Good point, but GNK never had trouble getting funds for newbuilds using ships as collateral..... came back to bite them and their bankers, crushed shareholders, because they expanded too fast into the recession, just saying.....it's not like they couldn't get loans, appears they prefer not to use debt....a better point about the dilution and not signing long term charters is that you can't figure out if the new ships will be acretive to the bottom line, unlike SFL or GLNG/GMLP, SDRL/NADL/SDLP, where they come with contracts attached and you can immediately figure out how much they'll contribute to the EPS.
For this Q, FCF was $4.3M, not near enough to cover the 12 cent div ($10.7M) - it appears they ended with $154M in cash end of Q2, but there's no line item showing the payment for the two new tankers - oh, because they bought them after Q2 ended - subtract $73M for those, $10.6M for the div, and you have $70.4M cash on hand now, barely more than they started with on Jan 1, which was $65M. Link to "full" report for first 2 Q's of 2014 - very short, nowhere near as much info as I'm used to seeing on "normal" SEC filings: