 | ' | $5,175,000 | ' | ' | $1,110,000 | ' | ' | ' | $1,110,000 | ' | ' | ' | $1,108,000 | ' | ' | ' | ' | $1,108,000 | ' | ' | ' | ' | $2,174,000 | ' | ' | ' | $2,174,000 | ' | ' | ' | ' | $1,304,000 | ' | ' | ' | $1,304,000 | ' | ' | ' | ' | $3,044,000 | ' | ' | ' | $3,044,000 | ' | ' | $1,765,000 | ' | ' | ' | ' | ' | ' | $1,765,000 | ' | ' | ' | $1,177,000 | ' | ' | ' | ' | $1,176,000 | ' | ' | $0 | ' | ' | ' | ' | ' | ' | $2,084,000 | ' | ' | ' | ' | ' | $4,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $5,644,000 | ' |
Nominal value, noncurrent | 412,941,000 | 388,521,000 | 491,489,000 | ' | 388,521,000 | 491,489,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000,000 | ' | ' | 0 | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | 5,950,000 | ' | ' | 27,500,000 | ' | ' | ' | ' | ' | ' | 29,650,000 | ' | ' | ' | 10,000,000 | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | 29,167,000 | 30,833,000 | ' | 6,606,000 | ' | 8,161,000 | ' | 0 | ' | 0 | ' | ' | 14,153,000 | ' | ' | ' | 14,708,000 | ' | ' | ' | 4,984,000 | ' | ' | ' | ' | 5,438,000 | ' | ' | ' | ' | 19,565,000 | ' | ' | ' | 20,652,000 | ' | ' | ' | ' | 11,739,000 | ' | ' | ' | 12,391,000 | ' | ' | ' | ' | 27,391,000 | ' | ' | ' | 28,913,000 | ' | ' | 12,353,000 | ' | ' | ' | ' | ' | ' | 13,235,000 | ' | ' | ' | 8,234,000 | ' | ' | ' | ' | 8,824,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 18,766,000 | ' | ' | ' | ' | ' | 35,749,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |
Total | 441,645,000 | 437,552,000 | ' | ' | 517,552,000 | 517,552,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,250,000 | ' | ' | ' | ' | 34,500,000 | 34,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000,000 | 180,000,000 | ' | 0 | 80,000,000 | ' | ' | 6,850,000 | ' | 6,400,000 | ' | ' | ' | ' | 6,850,000 | 7,750,000 | 42,225,000 | 31,800,000 | ' | ' | ' | ' | ' | ' | 42,225,000 | 38,250,000 | ' | 13,000,000 | 12,000,000 | 13,000,000 | 15,000,000 | 62,075,000 | ' | ' | 34,166,000 | ' | ' | 32,500,000 | 34,166,000 | 37,500,000 | 8,625,000 | 13,800,000 | 13,800,000 | 15,525,000 | 0 | 5,175,000 | 5,175,000 | 15,525,000 | ' | 15,263,000 | 15,818,000 | ' | ' | 15,818,000 | 16,928,000 | 6,546,000 | ' | 6,092,000 | ' | ' | ' | ' | 6,546,000 | 9,303,000 | 22,826,000 | ' | ' | 21,739,000 | ' | ' | ' | 22,826,000 | 25,000,000 | 13,695,000 | ' | ' | 13,043,000 | ' | ' | ' | 13,695,000 | 15,000,000 | 31,957,000 | ' | ' | 30,435,000 | ' | ' | ' | 31,957,000 | 35,000,000 | ' | 14,118,000 | 15,000,000 | ' | ' | ' | ' | ' | 15,000,000 | 15,000,000 | ' | ' | 9,411,000 | 10,000,000 | ' | ' | ' | 10,000,000 | 0 | 93,478,000 | 0 | 20,850,000 | ' | ' | ' | ' | ' | 20,850,000 | 0 | ' | ' | ' | ' | 40,219,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5,644,000 | ' | ' | ' | ' | ' | ' | ' | 5,644,000 | 7,212,000 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2013 | ' | ' | ' | ' | 129,031,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2014 | ' | ' | ' | ' | 208,716,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2015 | ' | ' | ' | ' | 24,098,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2016 | ' | ' | ' | ' | 49,091,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2017 | ' | ' | ' | ' | 40,022,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Thereafter | ' | ' | ' | ' | 66,594,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total | 441,645,000 | 437,552,000 | ' | ' | 517,552,000 | 517,552,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,250,000 | ' | ' | ' | ' | 34,500,000 | 34,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000,000 | 180,000,000 | ' | 0 | 80,000,000 | ' | ' | 6,850,000 | ' | 6,400,000 | ' | ' | ' | ' | 6,850,000 | 7,750,000 | 42,225,000 | 31,800,000 | ' | ' | ' | ' | ' | ' | 42,225,000 | 38,250,000 | ' | 13,000,000 | 12,000,000 | 13,000,000 | 15,000,000 | 62,075,000 | ' | ' | 34,166,000 | ' | ' | 32,500,000 | 34,166,000 | 37,500,000 | 8,625,000 | 13,800,000 | 13,800,000 | 15,525,000 | 0 | 5,175,000 | 5,175,000 | 15,525,000 | ' | 15,263,000 | 15,818,000 | ' | ' | 15,818,000 | 16,928,000 | 6,546,000 | ' | 6,092,000 | ' | ' | ' | ' | 6,546,000 | 9,303,000 | 22,826,000 | ' | ' | 21,739,000 | ' | ' | ' | 22,826,000 | 25,000,000 | 13,695,000 | ' | ' | 13,043,000 | ' | ' | ' | 13,695,000 | 15,000,000 | 31,957,000 | ' | ' | 30,435,000 | ' | ' | ' | 31,957,000 | 35,000,000 | ' | 14,118,000 | 15,000,000 | ' | ' | ' | ' | ' | 15,000,000 | 15,000,000 | ' | ' | 9,411,000 | 10,000,000 | ' | ' | ' | 10,000,000 | 0 | 93,478,000 | 0 | 20,850,000 | ' | ' | ' | ' | ' | 20,850,000 | 0 | ' | ' | ' | ' | 40,219,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5,644,000 | ' | ' | ' | ' | ' | ' | ' | 5,644,000 | 7,212,000 | |
Detailed Information of Debt Instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Face amount of debt instrument | ' | ' | ' | ' | ' | ' | 180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,600,000 | 93,600,000 | ' | ' | ' | ' | 60,000,000 | ' | 33,600,000 | ' | ' | 180,000,000 | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | 13,000,000 | 2,000,000 | ' | ' | ' | ' | ' | 61,306,000 | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,730,000 | ' | ' | ' | 21,500,000 | ' | ' | ' | ' | ' | ' | 13,616,000 | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000,000 | 21,000,000 | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,000,000 | 21,000,000 | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | 84,000,000 | ' | 21,000,000 | ' | ' | 21,000,000 | ' | ' | 21,000,000 | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | 20,200,000 | 20,200,000 | ' | ' | ' | ' | ' | ' | |
Average undrawn amount of debt instrument considered for commitment fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest Rate (in hundredths) | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | 7.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.38% | 1.63% | 6.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.16% | 4.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 15-Feb-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-16 | ' | ' | ' | ' | 29-Feb-16 | ' | ' | ' | ' | ' | 30-Nov-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Feb-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Apr-13 | 13-Apr-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of debt instrument matures on March 29, 2013 (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of debt instrument matures on June 30, 2013 (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of vessels | 4 | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 2 | 337 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 64 | 50 | ' | ' | ' | ' | ' | ' | 9 | 64 | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Repurchase price percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net book value of asset pledged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,700,000 | ' | ' | ' | ' | ' | ' | 50,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,500,000 | ' | ' | ' | ' | 14,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,430,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loan security shortfall included in other current liabilities | 14,036,000 | 13,470,000 | 13,614,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Conversion ratio of convertible debt (in shares) | ' | ' | ' | ' | ' | ' | ' | 163.1321 | ' | 133.1691 | ' | ' | ' | 163.1321 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Principal amount of convertible notes used in conversion rate | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $6.13 | ' | $7.51 | ' | ' | $6.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of consecutive trading days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted average conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $2.76 | ' | $6.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Conversion price percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of common stock sales price that convertible debt may be redeemed (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of convertible notes that may be redeemed (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Convertible notes payable | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | 10,350,000 | ' | ' | ' | ' | ' | ' | 5,175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Repurchase of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | 940,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,252,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Outstanding loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,800,000 | ' | ' | ' | 5,175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Term of note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '17 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basis spread on variable rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | ' | ' | ' | ' | ' | 3.50% | ' | 1.20% | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.88% | 3.25% | ' | ' | ' | ' | ' | ' | ' | 1.88% | 3.25% | ' | ' | ' | ' | ' | ' | ' | 1.88% | 3.25% | ' | ' | 3.65% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.65% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | 1.50% | 1.50% | 3.00% | 3.00% | ' | ' | |
Maturity date, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Matures $5,000 the earlier of delivery of our PSV UP Pearl and February 28, 2013 and $5,000 the earlier of delivery of our PSV UP Onyx and September 30, 2013. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument maturity amount related to vessel delivery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Re-borrowed amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,850,000 | ' | ' | ' | 15,550,000 | 5,000,000 | 20,850,000 | 20,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Prepayment amount of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,275,000 | ' | ' | ' | 12,075,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,849,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument, periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 288,000 | ' | ' | ' | 420,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,075,000 | 1,325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 417,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,000 | ' | ' | ' | ' | ' | ' | ' | 227,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 882,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 588,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 521,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 521,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Balloon payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | 17,300,000 | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | 6,667,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,687,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,425,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,425,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Balloon payment percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted average interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.44% | ' | ' | ' | ' | ' | ' | ' | ' | 1.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.97% | ' | ' | ' | ' | ' | ' | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.11% | ' | ' | ' | ' | ' | ' | ' | ' | 4.11% | ' | ' | ' | ' | ' | ' | ' | ' | 4.11% | ' | ' | ' | ' | ' | ' | ' | ' | 4.11% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.32% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Effective interest rate, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.34% | ' | ' | ' | ' | ' | ' | ' | ' | 1.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.93% | ' | ' | ' | ' | ' | ' | 4.14% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.94% | ' | ' | ' | ' | ' | ' | ' | ' | 3.94% | ' | ' | ' | ' | ' | ' | ' | ' | 3.94% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Effective interest rate, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.53% | ' | ' | ' | ' | ' | ' | ' | ' | 1.74% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.05% | ' | ' | ' | ' | ' | ' | 4.26% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.44% | ' | ' | ' | ' | ' | ' | ' | ' | 4.44% | ' | ' | ' | ' | ' | ' | ' | ' | 4.44% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.78% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument, reduced periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 388,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of installments of $750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Installment amount for first two years of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of installments of $500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Installment amount for years three through eight of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of installments of $250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Installment amount for years nine and ten of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Term of contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of collateral to loan balance (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133.30% | ' | ' | ' | ' | ' | ' | ' | 66.70% | 133.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133.30% | ' | ' | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | |
