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Cash Flows
Three-month period ended September 30, 2012 and September 30, 2011
Three-month periodCondensed cash flows ended September 30, ----------------------(Expressed in millions of U.S. dollars) 2011 2012 ---------- ----------Net Cash Provided by Operating Activities $ 51.3 $ 39.4Net Cash Used in Investing Activities $ (61.1) $ (55.3)Net Cash Provided by (Used in) Financing Activities $ 10.7 $ (8.6)
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended September 30, 2012, decreased by $11.9 million to $39.4 million, compared to $51.3 million for the three-month period ended September 30, 2011. The decrease was primarily attributable to (a) the decreased cash from operations of $9.9 million deriving from escalating charter rates and (b) the increased dry-docking payments of $4.0 million; partly offset by the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) of $2.9 million.
Net Cash Used in Investing Activities
Net cash used in investing activities was $55.3 million in the three-month period ended September 30, 2012, which consists of (a) $39.9 million advance payments for the construction and purchase of four newbuild vessels, (b) $18.8 million in payments for the acquisition of two secondhand vessels and (c) $3.4 million we received from the sale of one vessel.
Net cash used in investing activities was $61.1 million in the three-month period ended September 30, 2011, which primarily consists of (a) $55.0 million payments for the purchase of MSC Romanos, (b) $6.0 million advance payment for the acquisition of MSC Viviana delivered to us in the fourth quarter of 2011 and (c) $1.8 million in aggregate advance payments we received for the sale of two vessels delivered to their new owners in the fourth quarter of 2011.
Net Cash Provided By (Used in) Financing Activities
Net cash used in financing activities was $8.6 million in the three-month period ended September 30, 2012, which mainly consists of (a) $39.1 million of indebtedness that we repaid, (b) $41.9 million we drew down from three of our credit facilities and (c) $18.3 million we paid for dividends to our stockholders for the second quarter of the year 2012.
Net cash provided by financing activities was $10.7 million in the three-month period ended September 30, 2011, which mainly consists of (a) $34.6 million of indebtedness that we repaid, (b) $61.4 million we drew down from two of our credit facilities and (c) $15.1 million we paid for dividends to our stockholders for the second quarter of the year 2011.
Results of Operations
Nine-month period ended September 30, 2012 compared to the nine-month period ended September 30, 2011
During the nine-month periods ended September 30, 2012 and 2011, we had an average of 46.7 and 47.6 vessels, respectively, in our fleet. In the nine-month period ended September 30, 2012, we accepted delivery of five secondhand vessels MSC Ulsan, Koroni, Kyparissia, Stadt Luebeck and Messini with an aggregate TEU capacity of 15,352, and we sold four vessels Gather, Gifted, Genius I and Horizon with an aggregate TEU capacity of 9,834. In the nine-month period ended September 30, 2011, we accepted delivery of nine secondhand vessels MSC Pylos, Zagora, Marina, Prosper, Konstantina, MSC Sierra II, MSC Namibia II, MSC Sudan II and MSC Romanos with an aggregate TEU capacity of 22,518 and we sold three second-hand vessels MSC Sierra, MSC Namibia and MSC Sudan with an aggregate TEU capacity of 4,914. In the nine-month periods ended September 30, 2012 and 2011, our fleet ownership days totaled 12,789 and 12,991 days, respectively. Ownership days are the primary driver of voyage revenue and vessels operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.
