Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 28, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | INTERNATIONAL SHIPHOLDING CORP | |
Entity Central Index Key | 278,041 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,333,406 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||||
Revenues | $ 67,308 | $ 76,752 | $ 135,334 | $ 149,446 |
Operating Expenses | ||||
Voyage Expenses | 53,809 | 57,802 | 106,020 | 115,235 |
Amortization Expense | 4,348 | 5,486 | 9,535 | 10,649 |
Vessel Depreciation | 5,490 | 6,516 | 11,033 | 13,237 |
Other Depreciation | 187 | 180 | 371 | 364 |
Administrative and General Expenses | 4,788 | 5,108 | 9,810 | 10,557 |
Impairment Loss | 1,828 | 1,828 | ||
Gain on Sale of Other Assets | (4,747) | (4,679) | ||
Total Operating Expenses | 65,703 | 75,092 | 133,918 | 150,042 |
Operating Income (Loss) | 1,605 | 1,660 | 1,416 | (596) |
Interest and Other | ||||
Interest Expense | 2,444 | 2,041 | 5,112 | 4,186 |
Derivative Loss | 181 | 18 | 2,991 | 32 |
Loss on Extinguishment of Debt | 260 | 355 | ||
Other Income from Vessel Financing | (470) | (472) | (915) | (961) |
Investment Income | (17) | (5) | (24) | (24) |
Foreign Exchange Loss | 46 | 9 | 91 | 93 |
Total Interest and Other Income | 2,444 | 1,591 | 7,610 | 3,326 |
Income (Loss) Before Provision (Benefit) for Income Taxes and Equity in Net Income (Loss) of Unconsolidated Entities | (839) | 69 | (6,194) | (3,922) |
Provision (Benefit) for Income Taxes | (7) | 653 | 32 | (229) |
Equity in Net Income (Loss) of Unconsolidated Entities (Net of Applicable Taxes) | 665 | (80) | 1,558 | (188) |
Net Loss | (167) | (664) | (4,668) | (3,881) |
Preferred Stock Dividends | 1,306 | 1,305 | 2,611 | 2,611 |
Net Loss Attributable to Common Stockholders | $ (1,473) | $ (1,969) | $ (7,279) | $ (6,492) |
Loss Per Common Share: | ||||
Basic (in dollars per share) | $ (0.20) | $ (0.27) | $ (0.99) | $ (0.89) |
Diluted (in dollars per share) | $ (0.20) | $ (0.27) | $ (0.99) | $ (0.89) |
Weighted Average Shares of Common Stock Outstanding: | ||||
Basic (in shares) | 7,324,050 | 7,281,807 | 7,316,309 | 7,267,023 |
Diluted (in shares) | 7,324,050 | 7,281,807 | 7,316,309 | 7,267,023 |
Common Stock Dividends Per Share (in dollars per share) | $ 0.05 | $ 0.25 | $ 0.30 | $ 0.50 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Consolidated Statements Of Comprehensive Loss [Abstract] | ||||
Net Loss | $ (167) | $ (664) | $ (4,668) | $ (3,881) |
Other Comprehensive Income (Loss): | ||||
Unrealized Foreign Currency Translation Gain (Loss) | (55) | 42 | (116) | 17 |
Change in Fair Value of Derivatives | 90 | (44) | 330 | (35) |
De-Designation of Interest Rate Swap | 2,859 | |||
Change in Funding Status of Defined Benefit Plan | 42 | (24) | 346 | 151 |
Comprehensive Loss | $ (90) | $ (690) | $ (1,249) | $ (3,748) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and Cash Equivalents | $ 12,956 | $ 21,133 |
Restricted Cash | 1,156 | 1,394 |
Accounts Receivable, Net of Allowance for Doubtful Accounts | 33,309 | 31,322 |
Prepaid Expenses | 7,278 | 10,927 |
Deferred Tax Asset | 200 | 408 |
Other Current Assets | 651 | 370 |
Notes Receivable | 1,628 | 3,204 |
Material and Supplies Inventory | 9,163 | 9,760 |
Assets Held for Sale | 6,435 | 6,976 |
Total Current Assets | 72,776 | 85,494 |
Investment in Unconsolidated Entities | 22,956 | 21,837 |
Vessels, Property, and Other Equipment, at Cost: | ||
Vessels | 526,186 | 520,026 |
Building | 1,779 | 1,354 |
Land | 623 | 623 |
Leasehold Improvements | 26,348 | 26,348 |
Construction in Progress | 5,830 | 2,371 |
Furniture and Equipment | 11,014 | 10,461 |
Gross Vessels, Property, and Other Equipment | 571,780 | 561,183 |
Less - Accumulated Depreciation | (179,559) | (186,450) |
Net Vessels, Property, and Other Equipment | 392,221 | 374,733 |
Other Assets: | ||
Deferred Charges, Net of Accumulated Amortization | 27,460 | 25,787 |
Intangible Assets, Net of Accumulated Amortization | 23,789 | 25,042 |
Due from Related Parties | 1,500 | 1,660 |
Notes Receivable | 24,955 | 24,455 |
Goodwill | 2,735 | 2,735 |
Assets Held for Sale | 48,701 | |
Other | 2,959 | 4,843 |
Total Other Assets | 83,398 | 133,223 |
TOTAL ASSETS | 571,351 | 615,287 |
Current Liabilities: | ||
Current Maturities of Long-Term Debt | 23,062 | 23,367 |
Accounts Payable and Other Accrued Expenses | 49,488 | 52,731 |
Total Current Liabilities | 72,550 | 76,098 |
Long-Term Debt, Net | 192,981 | 216,651 |
Other Long-Term Liabilities: | ||
Incentive Obligation | 4,268 | 4,644 |
Other | 39,825 | 50,284 |
TOTAL LIABILITIES | 309,624 | 347,677 |
Stockholders' Equity: | ||
Common Stock, $1.00 Par Value, 20,000,000 Shares Authorized, 7,333,406 and 7,301,657 Shares Outstanding at June 30, 2015 and December 31, 2014, Respectively | 8,761 | 8,743 |
Additional Paid-In Capital | 141,141 | 140,960 |
Retained Earnings | 149,633 | 159,134 |
Treasury Stock 1,388,078 Shares at June 30, 2015 and December 31, 2014 | (25,403) | (25,403) |
Accumulated Other Comprehensive Loss | (12,971) | (16,390) |
TOTAL STOCKHOLDERS' EQUITY | 261,727 | 267,610 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 571,351 | 615,287 |
9.50% Series A Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred Stock, $1.00 Par Value, 2,000,000 Shares Authorized | 250 | 250 |
9.00% Series B Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred Stock, $1.00 Par Value, 2,000,000 Shares Authorized | $ 316 | $ 316 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Stockholders' Equity: | ||
Preferred Stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common Stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common Stock, shares outstanding (in shares) | 7,333,406 | 7,301,657 |
Treasury Stock, (in shares) | 1,388,078 | 1,388,078 |
9.50% Series A Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Cumulative Perpetual Preferred Stock, coupon rate (in hundredths) | 9.50% | 9.50% |
Cumulative Perpetual Preferred Stock, shares issued (in shares) | 250,000 | 250,000 |
Cumulative Perpetual Preferred Stock, shares outstanding (in shares) | 250,000 | 250,000 |
9.00% Series B Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Cumulative Perpetual Preferred Stock, coupon rate (in hundredths) | 9.00% | 9.00% |
Cumulative Perpetual Preferred Stock, shares issued (in shares) | 316,250 | 316,250 |
Cumulative Perpetual Preferred Stock, shares outstanding (in shares) | 316,250 | 316,250 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (4,668) | $ (3,881) |
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used In) Operating Activities: | ||
Depreciation | 11,404 | 13,601 |
Amortization of Deferred Charges | 8,832 | 8,896 |
Amortization of Intangible Assets | 1,253 | 2,058 |
Deferred Tax | (271) | |
Non-Cash Share Based Compensation | 329 | 833 |
Equity in Net (Income) Loss of Unconsolidated Entities, Net | (1,152) | 188 |
Impairment Loss | 1,828 | |
Gain on Sale of Assets | (4,679) | |
Loss on Extinguishment of Debt, Net | 346 | |
Loss on Foreign Currency Exchange, Net | 91 | 93 |
Loss on Derivatives, Net of Cash Settlements | 53 | 32 |
Amortization of Deferred Gains | (1,921) | (2,712) |
Other Reconciling Items, net | 345 | (86) |
Changes in operating assets and liabilities: | ||
Deferred Drydocking Charges | (9,285) | (4,098) |
Accounts Receivable | (5,258) | 1,566 |
Inventory and Other Current Assets | 4,329 | 904 |
Other Assets | (45) | (500) |
Accounts Payable and Accrued Liabilities | (3,934) | (3,727) |
Other Long-Term Liabilities | (1,101) | (1,179) |
Net Cash Provided by (Used In) Operating Activities | (3,233) | 11,717 |
Cash Flows from Investing Activities: | ||
Purchases of and Capital Improvements to Property and Equipment | (6,500) | (6,547) |
Investment in Unconsolidated Entities | (7,886) | |
Net Change in Restricted Cash Account | 238 | 2,499 |
Cash Proceeds from the State of Louisiana | 591 | |
Cash Proceeds from Sale of Assets | 29,354 | |
Cash Proceeds from Receivable Settlement | 3,890 | |
Proceeds from Payments on Note Receivables | 1,076 | 2,124 |
Net Cash Provided by (Used In) Investing Activities | 28,649 | (9,810) |
Cash Flows from Financing Activities: | ||
Proceeds from Line of Credit | 5,000 | 18,000 |
Payments on Line of Credit | (12,500) | (8,000) |
Proceeds from Issuance of Debt | 32,000 | |
Principal Payments on Long Term Debt | (48,157) | (9,511) |
Cash Payments to Settle Foreign Currency Contract | (4,033) | |
Additions to Deferred Financing Charges | (1,098) | (339) |
Dividends Paid | (4,805) | (6,250) |
Net Cash Used in Financing Activities | (33,593) | (6,100) |
Net Decrease in Cash and Cash Equivalents | (8,177) | (4,193) |
Cash and Cash Equivalents at Beginning of Period | 21,133 | 20,010 |
Cash and Cash Equivalents at End of Period | 12,956 | 15,817 |
Supplemental disclosure of non-cash investing activities: | ||
Additions to vessels, property, plant and equipment included in accounts payable and other accrued expenses | $ 20 | $ 716 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Three and Six Months Ended June 30, 2015 NOTE 1 - BASIS OF PRESENTATION We operate a diversified fleet of U.S. and International flag vessels that provide international and domestic maritime transportation services. For additional information on our business , see Item 2 of Part I of this report. We have prepared the accompanying unaudited interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission, and as permitted hereunder, we have omitted certain information and footnote disclosures required by U.S. Generally Accepted Accounting Principles (GAAP) for complete fi nancial statements. We recommend you read these interim statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 201 4 . The condensed consolidated balance sheet as of December 31, 201 4 included in this report has been derived from the audited financial statements at that date. The foregoing 201 5 interim results are not necessarily indicative of the results of operations for the full year 201 5 . Management believes that it has made all adjustments necessary, consisting only of normal recurring adjustments, for a fair statement of the information presented. The accompanying financial statements include the accounts of International Shipholding Corporation and its majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Our policy is to consolidate all subsidiaries in which we hold a greater than 50% voting interest or otherwise control its operating and financial activities. We use the equity method to account for investments in entities in which we hold a 20% to 50% voting interest and have the ability to exercise significant influence over their operating and financial activities. Revenues and expenses relating to our Rail-Ferry, Jones Act, and Specialty segments’ voyages are recorded over the duration of the voyage. Our voyage expenses are estimated at the beginning of the voyages based on historical actual costs or from industry sources familiar with those types of charges. As the voyage progresses, these estimated costs are revised with actual charges and timely adjustments are made. Based on our prior experience, we believe there is not a material difference between recording estimated expenses ratably over the voyage versus recording expenses as incurred. Revenues and expenses relating to our other vessels’ voyages, which require limited estimates or assumptions, are recorded when earned or incurred during the reporting period. We have eliminated all significant intercompany balances, accounts , and transactions in consolidation. Certain previously reported amounts have been reclassified to conform to the 2015 presentation. Specifically, drydock amortization of $4.5 million and $8.6 million for the three and six months ended June 30, 2014, respectively, which were previously included in voyage expense, are now included in amortization expense, and miscellaneous depreciation expense of $0.2 million and $0.4 million for the three and six months ended June 30, 2014, respectively, which were previously included in voyage expense and administrative and general expense, are now included in other depreciation expense in the Condensed Consolidated Statements of Operations and other tables herein. Additionally, deferred debt issuance costs, which were previously included in deferred charges, net of accumulated amortization, are now included as an offset to long-term debt (see Note 6 – Goodwill, Other Intangible Assets, and Deferred Charges ). |
Operating Segments
Operating Segments | 6 Months Ended |
Jun. 30, 2015 | |
Operating Segments [Abstract] | |
Operating Segments | NOTE 2 – OPERATING SEGMENTS Our six operating segments, Jones Act, Pure Car Truck Carriers, Dry Bulk Carriers, Rail-Ferry, Specialty Contracts, and Other are distinguished primarily by the market in which the segment assets are deployed, the physical characteristics of those assets, and the type of services provided to our customers. We report in the Other category the results of several of our subsidiaries that provide ship and cargo charter brokerage, ship management services and agency services to our operating subsidiaries as well as third party customers. Also included in the Other category are corporate related items, results of insignificant operations, and income and expense items not allocated to the other reportable segments. We manage each reportable segment separately, as each requires different resources depending on the nature of the contract or terms under which the vessels within the segment operate. We allocate interest expense to the segments in proportion to the fixed assets (defined as the carrying value of vessels, property, and other equipment) within each segment. Additionally, we include the results of two of our unconsolidated entities, Oslo Bulk, AS and Oslo Bulk Holding Pte. Ltd, in our Dry Bulk Carriers segment, and the results of another unconsolidated entity, Terminales Transgolfo, S.A. de C.V., to our Rail-Ferry segment. The results of our remaining unconsolidated entities, Saltholmen Shipping Ltd (a company owning two Chemical Tankers) and Brattholmen Shipping Ltd (a company owning two Asphalt Tankers), are included in our Specialty Contracts segment. We do not allocate to our segments; (i) administrative and general expenses, (ii) (loss) gain on sale of other assets, (iii) derivative (income) loss, (iv) income taxes, (v) loss (gain) on sale of investment, (vi) loss of extinguishment of debt, (vii) other income from vessel financing, (viii) investment income, and (ix) foreign exchange loss (gain). Intersegment revenues are based on market prices and include revenues earned by our subsidiaries that provide specialized services to our operating companies. Finally, we use “gross voyage profit” as the primary measure for our segments’ profitability to assist in monitoring and managing our business. The following table presents information about segment profit and loss for the three months ended June 30, 2015 and 2014 : RESULTS OF OPERATIONS three MONTHS ENDED JUNE 30 , 2015 COMPARED TO THE three MONTHS ENDED JUNE 30 , 2014 (All Amounts in Thousands) Pure Car Jones Truck Dry Bulk Rail Specialty Act Carriers Carriers Ferry Contracts Other Total 2015 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - Income of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % 2014 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - Loss (Income) of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % The following table presents information about segment profit and loss for the six months ended June 30, 2015 and 2014: RESULTS OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2015 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2014 (All Amounts in Thousands) Pure Car Jones Truck Dry Bulk Rail Specialty Act Carriers Carriers Ferry Contracts Other Total 2015 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - Income of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % 2014 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - Loss (Income) of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % The following table is a reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements: (All Amounts in Thousands) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ $ $ $ Voyage Expenses Amortization Expense Net (Income) Loss of Unconsolidated Entities Gross Voyage Profit Vessel Depreciation Other Depreciation Gross Profit Other Operating Expenses: Administrative and General Expenses Impairment Loss - - Gain on Sale of Other Assets - - Less: Net Income (Loss) of Unconsolidated Entities Total Other Operating Expenses Operating Income (Loss) $ $ $ $ |
Gain On Sale Of Assets
Gain On Sale Of Assets | 6 Months Ended |
Jun. 30, 2015 | |
Gain On Sale Of Assets [Abstract] | |
Gain On Sale Of Assets | NOTE 3 – GAIN ON SALE OF ASSETS During the second quarter of 2015, we sold a 14,930 dead weight ton, 1994-built Pure Car Truck Carrier that had previously contributed to our PCTC segment. In exchange, we received $13.0 million cash, recorded a gain on sale of asset of approximately $4.7 million, and paid down $10.0 million on our revolving line of credit. During the first quarter of 2015, we sold a 36,000 dead weight ton Handysize vessel and its related equipment. We received $16.4 million, net of commissions and other costs to sell, and recorded a loss on sale of asset of approximately $68,000 during the quarter. Additionally, we paid off related debt of approximately $13.5 million and recorded a loss on extinguishment of debt of approximately $95,000 . This vessel was previously reported in the Dry Bulk segment and was included in Assets Held for Sale at December 31, 2014 . |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2015 | |
Inventory [Abstract] | |
Inventory | NOTE 4 - INVENTORY Our inventory consists of three major classes: spare parts, fuel, and warehouse inventory. Spare parts and warehouse inventories are stated at the lower of cost or market based on the first-in, first-out method of accounting. Our fuel inventory is based on the average cost method of accounting. We have broken down th e inventory balances as of June 30 , 2015 and December 31, 2014 by major class in the following table: (All Amounts in Thousands) June 30, December 31, Inventory Classes 2015 2014 Spare Parts Inventory $ $ Fuel Inventory Warehouse Inventory Total $ $ |
Unconsolidated Entities
Unconsolidated Entities | 6 Months Ended |
Jun. 30, 2015 | |
Unconsolidated Entities [Abstract] | |
Unconsolidated Entities | NOTE 5 – UNCONSOLIDATED ENTITIES The following table summarizes our equity in net income ( loss ) of uncons olidated entities for the three and six months ended June 30, 2015 and 2014, respectively: (All Amounts in Thousands) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Oslo Bulk, AS $ $ $ $ Oslo Bulk Holding Pte. Ltd (formerly Tony Bulkers) Terminales Transgolfo, S.A. de C.V. Saltholmen Shipping Ltd Brattholmen Shipping Ltd - - Total Equity in Net Income (Loss) of Unconsolidated Entities $ $ $ $ These investments have been accounted for under the equity method and our portion of their earnings or losses is presented net of any applicable taxes on our condensed co nsolidated statements of operations under the caption "Equity in Net Income ( Loss ) of Unconsolidated Entities (Net of Applicable Taxes).” For additional information on our investment in these and other unconsolidated entities, see Note E – Unconsolidated Entities to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. |
Goodwill, Other Intangible Asse
Goodwill, Other Intangible Assets, And Deferred Charges | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill, Other Intangible Assets, And Deferred Charges [Abstract] | |
Goodwill, Other Intangible Assets, And Deferred Charges | NOTE 6 – GOODWILL, OTHER INTANGIBLE ASSETS, AND DEFERRED CHARGES During the second quarter of 2015, the Company adopted ASU 2015-3 and, as a result, reclassified approximately $3.2 million and $2.9 million of deferred debt issuance costs from Deferred Charges, Net of Accumulated Amortization to offset against Long-Term Debt on our condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014, respectively. Amortization expense related to these charges was $0.2 million and $0.1 million for the three months ended June 30, 2015 and 2014, respectively, and $0.4 million and $0.3 million for the six months ended June 30, 2015 and 2014, respectively. Amortization expense for intangible assets was approximately $ 0.7 million and $1. 0 million for the three months ended June 30, 2015 and 2014 , respectively , and $1.3 million and $2.1 million for the six months ended June 30, 2015 and 2014, respectively . Amortization expense for deferred charges was approximately $ 3.8 million and $ 4. 5 million f or the three months e nded June 30, 2015 and 2014 , respectively , and $8.4 million and $8.6 million for the six months ended June 30, 2015 and 2014, respectively . The following table presents the rollforward of goodwill, other intangible assets, and deferred charges for the six months ended June 30, 2015: (All Amounts in Thousands) Balance at Balance at Amortization December 31, Cash Non-Cash June 30, Period 2014 Additions Disposals Amortization Reclassifications 2015 Indefinite Life Intangibles Goodwill $ $ - $ - $ - $ - $ Total Indefinite Life Intangibles $ $ - $ - $ - $ - $ Definite Life Intangibles Trade names - FSI 240 months $ $ - $ - $ $ - $ Trade names - UOS 144 months - - - Customer Relationships - FSI 240 months - - - Customer Relationships - UOS 144 months - - - Total Definite Life Intangibles $ $ - $ - $ $ - $ Deferred Charges Drydocking Costs various $ $ $ $ $ $ Other Deferred Charges various - Total Deferred Charges $ $ $ $ $ $ |
Assets Held For Sale
Assets Held For Sale | 6 Months Ended |
Jun. 30, 2015 | |
Assets Held For Sale [Abstract] | |
Assets Held For Sale | NOTE 7 – ASSETS HELD FOR SALE As a result of continued evaluation of our strategic alternatives, during the fourth quarter of 2014, we devised a plan to sell three Handysize vessels and one inactive J ones Act Tug-Barge unit . Upon approval of this plan, we classified the Handysize vessels and their related equipment as Long Term Assets Held for Sale, valued at approximately $48.7 million at December 31, 2014. The Tug-Barge unit and inventory relat ed to the Handysize vessels were classified as Short Term Assets Held for Sale, and were valued at approximately $7.0 million at December 31, 2014. During 2014, the Company adopted ASU 2014-8 which changed the definition of discontinued operations. In accordance with this guidance, we determined that the assets held for sale did not represent a strategic shift that would have a major effect on our operations and financial results. As such, we did not report the financial results related to these assets as discontinued operations. During the first quarter of 2015, we sold one of the Handysize vessels and its equipment and paid off related debt. For additional information related to the sale of this vessel, s ee Note 3 – Gain on Sale of Asset s. At June 30, 2015, we reclassified the remaining two Handysize vessels and their related eq uipment and inventory from Assets Held for Sale to assets held in use (Vessels, Property, and Other Equipment) and recorded an impairment loss of approximately $1.8 million to adjust the vessels to current fair market value. See Note 12 – Long Term Debt for additional information. At June 30, 2015, the Tug-Barge unit is classified as Short Term Assets Held for Sale of approximately $6.4 million. As a result of these classifications, there was no depreciation expense related to these assets during the first half of 2015. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 8 – INCOME TAXES We recorded a tax pr ovision of $32,000 on our $6.2 million loss before taxes and equity in net income of unconsolidated entities for the six months ended June 30, 2015. For the first six months of 2014 we recorded an income tax bene fit of $229,000 on our $3.9 million loss before equity in net income of unconsolidated entities. These provision amounts represent our qualifying U.S. flag operations, which continue to be taxed under the “tonnage tax” provisions rather than the normal U.S. corporate income tax provisions, state income taxes paid, and foreign income tax withholdings or refunds. In accordance with Internal Revenue Code (IRC) Section 1359 disposition of qualifying vessels, we have elected to defer taxable gains on the sale of qualifying tonnage tax vessels operating under the tonnage tax regime. IRC Section 1359(b) defers the re cognition of taxable gains for three years after the close of the first taxable year in which the gain is realized or subject to such terms and conditions as may be specified by the Secretary of the Internal Revenue Service, on such later date as the Secretary may designate upon application by the taxpayer. Deferred gains on the sale of qualifying vessels must be recognized if the amount realized upon such sale or disposition exceeds the cost of the replacement qualify ing vessel, limited to the gain recognized on the transaction. We have elected to def er gains of approximately $80.9 million from the dispositions of qualifying vessels in prior years, of which $79.4 million of such deferred gain originated in the year ending December 31, 2012. In order to meet the non-recognition requirements on the 2012 dispositions , we would need to acquire qualifying replacement property by December 31, 2015. Management currently intends to satisfy substantially all requirements for non-recognition of taxable gains through purchase, refinancing, or by the extended time of replacement if granted by the Secretary of the Internal Revenue Service upon our application. To the ext ent any gain is recognized, we expect that existing tax attributes will be utilized to offset such gain. We intend to continue to monitor our ability to meet the requirements of IRC Section 1359 on a quarterly basis. We established a valuation allowance against deferred income tax assets in 2014 because, based on available information, we could not conclude that it was more likely than not that the full amount of deferred income tax assets generated primarily by net operating loss carryforwards and alternative minimum tax credits would be realized through the generation of taxable income in the near future. We have and will continue to evaluate the need for a valuation allowance on a quarterly basis. We recorded an increase in o ur valuation allowance of $1.8 million for the six months ending June 30, 2015. For further information on certain tax laws and elections, see our Annual Report on Form 10-K filed for the year ended December 31, 2014, including Note J - Income Taxes to the consolidated financial statements included therein. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE 9 – COMMITMENTS AND CONTINGENCIES Commitments During the third quarter of 2014, we were notified of the bankruptcy of a ship builder that had agreed to build a new Handysize Dry Bulk Carrier. As a result of this bankruptcy, we collected $4.2 million on January 6, 2015, $3.9 million of which represented a return of our deposit and $0.3 million of which we recognized as interest income. Contingencies On and after June 26, 2014, U.S. Customs and Border Protection (CBP) issued pre - penalty notification s to us and two of our affiliates alleging failure to properly report the importation of spare parts incorporated into our vessels covering the period Apri l 2008 through September 2012. Under these notifications, CBP’s proposed duty i s currently approximately $2.1 million along with a proposed penalty on the assessment of approximately $ 8.3 million. The basis of CBP’s assessment is that the U. S. Government experienced a loss of revenue consisting of the difference between the government’s ad valorem duty and the consumption entry duty actually paid by us . On September 24, 2014, we submitted our formal response to CBP’s claim and denied violating the applicable U.S. statute or regulation s . We have not accrued a liability for this matter because we believe it is premature (i) to determine whether an accrual is warranted and (ii) if so, to determine a reasonable estimate of probable liability . Note 12 – Long Term Debt contains a discussion of our debt guarantees under the subheading “Guarantees.” For further information on our comm itments and contingencies, see Note K – Commitment and Contingencies to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | NOTE 10 – EMPLOYEE BENEFIT PLANS The following table provides the components of net periodic benefit cost for our pension plan and postretirement benefits plan for the three months ended June 30, 2015 and 2014: (All Amounts in Thousands) Pension Plan Postretirement Benefits Three Months Ended June 30, Three Months Ended June 30, Components of net periodic benefit cost: 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets - - Amortization of prior service cost Amortization of net loss Net periodic benefit cost (benefit) $ $ $ $ The following table provides the components of net periodic benefit cost for our pension plan and postretirement benefits plan for the six months ended June 30, 2015 and 2014: (All Amounts in Thousands) Pension Plan Postretirement Benefits Six Months Ended June 30, Six Months Ended June 30, Components of net periodic benefit cost: 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets - - Amortization of prior service cost Amortization of net loss Net periodic benefit cost (benefit) $ $ $ $ We contributed $150,000 to our pension plan for the six months ended June 30, 2015. We expect to contribute an additional $450,000 before December 31, 2015. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | NOTE 11 – DERIVATIVE INSTRUMENTS We use derivative instruments from time to time to manage certain foreign currency and interest rate risk exposures. We do not use derivative instruments for speculative trading purposes. All derivative instruments are recorded on the balance sheet at fair value. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded through other comprehensive income and reclassified to earnings when the derivative instrument is settled. Any ineffective portion of changes in the fair value of the derivative is reported in earnings. None of our derivative contracts contain credit-risk related contingent features that would require us to settle the contract upon the occurrence of such contingency. However, all of our contracts contain clauses specifying events of default under specified circumstances, including failure to pay, breach of agreement, default under the specific agreement to which the hedge relates, bankruptcy, misrepresentation and the occurrence of certain transactions. The remedy for default is settlement in entirety or payment of the fair value of the contracts, which was a liability of $ 148,000 in the aggregate for all of our contracts as of June 30 , 201 5 (see table below ) . As of March 31, 2015, we expected to refinance our Yen-based credit facility with a U.S. dollar facility. Interest payable under the Yen-based loan was fixed after we entered into a variable-to-fixed interest rate swap in 2009. Due to our determination at March 31, 2015 that it was more likely than not that the Yen-based loan would be refinanced, we classified the interest rate swap as completely ineffective at March 31, 2015. As a result, we recorded a t such time a $2.8 million charge to derivative loss on our condensed consolidated statement of operations with the offset to other comprehensive loss. In April 2015, we refinanced our Yen-based facility with a USD-based facility and paid approximately $2.9 million to settle our related interest rate swap . At December 31, 2014, we had a derivative liability of $3.0 million , which was recorded in Other Liabilities (long-term) on the consolidated balance sheet as it related to this interest rate swap . The unrealized loss related to our derivative instruments included in accumulated other comprehensive loss, net of taxes, was $0. 5 million and $ 3.7 million as of June 30 , 201 5 and December 31, 2014, respectively. The notional and fair value amounts of our derivative instruments as of June 30 , 201 5 were as follows: (All Amounts in Thousands) Liability Derivatives Current Notional Balance Sheet Fair Amount Location Value Foreign Exchange Contracts $ Current Liabilities $ The effect of derivative instruments designated as cash flow hedges on our condensed consolidated statement of operations for the six months ended June 30 , 201 5 were as follows: (All Amounts in Thousands) Location of Amount of Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Recognized in Recognized Reclassified from Reclassified from Income from in OCI* AOCI** to Income AOCI to Income Ineffective Portion Interest Rate Swaps $ Interest Expense $ $ De-Designation of Interest Rate Swaps - Foreign Exchange Contracts Other Revenues - Total $ $ $ * Other Comprehensive (Loss) Income **Accumulated Other Comprehensive Income Foreign Currency Contracts From time to time, we enter into foreign exchange contracts to hedge certain firm foreign currency purchase commitments. During 2014, we entered into three forward purchase contracts for Mexican Pesos, which expire in December 2015, two for $900,000 U.S. Dollar equivalents at an average exchange rate of 13.6007 and 13.7503 , respectively, and another for $600,000 U.S. Dollar equivalents at an exchange rate of 14.1934 . Our Mexican Peso foreign exchange contracts cover approximately 85% of our projected Peso exposure. In April of 2015, we paid approximately $4.1 million to settle our foreign forward exchange contract in connection with the refinancing of our Yen-based facility to a USD-based facility. This cash payment was reflected as a financing activity on the condensed consolidated statement of cash flows since the instrument was acquired in connection with the Yen-based debt facility. At December 31, 2014, we had a derivative liability of $4.0 million , which was recorded in Other Liabilities (long-term) , and $0.1 million, which was recorded in Current Liabilities, on the consolidated balance sheet as it related to this contract . The following table summarizes the remaining notional values as of June 30 , 201 5 , of these contracts: (All Amounts in Thousands) Amount Available Transaction Date Type of Currency in Dollars Effective Date Expiration Date Sep-14 Peso $ Jan-15 Dec-15 Oct-14 Peso Jan-15 Dec-15 Dec-14 Peso Jan-15 Dec-15 $ |
Long Term Debt
Long Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Long Term Debt [Abstract] | |
Long Term Debt | NOTE 12 – LONG TERM DEBT Debt Obligations We currently maintain a senior secured credit facility (“Credit Facility”) that matures on September 24, 2018. At June 30, 2015, the Credit Facility was comprised of a term loan facility in the principal amount of $45.0 million and a revolving credit facility (“LOC”) permitting draws in the principal amount of up to $50.0 million. The LOC includes a $20.0 million sublimit for the issuance of standby letters of credit and a $5.0 million sublimit for swingline loans. As of June 30, 2015, we had $31.0 million of borrowings and $7.4 million of letters of credit outstanding under our LOC. Effective July 2, 2015, our Credit Facility was amended to $85.0 million with a LOC permitting draws in the principal amount of up to $40.0 million leaving approximately $1.6 million of additional borrowing capacity. Under the Credit Facility, each of our domestic subsidiaries is a joint and several co-borrower. The obligations of all the borrowers under the Credit Facility are secured by all personal property of the borrowers, including the U.S. flagged vessels owned by ISH’s domestic subsidiaries and collateral related to such vessels. Several of our International flagged vessels are pledged as collateral securing several of our other secured debt facilities. The Credit Facility, as amended, includes usual and customary covenants and events of default for credit facilities of its type. Our ability to borrow under the Credit Facility is conditioned upon continued compliance with such covenants, including, among others, (i) covenants that restrict our ability to engage in certain asset sales, mergers or other fundamental changes, to incur liens or to engage in various other transactions or activities and (ii) various financial covenants, including those stipulating as of June 30, 2015 that we maintain a consolidated leverage ratio not to exceed 5.0 to 1.0, an EBITDAR to fixed charges ratio of at least 1.05 to 1.0, liquidity of not less than $20.0 million, positive working capital, and a consolidated net worth of not less than the sum of $228.0 million, minus impairment losses, plus 50% of our consolidated net income earned after December 31, 2011, excluding impairment loss, plus 100% of the proceeds of all issuances of equity interests received after December 31, 2011 (with all such terms or amounts as defined in or determined under the Credit Facility). For information on the prior and future terms of these covenants, amendments to our covenants, and our compliance with these covenants, see “– Debt Covenants” below. On April 24, 2015, we entered into a new loan agreement with DVB Bank SE in the amount of $32.0 million by refinancing our 2010 built PCTC. We received the loan proceeds on April 24, 2015 and applied them as follows: (i) $24.0 million to pay off an outstanding Yen facility in the amount of 2.9 billion Yen, (ii) $4.1 million to settle the related Yen forward contract, and (iii) $2.9 million to settle a Yen denominated interest rate swap. Under the new DVB loan agreement, interest will be payable at a fixed rate of 4.16% with the principal being paid quarterly over a five -year term based on a ten -year amortization schedule with a final quarterly balloon payment of $16.8 million due on April 22, 2020. Our 2010-built foreign flag PCTC along with customary assignment of earnings and insurances are pledged as security for the facility. In the second quarter of 2015, we recorded a loss on extinguishment of debt of approximately $0.3 million as a result of the early debt payoff. During the six months ended June 30, 2015, we capitalized approximately $0.6 million in loan costs associated with the DVB Bank loan, which will be amortized over the life of the loan. In June of 2015, we merged the two ING loan facilities financing the Capesize bulk carrier, Supramax bulk carrier and two Handysize vessels. None of the debt maturities or terms were amended. During the second quarter 2015, we early adopted ASU 2015-3 and as a result reclassified approximately $3.2 million and approximately $2.9 million of deferred debt issuance costs from Deferred Charges, Net of Accumulated Amortization to offset against Long-Term Debt on our condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014, respectively. During the first quarter of 2015, we paid off approximately $13.5 million in debt in connection with the sale of one of our Handysize vessels. Additionally, we wrote off approximately $95,000 of unamortized loan costs associated with the debt instrument which is reflected in loss on extinguishment of debt on our condensed consolidated statement of operations . As of the dates indicated below, long-term debt consisted of the following: (All Amount in Thousands) Interest Rate Total Principal Due June 30, December 31, Maturity June 30, December 31, Description of Secured Debt 2015 2014 Date 2015 2014 Notes Payable – Variable Rate 1 % % 2018 $ $ Notes Payable – Variable Rate 1 2.7708 - 2.7770 % 2.7312 - 2.7324 % 2018 Notes Payable – Variable Rate % % 2017 Notes Payable – Variable Rate 1 % % 2018 Notes Payable – Variable Rate 2 % % 2018 Notes Payable – Fixed Rate 3 % % 2020 Notes Payable – Variable Rate 4 % % 2021 Notes Payable – Variable Rate 5 % 2020 - Notes Payable – Fixed Rate 5 % 2020 - Note Payable - Mortgage 6 Line of Credit 2 % % 2018 Less: Current Maturities Less: Debt Issuance Costs $ $ 1. We entered into a variable rate financing agreement with ING Bank N.V, London branch in August 2010 for a seven year facility to finance the construction and acquisition of three Handysize vessels. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches which corresponded to the vessel delivery schedule. Tranche I covered the first two vessels delivered with Tranche II covering the last vessel. Tranche I was fully drawn in the amount of $36.8 million, and Tranche II fully drawn at $18.4 million We entered into a variable rate financing agreement with ING Bank N.V., London branch in June 2011 for a seven year facility to finance the acquisition of a Capesize vessel and a Supramax Bulk Carrier newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn in June 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million in January 2012. In order to aid in the collateral value coverage covenant, both of the above facilities were merged into one under an Assignment, Assumption, Amendment and Restatement Facility dated June 10, 2015. None of the debt maturities or terms were amended. 2. As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and, at June 30, 2015, included a term loan facility in the principal amount of $45 million and a LOC in the principal amount up to $50 million. The LOC facility includes a $20 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans. 3. We entered into a fixed rate financing agreement with DVB Bank SE, on August 26, 2014 in the amount of $38.5 million, collateralized by our 2007 PCTC at a rate of 4.35% with 24 quarterly payments with a final balloon payment of $20.7 million in August 2020. This loan requires us to pre-fund a one-third portion of the upcoming quarterly scheduled debt payment, which, at June 30, 2015, constituted $0.4 million and is included as restricted cash on our balance sheet. 4. In August 2014, we paid off our $11.4 million loan with DNB Bank and obtained a new loan with RBS Asset Finance in the amount of $23.0 million collateralized by one of our 1999 PCTCs at a variable rate equal to the 30-day Libor rate plus 2.75% payable in 84 monthly installments with the final payment due August 2021. 