Minimum employment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Period installment payments commence | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Commitment fee percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amount available for each ship | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reduced basis spread on variable rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Single amount of advances, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | 16,000,000 | 16,000,000 | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate amount of advances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 16,000,000 | ' | 5,000,000 | 16,000,000 | ' | 5,000,000 | 16,000,000 | ' | 5,000,000 | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required available cash per financial covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required equity ratio per financial covenants (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required equity per financial covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required ratio of consolidated EBITDA to consolidated debt service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of quarters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | |
Financing fee percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Annual commission fee percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument, settlement fee percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of advances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required ratio of financial indebtedness to tangible net worth per financial covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | |
Required ratio of EBITDA to interest expense per financial covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | |
Installment amount for first nine payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,087,000 | ' | ' | ' | ' | ' | ' | ' | 652,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,522,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of installments of $1,087 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of installments of $1,902 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of installments of $1,522 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of installments of $652 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of installments of $2,663 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of installments of $1,141 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Installment amount for last eight payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,902,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,141,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,663,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required ratio of mortgaged vessels by outstanding amount of loans before November 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required ratio of mortgaged vessels by outstanding amount of loans after November 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required debt to equity ratio per financial covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | 1.4 | ' | ' | ' | ' | ' | 2 | ' | ' | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required historical debt service coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 1.3 | ' | ' | ' | ' | ' | 1 | ' | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | ' | ' | ' | ' | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate market value of pledge security for the first two years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate market value of pledge security For period thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Consolidated tangible asset net worth period December 31, 2012 until September 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Consolidated tangible asset net worth from September 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required net income (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Period of debt service considered for liquidity required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required current ratio per financial covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Excludes the 2014 Senior Notes which were disclosed as current liabilities in the unaudited condensed consolidated balance sheet under the caption "2014 Senior Notes and accrued interest". See Note 3.a). |
FAIR_VALUE_MEASUREMENT_Details
FAIR VALUE MEASUREMENT (Details) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | ||||||
LIABILITIES [Abstract] | ' | ' | ' | |||
Ownership percentage of investments not estimated at fair value (in hundredths) | 50.00% | 50.00% | ' | |||
Carrying Amount [Member] | ' | ' | ' | |||
ASSETS [Abstract] | ' | ' | ' | |||
Cash and cash equivalents | $131,315 | $222,215 | $34,096 | |||
Restricted cash (current and noncurrent portion) | 10,369 | 7,432 | 8,302 | |||
LIABILITIES [Abstract] | ' | ' | ' | |||
Long term financial debt (current and non-current portion - Note 5) | 441,645 | [1] | 517,552 | [1] | 512,993 | [1] |
Estimated Fair Value [Member] | ' | ' | ' | |||
ASSETS [Abstract] | ' | ' | ' | |||
Cash and cash equivalents | 131,315 | 222,215 | 34,096 | |||
Restricted cash (current and noncurrent portion) | 10,369 | 7,432 | 8,302 | |||
LIABILITIES [Abstract] | ' | ' | ' | |||
Long term financial debt (current and non-current portion - Note 5) | 441,645 | [1] | 517,595 | [1] | 468,393 | [1] |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ' | |||
Current Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 0 | 0 | ' | |||
-Interest rate swap (included in other liabilities) | 0 | 0 | ' | |||
Noncurrent Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 0 | 0 | ' | |||
-Interest rate swap (included in other liabilities) | 0 | 0 | ' | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' | ' | |||
Current Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 718 | 722 | ' | |||
-Interest rate swap (included in other liabilities) | 349 | 348 | ' | |||
Noncurrent Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 764 | 1,235 | ' | |||
-Interest rate swap (included in other liabilities) | 320 | 791 | ' | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ' | |||
Current Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 0 | 0 | ' | |||
-Interest rate swap (included in other liabilities) | 0 | 0 | ' | |||
Noncurrent Liabilities [Abstract] | ' | ' | ' | |||
-Interest rate collar (included in other liabilities) | 0 | 0 | ' | |||
-Interest rate swap (included in other liabilities) | 0 | 0 | ' | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' | ' | |||
Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ' | |||
Vessels and equipment held and used | ' | 0 | ' | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' | ' | |||
Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ' | |||
Vessels and equipment held and used | ' | 0 | ' | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' | ' | |||
Assets Measured on Nonrecurring Basis [Abstract] | ' | ' | ' | |||
Vessels and equipment held and used | ' | $7,380 | ' | |||
[1] | The fair value of long term financial debt is measured using Level 2 fair value inputs. |
DERIVATIVE_INSTRUMENTS_AND_HED5
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Details) (USD $) | Dec. 31, 2012 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Minimum [Member] | Maximum [Member] | FFA [Member] | FFA [Member] | Interest Rate Collar [Member] | Interest Rate Collar [Member] | Interest Rate Collar [Member] | Interest Rate Collar [Member] | Interest Rate Collar [Member] | Interest Rate Collar [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | UP Offshore (Bahamas) Ltd, DVB SE and Banco Security, Through 2018 [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | ||||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||||||||||||
Derivatives Designated as Hedging Instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current other liabilities | ' | ' | $1,067 | $1,070 | $833 | ' | ' | ' | ' | ' | ' | ' | $718 | $722 | $582 | $349 | $348 | $251 |
Noncurrent other liabilities | ' | ' | 1,084 | 2,026 | 1,788 | ' | ' | ' | ' | ' | ' | ' | 764 | 1,235 | 1,145 | 320 | 791 | 643 |
Interest Rate Agreements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate derivative | 29,392 | 30,850 | ' | ' | ' | ' | ' | ' | ' | 65,217 | 68,478 | 75,000 | ' | ' | ' | ' | ' | ' |
Floor strike rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.69% | ' | ' | ' | ' | ' | ' |
Cap strike rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' |
Interest rate (in hundredths) | ' | ' | ' | ' | ' | 0.89% | 3.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FFA [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gain on FFA positions | ' | ' | ' | ' | ' | ' | ' | 10,710 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash settlements for FFA positions | ' | ' | ' | ' | ' | ' | ' | ' | $16,666 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details) | 6 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2006 | Jan. 17, 2006 | Sep. 21, 2005 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Apr. 06, 2008 | Dec. 31, 2012 | Apr. 06, 2008 | Apr. 06, 2008 | Apr. 06, 2008 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Nov. 12, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Aug. 16, 2009 | Dec. 31, 2012 | Aug. 16, 2009 | Dec. 31, 2012 | Aug. 16, 2009 | Dec. 31, 2012 | Aug. 16, 2009 | Sep. 21, 2005 | Jun. 30, 2011 | Jun. 30, 2011 | Mar. 22, 2010 | Mar. 22, 2010 | Mar. 31, 2010 | Mar. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2006 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Nov. 04, 2011 | Aug. 27, 2007 | |
Vessel | USD ($) | USD ($) | USD ($) | Matter | USD ($) | USD ($) | PSVs [Member] | PSVs [Member] | PSVs [Member] | Handy Size Small Product Tanker [Member] | Jumbo Dry Barges [Member] | Three-year Bareboat Charter [Member] | Three-year Bareboat Charter [Member] | Three-year Bareboat Charter [Member] | Three-year Bareboat Charter [Member] | One-year Bareboat Charter [Member] | One-year Bareboat Charter [Member] | One-year Bareboat Charter [Member] | One-year Bareboat Charter [Member] | Three year River Barge [Member] | Three year River Barge [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | Obras Terminales y Servicios S.A. [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | ARGENTINA [Member] | ARGENTINA [Member] | BOLIVIA [Member] | |
USD ($) | North Sea [Member] | Brazil [Member] | USD ($) | Vessel | T | USD ($) | Minimum [Member] | Maximum [Member] | T | USD ($) | USD ($) | USD ($) | USD ($) | Abadie Family [Member] | Abadie Family [Member] | Tres Fronteras Terminal [Member] | Tres Fronteras Terminal [Member] | UABL Terminals (Paraguay) S.A. [Member] | UABL Terminals (Paraguay) S.A. [Member] | USD ($) | USD ($) | PYG | USD ($) | PYG | USD ($) | PYG | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
Vessel | Vessel | Vessel | Matter | T | |||||||||||||||||||||||||||||||||||||||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Taxes payable | ' | ' | ' | ' | ' | ' | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years under examination | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of matters under examination with no liability | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Total number of matters under examination | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Income tax examination, liability recorded | ' | 400,000 | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 400,000 | ' | ' | ' | ' |
