first lien facility on march 30 , 2016 , eagle shipping , as borrower , and certain of its subsidiaries that were guarantors of the company 's obligations under the company 's senior secured credit facility ( the “ exit financing facility ” ) , as guarantors , entered into an amended and restated first lien loan agreement ( the “ a & r first lien loan agreement ” ) with the lenders thereunder ( the “ first lien lenders ” ) and abn amro capital usa llc , as agent and security trustee for the lenders . the a & r first lien loan agreement amends and restates the exit financing facility in its entirety , providing for eagle shipping to be the borrower in the place of the company , and further provides for a waiver of any and all events of default occurring as a result of the company 's previously reported self-disclosure report with ofac . the a & r first lien loan agreement provides for a term loan ( which was outstanding in the amount of $ 201,468,750 after giving effect to the entry into the a & r first lien loan agreement and the second lien loan agreement ) as well as a $ 50,000,000 revolving credit facility , of which $ 10,000,000 was undrawn as of march 30 , 2016 ( the term loan , together with the revolving credit facility , the “ first lien facility ” ) . the first lien facility matures on october 15 , 2019. an aggregate fee of $ 600,000 was paid to the agent and the first lien lenders in connection with the first lien facility . eagle shipping 's obligations under the first lien facility are secured by a first priority mortgage on each of the vessels currently in eagle shipping 's fleet and such other vessels that it may from time to time include with the approval of the first lien lenders , a first priority assignment of its earnings account , its liquidity account and its vessel-owning subsidiaries ' earnings accounts , a first priority assignment of all charters with terms that may exceed 18 months , freights , earnings , insurances , requisition compensation and management agreements with respect to the vessels , a first priority pledge of the membership interests of each of eagle shipping 's vessel-owning subsidiaries , and a non-recourse pledge by the company of the membership interests of eagle shipping . in the future , eagle shipping may grant additional security to the first lien lenders from time to time in the future , subject to the terms of the intercreditor agreement between the first lien agent and the second lien agent ( the “ intercreditor agreement ” ) . see “ note 2. corporate reorganization ” to the consolidated financial statements . 53 second lien facility on march 30 , 2016 , eagle shipping , as borrower , and certain of its subsidiaries , that were guarantors of the company 's obligations under the exit financing facility , as guarantors , entered into a second lien loan agreement ( the “ second lien loan agreement ” ) with certain lenders ( the “ second lien lenders ” ) and wilmington savings fund society , fsb as agent for the second lien lenders ( the “ second lien agent ” ) . the second lien lenders include certain of the company 's existing shareholders , as well as other investors . the second lien loan agreement provides for a term loan in the amount of $ 60,000,000 ( the “ second lien facility ” ) , and matures on january 14 , 2020 ( the date that is 91 days after the original stated maturity of the first lien facility ) . the term loan under the second lien facility bears interest at a rate of libor plus 14.00 % per annum ( with a 1.0 % libor floor ) or the base rate ( as defined in the second lien loan agreement ) plus 13.00 % per annum , paid in kind quarterly in arrears . the company used the proceeds from the second lien facility to pay down $ 30,158,500 , a portion of the amount outstanding in respect of the revolving credit facility under the first lien facility , pay three quarters of amortization payments under the first lien facility , pay transaction fees in connection with the entry into the a & r first lien loan agreement and the second lien loan agreement , and add cash to the balance sheet . eagle shipping 's obligations under the second lien facility are secured by a second priority lien on the same collateral securing eagle shipping 's obligations under the first lien facility , subject to the terms of the intercreditor agreement . eagle shipping may grant additional security to the second lien lenders from time to time in the future , subject to the terms of the intercreditor agreement . see “ note 2. corporate reorganization ” to the consolidated financial statements . intercreditor agreement concurrently with