5. In April 2015, we paid off our loan of $28.1 million loan with DNB Bank and settled the related Yen forward contract and interest rate swap. We obtained a new loan with DVB Bank SE in the amount of $32.0 million. Interest under the new loan is payable at a fixed rate of 4.16% with the principal being paid quarterly over a five -year term based on an amortization of ten years with a final quarterly balloon payment of $16.8 million due in April 2020. This loan requires us to pre-fund a portion of the upcoming quarterly scheduled debt payment, which, at June 30, 2015, constituted $0.8 million and is included as restricted cash on our balance sheet. This facility was amended on June 30, 2015 to change the borrower from LCI Shipholdings, Inc. to East Gulf Shipholding, Inc. 6. Represents borrowings associated with the proposed construction financing related to the building we plan to renovate as our New Orleans headquarters. All of our principal credit agreements and operating leases require us to comply with various loan covenants, including financial covenants that require minimum levels of net worth, working capital, liquidity, and interest expense or fixed charges coverage and a maximum amount of debt leverage. Throughout 2014 and 2015, there has been concern that we would be unable to meet all of our required debt covenants. Consequently, we solicited and received from our lenders and lessors amendments to or waivers from various of these covenants to assure our compliance therewith as of the end of the first, third and fourth quarters of 2014 and the end of the first and second quarters of 2015. Summarized below are key amendments and waivers received since September 30, 2014. For more complete information, see the discussion of our debt covenant compliance set forth in our periodic reports filed since January 1, 2014 with the SEC. Effective September 30, 2014, certain of our lenders and lessors agreed at our request to adjust our covenants to less stringent levels to provide relief from the accounting impact of approximately $11.2 million in deferred gains resulting from the September 2014 vessel purchase and refinancing transactions. Two of our lenders elected to adjust our definition of EBITDA to disregard the impact of these transactions, while the remainder of our lenders and lessors agreed at such time to amend the consolidated leverage and fixed charge coverage ratios to require us to maintain (i) a consolidated leverage ratio of 5.00 to 1.0 through the fiscal quarter ending December 31, 2015, then 4.75 to 1.0 through the fiscal quarter ending March 31, 2016, then 4.50 to 1.0 beginning the quarter ending June 30, 2016 through the quarter ending September 30, 2016, and 4.25 to 1.0 thereafter and (ii) a minimum fixed charge coverage ratio of 1.10 to 1.0 beginning with the quarter ending September 30, 2014 through the quarter ending December 31, 2014, 1.15 to 1.0 beginning with the quarter ending March 31, 2015 through the quarter ending December 31, 2015, 1.20 to 1.0 beginning with the quarter ending March 31, 2016 through the quarter ending June 30, 2016, and 1.25 to 1.0 thereafter (in each case as calculated under our amended debt agreements). At the end of the first and second quarters of 2015, we received from our lenders and lessors additional amendments to or waivers from certain covenants contained in our financing and lease agreements. We received permission from certain lenders and lessors to incur up to $15 million in additional indebtedness for general corporate purposes. We also received from certain lenders and lessors permission to incur additional indebtedness in connection with our above-described refinancing of a foreign currency loan facility and our payoff of a related foreign currency interest rate swap. We received from certain lenders and lessors a restatement of the fixed charge coverage ratio to a minimum 1.05 to 1.0 for the fiscal year 2015, 1.15 to 1.0 beginning with the quarter ending March 31, 2016, 1.20 to 1.0 beginning with the quarter ending June 30, 2016, and 1.25 to 1.0 for all periods thereafter. The manner in which this fixed charge coverage ratio is determined and calculated differs under our various loan or lease agreements. Two other lenders provided short-term relief by agreeing to amend, for 2015 only, the manner in which the leverage ratio will be calculated under the relevant agreement. Additionally, in 2015 we received from one of our lenders relief under our loan to value ratio test. As a result of the above-described waivers and concessions, we were in compliance with all of our debt covenants as of June 30, 2015 . Liquidity and Covenant Compliance Beginning in the fourth quarter of fiscal year 2014, we commenced a plan to evaluate our liquidity and capital resource needs for fiscal year 2015 and beyond. Our plan included the reduction of our quarterly cash dividend on common stock commencing in the second quarter of 2015 and the identification of five non-performing assets that were approved for sale by our Board of Directors during the fourth quarter of 2014 and classified as Assets Held for Sale on our December 31, 2014 balance sheet. Additionally, in the fourth quarter of 2014, we completed the renewal of our contract as the primary marine transporter of coal for The Tampa Electric Company (‘TEC”). As a result of this contract renewal and the impairment recorded on one of our assets held for sale, we evaluated the recoverability of our deferred tax assets and concluded that it is more likely than not that we will not recognize the benefits of our federal tax attributes. Therefore, we recorded a valuation allowance on our deferred tax assets during the fourth quarter of 2014. During the first half of 2015, we recorded an increase in this valuation allowance of $1. 8 million. Prior to December 31, 2014, we sold one of our held for sale assets, and on March 5, 2015, we finalized the sale of one of the four remaining held for sale assets. By the end of the second quarter of 2015, we replaced our plan to sell two of our Handysize vessels with a new plan to resume operating the vessels in a revenue sharing agreement, albeit with different operators. The decision was primarily driven by offers to purchase the vessels that we concluded were inadequate. We are also in the process of obtaining bank financing for approximately $6.9 million to fund the construction and renovation of our future headquarters office in New Orleans. We anticipate closing this financing by the end of the third quarter of 2015. In addition to the $6.9 million in bank financing, we have received approximately $5.2 million in incentives from the State of Louisiana which offset part of the cost of constructing the new office. We are evaluating options available to us to fund the remaining cost of approximately $6.9 million to complete the construction of the building. In addition to these activities, we have explored to varying degrees other alternatives designed to increase our cash or strengthen our liquidity. These other alternatives include (i) borrowing money secured by certain of our unencumbered assets, which currently constitute a small portion of our consolidated assets, (ii) seeking loan refinancings to further monetize the value of our assets collateralizing current loans, (iii) selling assets, (iv) reducing costs or (v) pursuing private or public offerings of debt or equity securities. As of June 30, 2015, we estimate that the fair val ue of our unencumbered assets was approximately $65.3 million . We cannot assure you that we will pursue or continue to pursue any of the alternatives, or that any such efforts will be successful. Failure to execute our plan would impact our ability to be in compliance with our 2015 and 2016 quarterly debt covenants, in particular our working capital, minimum liquidity and fixed charge ratios, and could cause us to suffer an event of default, which could, among other things, accelerate our obligations under any such agreement or preclude us from making future borrowings. Moreover, because our debt obligations are represented by separate agreements with different lenders, in some cases any breach of these covenants or any other default under one agreement may create an event of default under other agreements, resulting in the acceleration of our obligation to pay principal, interest and potential penalties under such other agreements (even though we may otherwise be in compliance with all of our obligations under those agreements). An event of default under a single agreement , including one that is technical in nature or otherwise not material, could result in the acceleration of our debt obligations under multiple lending agreements. The acceleration of any or all amounts due under our debt agreements or the loss of the ability to borrow under our revolving credit facility or other debt agreements could have a material adverse effect on our business, financial condition, results of operations and cash flows. In the event of non-compliance with our debt covenants, we would likely seek to amend the covenants, obtain waivers from each of our lenders in order to cure any instances of non-compliance, or sell vessels that are currently unencumbered by debt or that serve as collateral against our outstanding debt obligations . We currently believe that we will be able to continue to attain our financial covenants over the next twelve months based upon (i) current conditions, (ii) the assumption that we will generate cash through asset sales, cost savings initiatives or alternative transactions and (iii) our expectations that our underperforming segments will stabilize or improve marginally in the near term. Because we cannot necessarily control future conditions or transactions, however, we cannot assure you that we are able to attain all of our financial covenants in future periods. Our future ability to attain our financial covenants will be dependent upon a wide range of factors, several of which are outside of our control. In addition to the restrictions under our Credit Facility, certain of our loan agreements restrict the ability of our subsidiaries to dispose of collateralized assets or any other asset which is substantial in relation to our assets taken as a whole without the approval from the lender. We believe that we have consistently remained in compliance with this provision of these loan agreements and we do not believe this provision will hinder our ability to sell assets as needed to meet our financial covenants . Guarantees We guarantee two separate loan facilities of two separate shipping companies in which one of our wholly-owned subsidiaries has indirect ownership interests. With respect to one of the two loan facilities of these shipping companies, in which our wholly-owned subsidiary indirectly owns a 25% interest, we guarantee 5% of the amount owed under the loan facility. As of June 30, 2015 and December 31, 2014, this guarantee obligation equated to approximately $3.6 million and $3. 8 million, respectively. The amount of this guarantee reduces semi-annually by approximately $165,000 through December 2018. Under the second facility, in which our wholly-owned subsidiary indirectly owns approximately 23.7% of the borrower, we guarantee only $1.0 million of the approximately $11.0 million loan facility. This second guarantee is non-amortizing and is scheduled to expire in December 2018. In December 2017, we anticipate that this guarantee will be reduced from $1.0 million to $510,000 as a result of a scheduled payment of a portion of the facility. |
Other Long Term Liabilities
Other Long Term Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Other Long Term Liabilities [Abstract] | |
Other Long Term Liabilities | NOTE 13 – OTHER LONG TERM LIABILITIES Other Long Term Liabilities as of June 30 , 201 5 and December 31, 2014 were $39.8 million and $50.3 million, respectively. (All Amounts in Thousands) June 30, December 31, 2015 2014 Deferred Gains, net of Amortization $ $ Pension and Post Retirement Alabama Lease Incentive Insurance Reserves Derivatives - Deferred Tax Liability Other $ $ |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | NOTE 14 – STOCK BASED COMPENSATION We grant stock-based compensation in the form of (1) unrestricted stock awards to our outside directors and (2) restricted stock units (“RSUs”) to key executive personnel. RSUs are granted in a combination of time based and performance based units. These awards were granted under the International Shipholding Corporation 2011 Stock Incentive Plan (the “Plan”), which was approved by our stockholders in 2011. In the first quarter of 2015, we granted 8,100 unrestricted shares to its outside directors and 42,650 RSUs to key executive personnel. Additionally, during the first quarter of 2015, our key executive personnel forfeited 37,700 shares from certain performance based RSUs granted in 2012 and 2014 and modified awards originally granted in 2013. Our total compensation expense related to these plans was approxim ately $327,000 and $386,000 for the three months ended June 30 , 201 5 and 2014, respectively, and $329,000 and $833,000 for the six months ended June 30, 2015 and 2014, respectively, which is reflected in administrative and general expenses. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 15 – STOCKHOLDERS’ EQUITY A summary of the changes in Stockholders’ equity for the six months ended June 30 , 201 5 , is as follows: (All Amounts in Thousands) Stockholders' Equity Balance at December 31, 2014 $ Net Loss Common Stock Dividends* Preferred Stock Dividends Unrealized Foreign Currency Translation Gain Net Change in Fair Value of Derivatives De-Designation of Interest Rate Swap Net Change in Funding Status of Defined Benefit Plan Issuance of stock-based compensation, net of forfeited shares Balance at June 30, 2015 $ * Includes approximately $28,000 of dividends accrued but not paid during the period with respect to unvested equity incentive awards. Stock Repurchase Program On January 25, 2008, our Board of Directors approved a share repurchase program for up to a total of 1,000,000 shares of our common stock. We expect that any share repurchases under this program will be made from time to time for cash in open market transactions at prevailing market prices. The timing and amount of any purchases under the program will be determined by management based upon market conditions and other factors. In 2008, we repurchased 491,572 shares of our common stock for $11.5 million. Thereafter, we suspended repurchases until the second quarter of 2010, when we repurchased 223,051 shares of our common stock for $5.2 million. Unless and until our Board of Directors otherwise provides, this authorization will remain open indefinitely, or until we reach the approved 1, 000,000 share limit. As of June 30 , 2015, the maximum number of shares that may yet be purchased under the Plan was 285,377 shares. Dividend Payments The payment of dividends to common stockholders and preferred stockholders is at the discretion and subject to the approval of our Board of Directors. On October 29, 2008, our Board of Directors authorized the reinstitution of a quarterly cash common stock dividend program beginning in the fourth quarter of 2008. Since then, the Board of Directors has declared a cash common stock dividend each quarter. During the six months ended June 30 , 201 5 , we paid cash dividends on our common stock as follows: (All Amounts in Thousands Except per Share Data) Declaration Date Record Date Payment Date Per Share Amount Total Dividend Paid 7-Jan-15 19-Feb-15 4-Mar-15 $ $ 29-Apr-15 15-May-15 3-Jun-15 $ During the six months ended June 30 , 201 5 , we paid cash dividends on our Series A and Series B Cumulative Perpetual Preferred Stock as follows: (All Amounts in Thousands Except per Share Data) Declaration Date Record Date Series Payment Date Per Share Amount Total Dividend Paid 7-Jan-15 29-Jan-15 A 30-Jan-15 $ $ 7-Jan-15 29-Jan-15 B 30-Jan-15 2-Apr-15 29-Apr-15 A 30-Apr-15 2-Apr-15 29-Apr-15 B 30-Apr-15 $ |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Loss Per Share [Abstract] | |