Amount of liability paid | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of tax liability applied as fine (in hundredths) | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' |
Expense recorded from settlement with taxing authority | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,294,000 | ' | ' | ' | ' | ' | ' |
Estimated import tax and fine | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' |
Fines assessed per examination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 605,000 | 2,791,514,822 | 12,000 | 54,723,820 | 12,000 | 54,723,820 | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax examination, possible loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | 5,800,000 |
Weight of Steel Plates (in tons) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 473 | ' | ' |
Import value of steel plates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 370,000 | ' | ' |
Offsetting tax credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' |
Obras Terminales y Servicios S.A. [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage of investments (in hundredths) | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification to Sparrow under the investment agreement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for closing date for some indemnifications | ' | '16 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period in case of tax matter and other | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum indemnity obligations losses | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum indemnity obligations losses deductable | ' | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of indemnifiable losses | ' | 28,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contracts [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense | ' | 849,000 | 1,119,000 | 1,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,536,000 | 1,557,000 | 4,940,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligations under operating lease [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 | ' | 1,016,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,292,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | 917,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | 273,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | 68,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | 58,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | 2,332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '1 year | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deadweight tonnage of vessel (in tons) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,299 | ' | ' | ' | 5,706 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension of contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '35 months | '37 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charters Out [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | 4 | ' | ' | ' | ' | ' | ' | ' | 1 | 5 | 3 | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 | ' | ' | ' | ' | ' | ' | ' | 34,238,000 | ' | ' | 18,090,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | 22,503,000 | ' | ' | 5,412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | 13,492,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | 5,742,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | ' | $75,975,000 | ' | ' | $23,502,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) | 6 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Tax Credits Not Utilized [Member] | ARGENTINA [Member] | ARGENTINA [Member] | ARGENTINA [Member] | BRAZIL [Member] | BRAZIL [Member] | BRAZIL [Member] | BRAZIL [Member] | BRAZIL [Member] | BRAZIL [Member] | UNITED STATES [Member] | UNITED STATES [Member] | PARAGUAY [Member] | PARAGUAY [Member] | PARAGUAY [Member] | Others [Member] | Others [Member] | Others [Member] | Tax on Minimum Presumed Income (TOMPI) [Member] | Tax on Minimum Presumed Income (TOMPI) [Member] | Surtax [Member] | Surtax [Member] | Social Contribution [Member] | Social Contribution [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | BRL | USD ($) | BRL | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ARGENTINA [Member] | ARGENTINA [Member] | BRAZIL [Member] | BRAZIL [Member] | BRAZIL [Member] | BRAZIL [Member] | ||||||||
USD ($) | |||||||||||||||||||||||||||||
Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | 15.00% | 15.00% | ' | ' | 4.00% | 4.00% | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 10.00% | 10.00% | 9.00% | 9.00% |
Period tax may be imposed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | ' | ' | ' | ' |
Threshold amount for additional taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | $108,000 | 240,000 | $117,000 | 240,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of gross shipping income subject to income tax (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current income tax expense | ' | ' | 1,385,000 | 1,904,000 | 4,529,000 | ' | 1,255,000 | 1,110,000 | 623,000 | ' | ' | 7,000 | ' | 0 | 1,723,000 | ' | ' | 48,000 | 403,000 | 1,725,000 | 75,000 | 391,000 | 458,000 | ' | ' | ' | ' | ' | ' |
Deferred income tax (benefit) expense | ' | ' | -4,354,000 | -3,641,000 | 1,834,000 | ' | 2,541,000 | 4,630,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-current assets | ' | ' | 13,277,000 | 9,486,000 | ' | ' | 7,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax (benefit) expense | ' | ' | -2,969,000 | -1,737,000 | 6,363,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax rate (in hundredths) | ' | ' | 35.00% | 35.00% | 35.00% | ' | 35.00% | ' | ' | ' | ' | 34.00% | 34.00% | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income from continuing operations before income taxes | 10,208,000 | -21,912,000 | -65,733,000 | -19,972,000 | 1,958,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sources not subject to income tax | ' | ' | 51,203,000 | 20,835,000 | 8,609,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) subject to income tax | ' | ' | -14,530,000 | 863,000 | 10,567,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax (benefit) expense at statutory tax rate | ' | ' | -5,085,000 | 302,000 | 3,698,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate differential | ' | ' | 348,000 | -184,000 | -306,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in valuation allowance | ' | ' | 1,549,000 | 197,000 | 1,215,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effects of foreign exchange changes related to our foreign subsidiaries | ' | ' | -1,479,000 | -4,020,000 | 1,174,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax withholding in foreign jurisdictions | ' | ' | 825,000 | 572,000 | 349,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Others | ' | ' | 873,000 | 1,396,000 | 233,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax (benefit) expense | ' | ' | -2,969,000 | -1,737,000 | 6,363,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated tax credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,068,000 | ' | ' | ' | ' |
Valuation allowance for deferred tax assets | ' | ' | 2,895,000 | 1,346,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of taxable income, limitation on NOLs (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Income Tax Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other, deferred income tax current assets | ' | ' | 109,000 | 286,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NOLs | ' | ' | 8,788,000 | 2,339,000 | ' | 2,192,000 | 7,110,000 | ' | ' | ' | ' | 1,678,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TOMPI credit | ' | ' | 4,068,000 | 3,694,000 | ' | 703,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Others | ' | ' | 421,000 | 3,453,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total deferred income tax noncurrent assets | ' | ' | 13,277,000 | 9,486,000 | ' | ' | 7,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance of deferred income tax assets | ' | ' | -2,895,000 | -1,346,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred income tax noncurrent assets | ' | ' | 10,382,000 | 8,140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Income Tax Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessels and equipment, net | ' | ' | 13,176,000 | 11,292,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | 272,000 | 332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized exchange differences | ' | ' | 2,120,000 | 3,851,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | 220,000 | 263,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total deferred income tax noncurrent liabilities | ' | ' | 15,788,000 | 15,738,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred income tax liabilities | ' | ' | ($5,297,000) | ($7,312,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | |||
RELATED PARTY TRANSACTIONS [Abstract] | ' | ' | ' | ' | |||
Current related party receivables | $10 | $57 | ' | $29 | |||
Current related party payable | 3,761 | 1,158 | ' | 1,918 | |||
Related Party Noncurrent Receivables [Abstract] | ' | ' | ' | ' | |||
Due from related parties, noncurrent | 3,852 | 6,478 | ' | ' | |||
Voyage Expenses Paid to Related Parties [Abstract] | ' | ' | ' | ' | |||
Voyage expenses | 2,753 | 4,622 | 1,542 | ' | |||
Percentage of gross time charters revenues (in hundredths) | 2.00% | ' | ' | ' | |||
Ownership percentage of investments (in hundredths) | 50.00% | ' | ' | 50.00% | |||
Puertos del Sur S.A. [Member] | ' | ' | ' | ' | |||
Related Party Noncurrent Receivables [Abstract] | ' | ' | ' | ' | |||
Due from related parties, noncurrent | 0 | [1] | 4,283 | [1] | ' | ' | |
OTS S.A. [Member] | ' | ' | ' | ' | |||
Related Party Noncurrent Receivables [Abstract] | ' | ' | ' | ' | |||
Due from related parties, noncurrent | 3,852 | [2] | 2,195 | [2] | ' | ' | |
Voyage Expenses Paid to Related Parties [Abstract] | ' | ' | ' | ' | |||
Voyage expenses | 495 | 1,057 | 991 | ' | |||
Ownership percentage of investments (in hundredths) | 50.00% | ' | ' | ' | |||
Ultrapetrol bridge loan facility [Member] | ' | ' | ' | ' | |||
Voyage Expenses Paid to Related Parties [Abstract] | ' | ' | ' | ' | |||
Secured credit facility | 40,000 | ' | ' | ' | |||
Interest on advances (in hundredths) | 9.00% | ' | ' | ' | |||
Commercial Commissions [Member] | ' | ' | ' | ' | |||
Voyage Expenses Paid to Related Parties [Abstract] | ' | ' | ' | ' | |||
Voyage expenses | 1,064 | [3] | 1,147 | [3] | 1,101 | [3] | ' |
Agency Fees [Member] | ' | ' | ' | ' | |||
Voyage Expenses Paid to Related Parties [Abstract] | ' | ' | ' | ' | |||
Voyage expenses | $1,689 | [4] | $3,475 | [4] | $441 | [4] | ' |
[1] | Since the date of our acquisition of control of Puertos de Sur S.A., our consolidated financial statements included the balances of this company. | ||||||
[2] | Corresponds to temporary working capital advances. The advances have no maturity date and do no accrue interest. | ||||||
[3] | Commercial commissions Pursuant to a commercial agreement signed between UP Offshore (Bahamas) Ltd. (our subsidiary in the Offshore Supply Business) and Firmapar Corp. (formerly Comintra), a minority shareholder of this, the parties agreed that Firmapar Corp. charges a 2% of the gross time charters revenues from Brazilian charters collected by UP Offshore (Bahamas) Ltd. on a consolidated basis beginning on June 25, 2003 and ending on June 25, 2013. | ||||||
[4] | Agency fees Pursuant to a commercial and an agency agreement with Ultrapetrol S.A., UABL S.A. and Ravenscroft, Shipping Services Argentina S.A. (formerly I. Shipping Service S.A.) and Navalia S.A. companies of the same control group as Inversiones Los Avellanos S.A., have agreed to perform the duties of port agent for us in Argentina. |
SHARE_CAPITAL_Details
SHARE CAPITAL (Details) (USD $) | 6 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2011 | Jul. 02, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 |