eagle shipping 's entry into the a & r first lien loan agreement and the second lien loan agreement , and in connection with the granting of security interests in and liens on the collateral securing obligations under those agreements , eagle shipping entered into the intercreditor agreement . the intercreditor agreement governs the relative rights and priorities of the secured parties in respect of liens on the assets of eagle shipping and its subsidiaries securing the first lien facility and the second lien facility . story_separator_special_tag our strategy is to focus on the supramax/ultramax asset class , which is part of the the broader handymax segment , defined as dry bulk vessels between 40,000 to 65,000 dwt . supramaxes range in size from approximately 50,000 to 59,000 dwt , while ultramaxes dry bulk vessels range in size from approximately 60,000 to 65,000 dwt . these vessels have the cargo loading and unloading flexibility offered by their on-board cranes , while the cargo carrying capacity approaches that of panamax , which ranges in size between 75,000 and 83,000 dwt and which require onshore facilities to load and offload their cargoes . we believe that the cargo handling flexibility and cargo carrying capacity of the supramax/ultramax class makes it the preferred type of ship attractive to potential charterers . all 41 of our owned vessels , as of december 31 , 2016 , range in size between 48,000 and 64,000 dwt . we also have one logs-fitted handysize vessel on a long-term charter-in which is roughly 37,000 dwt in size . the supply of dry bulk vessels depends primarily on the level of the orderbook , the fleet age profile , and the operating efficiency of the existing fleet . as of december 2016 , 7 % of the world handymax fleet was 20 years or older , while the newbuilding orderbook stood at 10 % of the ( handymax ) on-the-water fleet . the 41 vessels in our operating fleet have an average age of approximately 8.7 years as of december 31 , 2016. the typical trading life of a handymax vessel is approximately 25 years . 59 the handymax market the dry bulk market was extremely challenged during 2016 due to elevated supply growth , especially during the first half of the year , and weak cargo demand , highlighted by reduced coal shipments to china and weather-related issues in brazil and australia that temporarily reduced iron ore output . the baltic supramax index ( “ bsi ” ) , a dry bulk index based on 52,000 dwt vessels , averaged $ 6,235 for 2016 , a historic low . during 2016 , the bsi reached an all-time low of $ 2,544 in february and started to recover from there , averaging $ 5,795 for the second quarter , $ 7,064 for the third quarter , and $ 8,317 for the fourth quarter . the improvement in rates during the year was driven by increased demolition ( of older vessels ) , lower supply growth , and higher iron ore and coal flows into china . looking ahead , newbuilding deliveries for 2017 and beyond are expected to be significantly less than in recent prior years , with the orderbook currently standing at under 10 % of the existing fleet . within this figure , there is broad consensus that a meaningful number of these vessels will be delayed and or may never be built , given the state of construction of the vessels themselves and or financial situation in part due to an improving macroeconomic environment . drybulk trade , which tends to be correlated to global gdp , is expected to improve by over 2 % , driven by increased flows in iron ore , coal , and minor bulks . 60 critical accounting policies and estimates the discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states ( “ u.s . gaap ” or “ gaap ” ) . the preparation of those financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities , revenues and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements . actual results may differ from these estimates under different assumptions and conditions . critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions . we have described below what we believe are our most critical accounting policies , because they generally involve a comparatively higher degree of judgment in their application . for a description of all our accounting policies , see note 4 . “ significant accounting policies ” to our consolidated financial statements included herein . revenue recognition revenues are generated from time charters , voyage charters and commercial pool arrangements . time charter revenues are recognized on a straight-line basis over the term of the respective time charter agreements as service is provided . voyage revenues for cargo transportation are recognized ratably over the estimated relative transit time of each voyage . voyage revenue is deemed to commence upon the completion of discharge of the previous charterer 's cargo and is deemed to end upon the completion of discharge of the current cargo , provided an agreed non-cancelable charter between the company and the charterer is in existence , the charter rate is fixed and determinable , and collectability is reasonably assured . revenue under voyage charters will not be recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading . revenues generated from time charters linked to the baltic supramax index and or revenues generated from profit sharing arrangements are recognized over the term of the respective time charter agreements as service is provided and the profit sharing is fixed and determinable . for the company 's vessel operating in a commercial pool , revenues and voyage expenses are pooled and allocated to each pool participant under a time charter agreement basis in accordance with an agreed-upon formula . the formula in the pool agreement for allocating gross shipping revenues net of voyage expenses is based on points allocated to participants ' vessels based on cargo carrying capacity and other technical characteristics , such as speed

liquidity and capital resources the following table presents the cash flow information for the years ended december 31 , 2016 and 2015 and for the period between october 16 , 2014 and december 31 , 2014 for the successor and for the period between january 1 , 2014 and october 15 , 2014 for the predecessor . replace_table_token_15_th 71 net cash used in operating activities during 2016 was $ 45,434,310 , compared with net cash used in operating activities of $ 43,786,769 in 2015. the increase in cash flow used in operations resulted from negative working capital changes offset by lower drydock expenditures . net cash used in operating activities during 2015 was $ 43,786,769 compared with net cash used in operating activities of $ 279,181 for the period between october 16 , 2014 and december 31 , 2014 ( successor ) . net cash used in operating activities was $ 19,464,930 for the period between january 1 , 2014 and october 15 , 2014 ( predecessor ) . net cash used in investing activities during 2016 was $ 9,280,391 , compared with net cash provided by investing activities of $ 10,251,871 in 2015. during 2016 , the company purchased a 2016 built ultramax for $ 18.85 million . in addition , the company paid $ 1.9 million as an advance for acquisition of a 2017 built ultramax . the company took delivery of the vessel in the first quarter of 2017. the company sold four vessels ( the falcon , peregrine , kittiwake and harrier ) during 2016 for net proceeds of $ 13.0 million during the year . in 2015 , the company received $ 7.8 million from the sale of its investment in korea line corporation and $ 4.2 million from sale of one vessel ( the kite ) .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the following table presents the cash flow information for the years ended december 31 , 2016 and 2015 and for the period between october 16 , 2014 and december 31 , 2014 for the successor and for the period between january 1 , 2014 and october 15 , 2014 for the predecessor . replace_table_token_15_th 71 net cash used in operating activities during 2016 was $ 45,434,310 , compared with net cash used in operating activities of $ 43,786,769 in 2015. the increase in cash flow used in operations resulted from negative working capital changes offset by lower drydock expenditures . net cash used in operating activities during 2015 was $ 43,786,769 compared with net cash used in operating activities of $ 279,181 for the period between october 16 , 2014 and december 31 , 2014 ( successor ) . net cash used in operating activities was $ 19,464,930 for the period between january 1 , 2014 and october 15 , 2014 ( predecessor ) . net cash used in investing activities during 2016 was $ 9,280,391 , compared with net cash provided by investing activities of $ 10,251,871 in 2015. during 2016 , the company purchased a 2016 built ultramax for $ 18.85 million . in addition , the company paid $ 1.9 million as an advance for acquisition of a 2017 built ultramax . the company took delivery of the vessel in the first quarter of 2017. the company sold four vessels ( the falcon , peregrine , kittiwake and harrier ) during 2016 for net proceeds of $ 13.0 million during the year . in 2015 , the company received $ 7.8 million from the sale of its investment in korea line corporation and $ 4.2 million from sale of one vessel ( the kite ) .