Loss Per Share | NOTE 16 – LOSS PER SHARE Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding assuming the exercise of the conversion of restricted stock units. We had net losses attributable to common stockholders for the three and six months ending June 30, 2015 and 2014; therefore, we disregarded the impact of any incremental shares issuable under our outstanding restricted stock units because the net loss with respect to such shares would have been anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | NOTE 17 – FAIR VALUE MEASUREMENTS ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Under ASC 820, the price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a voluntary transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, and (iii) able and willing to complete a transaction. Fair value measurements require the use of valuation techniques that are consistent with one or more of the following: the market approach, the income approach or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. The fair value of our interest rate swap agreements is based upon the approximate amounts required to settle the contracts. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In that regard, ASC 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: • Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (including interest rates, volatilities, prepayment speeds, credit risks) or inputs that are derived principally from or corroborated by market data by correlation or other means. • Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. The following table summarizes our financial assets and financial liabilities measured at fair value on a recurring and non-recurring basis as of June 30 , 201 5 and December 31, 2014 , segregated by the above-described levels of valuation inputs: (All Amounts in Thousands) June 30, 2015 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Derivative Liabilities $ - $ $ - $ (All Amounts in Thousands) December 31, 2014 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Derivative Liabilities $ - $ $ - $ The carrying amounts of our accounts receivable, accounts payable and accrued liabilities approximated their fair value at June 30 , 201 5 and December 31, 2014 . We estimated the fair value of our variable rate long-term debt at June 30 , 201 5 , including current maturities, to equal approximately $ 219.5 million due to the variable rate nature of the debt as well as to the underlying value of the collateral. We have determined that credit risk is not a material factor . |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | NOTE 18 – NEW ACCOUNTING PRONOUNCEMENTS In February 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-02, Amendments to the Consolidation Analysis . The amendments in ASU 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 will be effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. We do not expect the adoption of ASU 2015-02 will have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . The amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. ASU 2015-03 will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. As such, during the second quarter of 2015, we adopted ASU 2015-03 and reclassified approximately $3.2 million and $2.9 million of deferred debt issuance costs from Deferred Charges, Net of Accumulated Amortization to offset against Long-Term Debt on our condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014, respectively. In April 2015, the FASB issued ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for a cloud computing arrangement as a service contract. The amendment is effective for annual periods beginning after December 15, 2015. Early adoption is permitted. The amendment may be adopted either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. Management is currently in the process of evaluating the impact of this amendment. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which will replace most existing revenue recognition guidance in GAAP. The guidance in this update requires an entity to recognize the amount of revenue that it expects to be entitled for the transfer of promised goods or services to customers. The new standard will apply to us on January 1, 2018, with early application not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. Management is currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures and, therefore, has not determined the effect of the accounting guidance on our ongoing financial reporting. Management reviewed all other significant newly issued accounting pronouncements and concluded that they are either not applicable to our business or that we do not expect their future adoption to have a material effect on our condensed consolidated financial statements . |
Change In Accounting Estimate
Change In Accounting Estimate | 6 Months Ended |
Jun. 30, 2015 | |
Change In Accounting Estimate [Abstract] | |
Change In Accounting Estimate | NOTE 19 – CHANGE IN ACCOUNTING ESTIMATE Based on company policy, we review the reasonableness of our salvage values every three years based on the most recent three year average price of scrap steel per metric ton. In the first quarter of 2015, we reviewed and adjusted the salvage values based on changes in the market value of scrap steel. This adjustment resulted in a decrease in salvage values of approximately $0.6 million. The impact of this adjustment on depreciati on expense for the three and six months ending June 30, 2015 was immaterial. The impact for future periods will also be immaterial. |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Operating Segments [Abstract] | |
Segment Profit And Loss | (All Amounts in Thousands) Pure Car Jones Truck Dry Bulk Rail Specialty Act Carriers Carriers Ferry Contracts Other Total 2015 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - Income of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % 2014 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - Loss (Income) of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % The following table presents information about segment profit and loss for the six months ended June 30, 2015 and 2014: RESULTS OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2015 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2014 (All Amounts in Thousands) Pure Car Jones Truck Dry Bulk Rail Specialty Act Carriers Carriers Ferry Contracts Other Total 2015 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - Income of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % 2014 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - Loss (Income) of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % |
Reconciliation Of The Totals Reported For The Operating Segments | (All Amounts in Thousands) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ $ $ $ Voyage Expenses Amortization Expense Net (Income) Loss of Unconsolidated Entities Gross Voyage Profit Vessel Depreciation Other Depreciation Gross Profit Other Operating Expenses: Administrative and General Expenses Impairment Loss - - Gain on Sale of Other Assets - - Less: Net Income (Loss) of Unconsolidated Entities Total Other Operating Expenses Operating Income (Loss) $ $ $ $ |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory [Abstract] | |
Inventory By Class | (All Amounts in Thousands) June 30, December 31, Inventory Classes 2015 2014 Spare Parts Inventory $ $ Fuel Inventory Warehouse Inventory Total $ $ |
Unconsolidated Entities (Tables
Unconsolidated Entities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Unconsolidated Entities [Abstract] | |
Summarized Equity In Net Income (Loss) Of Unconsolidated Entities | (All Amounts in Thousands) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Oslo Bulk, AS $ $ $ $ Oslo Bulk Holding Pte. Ltd (formerly Tony Bulkers) Terminales Transgolfo, S.A. de C.V. Saltholmen Shipping Ltd Brattholmen Shipping Ltd - - Total Equity in Net Income (Loss) of Unconsolidated Entities $ $ $ $ |
Goodwill, Other Intangible As29
Goodwill, Other Intangible Assets, And Deferred Charges (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill, Other Intangible Assets, And Deferred Charges [Abstract] | |
Schedule Of Goodwill, Other Intangible Assets, And Deferred Charges | (All Amounts in Thousands) Balance at Balance at Amortization December 31, Cash Non-Cash June 30, Period 2014 Additions Disposals Amortization Reclassifications 2015 Indefinite Life Intangibles Goodwill $ $ - $ - $ - $ - $ Total Indefinite Life Intangibles $ $ - $ - $ - $ - $ Definite Life Intangibles Trade names - FSI 240 months $ $ - $ - $ $ - $ Trade names - UOS 144 months - - - Customer Relationships - FSI 240 months - - - Customer Relationships - UOS 144 months - - - Total Definite Life Intangibles $ $ - $ - $ $ - $ Deferred Charges Drydocking Costs various $ $ $ $ $ $ Other Deferred Charges various - Total Deferred Charges $ $ $ $ $ $ |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Components Of Net Periodic Benefit Cost | (All Amounts in Thousands) Pension Plan Postretirement Benefits Three Months Ended June 30, Three Months Ended June 30, Components of net periodic benefit cost: 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets - - Amortization of prior service cost Amortization of net loss Net periodic benefit cost (benefit) $ $ $ $ The following table provides the components of net periodic benefit cost for our pension plan and postretirement benefits plan for the six months ended June 30, 2015 and 2014: (All Amounts in Thousands) Pension Plan Postretirement Benefits Six Months Ended June 30, Six Months Ended June 30, Components of net periodic benefit cost: 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets - - Amortization of prior service cost Amortization of net loss Net periodic benefit cost (benefit) $ $ $ $ |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments [Abstract] | |
Notional And Fair Value Of Derivative Instruments | (All Amounts in Thousands) Liability Derivatives Current Notional Balance Sheet Fair Amount Location Value Foreign Exchange Contracts $ Current Liabilities $ |
Derivative Instruments, Effect On Other Comprehensive Income (Loss) | (All Amounts in Thousands) Location of Amount of Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Recognized in Recognized Reclassified from Reclassified from Income from in OCI* AOCI** to Income AOCI to Income Ineffective Portion Interest Rate Swaps $ Interest Expense $ $ De-Designation of Interest Rate Swaps - Foreign Exchange Contracts Other Revenues - Total $ $ $ * Other Comprehensive (Loss) Income **Accumulated Other Comprehensive Income |
Notional Amount Of Foreign Exchange Contracts | (All Amounts in Thousands) Amount Available Transaction Date Type of Currency in Dollars Effective Date Expiration Date Sep-14 Peso $ Jan-15 Dec-15 Oct-14 Peso Jan-15 Dec-15 Dec-14 Peso Jan-15 Dec-15 $ |
Long Term Debt (Tables)
Long Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Long Term Debt [Abstract] | |
Schedule Of Long-Term Debt | (All Amount in Thousands) Interest Rate Total Principal Due June 30, December 31, Maturity June 30, December 31, Description of Secured Debt 2015 2014 Date 2015 2014 Notes Payable – Variable Rate 1 % % 2018 $ $ Notes Payable – Variable Rate 1 2.7708 - 2.7770 % 2.7312 - 2.7324 % 2018 Notes Payable – Variable Rate % % 2017 Notes Payable – Variable Rate 1 % % 2018 Notes Payable – Variable Rate 2 % % 2018 Notes Payable – Fixed Rate 3 % % 2020 Notes Payable – Variable Rate 4 % % 2021 Notes Payable – Variable Rate 5 % 2020 - Notes Payable – Fixed Rate 5 % 2020 - Note Payable - Mortgage 6 Line of Credit 2 % % 2018 Less: Current Maturities Less: Debt Issuance Costs $ $ 1. We entered into a variable rate financing agreement with ING Bank N.V, London branch in August 2010 for a seven year facility to finance the construction and acquisition of three Handysize vessels. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches which corresponded to the vessel delivery schedule. Tranche I covered the first two vessels delivered with Tranche II covering the last vessel. Tranche I was fully drawn in the amount of $36.8 million, and Tranche II fully drawn at $18.4 million We entered into a variable rate financing agreement with ING Bank N.V., London branch in June 2011 for a seven year facility to finance the acquisition of a Capesize vessel and a Supramax Bulk Carrier newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn in June 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million in January 2012. In order to aid in the collateral value coverage covenant, both of the above facilities were merged into one under an Assignment, Assumption, Amendment and Restatement Facility dated June 10, 2015. None of the debt maturities or terms were amended. 2. As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and, at June 30, 2015, included a term loan facility in the principal amount of $45 million and a LOC in the principal amount up to $50 million. The LOC facility includes a $20 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans. 3. We entered into a fixed rate financing agreement with DVB Bank SE, on August 26, 2014 in the amount of $38.5 million, collateralized by our 2007 PCTC at a rate of 4.35% with 24 quarterly payments with a final balloon payment of $20.7 million in August 2020. This loan requires us to pre-fund a one-third portion of the upcoming quarterly scheduled debt payment, which, at June 30, 2015, constituted $0.4 million and is included as restricted cash on our balance sheet. 4. In August 2014, we paid off our $11.4 million loan with DNB Bank and obtained a new loan with RBS Asset Finance in the amount of $23.0 million collateralized by one of our 1999 PCTCs at a variable rate equal to the 30-day Libor rate plus 2.75% payable in 84 monthly installments with the final payment due August 2021. 5. In April 2015, we paid off our loan of $28.1 million loan with DNB Bank and settled the related Yen forward contract and interest rate swap. We obtained a new loan with DVB Bank SE in the amount of $32.0 million. Interest under the new loan is payable at a fixed rate of 4.16% with the principal being paid quarterly over a five -year term based on an amortization of ten years with a final quarterly balloon payment of $16.8 million due in April 2020. This loan requires us to pre-fund a portion of the upcoming quarterly scheduled debt payment, which, at June 30, 2015, constituted $0.8 million and is included as restricted cash on our balance sheet. This facility was amended on June 30, 2015 to change the borrower from LCI Shipholdings, Inc. to East Gulf Shipholding, Inc. 6. Represents borrowings associated with the proposed construction financing related to the building we plan to renovate as our New Orleans headquarters. |