Director | Director | 2008 Share Repurchase Program [Member] | 2008 Share Repurchase Program [Member] | Minimum [Member] | Maximum [Member] | Original Shareholders [Member] | Original Shareholders [Member] | Original Shareholders [Member] | Original Shareholders [Member] | Original Shareholders [Member] | Original Shareholders [Member] | Inversiones Los Avellanos S.A. [Member] | Sparrow Company [Member] | Sparrow Company [Member] | Sparrow CI Sub Ltd [Member] | Sparrow CI Sub Ltd [Member] | Hazels (Bahamas) Investments Inc. [Member] | Hazels (Bahamas) Investments Inc. [Member] | ||
One Vote [Member] | One Vote [Member] | Seven Votes [Member] | Seven Votes [Member] | |||||||||||||||||
Vote | Vote | Vote | Vote | |||||||||||||||||
Shareholders [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 | ' | ' | 100,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of votes per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 7 | 7 | ' | ' | ' | ' | ' | ' | ' |
Stock issued (in shares) | ' | ' | ' | ' | ' | ' | ' | 7,864,085 | 7,864,085 | 150,719 | 150,719 | 7,716,366 | 7,713,366 | 4,735,517 | 93,940,000 | 93,940,000 | 16,060,000 | 16,060,000 | 3,128,568 | 3,128,568 |
Shares outstanding (in shares) | 140,419,487 | 140,419,487 | 30,011,628 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,713,366 | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage by noncontrolling owners (in hundredths) | 87.90% | 87.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.40% | 66.90% | 66.90% | 11.40% | 11.40% | 2.20% | 2.20% |
Period considered for moving average price of common stock | '180 days | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of directors required for approval | 6 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized amount | ' | ' | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares repurchased (in shares) | ' | ' | ' | 3,923,094 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of common shares repurchased | ' | ' | ' | $19,488 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SUPPLEMENTAL_DISCLOSURE_OF_CAS2
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract] | ' | ' | ' |
Interest paid | $30,131 | $26,866 | $21,750 |
Income taxes paid | $1,014 | $316 | $100 |
BUSINESS_AND_GEOGRAPHIC_SEGMEN5
BUSINESS AND GEOGRAPHIC SEGMENT INFORMATION (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | ||||||
Vessel | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | 4 | ' | ' | ' | ' | ' | |||||
Revenues | $199,676,000 | [1] | $144,035,000 | [1] | $313,169,000 | [2] | $304,482,000 | [2] | $230,445,000 | [2] | ' |
Vessels and equipment, net | 641,109,000 | ' | 647,519,000 | 671,445,000 | ' | ' | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 199,676,000 | 144,035,000 | 313,169,000 | 304,482,000 | 230,445,000 | ' | |||||
Running and voyage and manufacturing expenses | 143,034,000 | 114,990,000 | 254,427,000 | 224,607,000 | 150,922,000 | ' | |||||
Depreciation and amortization | 20,523,000 | 21,051,000 | 43,852,000 | [3] | 39,144,000 | [3] | 34,371,000 | [3] | ' | ||
Segment operating (loss) profit | 19,203,000 | -695,000 | -25,119,000 | 19,384,000 | 18,718,000 | ' | |||||
Segment assets | 794,166,000 | ' | 773,832,000 | 780,170,000 | 701,587,000 | ' | |||||
Investments in and receivables from affiliates | 4,305,000 | ' | 4,282,000 | 6,851,000 | 6,824,000 | ' | |||||
Loss from investment in affiliates | -319,000 | -666,000 | -1,175,000 | -1,073,000 | -341,000 | ' | |||||
Additions to long-lived assets | 12,982,000 | 27,339,000 | 40,016,000 | 96,112,000 | [4] | 105,247,000 | ' | ||||
Impairment charge | ' | ' | 16,000,000 | [3] | 0 | [3] | 0 | [3] | ' | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Other assets | 14,609,000 | ' | 14,271,000 | 16,021,000 | ' | ' | |||||
Corporate cash and cash equivalents | 131,315,000 | 18,127,000 | 222,215,000 | 34,096,000 | 105,570,000 | 53,201,000 | |||||
Consolidated total assets | 1,122,205,000 | ' | 1,010,318,000 | 830,287,000 | ' | ' | |||||
Major Customers [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Major customer revenue amount | ' | ' | 92,000,000 | 86,400,000 | 75,200,000 | ' | |||||
Major customer percentage of revenue (in hundredths) | ' | ' | 29.00% | 28.00% | 33.00% | ' | |||||
South America [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | ' | ' | 76.00% | 88.00% | 87.00% | ' | |||||
Percentage of vessels and equipment (in hundredths) | ' | ' | 87.00% | 85.00% | ' | ' | |||||
Revenues | 162,595,000 | [1] | 120,627,000 | [1] | 238,572,000 | [2] | 267,420,000 | [2] | 199,585,000 | [2] | ' |
Vessels and equipment, net | 575,436,000 | ' | 564,352,000 | 572,512,000 | ' | ' | |||||
Europe [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 7,227,000 | [1] | 9,542,000 | [1] | 28,320,000 | [2] | 19,910,000 | [2] | 19,923,000 | [2] | ' |
Vessels and equipment, net | 24,924,000 | ' | 25,474,000 | 26,571,000 | ' | ' | |||||
Central America [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 21,021,000 | [1] | 9,523,000 | [1] | 35,333,000 | [2] | 16,499,000 | [2] | 5,624,000 | [2] | ' |
North America [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 538,000 | [1] | 3,413,000 | [1] | 7,438,000 | [2] | 227,000 | [2] | 1,219,000 | [2] | ' |
Asia [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 8,295,000 | [1] | 930,000 | [1] | 3,506,000 | [2] | 426,000 | [2] | 4,094,000 | [2] | ' |
Vessels and equipment, net | 36,455,000 | ' | 53,496,000 | 68,149,000 | ' | ' | |||||
Other Countries [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Vessels and equipment, net | 4,294,000 | ' | 4,197,000 | 4,213,000 | ' | ' | |||||
ARGENTINA [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | ' | ' | 28.00% | 29.00% | 30.00% | ' | |||||
BRAZIL [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | ' | ' | 29.00% | 25.00% | 27.00% | ' | |||||
URUGUAY [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | ' | ' | 4.00% | 20.00% | 13.00% | ' | |||||
PARAGUAY [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | ' | ' | 12.00% | 12.00% | 19.00% | ' | |||||
Handy Size Small Product Tanker [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | ' | ' | 3 | ' | ' | ' | |||||
River Business [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | ' | ' | 52.00% | 57.00% | 52.00% | ' | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 122,531,000 | 71,128,000 | 163,279,000 | 174,594,000 | 120,024,000 | ' | |||||
Running and voyage and manufacturing expenses | 92,127,000 | 63,960,000 | 148,653,000 | 132,719,000 | 80,702,000 | ' | |||||
Depreciation and amortization | 11,727,000 | 10,776,000 | 21,996,000 | 20,139,000 | 17,248,000 | ' | |||||
Segment operating (loss) profit | 10,664,000 | -5,157,000 | -18,963,000 | 13,138,000 | 10,244,000 | ' | |||||
Segment assets | 410,015,000 | ' | 387,484,000 | 392,549,000 | 351,388,000 | ' | |||||
Investments in and receivables from affiliates | 4,072,000 | ' | 4,032,000 | 6,595,000 | 6,537,000 | ' | |||||
Loss from investment in affiliates | -302,000 | -663,000 | -1,168,000 | -1,042,000 | -322,000 | ' | |||||
Additions to long-lived assets | 2,196,000 | 18,484,000 | 24,634,000 | 73,265,000 | [4] | 67,942,000 | ' | ||||
Major Customers [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Major customer revenue amount | ' | ' | 49,600,000 | 60,200,000 | 50,400,000 | ' | |||||
Major customer percentage of revenue (in hundredths) | ' | ' | 16.00% | 20.00% | 22.00% | ' | |||||
Shipyard [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | ' | ' | 10.00% | 6.00% | 0.00% | ' | |||||
Offshore Supply Business [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | ' | ' | 25.00% | 21.00% | 24.00% | ' | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 42,447,000 | 35,170,000 | 76,661,000 | 64,606,000 | 54,283,000 | ' | |||||
Running and voyage and manufacturing expenses | 20,583,000 | 19,435,000 | 43,405,000 | 38,852,000 | 29,637,000 | ' | |||||
Depreciation and amortization | 5,395,000 | 5,233,000 | 10,938,000 | 9,436,000 | 7,178,000 | ' | |||||
Segment operating (loss) profit | 11,636,000 | 8,524,000 | 17,615,000 | 10,999,000 | 10,611,000 | ' | |||||
Segment assets | 272,727,000 | ' | 263,315,000 | 263,094,000 | 245,865,000 | ' | |||||
Investments in and receivables from affiliates | 0 | ' | 0 | 0 | 0 | ' | |||||
Loss from investment in affiliates | 0 | 0 | 0 | 0 | 0 | ' | |||||
Additions to long-lived assets | 5,454,000 | 8,541,000 | 13,405,000 | 19,502,000 | [4] | 7,141,000 | ' | ||||
Ocean Business [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Percentage of revenue (in hundredths) | ' | ' | 23.00% | 22.00% | 24.00% | ' | |||||
Number of Vessels | 8 | ' | 8 | ' | ' | ' | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 34,698,000 | 37,737,000 | 73,229,000 | 65,282,000 | 56,138,000 | ' | |||||
Running and voyage and manufacturing expenses | 30,324,000 | 31,595,000 | 62,369,000 | 53,036,000 | 40,583,000 | ' | |||||
Depreciation and amortization | 3,401,000 | 5,042,000 | 10,918,000 | 9,569,000 | 9,945,000 | ' | |||||
Segment operating (loss) profit | -3,097,000 | -4,062,000 | -23,771,000 | [5] | -4,753,000 | -2,137,000 | ' | ||||
Segment assets | 111,424,000 | ' | 123,033,000 | 124,527,000 | 104,334,000 | ' | |||||
Investments in and receivables from affiliates | 233,000 | ' | 250,000 | 256,000 | 287,000 | ' | |||||
Loss from investment in affiliates | -17,000 | -3,000 | -7,000 | -31,000 | -19,000 | ' | |||||
Additions to long-lived assets | 5,332,000 | 314,000 | 1,977,000 | 3,345,000 | [4] | 30,164,000 | ' | ||||
Ocean Business [Member] | Handy Size Small Product Tanker [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | 4 | ' | 4 | ' | ' | ' | |||||
Ocean Business [Member] | Feeder Container Vessels [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | 2 | ' | 2 | ' | ' | ' | |||||
Ocean Business [Member] | Oceangoing Tug [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | 1 | ' | 1 | ' | ' | ' | |||||
Ocean Business [Member] | Oceangoing Barges [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Vessels | 1 | ' | 1 | ' | ' | ' | |||||
Corporate [Member] | ' | ' | ' | ' | ' | ' | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Additions to long-lived assets | ' | ' | ' | $1,751 | ' | ' | |||||
[1] | Classified by country of domicile of charterers/customers. | ||||||||||
[2] | Classified by country of domicile of charterers/costumers. | ||||||||||
[3] | Operating expenses included $2,753, $4,622 and $1,542 in 2012, 2011 and 2010, respectively, from related parties. | ||||||||||
[4] | Excludes $1,751, which corresponds to additions to corporate assets. | ||||||||||
[5] | Includes an impairment charge for our product tanker M/V Amadeo of $16,000 |
STOCK_COMPENSATION_Details
STOCK COMPENSATION (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of nonemployee directors | ' | ' | ' | 2 |
Restricted Common Stock Activity [Roll Forward] | ' | ' | ' | ' |
Share-based compensation expense | $512 | $1,079 | $1,266 | ' |
Unrecognized compensation cost | 444 | 157 | ' | ' |
Unrecognized compensation cost expected to be recognized in 2013 | 157 | ' | ' | ' |
Unrecognized compensation cost expected to be recognized in 2014 | 157 | ' | ' | ' |
Unrecognized compensation cost expected to be recognized in 2015 | 130 | ' | ' | ' |
The aggregate fair market value of the stock options on the grant date | 105 | ' | ' | ' |
Performance Based Restricted Common Stock [Member] | ' | ' | ' | ' |
Restricted Common Stock Activity [Roll Forward] | ' | ' | ' | ' |
Share-based compensation expense | 0 | 402 | 576 | ' |
Stock Options [Member] | ' | ' | ' | ' |
Restricted Common Stock Activity [Roll Forward] | ' | ' | ' | ' |
Share-based compensation expense | 18 | ' | ' | ' |
Unrecognized compensation cost | 87 | ' | ' | ' |
Period To Grand Stock Options | '3 years | ' | ' | ' |
Period to cliff vest stock options | '1 year | ' | ' | ' |
Risk Free Interest Rate (in hundredths) | 0.76% | ' | ' | ' |
Expected dividend yield (in hundredths) | 0.00% | ' | ' | ' |
Expected stock price volatility (in hundredths) | 82.00% | ' | ' | ' |
Excepted life | '5 years 6 months | ' | ' | ' |
Options Activity, Shares [Roll Forward] | ' | ' | ' | ' |
Under option at January 1 (in shares) | 348,750 | 348,750 | 348,750 | ' |
Options granted (in shares) | 109,762 | 0 | 0 | ' |
Options exercised (in shares) | 0 | 0 | 0 | ' |
Options forfeited or expired (in shares) | 0 | 0 | 0 | ' |
Under option at December 31 (in shares) | 458,512 | 348,750 | 348,750 | ' |