```    
 Suspicious Activity Report : first lien facility on march 30 , 2016 , eagle shipping , as borrower , and certain of its subsidiaries that were guarantors of the company 's obligations under the company 's senior secured credit facility ( the “ exit financing facility ” ) , as guarantors , entered into an amended and restated first lien loan agreement ( the “ a & r first lien loan agreement ” ) with the lenders thereunder ( the “ first lien lenders ” ) and abn amro capital usa llc , as agent and security trustee for the lenders . the a & r first lien loan agreement amends and restates the exit financing facility in its entirety , providing for eagle shipping to be the borrower in the place of the company , and further provides for a waiver of any and all events of default occurring as a result of the company 's previously reported self-disclosure report with ofac . the a & r first lien loan agreement provides for a term loan ( which was outstanding in the amount of $ 201,468,750 after giving effect to the entry into the a & r first lien loan agreement and the second lien loan agreement ) as well as a $ 50,000,000 revolving credit facility , of which $ 10,000,000 was undrawn as of march 30 , 2016 ( the term loan , together with the revolving credit facility , the “ first lien facility ” ) . the first lien facility matures on october 15 , 2019. an aggregate fee of $ 600,000 was paid to the agent and the first lien lenders in connection with the first lien facility . eagle shipping 's obligations under the first lien facility are secured by a first priority mortgage on each of the vessels currently in eagle shipping 's fleet and such other vessels that it may from time to time include with the approval of the first lien lenders , a first priority assignment of its earnings account , its liquidity account and its vessel-owning subsidiaries ' earnings accounts , a first priority assignment of all charters with terms that may exceed 18 months , freights , earnings , insurances , requisition compensation and management agreements with respect to the vessels , a first priority pledge of the membership interests of each of eagle shipping 's vessel-owning subsidiaries , and a non-recourse pledge by the company of the membership interests of eagle shipping . in the future , eagle shipping may grant additional security to the first lien lenders from time to time in the future , subject to the terms of the intercreditor agreement between the first lien agent and the second lien agent ( the “ intercreditor agreement ” ) . see “ note 2. corporate reorganization ” to the consolidated financial statements . 53 second lien facility on march 30 , 2016 , eagle shipping , as borrower , and certain of its subsidiaries , that were guarantors of the company 's obligations under the exit financing facility , as guarantors , entered into a second lien loan agreement ( the “ second lien loan agreement ” ) with certain lenders ( the “ second lien lenders ” ) and wilmington savings fund society , fsb as agent for the second lien lenders ( the “ second lien agent ” ) . the second lien lenders include certain of the company 's existing shareholders , as well as other investors . the second lien loan agreement provides for a term loan in the amount of $ 60,000,000 ( the “ second lien facility ” ) , and matures on january 14 , 2020 ( the date that is 91 days after the original stated maturity of the first lien facility ) . the term loan under the second lien facility bears interest at a rate of libor plus 14.00 % per annum ( with a 1.0 % libor floor ) or the base rate ( as defined in the second lien loan agreement ) plus 13.00 % per annum , paid in kind quarterly in arrears . the company used the proceeds from the second lien facility to pay down $ 30,158,500 , a portion of the amount outstanding in respect of the revolving credit facility under the first lien facility , pay three quarters of amortization payments under the first lien facility , pay transaction fees in connection with the entry into the a & r first lien loan agreement and the second lien loan agreement , and add cash to the balance sheet . eagle shipping 's obligations under the second lien facility are secured by a second priority lien on the same collateral securing eagle shipping 's obligations under the first lien facility , subject to the terms of the intercreditor agreement . eagle shipping may grant additional security to the second lien lenders from time to time in the future , subject to the terms of the intercreditor agreement . see “ note 2. corporate reorganization ” to the consolidated financial statements . intercreditor agreement concurrently with eagle shipping 's entry into the a & r first lien loan agreement and the second lien loan agreement , and in connection with the granting of security interests in and liens on the collateral securing obligations under those agreements , eagle shipping entered into the intercreditor agreement . the intercreditor agreement governs the relative rights and priorities of the secured parties in respect of liens on the assets of eagle shipping and its subsidiaries securing the first lien facility and the second lien facility . story_separator_special_tag our strategy is to focus on the supramax/ultramax asset class , which is