Other Long Term Liabilities (Ta
Other Long Term Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Long Term Liabilities [Abstract] | |
Other Long Term Liabilities | (All Amounts in Thousands) June 30, December 31, 2015 2014 Deferred Gains, net of Amortization $ $ Pension and Post Retirement Alabama Lease Incentive Insurance Reserves Derivatives - Deferred Tax Liability Other $ $ |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Summary Of Changes In Stockholders' Equity | (All Amounts in Thousands) Stockholders' Equity Balance at December 31, 2014 $ Net Loss Common Stock Dividends* Preferred Stock Dividends Unrealized Foreign Currency Translation Gain Net Change in Fair Value of Derivatives De-Designation of Interest Rate Swap Net Change in Funding Status of Defined Benefit Plan Issuance of stock-based compensation, net of forfeited shares Balance at June 30, 2015 $ * Includes approximately $28,000 of dividends accrued but not paid during the period with respect to unvested equity incentive awards. |
Cash Dividends Paid | (All Amounts in Thousands Except per Share Data) Declaration Date Record Date Payment Date Per Share Amount Total Dividend Paid 7-Jan-15 19-Feb-15 4-Mar-15 $ $ 29-Apr-15 15-May-15 3-Jun-15 $ During the six months ended June 30 , 201 5 , we paid cash dividends on our Series A and Series B Cumulative Perpetual Preferred Stock as follows: (All Amounts in Thousands Except per Share Data) Declaration Date Record Date Series Payment Date Per Share Amount Total Dividend Paid 7-Jan-15 29-Jan-15 A 30-Jan-15 $ $ 7-Jan-15 29-Jan-15 B 30-Jan-15 2-Apr-15 29-Apr-15 A 30-Apr-15 2-Apr-15 29-Apr-15 B 30-Apr-15 $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Summary Of Financial Assets And Financial Liabilities Measured At Fair Value On A Recurring And Non-Recurring Basis | (All Amounts in Thousands) June 30, 2015 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Derivative Liabilities $ - $ $ - $ (All Amounts in Thousands) December 31, 2014 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Derivative Liabilities $ - $ $ - $ |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Basis Of Presentation [Abstract] | ||||
Minimum percentage of ownership considered for consolidation (in hundredths) | 50.00% | |||
Minimum percentage of ownership considered for equity method of accounting for investments (in hundredths) | 20.00% | |||
Maximum percentage of ownership considered for equity method of accounting for investments (in hundredths) | 50.00% | |||
Amortization expense for deferred charges - drydock | $ 4,500 | $ 8,600 | ||
Miscellaneous depreciation expense | $ 187 | $ 180 | $ 371 | $ 364 |
Operating Segments (Segment Pro
Operating Segments (Segment Profit And Loss) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)segment | Jun. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 6 | |||
Fixed Revenue | $ 47,001 | $ 58,756 | $ 98,282 | $ 113,698 |
Variable Revenue | 20,307 | 17,996 | 37,052 | 35,748 |
Total Revenues | 67,308 | 76,752 | 135,334 | 149,446 |
Voyage Expenses | 53,809 | 57,802 | 106,020 | 115,235 |
Amortization Expenses | 4,348 | 5,486 | 9,535 | 10,649 |
Loss (Income) of Unconsolidated Entities | (665) | 80 | (1,558) | 188 |
Gross Voyage Profit (excluding Depreciation Expense) | $ 9,816 | $ 13,384 | $ 21,337 | $ 23,374 |
Gross Voyage Profit Margin Percentage (in hundredths) | 15.00% | 17.00% | 16.00% | 16.00% |
Jones Act [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Fixed Revenue | $ 19,550 | $ 33,216 | $ 44,145 | $ 62,315 |
Total Revenues | 19,550 | 33,216 | 44,145 | 62,315 |
Voyage Expenses | 16,702 | 23,503 | 35,292 | 44,712 |
Amortization Expenses | 3,114 | 3,678 | 6,942 | 7,345 |
Gross Voyage Profit (excluding Depreciation Expense) | $ (266) | $ 6,035 | $ 1,911 | $ 10,258 |
Gross Voyage Profit Margin Percentage (in hundredths) | (1.00%) | 18.00% | 4.00% | 16.00% |
PCTC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Fixed Revenue | $ 14,512 | $ 15,295 | $ 28,759 | $ 30,911 |
Variable Revenue | 8,656 | 3,858 | 16,189 | 7,799 |
Total Revenues | 23,168 | 19,153 | 44,948 | 38,710 |
Voyage Expenses | 18,041 | 16,093 | 35,061 | 32,756 |
Amortization Expenses | 776 | 810 | 1,491 | 1,345 |
Gross Voyage Profit (excluding Depreciation Expense) | $ 4,351 | $ 2,250 | $ 8,396 | $ 4,609 |
Gross Voyage Profit Margin Percentage (in hundredths) | 19.00% | 12.00% | 19.00% | 12.00% |
Dry Bulk Carriers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Fixed Revenue | $ 1,866 | $ 1,758 | $ 3,734 | $ 3,284 |
Variable Revenue | 1,113 | 3,505 | 2,368 | 7,094 |
Total Revenues | 2,979 | 5,263 | 6,102 | 10,378 |
Voyage Expenses | 1,936 | 3,380 | 4,516 | 6,946 |
Amortization Expenses | 60 | 32 | 121 | 109 |
Loss (Income) of Unconsolidated Entities | (208) | 89 | (843) | 169 |
Gross Voyage Profit (excluding Depreciation Expense) | $ 1,191 | $ 1,762 | $ 2,308 | $ 3,154 |
Gross Voyage Profit Margin Percentage (in hundredths) | 40.00% | 33.00% | 38.00% | 30.00% |
Rail-Ferry [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Variable Revenue | $ 9,827 | $ 9,739 | $ 17,612 | $ 17,667 |
Total Revenues | 9,827 | 9,739 | 17,612 | 17,667 |
Voyage Expenses | 7,590 | 7,577 | 14,476 | 14,423 |
Amortization Expenses | 136 | 256 | 421 | 416 |
Loss (Income) of Unconsolidated Entities | (117) | 39 | (43) | 67 |
Gross Voyage Profit (excluding Depreciation Expense) | $ 2,218 | $ 1,867 | $ 2,758 | $ 2,761 |
Gross Voyage Profit Margin Percentage (in hundredths) | 23.00% | 19.00% | 16.00% | 16.00% |
Specialty Contracts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Fixed Revenue | $ 11,073 | $ 8,487 | $ 21,644 | $ 17,188 |
Variable Revenue | 647 | 911 | 832 | 3,158 |
Total Revenues | 11,720 | 9,398 | 22,476 | 20,346 |
Voyage Expenses | 9,662 | 7,736 | 17,219 | 17,212 |
Amortization Expenses | 262 | 710 | 560 | 1,434 |
Loss (Income) of Unconsolidated Entities | (340) | (48) | (672) | (48) |
Gross Voyage Profit (excluding Depreciation Expense) | $ 2,136 | $ 1,000 | $ 5,369 | $ 1,748 |
Gross Voyage Profit Margin Percentage (in hundredths) | 18.00% | 11.00% | 24.00% | 9.00% |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Variable Revenue | $ 64 | $ (17) | $ 51 | $ 30 |
Total Revenues | 64 | (17) | 51 | 30 |
Voyage Expenses | (122) | (487) | (544) | (814) |
Gross Voyage Profit (excluding Depreciation Expense) | $ 186 | $ 470 | $ 595 | $ 844 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of The Totals Reported For The Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Segments [Abstract] | ||||
Revenues | $ 67,308 | $ 76,752 | $ 135,334 | $ 149,446 |
Voyage Expenses | 53,809 | 57,802 | 106,020 | 115,235 |
Amortization Expense | 4,348 | 5,486 | 9,535 | 10,649 |
Gross Voyage Profit | 9,816 | 13,384 | 21,337 | 23,374 |
Vessel Depreciation | 5,490 | 6,516 | 11,033 | 13,237 |
Other Depreciation | 187 | 180 | 371 | 364 |
Gross Profit | 4,139 | 6,688 | 9,933 | 9,773 |
Administrative and General Expenses | 4,788 | 5,108 | 9,810 | 10,557 |
Impairment Loss | 1,828 | 1,828 | ||
Gain on Sale of Other Assets | (4,747) | (4,679) | ||
Less: Net Income (Loss) of Unconsolidated Entities | 665 | (80) | 1,558 | (188) |
Total Other Operating Expenses | 2,534 | 5,028 | 8,517 | 10,369 |
Operating Income (Loss) | $ 1,605 | $ 1,660 | $ 1,416 | $ (596) |
Gain On Sale Of Assets (Details
Gain On Sale Of Assets (Details) ¥ in Billions | Apr. 24, 2015JPY (¥) | Apr. 24, 2015USD ($) | Jun. 30, 2015USD ($)T | Mar. 31, 2015USD ($)T | Jun. 30, 2015USD ($)T |
Property, Plant and Equipment [Line Items] | |||||
Gain on Sale of Other Assets | $ (4,747,000) | $ (4,679,000) | |||
Related debt paid off | ¥ 2.9 | $ 24,000,000 | |||
Loss on Extinguishment of Debt | 260,000 | $ 95,000 | $ 355,000 | ||
Handysize Vessel [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Proceeds from sale of other assets | $ 16,400,000 | ||||
Weight of vessel sold | T | 36,000 | ||||
Gain on Sale of Other Assets | $ 68,000 | ||||
Related debt paid off | 13,500,000 | ||||
Loss on Extinguishment of Debt | $ 95,000 | ||||
Pure Car Truck Carriers [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Proceeds from sale of other assets | $ 13,000,000 | ||||
Weight of vessel sold | T | 14,930 | 14,930 | |||
Gain on Sale of Other Assets | $ 4,700,000 | ||||
Related debt paid off | $ 10,000,000 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory [Abstract] | ||
Spare Parts Inventory | $ 3,420 | $ 3,253 |
Fuel Inventory | 2,879 | 3,967 |
Warehouse Inventory | 2,864 | 2,540 |
Total | $ 9,163 | $ 9,760 |
Unconsolidated Entities (Summar
Unconsolidated Entities (Summarized Equity In Net Income (Loss) Of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | $ 665 | $ (80) | $ 1,558 | $ (188) |
Oslo Bulk, AS [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | 171 | (25) | 686 | (87) |
Oslo Bulk Holding Pte, Ltd (formerly Tony Bulkers) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | 36 | (64) | 156 | (82) |
Terminales Transgolfo, S.A. DE C.V. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | 117 | (39) | 43 | (67) |
Saltholmen Shipping Ltd. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | 261 | $ 48 | 512 | $ 48 |
Brattholmen Shipping Ltd. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | $ 80 | $ 161 |
Goodwill, Other Intangible As42
Goodwill, Other Intangible Assets, And Deferred Charges (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Goodwill, Other Intangible Assets, And Deferred Charges [Abstract] | |||||
Deferred debt issuance costs reclassified from deferred charges, net | $ 3,227 | $ 3,227 | $ 2,870 | ||
Amortization expense on deferred finance costs | 200 | $ 100 | 400 | $ 300 | |
Amortization of Intangible Assets | 700 | 1,000 | 1,253 | 2,058 | |
Amortization expense for deferred charges | $ 3,800 | $ 4,500 | $ 8,400 | $ 8,600 |
Goodwill, Other Intangible As43
Goodwill, Other Intangible Assets, And Deferred Charges (Schedule Of Goodwill, Other Intangible Assets, And Deferred Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill, Beginning Balance | $ 2,735 | |||
Goodwill, Ending Balance | $ 2,735 | 2,735 | ||
Total Indefinite Life Intangibles, Beginning Balance | 2,735 | |||
Total Indefinite Life Intangibles, Ending Balance | 2,735 | 2,735 | ||
Definite Life Intangibles, Beginning Balance | 25,042 | |||
Definite Life Intangibles, Amortization | (700) | $ (1,000) | (1,253) | $ (2,058) |
Definite Life Intangibles, Ending Balance | 23,789 | 23,789 | ||
Drydocking Costs, Beginning Balance | 25,238 | |||
Drydocking Costs, Cash Additions | 9,285 | |||
Drydocking Costs, Disposals | (2,080) | |||
Drydocking Costs, Amortization | (8,282) | |||
Drydocking Costs, Non-Cash Reclassifications | 2,579 | |||
Drydocking Costs, Ending Balance | 26,740 | 26,740 | ||
Other Deferred Charges, Beginning Balance | 549 | |||
Other Deferred Charges, Cash Additions | 195 | |||
Other Deferred Charges, Amortization | (101) | |||
Other Deferred Charges, Non-Cash Reclassifications | 77 | |||
Other Deferred Charges, Ending Balance | 720 | 720 | ||
Total Deferred Charges, Beginning Balance | 25,787 | |||
Total Deferred Charges, Cash Additions | 9,480 | |||
Total Deferred Charges, Disposals | (2,080) | |||
Total Deferred Charges, Amortization | (8,383) | |||
Total Deferred Charges, Non-Cash Reclassifications | 2,656 | |||
Total Deferred Charges, Ending Balance | 27,460 | $ 27,460 | ||
Trade Names [Member] | Frascati Shops, Inc. And Tower, LLC [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Amortization period | 240 months | |||
Definite Life Intangibles, Beginning Balance | $ 57 | |||
Definite Life Intangibles, Amortization | (2) | |||
Definite Life Intangibles, Ending Balance | 55 | $ 55 | ||
Trade Names [Member] | United Ocean Services, LLC [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Amortization period | 144 months | |||
Definite Life Intangibles, Beginning Balance | $ 1,357 | |||
Definite Life Intangibles, Amortization | (68) | |||
Definite Life Intangibles, Ending Balance | 1,289 | $ 1,289 | ||
Customer Relationships [Member] | Frascati Shops, Inc. And Tower, LLC [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Amortization period | 240 months | |||
Definite Life Intangibles, Beginning Balance | $ 375 | |||
Definite Life Intangibles, Amortization | (10) | |||
Definite Life Intangibles, Ending Balance | 365 | $ 365 | ||
Customer Relationships [Member] | United Ocean Services, LLC [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Amortization period | 144 months | |||
Definite Life Intangibles, Beginning Balance | $ 23,253 | |||
Definite Life Intangibles, Amortization | (1,173) | |||
Definite Life Intangibles, Ending Balance | $ 22,080 | $ 22,080 |
Assets Held For Sale (Details)
Assets Held For Sale (Details) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2015item | Dec. 31, 2014USD ($)item | Jun. 30, 2015USD ($)item | |
Property, Plant and Equipment [Line Items] | |||
Long Term Assets Held for Sale | $ 48,701,000 | ||
Short Term Assets Held for Sale | $ 6,976,000 | $ 6,435,000 | |
Handysize Vessel [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels held for sale | item | 3 | ||
Long Term Assets Held for Sale | $ 48,700,000 | ||
Number of vessels sold | item | 1 | ||
Number of vessels held in use | item | 2 | ||
Impairment loss | $ 1,800,000 | ||
Jones Act Tug-Barge [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels held for sale | item | 1 | ||
Tug-Barge Unit And Inventory Related To Handysize Vessels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Short Term Assets Held for Sale | $ 7,000,000 | ||
Depreciation expense | 0 | ||
Tug-Barge Unit [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Short Term Assets Held for Sale | $ 6,400,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2012 | |
Income Taxes [Abstract] | |||||
Provision (benefit) for income taxes | $ (7) | $ 653 | $ 32 | $ (229) | |
(Loss) income before taxes and equity in net loss unconsolidated entities | $ (839) | $ 69 | (6,194) | $ (3,922) | |
Deferred gain from disposition of qualifying vessels | 80,900 | $ 79,400 | |||
Increase in valuation allowance | $ 1,800 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Millions | Jan. 06, 2015USD ($) | Jun. 26, 2014USD ($)item |
Commitments And Contingencies [Line Items] | ||
Deposit and interest collected | $ 4.2 | |
Deposit reclassified to current receivable | 3.9 | |
Interest accrued on receivable from customer | $ 0.3 | |
U.S. Customs And Border Protection [Member] | ||
Commitments And Contingencies [Line Items] | ||
Number of affiliates that allegedly failed to properly report the importation of spare parts consumed by vessels | item | 2 | |
Amount of proposed duty | $ 2.1 | |
Amount of proposed penalty on assessment | $ 8.3 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Employee Benefit Plans [Abstract] | |
Contribution to pension plan | $ 150,000 |
Expected contribution to pension plan before December 31, 2015 | $ 450,000 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 171 | $ 155 | $ 342 | $ 309 |
Interest cost | 359 | 381 | 718 | 762 |
Expected return on plan assets | (638) | (571) | (1,276) | (1,226) |
Amortization of prior service cost | (1) | (1) | (2) | (1) |
Amortization of net loss | 111 | 1 | 222 | 64 |
Net periodic benefit cost (benefit) | 2 | (35) | 4 | (92) |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 8 | 4 | 16 | 7 |
Interest cost | 118 | 144 | 236 | 289 |
Amortization of prior service cost | 26 | 25 | 52 | 50 |
Amortization of net loss | 37 | (1) | 74 | 87 |
Net periodic benefit cost (benefit) | $ 189 | $ 172 | $ 378 | $ 433 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)contractMXN / $ | Apr. 30, 2015USD ($) | Apr. 24, 2015USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Maximum potential future exposure on derivatives | $ 148,000 | $ 148,000 | |||||
Derivative Loss | 181,000 | $ 18,000 | 2,991,000 | $ 32,000 | |||
Amount of Yen denominated interest rate swap settled | $ 2,900,000 | ||||||
Derivative liability | $ 7,050,000 | ||||||
Number of forward purchase contracts | contract | 3 | ||||||
Notional amount of forward purchase contracts | $ 1,200,000 | $ 1,200,000 | |||||
Projected Peso exposure represented by Mexican Peso foreign exchange contracts (in hundredths) | 85.00% | 85.00% | |||||
Amount of Yen denominated foreign forward exchange contract settled | 4,100,000 | ||||||
Other Comprehensive Income (Loss) [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Unrealized loss related to derivative instruments included in accumulated other comprehensive loss | $ 500,000 | $ 3,700,000 | |||||
Foreign Exchange Contract 1 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional amount of forward purchase contracts | $ 450,000 | 450,000 | $ 900,000 | ||||
Exchange rate | MXN / $ | 13.6007 | ||||||
Foreign Exchange Contract 2 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional amount of forward purchase contracts | 450,000 | 450,000 | $ 900,000 | ||||
Exchange rate | MXN / $ | 13.7503 | ||||||
Foreign Exchange Contract 3 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional amount of forward purchase contracts | $ 300,000 | $ 300,000 | $ 600,000 | ||||
Exchange rate | MXN / $ | 14.1934 | ||||||
Interest Rate Swaps [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Amount of Yen denominated interest rate swap settled | $ 2,900,000 | ||||||
Interest Rate Swaps [Member] | Other Liabilities (Long-Term) [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative liability | $ 3,000,000 | ||||||
Foreign Exchange Contracts [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Amount of Yen denominated foreign forward exchange contract settled | $ 4,100,000 | ||||||
Foreign Exchange Contracts [Member] | Other Liabilities (Long-Term) [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative liability | 4,000,000 | ||||||
Foreign Exchange Contracts [Member] | Current Liabilities [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Current derivative liability | $ 100,000 |
Derivative Instruments (Notiona
Derivative Instruments (Notional And Fair Value Of Derivative Instruments) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Derivatives, Fair Value [Line Items] | |
Derivatives, current notional amount | $ 1,200 |
Foreign Exchange Contract 1 [Member] | Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivatives, current notional amount | 1,200 |
Current Liabilities [Member] | Foreign Exchange Contract 1 [Member] | Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Liability derivatives, fair value | $ (148) |
Derivative Instruments (Derivat
Derivative Instruments (Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI | [1] | $ 3,189 |
Amount of Gain (Loss) Reclassified from AOCI to Income | 662 | |
Gain/(Loss) Recognized in Income from Ineffective portion | (2,991) | |
Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI | [1] | 297 |
Amount of Gain (Loss) Reclassified from AOCI to Income | 484 | |
Gain/(Loss) Recognized in Income from Ineffective portion | (132) | |
De-Designation Of Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI | [1] | 2,859 |
Gain/(Loss) Recognized in Income from Ineffective portion | (2,859) | |
Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI | [1] | 33 |
Amount of Gain (Loss) Reclassified from AOCI to Income | $ 178 | |
[1] | Other Comprehensive (Loss) Income |
Derivative Instruments (Notio52
Derivative Instruments (Notional Amount Of Foreign Exchange Contracts) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Amount Available in Dollars | $ 1,200,000 | |
Foreign Exchange Contract 1 [Member] | ||
Derivative [Line Items] | ||
Transaction Date | 2014-09 | |
Amount Available in Dollars | $ 450,000 | $ 900,000 |
Effective Date | 2015-01 | |
Expiration Date | Dec. 1, 2015 | |
Foreign Exchange Contract 2 [Member] | ||
Derivative [Line Items] | ||
Transaction Date | 2014-10 | |
Amount Available in Dollars | $ 450,000 | 900,000 |
Effective Date | 2015-01 | |
Expiration Date | Dec. 1, 2015 | |
Foreign Exchange Contract 3 [Member] | ||
Derivative [Line Items] | ||
Transaction Date | 2014-12 | |
Amount Available in Dollars | $ 300,000 | $ 600,000 |
Effective Date | 2015-01 | |
Expiration Date | Dec. 1, 2015 |
Long Term Debt (Narrative) (Det
Long Term Debt (Narrative) (Details) ¥ in Billions | Apr. 24, 2015JPY (¥) | Apr. 24, 2015USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2015USD ($)item | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)item | Jun. 30, 2015USD ($)item | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)item | Jul. 02, 2015USD ($) | Mar. 05, 2015item | Sep. 30, 2014USD ($) | Aug. 31, 2014USD ($) | Aug. 26, 2014USD ($) |
Line of Credit Facility [Line Items] | |||||||||||||||
Line of credit | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||||||||
Proceeds from borrowings of line of credit | 5,000,000 | $ 18,000,000 | |||||||||||||
Total principal due | $ 219,270,000 | 219,270,000 | $ 242,888,000 | 219,270,000 | $ 242,888,000 | ||||||||||
Amount of Yen denominated foreign forward exchange contract settled | $ 4,100,000 | ||||||||||||||
Amount of Yen denominated interest rate swap settled | 2,900,000 | ||||||||||||||
Loss on extinguishment of debt | (260,000) | $ (95,000) | (355,000) | ||||||||||||
Number of merged ING loan facilities | item | 2 | ||||||||||||||
Deferred debt issuance costs reclassified from deferred charges, net | $ 3,227,000 | 3,227,000 | $ 2,870,000 | 3,227,000 | $ 2,870,000 | ||||||||||
Related debt paid off | ¥ 2.9 | 24,000,000 | |||||||||||||
Loss on Extinguishment of Debt | 260,000 | 95,000 | $ 355,000 | ||||||||||||
Number of loan facilities | item | 2 | ||||||||||||||
Number of shipping companies | item | 2 | ||||||||||||||
Amount of non-amortizing guarantee under second guarantee | $ 1,000,000 | ||||||||||||||
Deferred gains from vessel purchase and refinancing transactions | $ 11,200,000 | ||||||||||||||
Number of lenders who elected to adjust definition of EBITDA | item | 2 | ||||||||||||||
Line of credit, increase | $ 15,000,000 | ||||||||||||||
Number of lessors who agreed to defer the date when a more stringent leverage ratio and increased liquidity would be attained | item | 2 | ||||||||||||||
Number of lenders that provided relief under loan to value ratio test | item | 1 | ||||||||||||||
Number of non-performing assets identified | item | 5 | ||||||||||||||
Number of assets held for sale impairment was recorded on | item | 1 | ||||||||||||||
Increase in valuation allowance | $ 1,800,000 | ||||||||||||||
Number of held for sale assets sold prior to December 31, 2014 | item | 1 | ||||||||||||||
Number of held for sale assets sale was finalized for | item | 1 | ||||||||||||||
Possible amount of bank financing for construction and renovation of future corporate office | 6,900,000 | ||||||||||||||
Incentives from the State of Louisiana | 5,200,000 | ||||||||||||||
Unencumbered assets, fair value | 65,300,000 | 65,300,000 | 65,300,000 | ||||||||||||
Total amount paid off | 12,500,000 | $ 8,000,000 | |||||||||||||
Impairment Loss | 1,828,000 | 1,828,000 | |||||||||||||
Scenario, Forecast [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Amount of non-amortizing guarantee under second guarantee | $ 510,000 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Line of credit facility and term loan amount | $ 85,000,000 | ||||||||||||||
DVB Bank SE [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Deferred debt issuance costs reclassified from deferred charges, net | 600,000 | 600,000 | 600,000 | ||||||||||||
Loan Agreement [Member] | DVB Bank SE [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Term loan facility principal amount | $ 38,500,000 | ||||||||||||||
Final quarterly balloon payment | $ 20,700,000 | ||||||||||||||
Loan Agreement [Member] | RBS Asset Finance [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Term loan facility principal amount | $ 23,000,000 | ||||||||||||||
Senior Secured Credit Facility [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Term loan facility principal amount | 45,000,000 | 45,000,000 | 45,000,000 | ||||||||||||
Line of credit | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||
Total principal due | 31,000,000 | 31,000,000 | 31,000,000 | ||||||||||||
Senior Secured Credit Facility [Member] | Subsequent Event [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Line of credit | 40,000,000 | ||||||||||||||
Standby Letters Of Credit [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Line of credit | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||
Swingline Loans [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Line of credit | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||
Line Of Credit Facility [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Outstanding letters of credit | 7,400,000 | 7,400,000 | $ 7,400,000 | ||||||||||||
Consolidated Leverage Ratio | 5.00% | ||||||||||||||
Minimum fixed charge coverage ratio | 1.05% | ||||||||||||||
Minimum Liquidity Amount | $ 20,000,000 | ||||||||||||||
Minimum Net Worth | $ 228,000,000 | ||||||||||||||
Consolidated Net Income Earned | 50.00% | ||||||||||||||
Percent Of The Proceeds Of Issuances Of Equity Interests Received | 100.00% | ||||||||||||||
Future Consolidated Leverage Ratio through the fiscal quarter ending December 31, 2015 | 5.00% | ||||||||||||||
Future Consolidated Leverage Ratio fiscal quarter ending March 31, 2016 | 4.75% | ||||||||||||||
Future Consolidated Leverage Ratio beginning the quarter ending June 30, 2016 through the quarter ending September 30, 2016 | 4.50% | ||||||||||||||
Future Consolidated Leverage Ratio after September 30, 2016 | 4.25% | ||||||||||||||
Future Minimum Fixed Charge Coverage Ratio beginning with the quarter ending September 30, 2014 through the quarter ending December 31, 2014 | 1.10% | ||||||||||||||
Future Minimum Fixed Charge Coverage Ratio beginning with the quarter ending March 31, 2015 through the quarter ending December 31, 2015 | 1.15% | ||||||||||||||
Future Minimum Fixed Charge Coverage Ratio beginning with the quarter ending March 31, 2016 through the quarter ending June 30, 2016 | 1.20% | ||||||||||||||
Future Minimum Fixed Charge Coverage Ratio after June 30, 2016 | 1.25% | ||||||||||||||
Future fixed charge coverage ratio through fiscal year 2015 | 1.05% | ||||||||||||||
Future fixed charge coverage ratio beginning with the quarter ending March 31, 2016 | 1.15% | ||||||||||||||
Future fixed charge coverage ratio beginning with the quarter ending June 30, 2016 | 1.20% | ||||||||||||||
Future fixed charge coverage ratio for all periods thereafter | 1.25% | ||||||||||||||
Line Of Credit Facility [Member] | Subsequent Event [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Additional borrowing capacity | $ 1,600,000 | ||||||||||||||
Loan Facility A [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Percentage of equity position | 25.00% | ||||||||||||||
Percentage of equity position guaranteed | 5.00% | ||||||||||||||
Amount of guarantee | $ 3,600,000 | $ 3,600,000 | $ 3,800,000 | $ 3,600,000 | $ 3,800,000 | ||||||||||
Semi-annual reduction in guarantee through December 2018 | $ 165,000 | ||||||||||||||
Loan Facility B [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Percentage of equity position | 23.70% | ||||||||||||||
Amount of non-amortizing guarantee | $ 1,000,000 | ||||||||||||||
Amount of facility covered by overall bank guarantee | $ 11,000,000 | ||||||||||||||
New Loan Agreement [Member] | DVB Bank SE [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Term loan facility principal amount | $ 32,000,000 | ||||||||||||||
Fixed rate (in hundredths) | 4.16% | ||||||||||||||
Term for principal to be paid quarterly | 5 years | ||||||||||||||
Amortization period | 10 years | ||||||||||||||
Final quarterly balloon payment | $ 16,800,000 | ||||||||||||||
Handysize Vessel [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Loss on extinguishment of debt | (95,000) | ||||||||||||||