Options exercisable at December 31 (in shares) | 348,750 | 348,750 | 348,750 | ' |
Options Activity, Exercise price | ' | ' | ' | ' |
Under option at January 1 (in dollars per share) | $8.71 | $11 | $11 | 11 |
Options granted (in dollars per share) | $1.43 | $0 | $0 | ' |
Options exercised (in dollars per share) | $0 | $0 | $0 | ' |
Options forfeited or expired (in dollars per share) | $0 | $0 | $0 | ' |
Under option at December 31 (in dollars per share) | $8.71 | $11 | $11 | 11 |
Options exercisable at December 31 (in dollars per share) | $11 | $11 | $11 | ' |
Intrinsic value of options outstanding | 24 | 0 | ' | ' |
Intrinsic value of options exercisable | $0 | $0 | ' | ' |
Chief Executive Officer, Executive Vice President and Chief Financial Officer [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Renewal period of contract | '3 years | ' | ' | ' |
Chief Executive Officer, Executive Vice President and Chief Financial Officer [Member] | Performance Based Restricted Common Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of companies | 3 | ' | ' | ' |
2006 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares authorized (in shares) | 5,000,000 | ' | ' | ' |
Period options cannot be exercised | '1 year | ' | ' | ' |
Period options cannot be sold | '1 year | ' | ' | ' |
Term of options | '10 years | ' | ' | ' |
2006 Plan [Member] | Performance Based Restricted Common Stock [Member] | ' | ' | ' | ' |
Restricted Common Stock Activity [Roll Forward] | ' | ' | ' | ' |
Nonvested shares outstanding at January 1 (in shares) | 680,781 | 703,827 | 755,914 | ' |
Granted (in shares) | 329,375 | 0 | 12,689 | ' |
Vested (in shares) | -524,312 | -23,046 | -25,640 | ' |
Forfeited (in shares) | -156,469 | 0 | -39,136 | ' |
Nonvested shares outstanding at December 31 (in shares) | 329,375 | 680,781 | 703,827 | ' |
2006 Plan shares issued as of the end of year (in shares) | 1,246,503 | 838,644 | 783,358 | ' |
Shares available for issuance under 2006 Plan as of the end of year (in shares) | 3,753,497 | 4,161,356 | 4,216,642 | ' |
2006 Plan [Member] | Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of companies | 3 | ' | ' | ' |
2006 Plan [Member] | Chief Executive Officer, Executive Vice President and Chief Financial Officer [Member] | Performance Based Restricted Common Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares awarded (in shares) | 329,375 | ' | ' | 329,375 |
Number of companies | 3 | ' | ' | ' |
Vesting period of stock | '3 years | ' | ' | ' |
Market value of stock on grant date (in dollars per share) | $1.43 | ' | ' | 5.11 |
Restricted Common Stock Activity [Roll Forward] | ' | ' | ' | ' |
Vested (in shares) | -172,906 | ' | ' | ' |
Forfeited (in shares) | -156,469 | ' | ' | ' |
2006 Plan [Member] | Non-employee Director [Member] | Performance Based Restricted Common Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Market value of stock on grant date (in dollars per share) | ' | ' | $6.83 | 4.92 |
Annual vesting installments of shares granted to nonemployee director (in shares) | 5,837 | 6,852 | ' | ' |
Restricted Common Stock Activity [Roll Forward] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 12,689 | 97,164 |
Vested (in shares) | -16,194 | -23,046 | -25,640 | ' |
Forfeited (in shares) | -39,136 | ' | ' | ' |
2006 Plan [Member] | Chief Executive Officer [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of companies | 1 | ' | ' | ' |
2006 Plan [Member] | Executive Vice President [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of companies | 1 | ' | ' | ' |
2006 Plan [Member] | Chief Financial Officer [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of companies | 1 | ' | ' | ' |
BUILD_SALE_AND_LEASEBACK_OF_TW2
BUILD, SALE AND LEASE-BACK OF TWENTY-FOUR JUMBO DRY BARGES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Jan. 30, 2013 | Apr. 25, 2012 |
Barge | Barge | Barge | |
BUILD, SALE AND LEASE-BACK OF TWENTY-FOUR JUMBO DRY BARGES [Abstract] | ' | ' | ' |
Number of new built jumbo dry barges agreed to sell | ' | ' | 24 |
Charter period | '10 years | ' | ' |
Number of jumbo dry barges delivered and lease back | 14 | 10 | ' |
Obligations under operating lease [Abstract] | ' | ' | ' |
2013 | $2,019 | ' | ' |
2014 | 1,949 | ' | ' |
2015 | 1,879 | ' | ' |
2016 | 1,809 | ' | ' |
2017 | 1,739 | ' | ' |
Thereafter | 7,430 | ' | ' |
Total | 16,825 | ' | ' |
Rent expense | $266 | ' | ' |
SUPPLEMENTAL_GUARANTOR_INFORMA7
SUPPLEMENTAL GUARANTOR INFORMATION (Details) (USD $) | 6 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Nov. 24, 2004 | Dec. 31, 2012 | |||||||
Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Combined Subsidiary Non Guarantors [Member] | Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, November 2014 [Member] | |||||||||||||
Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Face amount of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $180,000,000 | ' | ||||||
Interest Rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ||||||
Current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Receivables from related parties | 29,000 | ' | 10,000 | 57,000 | ' | ' | 10,000 | 57,000 | ' | 350,450,000 | ' | 307,343,000 | 297,324,000 | ' | 307,343,000 | 297,324,000 | ' | 46,448,000 | ' | 122,035,000 | 97,396,000 | ' | 124,498,000 | 101,196,000 | ' | 54,628,000 | ' | 87,737,000 | 90,116,000 | ' | 34,244,000 | 30,751,000 | ' | -451,497,000 | ' | -517,105,000 | -484,779,000 | ' | -466,075,000 | -429,214,000 | ' | ' | ' | ||||||
Other current assets | 238,564,000 | ' | 306,980,000 | 106,076,000 | ' | ' | 306,980,000 | 106,076,000 | ' | 83,581,000 | ' | 201,491,000 | 3,773,000 | ' | 201,491,000 | 3,773,000 | ' | 77,020,000 | ' | 66,643,000 | 62,079,000 | ' | 55,084,000 | 46,055,000 | ' | 77,963,000 | ' | 38,846,000 | 40,224,000 | ' | 50,405,000 | 56,248,000 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ||||||
Total current assets | 420,708,000 | ' | 306,990,000 | 106,133,000 | ' | ' | 306,990,000 | 106,133,000 | ' | 616,146,000 | ' | 508,834,000 | 301,097,000 | ' | 508,834,000 | 301,097,000 | ' | 123,468,000 | ' | 188,678,000 | 159,475,000 | ' | 179,582,000 | 147,251,000 | ' | 132,591,000 | ' | 126,583,000 | 130,340,000 | ' | 84,649,000 | 86,999,000 | ' | -451,497,000 | ' | -517,105,000 | -484,779,000 | ' | -466,075,000 | -429,214,000 | ' | ' | ' | ||||||
Noncurrent assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Vessels and equipment, net | 641,109,000 | ' | 647,519,000 | 671,445,000 | ' | ' | 647,519,000 | 671,445,000 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 269,368,000 | ' | 279,653,000 | 292,458,000 | ' | 218,832,000 | 212,324,000 | ' | 372,598,000 | ' | 368,753,000 | 379,932,000 | ' | 429,574,000 | 460,066,000 | ' | -857,000 | ' | -887,000 | -945,000 | ' | -887,000 | -945,000 | ' | ' | ' | ||||||
Investments in affiliates | 233,000 | ' | 251,000 | 373,000 | ' | ' | 251,000 | 373,000 | ' | 168,878,000 | ' | 151,447,000 | 201,323,000 | ' | 151,447,000 | 201,323,000 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 233,000 | ' | 251,000 | 373,000 | ' | 251,000 | 373,000 | ' | -168,878,000 | ' | -151,447,000 | -201,323,000 | ' | -151,447,000 | -201,323,000 | ' | ' | ' | ||||||
Other noncurrent assets | 60,155,000 | ' | 55,558,000 | 52,336,000 | ' | ' | 55,558,000 | 52,336,000 | ' | 9,031,000 | ' | 5,171,000 | 6,825,000 | ' | 5,171,000 | 6,825,000 | ' | 30,828,000 | ' | 26,032,000 | 14,632,000 | ' | 17,173,000 | 7,850,000 | ' | 29,445,000 | ' | 33,275,000 | 56,922,000 | ' | 42,134,000 | 63,704,000 | ' | -9,149,000 | ' | -8,920,000 | -26,043,000 | ' | -8,920,000 | -26,043,000 | ' | ' | ' | ||||||
Total noncurrent assets | 701,497,000 | ' | 703,328,000 | 724,154,000 | ' | ' | 703,328,000 | 724,154,000 | ' | 177,909,000 | ' | 156,618,000 | 208,148,000 | ' | 156,618,000 | 208,148,000 | ' | 300,196,000 | ' | 305,685,000 | 307,090,000 | ' | 236,005,000 | 220,174,000 | ' | 402,276,000 | ' | 402,279,000 | 437,227,000 | ' | 471,959,000 | 524,143,000 | ' | -178,884,000 | ' | -161,254,000 | -228,311,000 | ' | -161,254,000 | -228,311,000 | ' | ' | ' | ||||||
Total assets | 1,122,205,000 | ' | 1,010,318,000 | 830,287,000 | ' | ' | 1,010,318,000 | 830,287,000 | ' | 794,055,000 | ' | 665,452,000 | 509,245,000 | ' | 665,452,000 | 509,245,000 | ' | 423,664,000 | ' | 494,363,000 | 466,565,000 | ' | 415,587,000 | 367,425,000 | ' | 534,867,000 | ' | 528,862,000 | 567,567,000 | ' | 556,608,000 | 611,142,000 | ' | -630,381,000 | ' | -678,359,000 | -713,090,000 | ' | -627,329,000 | -657,525,000 | ' | ' | ' | ||||||
Current Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Payable to related parties | 1,918,000 | ' | 3,761,000 | 1,158,000 | ' | ' | 3,761,000 | 1,158,000 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 155,245,000 | ' | 224,281,000 | 166,005,000 | ' | 194,805,000 | 127,664,000 | ' | 298,170,000 | ' | 272,568,000 | 298,909,000 | ' | 275,031,000 | 302,708,000 | ' | -451,497,000 | ' | -493,088,000 | -463,756,000 | ' | -466,075,000 | -429,214,000 | ' | ' | ' | ||||||
Current portion of long-term financial debt | 28,704,000 | [1] | ' | 49,031,000 | 21,504,000 | ' | ' | 129,031,000 | 21,504,000 | ' | 0 | ' | 0 | 0 | ' | 80,000,000 | 0 | ' | 6,420,000 | ' | 12,064,000 | 5,046,000 | ' | 6,420,000 | 3,478,000 | ' | 22,284,000 | ' | 36,967,000 | 16,458,000 | ' | 42,611,000 | 18,026,000 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | 0 | |||||
2017 Senior Convertible Notes | 0 | ' | 80,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ||||||
Other current liabilities | 64,038,000 | ' | 65,953,000 | 51,226,000 | ' | ' | 65,953,000 | 51,226,000 | ' | 3,871,000 | ' | 5,701,000 | 4,948,000 | ' | 5,701,000 | 4,948,000 | ' | 71,760,000 | ' | 51,781,000 | 31,878,000 | ' | 34,441,000 | 19,223,000 | ' | -11,593,000 | ' | 8,471,000 | 14,400,000 | ' | 25,811,000 | 27,055,000 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ||||||
Total current liabilities | 276,280,000 | ' | 198,745,000 | 73,888,000 | ' | ' | 198,745,000 | 73,888,000 | ' | 185,491,000 | ' | 85,701,000 | 4,948,000 | ' | 85,701,000 | 4,948,000 | ' | 233,425,000 | ' | 288,126,000 | 202,929,000 | ' | 235,666,000 | 150,365,000 | ' | 308,861,000 | ' | 318,006,000 | 329,767,000 | ' | 343,453,000 | 347,789,000 | ' | -451,497,000 | ' | -493,088,000 | -463,756,000 | ' | -466,075,000 | -429,214,000 | ' | ' | ' | ||||||
Noncurrent Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Due to affiliates | 0 | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 9,149,000 | ' | 32,937,000 | 47,066,000 | ' | 8,920,000 | 26,043,000 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | -9,149,000 | ' | -32,937,000 | -47,066,000 | ' | -8,920,000 | -26,043,000 | ' | ' | ' | ||||||
Long-term financial debt net of current portion | 412,941,000 | ' | 388,521,000 | 491,489,000 | ' | ' | 388,521,000 | 491,489,000 | ' | 200,000,000 | ' | 180,000,000 | 260,000,000 | ' | 180,000,000 | 260,000,000 | ' | 51,892,000 | ' | 55,102,000 | 57,166,000 | ' | 55,102,000 | 51,522,000 | ' | 161,049,000 | ' | 153,419,000 | 174,323,000 | ' | 153,419,000 | 179,967,000 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | 180,000,000 | ||||||
Other noncurrent liabilities | 17,085,000 | ' | 16,553,000 | 14,739,000 | ' | ' | 16,553,000 | 14,739,000 | ' | 0 | ' | 0 | 0 | ' | ' | 0 | ' | 254,000 | ' | 262,000 | 218,000 | ' | 262,000 | 218,000 | ' | 16,831,000 | ' | 16,291,000 | 14,521,000 | ' | 16,291,000 | 14,521,000 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ||||||
Total noncurrent liabilities | 430,026,000 | ' | 405,074,000 | 506,228,000 | ' | ' | 405,074,000 | 506,228,000 | ' | 200,000,000 | ' | 180,000,000 | 260,000,000 | ' | 180,000,000 | 260,000,000 | ' | 61,295,000 | ' | 88,301,000 | 104,450,000 | ' | 64,284,000 | 77,783,000 | ' | 177,880,000 | ' | 169,710,000 | 188,844,000 | ' | 169,710,000 | 194,488,000 | ' | -9,149,000 | ' | -32,937,000 | -47,066,000 | ' | -8,920,000 | -26,043,000 | ' | ' | ' | ||||||
Total liabilities | 706,306,000 | ' | 603,819,000 | 580,116,000 | ' | ' | 603,819,000 | 580,116,000 | ' | 385,491,000 | ' | 265,701,000 | 264,948,000 | ' | 265,701,000 | 264,948,000 | ' | 294,720,000 | ' | 376,427,000 | 307,379,000 | ' | 299,950,000 | 228,148,000 | ' | 486,741,000 | ' | 487,716,000 | 518,611,000 | ' | 513,163,000 | 542,277,000 | ' | -460,646,000 | ' | -526,025,000 | -510,822,000 | ' | -474,995,000 | -455,257,000 | ' | ' | ' | ||||||