part of the the broader handymax segment , defined as dry bulk vessels between 40,000 to 65,000 dwt . supramaxes range in size from approximately 50,000 to 59,000 dwt , while ultramaxes dry bulk vessels range in size from approximately 60,000 to 65,000 dwt . these vessels have the cargo loading and unloading flexibility offered by their on-board cranes , while the cargo carrying capacity approaches that of panamax , which ranges in size between 75,000 and 83,000 dwt and which require onshore facilities to load and offload their cargoes . we believe that the cargo handling flexibility and cargo carrying capacity of the supramax/ultramax class makes it the preferred type of ship attractive to potential charterers . all 41 of our owned vessels , as of december 31 , 2016 , range in size between 48,000 and 64,000 dwt . we also have one logs-fitted handysize vessel on a long-term charter-in which is roughly 37,000 dwt in size . the supply of dry bulk vessels depends primarily on the level of the orderbook , the fleet age profile , and the operating efficiency of the existing fleet . as of december 2016 , 7 % of the world handymax fleet was 20 years or older , while the newbuilding orderbook stood at 10 % of the ( handymax ) on-the-water fleet . the 41 vessels in our operating fleet have an average age of approximately 8.7 years as of december 31 , 2016. the typical trading life of a handymax vessel is approximately 25 years . 59 the handymax market the dry bulk market was extremely challenged during 2016 due to elevated supply growth , especially during the first half of the year , and weak cargo demand , highlighted by reduced coal shipments to china and weather-related issues in brazil and australia that temporarily reduced iron ore output . the baltic supramax index ( “ bsi ” ) , a dry bulk index based on 52,000 dwt vessels , averaged $ 6,235 for 2016 , a historic low . during 2016 , the bsi reached an all-time low of $ 2,544 in february and started to recover from there , averaging $ 5,795 for the second quarter , $ 7,064 for the third quarter , and $ 8,317 for the fourth quarter . the improvement in rates during the year was driven by increased demolition ( of older vessels ) , lower supply growth , and higher iron ore and coal flows into china . looking ahead , newbuilding deliveries for 2017 and beyond are expected to be significantly less than in recent prior years , with the orderbook currently standing at under 10 % of the existing fleet . within this figure , there is broad consensus that a meaningful number of these vessels will be delayed and or may never be built , given the state of construction of the vessels themselves and or financial situation in part due to an improving macroeconomic environment . drybulk trade , which tends to be correlated to global gdp , is expected to improve by over 2 % , driven by increased flows in iron ore , coal , and minor bulks . 60 critical accounting policies and estimates the discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states ( “ u.s . gaap ” or “ gaap ” ) . the preparation of those financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities , revenues and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements . actual results may differ from these estimates under different assumptions and conditions . critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions . we have described below what we believe are our most critical accounting policies , because they generally involve a comparatively higher degree of judgment in their application . for a description of all our accounting policies , see note 4 . “ significant accounting policies ” to our consolidated financial statements included herein . revenue recognition revenues are generated from time charters , voyage charters and commercial pool arrangements . time charter revenues are recognized on a straight-line basis over the term of the respective time charter agreements as service is provided . voyage revenues for cargo transportation are recognized ratably over the estimated relative transit time of each voyage . voyage revenue is deemed to commence upon the completion of discharge of the previous charterer 's cargo and is deemed to end upon the completion of discharge of the current cargo , provided an agreed non-cancelable charter between the company and the charterer is in existence , the charter rate is fixed and determinable , and collectability is reasonably assured . revenue under voyage charters will not be recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading . revenues generated from time charters linked to the baltic supramax index and or revenues generated from profit sharing arrangements are recognized over the term of the respective time charter agreements as service is provided and the profit sharing is fixed and determinable . for the company 's vessel operating in a commercial pool , revenues and voyage expenses are pooled and allocated to each pool participant under a time charter agreement basis in accordance with an agreed-upon formula . the formula in the pool agreement for allocating gross shipping revenues net of voyage expenses is based on points allocated to participants ' vessels based on cargo carrying capacity and other technical characteristics , such as speed