Number of vessels financed by merged loan facilities | item | 2 | ||||||||||||||
Related debt paid off | 13,500,000 | ||||||||||||||
Loss on Extinguishment of Debt | $ 95,000 |
Long Term Debt (Schedule Of Lon
Long Term Debt (Schedule Of Long-Term Debt) (Details) ¥ in Billions | Apr. 24, 2015JPY (¥) | Apr. 24, 2015USD ($) | Aug. 26, 2014USD ($)item | Jun. 20, 2011USD ($)item | Aug. 31, 2014USD ($)item | Jan. 24, 2012USD ($) | Nov. 30, 2011USD ($) | Aug. 31, 2010USD ($)item | Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Total principal due | $ 219,270,000 | $ 242,888,000 | |||||||||||
Less current maturities | (23,062,000) | (23,367,000) | |||||||||||
Less: Debt Issuance Costs | (3,227,000) | (2,870,000) | |||||||||||
Long-Term Debt, Net | 192,981,000 | 216,651,000 | |||||||||||
Proceeds from borrowings of line of credit | 5,000,000 | $ 18,000,000 | |||||||||||
Line of credit | 50,000,000 | ||||||||||||
Pre-funding of upcoming quarterly debt payment, amount | $ 1,156,000 | $ 1,394,000 | |||||||||||
Bank debt owed to DnB ASA paid off | $ 11,400,000 | ||||||||||||
Related debt paid off | ¥ 2.9 | $ 24,000,000 | |||||||||||
Notes Payable - Variable Rate 2018a [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (in hundredths) | [1] | 2.7803% | 2.7471% | ||||||||||
Maturity date | [1] | 2,018 | |||||||||||
Total principal due | [1] | $ 10,307,000 | $ 12,025,000 | ||||||||||
Business acquisition interest in acquiree | 100.00% | ||||||||||||
Proceeds from borrowings of line of credit | $ 24,100,000 | ||||||||||||
Notes Payable - Variable Rate 2018b [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate, minimum (in hundredths) | [1] | 2.7708% | 2.7312% | ||||||||||
Interest rate, maximum (in hundredths) | [1] | 2.777% | 2.7324% | ||||||||||
Maturity date | [1] | 2,018 | |||||||||||
Total principal due | [1] | $ 26,373,000 | $ 41,400,000 | ||||||||||
Proceeds from borrowings of line of credit | $ 23,300,000 | $ 12,700,000 | $ 6,100,000 | ||||||||||
Notes Payable - Variable Rate 2017 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (in hundredths) | 2.534% | 2.505% | |||||||||||
Maturity date | 2,017 | ||||||||||||
Total principal due | $ 8,024,000 | $ 9,144,000 | |||||||||||
Notes Payable - Variable Rate 2018c [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (in hundredths) | [1] | 2.7775% | 2.735% | ||||||||||
Maturity date | [1] | 2,018 | |||||||||||
Total principal due | [1] | $ 14,766,000 | $ 15,394,000 | ||||||||||
Notes Payable - Variable Rate 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (in hundredths) | [2] | 4.16% | 3.61% | ||||||||||
Maturity date | [2] | 2,020 | |||||||||||
Total principal due | [2] | $ 32,000,000 | $ 24,812,000 | ||||||||||
Notes Payable - Variable Rate 2018d [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (in hundredths) | [3] | 3.99% | 3.99% | ||||||||||
Maturity date | [3] | 2,018 | |||||||||||
Total principal due | [3] | $ 40,219,000 | $ 41,906,000 | ||||||||||
Notes Payable - Fixed Rate 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (in hundredths) | [4] | 4.35% | 4.35% | ||||||||||
Maturity date | [4] | 2,020 | |||||||||||
Total principal due | [4] | $ 36,279,000 | $ 37,759,000 | ||||||||||
Notes Payable - Variable Rate 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (in hundredths) | [5] | 2.9354% | 2.9195% | ||||||||||
Maturity date | [5] | 2,021 | |||||||||||
Total principal due | [5] | $ 20,297,000 | $ 21,943,000 | ||||||||||
Note Payable - Mortgage [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal due | [6] | $ 5,000 | $ 5,000 | ||||||||||
Notes Payable - Variable Rate 2018 Tranche I [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Secured term loan facility fully drawn amount | $ 36,800,000 | ||||||||||||
Notes Payable - Variable Rate 2018 Tranche II [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Secured term loan facility fully drawn amount | $ 18,400,000 | ||||||||||||
Line Of Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (in hundredths) | [3] | 3.94% | 3.91% | ||||||||||
Maturity date | [3] | 2,018 | |||||||||||
Total principal due | [3] | $ 31,000,000 | $ 38,500,000 | ||||||||||
Senior Secured Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total principal due | 31,000,000 | ||||||||||||
Term loan facility principal amount | 45,000,000 | ||||||||||||
Line of credit | 50,000,000 | ||||||||||||
Standby Letters Of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit | 20,000,000 | ||||||||||||
Swingline Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit | 5,000,000 | ||||||||||||
Loan Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Pre-funding of upcoming quarterly debt payment, amount | $ 400,000 | ||||||||||||
ING Bank [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term of financing agreement in years | 7 years | 7 years | |||||||||||
Number of tranches | item | 2 | 2 | |||||||||||
Handysize Vessel [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of vessels covered by Tranch I | item | 2 | ||||||||||||
Related debt paid off | $ 13,500,000 | ||||||||||||
Handysize Vessel [Member] | ING Bank [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of vessels financed | item | 3 | ||||||||||||
DVB Bank SE [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Less: Debt Issuance Costs | $ (600,000) | ||||||||||||
DVB Bank SE [Member] | Loan Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term loan facility principal amount | $ 38,500,000 | ||||||||||||
Number of quarterly payments | item | 24 | ||||||||||||
Final quarterly balloon payment | $ 20,700,000 | ||||||||||||
DVB Bank SE [Member] | New Loan Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (in hundredths) | 4.16% | ||||||||||||
Term loan facility principal amount | $ 32,000,000 | ||||||||||||
Final quarterly balloon payment | 16,800,000 | ||||||||||||
Pre-funding of upcoming quarterly debt payment, amount | $ 800,000 | ||||||||||||
Term for principal to be paid quarterly | 5 years | ||||||||||||
Amortization period | 10 years | ||||||||||||
RBS Asset Finance [Member] | Loan Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term loan facility principal amount | $ 23,000,000 | ||||||||||||
Basis spread on variable interest rate | 2.75% | ||||||||||||
Number of monthly payments | item | 84 | ||||||||||||
DNB Bank [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Related debt paid off | $ 28,100,000 | ||||||||||||
[1] | We entered into a variable rate financing agreement with ING Bank N.V, London branch in August 2010 for a seven year facility to finance the construction and acquisition of three Handysize vessels. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches which corresponded to the vessel delivery schedule. Tranche I covered the first two vessels delivered with Tranche II covering the last vessel. Tranche I was fully drawn in the amount of $36.8 million, and Tranche II fully drawn at $18.4 million We entered into a variable rate financing agreement with ING Bank N.V., London branch in June 2011 for a seven year facility to finance the acquisition of a Capesize vessel and a Supramax Bulk Carrier newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn in June 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million in January 2012. In order to aid in the collateral value coverage covenant, both of the above facilities were merged into one under an Assignment, Assumption, Amendment and Restatement Facility dated June 10, 2015. None of the debt maturities or terms were amended. | ||||||||||||
[2] | In April 2015, we paid off our loan of $28.1 million loan with DNB Bank and settled the related Yen forward contract and interest rate swap. We obtained a new loan with DVB Bank SE in the amount of $32.0 million. Interest under the new loan is payable at a fixed rate of 4.16% with the principal being paid quarterly over a five-year term based on an amortization of ten years with a final quarterly balloon payment of $16.8 million due in April 2020. This loan requires us to pre-fund a portion of the upcoming quarterly scheduled debt payment, which, at June 30, 2015, constituted $0.8 million and is included as restricted cash on our balance sheet. This facility was amended on June 30, 2015 to change the borrower from LCI Shipholdings, Inc. to East Gulf Shipholding, Inc. | ||||||||||||
[3] | As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and, at June 30, 2015, included a term loan facility in the principal amount of $45 million and a LOC in the principal amount up to $50 million. The LOC facility includes a $20 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans. | ||||||||||||
[4] | We entered into a fixed rate financing agreement with DVB Bank SE, on August 26, 2014 in the amount of $38.5 million, collateralized by our 2007 PCTC at a rate of 4.35% with 24 quarterly payments with a final balloon payment of $20.7 million in August 2020. This loan requires us to pre-fund a one-third portion of the upcoming quarterly scheduled debt payment, which, at June 30, 2015, constituted $0.4 million and is included as restricted cash on our balance sheet. | ||||||||||||
[5] | In August 2014, we paid off our $11.4 million loan with DNB Bank and obtained a new loan with RBS Asset Finance in the amount of $23.0 million collateralized by one of our 1999 PCTCs at a variable rate equal to the 30-day Libor rate plus 2.75% payable in 84 monthly installments with the final payment due August 2021. | ||||||||||||
[6] | Represents borrowings associated with the proposed construction financing related to the building we plan to renovate as our New Orleans headquarters. |
Other Long Term Liabilities (De
Other Long Term Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Other Long Term Liabilities [Abstract] | ||
Deferred Gains, net of Amortization | $ 15,997 | $ 17,917 |
Pension and Post Retirement | 12,084 | 12,497 |
Alabama Lease Incentive | 5,165 | 5,739 |
Insurance Reserves | 5,407 | 4,941 |
Derivatives | 7,050 | |
Deferred Tax Liability | 200 | 408 |
Other | 972 | 1,732 |
Other Long Term Liabilities | $ 39,825 | $ 50,284 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 327,000 | $ 386,000 | $ 329,000 | $ 833,000 | |
Unrestricted Stock [Member] | Independent Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted (in shares) | 8,100 | ||||
Restricted Stock Units (RSUs) [Member] | Key Executive Personnel [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted (in shares) | 42,650 | ||||
Number of shares forfeited | 37,700 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2010 | Dec. 31, 2008 | Jun. 30, 2015 | Jan. 25, 2008 | |
Stockholders' Equity [Abstract] | ||||
Shares authorized for repurchase (in shares) | 1,000,000 | |||
Total number of shares purchased (in shares) | 223,051 | 491,572 | ||
Payments for shares purchased | $ 5.2 | $ 11.5 | ||
Maximum number of shares that may yet be purchased | 285,377 |
Stockholders' Equity (Summary O
Stockholders' Equity (Summary Of Changes In Stockholders' Equity) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Stockholders' Equity [Abstract] | |||||
Balance | $ 267,610,000 | ||||
Net Loss | $ (167,000) | $ (664,000) | (4,668,000) | $ (3,881,000) | |
Common Stock Dividends | [1] | (2,222,000) | |||
Preferred Stock Dividends | (1,306,000) | (1,305,000) | (2,611,000) | (2,611,000) | |
Unrealized Foreign Currency Translation Gain | (55,000) | 42,000 | (116,000) | 17,000 | |
Net Change in Fair Value of Derivatives | 90,000 | (44,000) | 330,000 | (35,000) | |
De-Designation of Interest Rate Swap | 2,859,000 | ||||
Net Change in Funding Status of Defined Benefit Plan | 42,000 | $ (24,000) | 346,000 | $ 151,000 | |
Issuance of stock-based compensation, net of forfeited shares | 199,000 | ||||
Balance | $ 261,727,000 | 261,727,000 | |||
Accrued dividends not paid | $ 28,000 | ||||
[1] | Includes approximately $28,000 of dividends accrued but not paid during the period with respect to unvested equity incentive awards. |
Stockholders' Equity (Cash Divi
Stockholders' Equity (Cash Dividends Paid) (Details) - 6 months ended Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands | Total |
Dividends Payable [Line Items] | |
Total Dividend Paid | $ 2,194 |
Total Dividend Paid | $ 2,611 |
Declaration Date, January 7, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Jan. 7, 2015 |
Record Date | Feb. 19, 2015 |
Payment Date | Mar. 4, 2015 |
Per Share Amount (in dollars per share) | $ 0.25 |
Total Dividend Paid | $ 1,828 |
Declaration Date, April 29, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Apr. 29, 2015 |
Record Date | May 15, 2015 |
Payment Date | Jun. 3, 2015 |
Per Share Amount (in dollars per share) | $ 0.05 |
Total Dividend Paid | $ 366 |
9.50% Series A Preferred Stock [Member] | Declaration Date, January 7, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Jan. 7, 2015 |
Record Date | Jan. 29, 2015 |
Payment Date | Jan. 30, 2015 |
Per Share Amount (in dollars per share) | $ 2.375 |
Total Dividend Paid | $ 594 |
9.50% Series A Preferred Stock [Member] | Declaration Date, April 2, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Apr. 2, 2015 |
Record Date | Apr. 29, 2015 |
Payment Date | Apr. 30, 2015 |
Per Share Amount (in dollars per share) | $ 2.375 |
Total Dividend Paid | $ 594 |
9.00% Series B Preferred Stock [Member] | Declaration Date, January 7, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Jan. 7, 2015 |
Record Date | Jan. 29, 2015 |
Payment Date | Jan. 30, 2015 |
Per Share Amount (in dollars per share) | $ 2.250 |
Total Dividend Paid | $ 711 |
9.00% Series B Preferred Stock [Member] | Declaration Date, April 2, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Apr. 2, 2015 |
Record Date | Apr. 29, 2015 |
Payment Date | Apr. 30, 2015 |
Per Share Amount (in dollars per share) | $ 2.250 |
Total Dividend Paid | $ 712 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | $ (148) | $ (7,348) |
Long-term debt, fair value | $ 219,500 | |
Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | ||
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | $ (148) | $ (7,348) |
Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements [Abstract] | ||
Deferred debt issuance costs reclassified from deferred charges, net | $ 3,227 | $ 2,870 |
Change In Accounting Estimate (
Change In Accounting Estimate (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Change In Accounting Estimate [Abstract] | |
Decrease in salvage values | $ 0.6 |