Equity of Ultrapetrol (Bahamas) Limited | 408,564,000 | ' | 399,751,000 | 244,297,000 | ' | ' | 399,751,000 | 244,297,000 | ' | 408,564,000 | ' | 399,751,000 | 244,297,000 | ' | 399,751,000 | 244,297,000 | ' | 128,944,000 | ' | 117,936,000 | 159,186,000 | ' | 115,637,000 | 139,277,000 | ' | 48,126,000 | ' | 41,146,000 | 48,956,000 | ' | 43,445,000 | 68,865,000 | ' | -177,070,000 | ' | -159,082,000 | -208,142,000 | ' | -159,082,000 | -208,142,000 | ' | ' | ' | ||||||
Noncontrolling interest | 7,335,000 | ' | 6,748,000 | 5,874,000 | ' | ' | 6,748,000 | 5,874,000 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 7,335,000 | ' | 6,748,000 | 5,874,000 | ' | 6,748,000 | 5,874,000 | ' | ' | ' | ||||||
Total equity | 415,899,000 | 231,773,000 | 406,499,000 | 250,171,000 | 268,794,000 | 288,583,000 | 406,499,000 | 250,171,000 | ' | 408,564,000 | ' | 399,751,000 | 244,297,000 | ' | 399,751,000 | 244,297,000 | ' | 128,944,000 | ' | 117,936,000 | 159,186,000 | ' | 115,637,000 | 139,277,000 | ' | 48,126,000 | ' | 41,146,000 | 48,956,000 | ' | 43,445,000 | 68,865,000 | ' | -169,735,000 | ' | -152,334,000 | -202,268,000 | ' | -152,334,000 | -202,268,000 | ' | ' | ' | ||||||
Total liabilities and equity | 1,122,205,000 | ' | 1,010,318,000 | 830,287,000 | ' | ' | 1,010,318,000 | 830,287,000 | ' | 794,055,000 | ' | 665,452,000 | 509,245,000 | ' | 665,452,000 | 509,245,000 | ' | 423,664,000 | ' | 494,363,000 | 466,565,000 | ' | 415,587,000 | 367,425,000 | ' | 534,867,000 | ' | 528,862,000 | 567,567,000 | ' | 556,608,000 | 611,142,000 | ' | -630,381,000 | ' | -678,359,000 | -713,090,000 | ' | -627,329,000 | -657,525,000 | ' | ' | ' | ||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenues | 199,676,000 | 144,035,000 | 313,169,000 | 304,482,000 | 230,445,000 | ' | 313,169,000 | 304,482,000 | 230,445,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 144,155,000 | 91,991,000 | 207,429,000 | 208,130,000 | 154,326,000 | 121,985,000 | 129,340,000 | 106,014,000 | 79,014,000 | 72,139,000 | 140,530,000 | 137,274,000 | 119,193,000 | 205,112,000 | 190,630,000 | 133,015,000 | -23,493,000 | -20,095,000 | -34,790,000 | -40,922,000 | -43,074,000 | -13,928,000 | -15,488,000 | -8,584,000 | ' | ' | ||||||
Operating expenses | -180,473,000 | -144,730,000 | -338,288,000 | [2] | -285,098,000 | [2] | -211,727,000 | [2] | ' | -338,288,000 | -285,098,000 | -211,727,000 | -3,706,000 | -3,027,000 | 0 | -8,490,000 | -8,332,000 | 0 | -8,490,000 | -8,332,000 | -130,579,000 | -100,375,000 | -234,412,000 | -185,834,000 | -137,862,000 | -133,209,000 | -112,238,000 | -89,245,000 | -69,710,000 | -61,393,000 | -138,608,000 | -131,638,000 | -108,549,000 | -218,949,000 | -179,800,000 | -122,676,000 | 23,522,000 | 20,065,000 | 34,732,000 | 40,864,000 | 43,016,000 | 13,870,000 | 15,430,000 | 8,526,000 | ' | ' | |||
Operating profit (loss) | 19,203,000 | -695,000 | -25,119,000 | 19,384,000 | 18,718,000 | ' | -25,119,000 | 19,384,000 | 18,718,000 | -3,706,000 | -3,027,000 | 0 | -8,490,000 | -8,332,000 | 0 | -8,490,000 | -8,332,000 | 13,576,000 | -8,384,000 | -26,983,000 | 22,296,000 | 16,464,000 | -11,224,000 | 17,102,000 | 16,769,000 | 9,304,000 | 10,746,000 | 1,922,000 | 5,636,000 | 10,644,000 | -13,837,000 | 10,830,000 | 10,339,000 | 29,000 | -30,000 | -58,000 | -58,000 | -58,000 | -58,000 | -58,000 | -58,000 | ' | ' | ||||||
Investments in affiliates | -319,000 | -666,000 | -1,175,000 | -1,073,000 | -341,000 | ' | -1,175,000 | -1,073,000 | -341,000 | 16,414,000 | -12,534,000 | -49,470,000 | -7,886,000 | 8,153,000 | [3] | -49,470,000 | -7,886,000 | 8,153,000 | [3] | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -319,000 | -666,000 | -1,175,000 | -1,073,000 | -341,000 | -1,175,000 | -1,073,000 | -341,000 | -16,414,000 | 12,534,000 | 49,470,000 | 7,886,000 | -8,153,000 | 49,470,000 | 7,886,000 | -8,153,000 | ' | ' | ||||
Other (expenses) income | -8,676,000 | -20,551,000 | -39,439,000 | -38,283,000 | -16,419,000 | ' | -39,439,000 | -38,283,000 | -16,419,000 | -5,076,000 | -3,656,000 | -14,187,000 | -2,429,000 | -5,192,000 | -14,187,000 | -2,429,000 | -5,192,000 | -1,710,000 | -15,125,000 | -17,311,000 | -25,378,000 | -2,406,000 | -15,185,000 | -23,212,000 | -1,197,000 | -1,890,000 | -1,770,000 | -7,941,000 | -10,476,000 | -8,821,000 | -10,067,000 | -12,642,000 | -10,030,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ||||||
(Loss) Income from continuing operations before income taxes | 10,208,000 | -21,912,000 | -65,733,000 | -19,972,000 | 1,958,000 | ' | -65,733,000 | -19,972,000 | 1,958,000 | 7,632,000 | -19,217,000 | -63,657,000 | -18,805,000 | -5,371,000 | -63,657,000 | -18,805,000 | -5,371,000 | 11,866,000 | -23,509,000 | -44,294,000 | -3,082,000 | 14,058,000 | -26,409,000 | -6,110,000 | 15,572,000 | 7,095,000 | 8,310,000 | -7,194,000 | -5,913,000 | 1,482,000 | -25,079,000 | -2,885,000 | -32,000 | -16,385,000 | 12,504,000 | 49,412,000 | 7,828,000 | -8,211,000 | 49,412,000 | 7,828,000 | -8,211,000 | ' | ' | ||||||
Income taxes benefit (expense) | -2,023,000 | 3,140,000 | 2,969,000 | 1,737,000 | -6,363,000 | ' | 2,969,000 | 1,737,000 | -6,363,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 858,000 | -2,155,000 | 3,044,000 | 1,060,000 | 486,000 | 2,769,000 | 1,550,000 | 313,000 | 1,165,000 | -985,000 | -75,000 | 677,000 | -6,849,000 | 200,000 | 187,000 | -6,676,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ||||||
Loss from continuing operations | ' | ' | -62,764,000 | -18,235,000 | -4,405,000 | ' | -62,764,000 | -18,235,000 | -4,405,000 | ' | ' | -63,657,000 | -18,805,000 | -5,371,000 | -63,657,000 | -18,805,000 | -5,371,000 | ' | ' | -41,250,000 | -2,022,000 | 14,544,000 | -23,640,000 | -4,560,000 | 15,885,000 | ' | ' | -7,269,000 | -5,236,000 | -5,367,000 | -24,879,000 | -2,698,000 | -6,708,000 | ' | ' | 49,412,000 | 7,828,000 | -8,211,000 | 49,412,000 | 7,828,000 | -8,211,000 | ' | ' | ||||||
Loss from discontinued operations | ' | ' | 0 | 0 | -515,000 | ' | 0 | 0 | -515,000 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | -515,000 | 0 | 0 | -515,000 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ||||||
Net loss | 8,185,000 | -18,772,000 | -62,764,000 | -18,235,000 | -4,920,000 | ' | -62,764,000 | -18,235,000 | -4,920,000 | 7,632,000 | -19,217,000 | -63,657,000 | -18,805,000 | -5,371,000 | -63,657,000 | -18,805,000 | -5,371,000 | -21,354,000 | -21,354,000 | -41,250,000 | -2,022,000 | 14,544,000 | -23,640,000 | -4,560,000 | 15,885,000 | 9,295,000 | 9,295,000 | -7,269,000 | -5,236,000 | -5,882,000 | -24,879,000 | -2,698,000 | -7,223,000 | -16,385,000 | 12,504,000 | 49,412,000 | 7,828,000 | -8,211,000 | 49,412,000 | 7,828,000 | -8,211,000 | ' | ' | ||||||
Net income attributable to noncontrolling interest | 553,000 | 445,000 | 893,000 | 570,000 | 451,000 | ' | 893,000 | 570,000 | 451,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 553,000 | 445,000 | 893,000 | 570,000 | 451,000 | 893,000 | 570,000 | 451,000 | ' | ' | ||||||
Net loss attributable to Ultrapetrol (Bahamas) Limited | 7,632,000 | -19,217,000 | -63,657,000 | -18,805,000 | -5,371,000 | ' | -63,657,000 | -18,805,000 | -5,371,000 | 7,632,000 | -19,217,000 | -63,657,000 | -18,805,000 | -5,371,000 | -63,657,000 | -18,805,000 | -5,371,000 | 11,008,000 | -21,354,000 | -41,250,000 | -2,022,000 | 14,544,000 | -23,640,000 | -4,560,000 | 15,885,000 | 5,930,000 | 9,295,000 | -7,269,000 | -5,236,000 | -5,882,000 | -24,879,000 | -2,698,000 | -7,223,000 | -16,938,000 | 12,059,000 | 48,519,000 | 7,258,000 | -8,662,000 | 48,519,000 | 7,258,000 | -8,662,000 | ' | ' | ||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) | 8,185,000 | -18,772,000 | -62,764,000 | -18,235,000 | -4,920,000 | ' | -62,764,000 | -18,235,000 | -4,920,000 | 8,185,000 | -18,772,000 | -62,764,000 | -18,235,000 | -4,920,000 | -62,764,000 | -18,235,000 | -4,920,000 | 11,008,000 | -21,354,000 | -41,250,000 | -2,022,000 | 14,544,000 | -23,640,000 | -4,560,000 | 13,169,000 | 6,483,000 | 9,740,000 | -6,376,000 | -4,666,000 | -5,431,000 | -23,986,000 | -2,128,000 | 5,307,000 | -17,491,000 | 11,614,000 | 47,626,000 | 6,688,000 | -9,113,000 | 47,626,000 | 6,688,000 | -18,476,000 | ' | ' | ||||||
Loss from discontinued operations | ' | ' | 0 | 0 | 515,000 | ' | 0 | 0 | 515,000 | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | 0 | 0 | 515,000 | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities from continuing operations | 2,989,000 | 15,475,000 | 58,829,000 | 33,007,000 | 25,249,000 | ' | 58,829,000 | 33,007,000 | 25,249,000 | -13,318,000 | 13,280,000 | 51,532,000 | 12,134,000 | -1,601,000 | 51,532,000 | 12,134,000 | -1,601,000 | 18,816,000 | 48,154,000 | 16,695,000 | 18,755,000 | 31,076,000 | -1,935,000 | 21,396,000 | -2,539,000 | -20,000,000 | -34,345,000 | 38,228,000 | 8,806,000 | -13,339,000 | 56,858,000 | 6,165,000 | 10,913,000 | 17,491,000 | -11,614,000 | -47,626,000 | -6,688,000 | 9,113,000 | -47,626,000 | -6,688,000 | 18,476,000 | ' | ' | ||||||
Net cash (used in) provided by operating activities from continuing operations | 11,174,000 | -3,297,000 | -3,935,000 | 14,772,000 | 20,844,000 | ' | -3,935,000 | 14,772,000 | 20,844,000 | -5,133,000 | -5,492,000 | -11,232,000 | -6,101,000 | -6,521,000 | -11,232,000 | -6,101,000 | -6,521,000 | 29,824,000 | 26,800,000 | -24,555,000 | 16,733,000 | 45,620,000 | -25,575,000 | 16,836,000 | 10,630,000 | -13,517,000 | -24,605,000 | 31,852,000 | 4,140,000 | -18,255,000 | 32,872,000 | 4,037,000 | 16,735,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ||||||
Net cash (used in) provided by operating activities from discontinued operations | ' | ' | 0 | -15,000 | -1,950,000 | ' | 0 | -15,000 | -1,950,000 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | -15,000 | -1,950,000 | 0 | -15,000 | -1,950,000 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ||||||
Net cash (used in) provided by operating activities | 11,174,000 | -3,297,000 | -3,935,000 | 14,757,000 | 18,894,000 | ' | -3,935,000 | 14,757,000 | 18,894,000 | ' | ' | -11,232,000 | -6,101,000 | -6,521,000 | -11,232,000 | -6,101,000 | -6,521,000 | ' | ' | -24,555,000 | 16,733,000 | 45,620,000 | -25,575,000 | 16,836,000 | 10,630,000 | ' | ' | 31,852,000 | 4,125,000 | -20,205,000 | 32,872,000 | 4,022,000 | 14,785,000 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ||||||
Intercompany sources | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | -43,107,000 | 2,896,000 | -10,019,000 | -17,947,000 | -60,822,000 | -10,019,000 | -17,947,000 | -60,822,000 | 6,551,000 | 19,359,000 | 43,839,000 | -1,322,000 | -16,189,000 | 43,839,000 | -1,322,000 | -16,189,000 | 60,344,000 | -23,064,000 | -16,697,000 | -6,774,000 | 0 | -16,697,000 | -6,774,000 | 0 | -23,788,000 | 809,000 | -17,123,000 | 26,043,000 | 77,011,000 | -17,123,000 | 26,043,000 | 77,011,000 | ' | ' | ||||||
Non-subsidiary sources | -11,203,000 | -21,952,000 | -32,513,000 | -97,863,000 | -56,089,000 | ' | -32,513,000 | -97,863,000 | -56,089,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5,647,000 | -72,184,000 | -15,507,000 | -46,828,000 | -38,088,000 | -14,985,000 | -42,907,000 | -3,850,000 | -5,556,000 | 50,232,000 | -17,006,000 | -51,035,000 | -18,001,000 | -17,528,000 | -54,956,000 | -52,239,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ||||||
Net cash (used in) investing activities from continuing operations | -11,203,000 | -21,952,000 | -32,513,000 | -97,863,000 | -56,089,000 | ' | ' | ' | -56,089,000 | -43,107,000 | 2,896,000 | ' | ' | -60,822,000 | ' | ' | -60,822,000 | 904,000 | -52,825,000 | ' | ' | -54,277,000 | ' | ' | -20,039,000 | 54,788,000 | 27,168,000 | ' | ' | -18,001,000 | ' | ' | -52,239,000 | -23,788,000 | 809,000 | ' | ' | 77,011,000 | ' | ' | 77,011,000 | ' | ' | ||||||
Net cash provided by investing activities from discontinued operations | ' | ' | 0 | 0 | 1,950,000 | ' | ' | ' | 1,950,000 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | 1,950,000 | ' | ' | 1,950,000 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ||||||
Net cash (used in) provided by investing activities | -11,203,000 | -21,952,000 | -32,513,000 | -97,863,000 | -54,139,000 | ' | -32,513,000 | -97,863,000 | -54,139,000 | ' | ' | -10,019,000 | -17,947,000 | -60,822,000 | -10,019,000 | -17,947,000 | -60,822,000 | ' | ' | 28,332,000 | -48,150,000 | -54,277,000 | 28,854,000 | -44,229,000 | -20,039,000 | ' | ' | -33,703,000 | -57,809,000 | -16,051,000 | -34,225,000 | -61,730,000 | -50,289,000 | ' | ' | -17,123,000 | 26,043,000 | 77,011,000 | -17,123,000 | 26,043,000 | 77,011,000 | ' | ' | ||||||
