Liquidity and Capital Resources
As of March 31, 2021 and December 31, 2020, total cash, cash equivalents and restricted cash were $75.8 million and $104.2 million, including restricted cash of $6.3 million and $6.1 million, respectively. As of March 31, 2021 and December 31, 2020, the Company had $53.0 million and $60.0 million available and undrawn under its credit facilities, respectively.
Generally, the primary sources of funds have been cash from operations and undrawn amounts under credit facilities.
On December 27, 2019, we refinanced (i) the $460 Million Facility, (ii) the $235 Million Facility, and (iii) the $75 Million Facility with the proceeds of the $525 Million Facility.
At March 31, 2021, the Company was in compliance with all financial covenants under each of its credit facilities.
The passage of environmental legislation or other regulatory initiatives have in the past had, and may in the future may have, a significant impact on our operations. Regulatory measures can increase required costs related to operating and maintaining our vessels and may require us to retrofit our vessels with new equipment to comply with new or existing regulations.
Among other capital expenditures, in connection with the International Maritime Organization’s new limits for sulfur oxide emissions effective January 1, 2020, we contracted for the purchase and installation of scrubbers on five of our Suezmax vessels. As of March 31, 2021, four of these scrubbers have been installed and fully paid, with two of these scrubbers having been installed on the Aias and Amoureux, which were sold and delivered to the buyer in January and February 2021, respectively. The installation of the fifth scrubber has been cancelled, effectuating a $3.3 million loss due to the cancelled project, which was recorded during the year ended December 31, 2020. We may, in the future, determine to purchase additional scrubbers for installation on other vessels that we own or operate. In addition, with respect to vessels that are not retrofitted with scrubbers, we expect to incur expenditures to ensure those vessels are capable of efficiently using low-sulfur fuel, which expenditures are not expected to be significant or which have not yet been determined.
We have installed ballast water treatment systems on 22 of our 62 vessels. We expect to install 16 ballast water treatment systems in 2021, of which we have 16 contracts currently in place with a total contract value of $14.2 million, where $3.4 million has been paid as of March 31, 2021.
In December 2020, we contracted to sell two of our 2008-built Suezmax vessels, the Aias and Amoureux, and delivered the two vessels to the purchaser in January and February 2021, respectively. The sale of these two vessels generated gross cash proceeds to us of $46.2 million before our repayment of the related debt of $25.3 million on the two vessels.
We believe that we have sufficient capital resources to fund our operations and anticipated capital requirements for the next twelve months. However, should market conditions deteriorate beyond third-party forecasts, we would consider a number of liquidity enhancing measures, which could include refinancing a portion of our senior debt, exploring unsecured debt instruments, asset sales and sale-leaseback transactions on certain of our assets.
Cash Flows
The following table summarizes the Company’s cash and cash equivalents provided by or used in operating, financing and investing activities for the periods presented below (presented in millions):
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For the Three Months Ended
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March 31,
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2021
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2020
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Net Cash (Used in) Provided by Operating Activities
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$
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(8.7)
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$
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70.9
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Net Cash Provided by (Used in) Investing Activities
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44.5
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(1.5)
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Net Cash Used in Financing Activities
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(57.9)
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(42.1)
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