Intercompany sources | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -23,788,000 | 4,209,000 | -17,123,000 | 31,543,000 | 1,354,000 | -17,123,000 | 26,043,000 | 0 | 0 | -3,400,000 | 0 | -5,500,000 | 75,657,000 | 0 | 0 | 77,011,000 | 23,788,000 | -809,000 | 17,123,000 | -26,043,000 | -77,011,000 | 17,123,000 | -26,043,000 | -77,011,000 | ' | ' | ||||||
Non-subsidiary sources | -90,871,000 | 9,280,000 | 224,567,000 | 11,632,000 | 87,614,000 | ' | 224,567,000 | 11,632,000 | 87,614,000 | -69,497,000 | 0 | 219,122,000 | -15,000,000 | 75,281,000 | 219,122,000 | -15,000,000 | 75,281,000 | -2,851,000 | 8,836,000 | 4,747,000 | 13,395,000 | -1,568,000 | 6,315,000 | 14,963,000 | 0 | -18,523,000 | 444,000 | 698,000 | 13,237,000 | 13,901,000 | -870,000 | 11,669,000 | 12,333,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ||||||
Net cash (used in) provided by financing activities | -90,871,000 | 9,280,000 | 224,567,000 | 11,632,000 | 87,614,000 | ' | 224,567,000 | 11,632,000 | 87,614,000 | -69,497,000 | 0 | 219,122,000 | -15,000,000 | 75,281,000 | 219,122,000 | -15,000,000 | 75,281,000 | -26,639,000 | 13,045,000 | -12,376,000 | 44,938,000 | -214,000 | -10,808,000 | 41,006,000 | 0 | -18,523,000 | -2,956,000 | 698,000 | 7,737,000 | 89,558,000 | -870,000 | 11,669,000 | 89,344,000 | 23,788,000 | -809,000 | 17,123,000 | -26,043,000 | -77,011,000 | 17,123,000 | -26,043,000 | -77,011,000 | ' | ' | ||||||
Net (decrease) increase in cash and cash equivalents | ($90,900,000) | ($15,969,000) | $188,119,000 | ($71,474,000) | $52,369,000 | ' | $188,119,000 | ($71,474,000) | $52,369,000 | ($117,737,000) | ($2,596,000) | $197,871,000 | ($39,048,000) | $7,938,000 | $197,871,000 | ($39,048,000) | $7,938,000 | $4,089,000 | ($12,980,000) | ($8,599,000) | $13,521,000 | ($8,871,000) | ($7,529,000) | $13,613,000 | ($9,409,000) | $22,748,000 | ($393,000) | ($1,153,000) | ($45,947,000) | $53,302,000 | ($2,223,000) | ($46,039,000) | $53,840,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ||||||
[1] | Excludes the 2014 Senior Notes which were disclosed as current liabilities in the unaudited condensed consolidated balance sheet under the caption "2014 Senior Notes and accrued interest". See Note 3.a). | ||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Operating expenses included $2,753, $4,622 and $1,542 in 2012, 2011 and 2010, respectively, from related parties. | ||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Includes a loss of $515 related to discontinued operations. |
SUPPLEMENTAL_GUARANTOR_INFORMA8
SUPPLEMENTAL GUARANTOR INFORMATION FOR THE NEW NOTES (Details) (USD $) | Jun. 30, 2013 | 28-May-13 | Dec. 31, 2012 |
First Preferred Ship Mortgage Notes due 2021 [Member] | First Preferred Ship Mortgage Notes due 2021 [Member] | Ultrapetrol (Bahamas) Ltd., Private Investors, 2014 [Member] | |
Debt Instrument [Line Items] | ' | ' | ' |
Face amount of debt instrument | $200,000 | $200,000 | $180,000 |
Interest Rate (in hundredths) | 8.88% | ' | 9.00% |
SUPPLEMENTAL_GUARANTOR_INFORMA9
SUPPLEMENTAL GUARANTOR INFORMATION FOR THE NEW NOTES, Tables (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | ||||
Current assets | ' | ' | ' | ' | ' | ' | ||||
Receivables from related parties | $29 | ' | $10 | $57 | ' | ' | ||||
Other current assets | 238,564 | ' | 306,980 | 106,076 | ' | ' | ||||
Total current assets | 420,708 | ' | 306,990 | 106,133 | ' | ' | ||||
Noncurrent assets | ' | ' | ' | ' | ' | ' | ||||
Vessels and equipment, net | 641,109 | ' | 647,519 | 671,445 | ' | ' | ||||
Investments in affiliates | 233 | ' | 251 | 373 | ' | ' | ||||
Other noncurrent assets | 60,155 | ' | 55,558 | 52,336 | ' | ' | ||||
Total noncurrent assets | 701,497 | ' | 703,328 | 724,154 | ' | ' | ||||
Total assets | 1,122,205 | ' | 1,010,318 | 830,287 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ' | ' | ||||
Payable to related parties | 1,918 | ' | 3,761 | 1,158 | ' | ' | ||||
Current portion of long-term financial debt | 28,704 | [1] | ' | 49,031 | 21,504 | ' | ' | |||
Other current liabilities | 64,038 | ' | 65,953 | 51,226 | ' | ' | ||||
Total current liabilities | 276,280 | ' | 198,745 | 73,888 | ' | ' | ||||
Noncurrent Liabilities | ' | ' | ' | ' | ' | ' | ||||
Due to affiliates | 0 | ' | 0 | 0 | ' | ' | ||||
Long-term financial debt net of current portion | 412,941 | ' | 388,521 | 491,489 | ' | ' | ||||
Other noncurrent liabilities | 17,085 | ' | 16,553 | 14,739 | ' | ' | ||||
Total noncurrent liabilities | 430,026 | ' | 405,074 | 506,228 | ' | ' | ||||
Total liabilities | 706,306 | ' | 603,819 | 580,116 | ' | ' | ||||
Equity of Ultrapetrol (Bahamas) Limited | 408,564 | ' | 399,751 | 244,297 | ' | ' | ||||
Noncontrolling interest | 7,335 | ' | 6,748 | 5,874 | ' | ' | ||||
Total equity | 415,899 | 231,773 | 406,499 | 250,171 | 268,794 | 288,583 | ||||
Total liabilities and equity | 1,122,205 | ' | 1,010,318 | 830,287 | ' | ' | ||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Revenues | 199,676 | 144,035 | 313,169 | 304,482 | 230,445 | ' | ||||
Operating expenses | -180,473 | -144,730 | -338,288 | [2] | -285,098 | [2] | -211,727 | [2] | ' | |
Operating profit (loss) | 19,203 | -695 | -25,119 | 19,384 | 18,718 | ' | ||||
Investments in affiliates | -319 | -666 | -1,175 | -1,073 | -341 | ' | ||||
Other (expenses) income | -8,676 | -20,551 | -39,439 | -38,283 | -16,419 | ' | ||||
Income (loss) before income taxes | 10,208 | -21,912 | -65,733 | -19,972 | 1,958 | ' | ||||
Income taxes benefit (expense) | -2,023 | 3,140 | 2,969 | 1,737 | -6,363 | ' | ||||
Loss from continuing operations | ' | ' | -62,764 | -18,235 | -4,405 | ' | ||||
Loss from discontinued operations | ' | ' | 0 | 0 | -515 | ' | ||||
Net income (loss) | 8,185 | -18,772 | -62,764 | -18,235 | -4,920 | ' | ||||
Net income attributable to noncontrolling interest | 553 | 445 | 893 | 570 | 451 | ' | ||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | 7,632 | -19,217 | -63,657 | -18,805 | -5,371 | ' | ||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | 8,185 | -18,772 | -62,764 | -18,235 | -4,920 | ' | ||||
Loss from discontinued operations | ' | ' | 0 | 0 | -515 | ' | ||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) from operating activities | 2,989 | 15,475 | 58,829 | 33,007 | 25,249 | ' | ||||
Net cash (used in) provided by operating activities from continuing operations | 11,174 | -3,297 | -3,935 | 14,772 | 20,844 | ' | ||||
Net cash (used in) provided by operating activities from discontinued operations | ' | ' | 0 | -15 | -1,950 | ' | ||||
Net cash (used in) provided by operating activities | 11,174 | -3,297 | -3,935 | 14,757 | 18,894 | ' | ||||
Intercompany sources | 0 | 0 | 0 | 0 | 0 | ' | ||||
Non-subsidiary sources | -11,203 | -21,952 | -32,513 | -97,863 | -56,089 | ' | ||||
Net cash (used in) investing activities from continuing operations | -11,203 | -21,952 | -32,513 | -97,863 | -56,089 | ' | ||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | ' | ' | 0 | 0 | 1,950 | ' | ||||
Net cash (used in) provided by investing activities | -11,203 | -21,952 | -32,513 | -97,863 | -54,139 | ' | ||||
Intercompany sources | 0 | 0 | 0 | 0 | 0 | ' | ||||
Non-subsidiary sources | -90,871 | 9,280 | 224,567 | 11,632 | 87,614 | ' | ||||
Net cash (used in) provided by financing activities | -90,871 | 9,280 | 224,567 | 11,632 | 87,614 | ' | ||||
Net (decrease) increase in cash and cash equivalents | -90,900 | -15,969 | 188,119 | -71,474 | 52,369 | ' | ||||
Parent [Member] | ' | ' | ' | ' | ' | ' | ||||
Current assets | ' | ' | ' | ' | ' | ' | ||||
Receivables from related parties | 350,450 | ' | 307,343 | 297,324 | ' | ' | ||||
Other current assets | 83,581 | ' | 201,491 | 3,773 | ' | ' | ||||
Total current assets | 616,146 | ' | 508,834 | 301,097 | ' | ' | ||||
Noncurrent assets | ' | ' | ' | ' | ' | ' | ||||
Vessels and equipment, net | 0 | ' | 0 | 0 | ' | ' | ||||
Investments in affiliates | 168,878 | ' | 151,447 | 201,323 | ' | ' | ||||
Other noncurrent assets | 9,031 | ' | 5,171 | 6,825 | ' | ' | ||||
Total noncurrent assets | 177,909 | ' | 156,618 | 208,148 | ' | ' | ||||
Total assets | 794,055 | ' | 665,452 | 509,245 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ' | ' | ||||
Payable to related parties | 0 | ' | 0 | 0 | ' | ' | ||||
Current portion of long-term financial debt | 0 | ' | 0 | 0 | ' | ' | ||||
Other current liabilities | 3,871 | ' | 5,701 | 4,948 | ' | ' | ||||
Total current liabilities | 185,491 | ' | 85,701 | 4,948 | ' | ' | ||||
Noncurrent Liabilities | ' | ' | ' | ' | ' | ' | ||||
Due to affiliates | 0 | ' | 0 | 0 | ' | ' | ||||
Long-term financial debt net of current portion | 200,000 | ' | 180,000 | 260,000 | ' | ' | ||||
Other noncurrent liabilities | 0 | ' | 0 | 0 | ' | ' | ||||
Total noncurrent liabilities | 200,000 | ' | 180,000 | 260,000 | ' | ' | ||||
Total liabilities | 385,491 | ' | 265,701 | 264,948 | ' | ' | ||||
Equity of Ultrapetrol (Bahamas) Limited | 408,564 | ' | 399,751 | 244,297 | ' | ' | ||||
Noncontrolling interest | 0 | ' | 0 | 0 | ' | ' | ||||
Total equity | 408,564 | ' | 399,751 | 244,297 | ' | ' | ||||
Total liabilities and equity | 794,055 | ' | 665,452 | 509,245 | ' | ' | ||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | 0 | 0 | 0 | ' | ||||
Operating expenses | -3,706 | -3,027 | 0 | -8,490 | -8,332 | ' | ||||
Operating profit (loss) | -3,706 | -3,027 | 0 | -8,490 | -8,332 | ' | ||||
Investments in affiliates | 16,414 | -12,534 | -49,470 | -7,886 | 8,153 | [3] | ' | |||
Other (expenses) income | -5,076 | -3,656 | -14,187 | -2,429 | -5,192 | ' | ||||
Income (loss) before income taxes | 7,632 | -19,217 | -63,657 | -18,805 | -5,371 | ' | ||||
Income taxes benefit (expense) | 0 | 0 | 0 | 0 | 0 | ' | ||||
Loss from continuing operations | ' | ' | -63,657 | -18,805 | -5,371 | ' | ||||
Loss from discontinued operations | ' | ' | 0 | 0 | 0 | ' | ||||
Net income (loss) | 7,632 | -19,217 | -63,657 | -18,805 | -5,371 | ' | ||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | ' | ||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | 7,632 | -19,217 | -63,657 | -18,805 | -5,371 | ' | ||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | 8,185 | -18,772 | -62,764 | -18,235 | -4,920 | ' | ||||
Loss from discontinued operations | ' | ' | 0 | 0 | 0 | ' | ||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) from operating activities | -13,318 | 13,280 | 51,532 | 12,134 | -1,601 | ' | ||||
Net cash (used in) provided by operating activities from continuing operations | -5,133 | -5,492 | -11,232 | -6,101 | -6,521 | ' | ||||
Net cash (used in) provided by operating activities from discontinued operations | ' | ' | 0 | 0 | 0 | ' | ||||
Net cash (used in) provided by operating activities | ' | ' | -11,232 | -6,101 | -6,521 | ' | ||||
Intercompany sources | -43,107 | 2,896 | -10,019 | -17,947 | -60,822 | ' | ||||
Non-subsidiary sources | 0 | 0 | 0 | 0 | 0 | ' | ||||
Net cash (used in) investing activities from continuing operations | -43,107 | 2,896 | ' | ' | -60,822 | ' | ||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | ' | ' | ' | ' | 0 | ' | ||||
Net cash (used in) provided by investing activities | ' | ' | -10,019 | -17,947 | -60,822 | ' | ||||
Intercompany sources | 0 | 0 | 0 | 0 | 0 | ' | ||||
Non-subsidiary sources | -69,497 | 0 | 219,122 | -15,000 | 75,281 | ' | ||||
Net cash (used in) provided by financing activities | -69,497 | 0 | 219,122 | -15,000 | 75,281 | ' | ||||
Net (decrease) increase in cash and cash equivalents | -117,737 | -2,596 | 197,871 | -39,048 | 7,938 | ' | ||||
Combined Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ' | ||||
Current assets | ' | ' | ' | ' | ' | ' | ||||
Receivables from related parties | 46,448 | ' | 122,035 | 97,396 | ' | ' | ||||
Other current assets | 77,020 | ' | 66,643 | 62,079 | ' | ' | ||||
Total current assets | 123,468 | ' | 188,678 | 159,475 | ' | ' | ||||
Noncurrent assets | ' | ' | ' | ' | ' | ' | ||||
Vessels and equipment, net | 269,368 | ' | 279,653 | 292,458 | ' | ' | ||||
Investments in affiliates | 0 | ' | 0 | 0 | ' | ' | ||||
Other noncurrent assets | 30,828 | ' | 26,032 | 14,632 | ' | ' | ||||
Total noncurrent assets | 300,196 | ' | 305,685 | 307,090 | ' | ' | ||||
Total assets | 423,664 | ' | 494,363 | 466,565 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ' | ' | ||||
Payable to related parties | 155,245 | ' | 224,281 | 166,005 | ' | ' | ||||
Current portion of long-term financial debt | 6,420 | ' | 12,064 | 5,046 | ' | ' | ||||
Other current liabilities | 71,760 | ' | 51,781 | 31,878 | ' | ' | ||||
Total current liabilities | 233,425 | ' | 288,126 | 202,929 | ' | ' | ||||
Noncurrent Liabilities | ' | ' | ' | ' | ' | ' | ||||
Due to affiliates | 9,149 | ' | 32,937 | 47,066 | ' | ' | ||||
Long-term financial debt net of current portion | 51,892 | ' | 55,102 | 57,166 | ' | ' | ||||
Other noncurrent liabilities | 254 | ' | 262 | 218 | ' | ' | ||||
Total noncurrent liabilities | 61,295 | ' | 88,301 | 104,450 | ' | ' | ||||
Total liabilities | 294,720 | ' | 376,427 | 307,379 | ' | ' | ||||
Equity of Ultrapetrol (Bahamas) Limited | 128,944 | ' | 117,936 | 159,186 | ' | ' | ||||
Noncontrolling interest | 0 | ' | 0 | 0 | ' | ' | ||||
Total equity | 128,944 | ' | 117,936 | 159,186 | ' | ' | ||||
Total liabilities and equity | 423,664 | ' | 494,363 | 466,565 | ' | ' | ||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Revenues | 144,155 | 91,991 | 207,429 | 208,130 | 154,326 | ' | ||||
Operating expenses | -130,579 | -100,375 | -234,412 | -185,834 | -137,862 | ' | ||||
Operating profit (loss) | 13,576 | -8,384 | -26,983 | 22,296 | 16,464 | ' | ||||
Investments in affiliates | 0 | 0 | 0 | 0 | 0 | ' | ||||
Other (expenses) income | -1,710 | -15,125 | -17,311 | -25,378 | -2,406 | ' | ||||
Income (loss) before income taxes | 11,866 | -23,509 | -44,294 | -3,082 | 14,058 | ' | ||||
Income taxes benefit (expense) | 858 | -2,155 | 3,044 | 1,060 | 486 | ' | ||||
Loss from continuing operations | ' | ' | -41,250 | -2,022 | 14,544 | ' | ||||
Loss from discontinued operations | ' | ' | 0 | 0 | 0 | ' | ||||
Net income (loss) | -21,354 | -21,354 | -41,250 | -2,022 | 14,544 | ' | ||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | ' | ||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | 11,008 | -21,354 | -41,250 | -2,022 | 14,544 | ' | ||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | 11,008 | -21,354 | -41,250 | -2,022 | 14,544 | ' | ||||
Loss from discontinued operations | ' | ' | 0 | 0 | 0 | ' | ||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) from operating activities | 18,816 | 48,154 | 16,695 | 18,755 | 31,076 | ' | ||||
Net cash (used in) provided by operating activities from continuing operations | 29,824 | 26,800 | -24,555 | 16,733 | 45,620 | ' | ||||
Net cash (used in) provided by operating activities from discontinued operations | ' | ' | 0 | 0 | 0 | ' | ||||
Net cash (used in) provided by operating activities | ' | ' | -24,555 | 16,733 | 45,620 | ' | ||||
Intercompany sources | 6,551 | 19,359 | 43,839 | -1,322 | -16,189 | ' | ||||
Non-subsidiary sources | -5,647 | -72,184 | -15,507 | -46,828 | -38,088 | ' | ||||
Net cash (used in) investing activities from continuing operations | 904 | -52,825 | ' | ' | -54,277 | ' | ||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | ' | ' | ' | ' | 0 | ' | ||||
Net cash (used in) provided by investing activities | ' | ' | 28,332 | -48,150 | -54,277 | ' | ||||
Intercompany sources | -23,788 | 4,209 | -17,123 | 31,543 | 1,354 | ' | ||||
Non-subsidiary sources | -2,851 | 8,836 | 4,747 | 13,395 | -1,568 | ' | ||||
Net cash (used in) provided by financing activities | -26,639 | 13,045 | -12,376 | 44,938 | -214 | ' | ||||
Net (decrease) increase in cash and cash equivalents | 4,089 | -12,980 | -8,599 | 13,521 | -8,871 | ' | ||||
Combined Subsidiary Non Guarantors [Member] | ' | ' | ' | ' | ' | ' | ||||
Current assets | ' | ' | ' | ' | ' | ' | ||||
Receivables from related parties | 54,628 | ' | 87,737 | 90,116 | ' | ' | ||||
Other current assets | 77,963 | ' | 38,846 | 40,224 | ' | ' | ||||
Total current assets | 132,591 | ' | 126,583 | 130,340 | ' | ' | ||||
Noncurrent assets | ' | ' | ' | ' | ' | ' | ||||
Vessels and equipment, net | 372,598 | ' | 368,753 | 379,932 | ' | ' | ||||
Investments in affiliates | 233 | ' | 251 | 373 | ' | ' | ||||
Other noncurrent assets | 29,445 | ' | 33,275 | 56,922 | ' | ' | ||||
Total noncurrent assets | 402,276 | ' | 402,279 | 437,227 | ' | ' | ||||
Total assets | 534,867 | ' | 528,862 | 567,567 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ' | ' | ||||
Payable to related parties | 298,170 | ' | 272,568 | 298,909 | ' | ' | ||||
Current portion of long-term financial debt | 22,284 | ' | 36,967 | 16,458 | ' | ' | ||||
Other current liabilities | -11,593 | ' | 8,471 | 14,400 | ' | ' | ||||
Total current liabilities | 308,861 | ' | 318,006 | 329,767 | ' | ' | ||||
Noncurrent Liabilities | ' | ' | ' | ' | ' | ' | ||||
Due to affiliates | 0 | ' | 0 | 0 | ' | ' | ||||
Long-term financial debt net of current portion | 161,049 | ' | 153,419 | 174,323 | ' | ' | ||||
Other noncurrent liabilities | 16,831 | ' | 16,291 | 14,521 | ' | ' | ||||
Total noncurrent liabilities | 177,880 | ' | 169,710 | 188,844 | ' | ' | ||||
Total liabilities | 486,741 | ' | 487,716 | 518,611 | ' | ' | ||||
Equity of Ultrapetrol (Bahamas) Limited | 48,126 | ' | 41,146 | 48,956 | ' | ' | ||||
Noncontrolling interest | 0 | ' | 0 | 0 | ' | ' | ||||
Total equity | 48,126 | ' | 41,146 | 48,956 | ' | ' | ||||
Total liabilities and equity | 534,867 | ' | 528,862 | 567,567 | ' | ' | ||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Revenues | 79,014 | 72,139 | 140,530 | 137,274 | 119,193 | ' | ||||
Operating expenses | -69,710 | -61,393 | -138,608 | -131,638 | -108,549 | ' | ||||
Operating profit (loss) | 9,304 | 10,746 | 1,922 | 5,636 | 10,644 | ' | ||||
Investments in affiliates | -319 | -666 | -1,175 | -1,073 | -341 | ' | ||||
Other (expenses) income | -1,890 | -1,770 | -7,941 | -10,476 | -8,821 | ' | ||||
Income (loss) before income taxes | 7,095 | 8,310 | -7,194 | -5,913 | 1,482 | ' | ||||
Income taxes benefit (expense) | 1,165 | -985 | -75 | 677 | -6,849 | ' | ||||
Loss from continuing operations | ' | ' | -7,269 | -5,236 | -5,367 | ' | ||||
Loss from discontinued operations | ' | ' | 0 | 0 | -515 | ' | ||||
Net income (loss) | 9,295 | 9,295 | -7,269 | -5,236 | -5,882 | ' | ||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | ' | ||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | 5,930 | 9,295 | -7,269 | -5,236 | -5,882 | ' | ||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | 6,483 | 9,740 | -6,376 | -4,666 | -5,431 | ' | ||||
Loss from discontinued operations | ' | ' | 0 | 0 | -515 | ' | ||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) from operating activities | -20,000 | -34,345 | 38,228 | 8,806 | -13,339 | ' | ||||
Net cash (used in) provided by operating activities from continuing operations | -13,517 | -24,605 | 31,852 | 4,140 | -18,255 | ' | ||||
Net cash (used in) provided by operating activities from discontinued operations | ' | ' | 0 | -15 | -1,950 | ' | ||||
Net cash (used in) provided by operating activities | ' | ' | 31,852 | 4,125 | -20,205 | ' | ||||
Intercompany sources | 60,344 | -23,064 | -16,697 | -6,774 | 0 | ' | ||||
Non-subsidiary sources | -5,556 | 50,232 | -17,006 | -51,035 | -18,001 | ' | ||||
Net cash (used in) investing activities from continuing operations | 54,788 | 27,168 | ' | ' | -18,001 | ' | ||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | ' | ' | ' | ' | 1,950 | ' | ||||
Net cash (used in) provided by investing activities | ' | ' | -33,703 | -57,809 | -16,051 | ' | ||||
Intercompany sources | 0 | -3,400 | 0 | -5,500 | 75,657 | ' | ||||
Non-subsidiary sources | -18,523 | 444 | 698 | 13,237 | 13,901 | ' | ||||
Net cash (used in) provided by financing activities | -18,523 | -2,956 | 698 | 7,737 | 89,558 | ' | ||||
Net (decrease) increase in cash and cash equivalents | 22,748 | -393 | -1,153 | -45,947 | 53,302 | ' | ||||
Consolidating Adjustments [Member] | ' | ' | ' | ' | ' | ' | ||||
Current assets | ' | ' | ' | ' | ' | ' | ||||
Receivables from related parties | -451,497 | ' | -517,105 | -484,779 | ' | ' | ||||
Other current assets | 0 | ' | 0 | 0 | ' | ' | ||||
Total current assets | -451,497 | ' | -517,105 | -484,779 | ' | ' | ||||
Noncurrent assets | ' | ' | ' | ' | ' | ' | ||||
Vessels and equipment, net | -857 | ' | -887 | -945 | ' | ' | ||||
Investments in affiliates | -168,878 | ' | -151,447 | -201,323 | ' | ' | ||||
Other noncurrent assets | -9,149 | ' | -8,920 | -26,043 | ' | ' | ||||
Total noncurrent assets | -178,884 | ' | -161,254 | -228,311 | ' | ' | ||||
Total assets | -630,381 | ' | -678,359 | -713,090 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ' | ' | ||||
Payable to related parties | -451,497 | ' | -493,088 | -463,756 | ' | ' | ||||
Current portion of long-term financial debt | 0 | ' | 0 | 0 | ' | ' | ||||
Other current liabilities | 0 | ' | 0 | 0 | ' | ' | ||||
Total current liabilities | -451,497 | ' | -493,088 | -463,756 | ' | ' | ||||
Noncurrent Liabilities | ' | ' | ' | ' | ' | ' | ||||
Due to affiliates | -9,149 | ' | -32,937 | -47,066 | ' | ' | ||||
Long-term financial debt net of current portion | 0 | ' | 0 | 0 | ' | ' | ||||
Other noncurrent liabilities | 0 | ' | 0 | 0 | ' | ' | ||||
Total noncurrent liabilities | -9,149 | ' | -32,937 | -47,066 | ' | ' | ||||
Total liabilities | -460,646 | ' | -526,025 | -510,822 | ' | ' | ||||
Equity of Ultrapetrol (Bahamas) Limited | -177,070 | ' | -159,082 | -208,142 | ' | ' | ||||
Noncontrolling interest | 7,335 | ' | 6,748 | 5,874 | ' | ' | ||||
Total equity | -169,735 | ' | -152,334 | -202,268 | ' | ' | ||||
Total liabilities and equity | -630,381 | ' | -678,359 | -713,090 | ' | ' | ||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Revenues | -23,493 | -20,095 | -34,790 | -40,922 | -43,074 | ' | ||||
Operating expenses | 23,522 | 20,065 | 34,732 | 40,864 | 43,016 | ' | ||||
Operating profit (loss) | 29 | -30 | -58 | -58 | -58 | ' | ||||
Investments in affiliates | -16,414 | 12,534 | 49,470 | 7,886 | -8,153 | ' | ||||
Other (expenses) income | 0 | 0 | 0 | 0 | 0 | ' | ||||
Income (loss) before income taxes | -16,385 | 12,504 | 49,412 | 7,828 | -8,211 | ' | ||||
Income taxes benefit (expense) | 0 | 0 | 0 | 0 | 0 | ' | ||||
Loss from continuing operations | ' | ' | 49,412 | 7,828 | -8,211 | ' | ||||
Loss from discontinued operations | ' | ' | 0 | 0 | 0 | ' | ||||
Net income (loss) | -16,385 | 12,504 | 49,412 | 7,828 | -8,211 | ' | ||||
Net income attributable to noncontrolling interest | 553 | 445 | 893 | 570 | 451 | ' | ||||
Net income (loss) attributable to Ultrapetrol (Bahamas) Limited | -16,938 | 12,059 | 48,519 | 7,258 | -8,662 | ' | ||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | -17,491 | 11,614 | 47,626 | 6,688 | -9,113 | ' | ||||
Loss from discontinued operations | ' | ' | 0 | 0 | 0 | ' | ||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) from operating activities | 17,491 | -11,614 | -47,626 | -6,688 | 9,113 | ' | ||||
Net cash (used in) provided by operating activities from continuing operations | 0 | 0 | 0 | 0 | 0 | ' | ||||
Net cash (used in) provided by operating activities from discontinued operations | ' | ' | 0 | 0 | 0 | ' | ||||
Net cash (used in) provided by operating activities | ' | ' | 0 | 0 | 0 | ' | ||||
Intercompany sources | -23,788 | 809 | -17,123 | 26,043 | 77,011 | ' | ||||
Non-subsidiary sources | 0 | 0 | 0 | 0 | 0 | ' | ||||
Net cash (used in) investing activities from continuing operations | -23,788 | 809 | ' | ' | 77,011 | ' | ||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | ' | ' | ' | ' | 0 | ' | ||||
Net cash (used in) provided by investing activities | ' | ' | -17,123 | 26,043 | 77,011 | ' | ||||
Intercompany sources | 23,788 | -809 | 17,123 | -26,043 | -77,011 | ' | ||||
Non-subsidiary sources | 0 | 0 | 0 | 0 | 0 | ' | ||||
Net cash (used in) provided by financing activities | 23,788 | -809 | 17,123 | -26,043 | -77,011 | ' | ||||
Net (decrease) increase in cash and cash equivalents | $0 | $0 | $0 | $0 | $0 | ' | ||||
[1] | Excludes the 2014 Senior Notes which were disclosed as current liabilities in the unaudited condensed consolidated balance sheet under the caption "2014 Senior Notes and accrued interest". See Note 3.a). | |||||||||
[2] | Operating expenses included $2,753, $4,622 and $1,542 in 2012, 2011 and 2010, respectively, from related parties. | |||||||||
[3] | Includes a loss of $515 related to discontinued operations. |