the company took delivery of the vessels during 72 the first quarter of 2021. the company paid and recorded $ 3.3 million on two of the above mentioned vessels in advances for vessel purchases in the consolidated balance sheet as of december 31 , 2020. vessel upgrades - scrubbers and ballast water systems during the third quarter of 2018 , the company entered into a series of agreements to purchase up to 37 scrubbers , which were fitted on the company 's vessels . the actual costs , including installation , were approximately $ 2.4 million per scrubber . during the second quarter of 2020 , the company completed and commissioned all 37 scrubbers and recorded $ 88.9 million in vessels and vessel improvements in the consolidated balance sheet as of december 31 , 2020. during the third quarter of 2018 , the company entered into a contract for the installation of bwts on 39 of our owned vessels . the projected costs , including installation , are approximately $ 0.5 million per bwts . the company intends to complete the installations during scheduled drydockings . the company completed installation of bwts on 15 vessels and recorded $ 7.1 million in vessels and vessel improvements in the consolidated balance sheet as of december 31 , 2020. additionally , the company recorded $ 2.3 million as advances paid towards installation of bwts on the remaining vessels as a noncurrent asset in its consolidated balance sheet as of december 31 , 2020. during the second quarter of 2020 , the company applied for and received extensions from the uscg of up to one year from their deadline for bwts installation on 18 of our vessels . additionally , the company cancelled the bwts installation orders on three of its oldest vessels . business strategy and outlook : we believe our strong balance sheet allows us the flexibility to opportunistically make investments in the drybulk segment that will drive shareholder growth . in order to accomplish this , we intend to : maintain a highly efficient and quality fleet in the drybulk segment ; maintain a revenue strategy that takes advantage of a rising rate environment and at the same time mitigate risk in a declining rate environment ; maintain a cost structure that allow us to be competitive in all economic cycles without sacrificing safety and maintenance ; continue to grow our relationships with our charterers and vendors ; and continue to invest in our on-shore operations and development of processes . our financial performance is based on the following key elements of our business strategy : ( 1 ) concentration in one vessel category : supramax/ultramax drybulk vessels , which we believe offer certain size , operational and geographical advantages relative to other classes of drybulk vessels , such as handysize , panamax and capesize vessels , ( 2 ) an active owner-operator model where we seek to operate our own fleet and develop contractual relationships with cargo interests . these relationships and the related cargo contracts have the dual benefit of providing greater operational efficiencies and act as a balance to the company 's naturally long position to the market . notwithstanding the focus on short term chartering , we consistently monitor the drybulk shipping market and , based on market conditions , will consider taking advantage of long-term time charters on our owned fleet at higher rates when appropriate . ( 3 ) maintain high quality vessels and improve standards of operation through improved standards and procedures , crew training and repair and maintenance procedures . we have employed all of our vessels on time and voyage charters . the following table represents certain information about our revenue earning charters on our owned fleet as of december 31 , 2020 : 73 replace_table_token_7_th 74 replace_table_token_8_th 75 replace_table_token_9_th ( 1 ) the vessel is at a shipyard undergoing drydock as of december 31 , 2020 . ( 2 ) the vessel is contracted to continue the existing time charter at an increased charter rate of $ 11,000 after january 8 , 2021 . ( 3 ) the vessel was involved in a collision and was undergoing repairs at a shipyard as of december 31 , 2020. business outlook covid-19 in march 2020 , the world health organization ( the “ who ” ) declared covid-19 , to be a pandemic . the covid-19 pandemic is having widespread , rapidly evolving , and unpredictable impacts on global society , economies , financial markets , and business practices . governments have implemented measures such as social distancing , mask mandates , travel restrictions , covid testing guidelines , quarantine regulations etc . all the above measures taken to slow the spread of covid-19 have led to a significant slowdown in the worldwide economic activity and decline in demand for drybulk cargoes . this has contributed to lower charter rates and shipping revenues in the first half of 2020. in 2020 , drybulk trade decreased by 1.9 % compared to an increase of 0.4 % in 2019 , as measured in metric tons of cargo . this was primarily the result of a 9.5 % decline in coal trade around the world , reflecting the continuing shift away from thermal coal use in europe , china-australia trade tensions , and decreased electricity demand in many countries due to economic impacts of covid-19 . demand for minor bulk commodities also decreased by 3.2 % mainly due to the impact to steel and other construction-related commodities due to covid-19 , as well as a ban on exports of nickel ore from indonesia that became effective in january 2020. on the positive side , grain trade increased by 7.8 % . the bsi-58 index averaged $ 8,189 for 2020 , compared to $ 9,948 for 2019. during the second half of 2020 , freight markets saw a strong rebound from the low point in the second quarter as demand for commodities recovered . story_separator_special_tag our vessels range from very new to seventeen years old , and we believe that utilizing rates over a long period of time incorporates numerous shipping cycles and reflects our strategy of operating our vessels over a long time period , and in line with the overall useful economic life of our vessels . as disclosed elsewhere herein , we also consider whether utilizing ten or five year averages would impact our impairment assessment . our vessels remain fully utilized and have a relatively long average remaining useful life of approximately 17 years in which to provide sufficient cash flows on an undiscounted basis to recover their carrying values as of december 31 , 2020. management will continue to monitor developments in charter rates in our participatory markets with respect to the expectation of future rates over an extended period . a comparison of the average estimated daily time charter equivalent rate used in our impairment analysis with the average break even rate at which the undiscounted cash flows for the 40 vessels for which impairment test was performed will be lower than their carrying value as of december 31 , 2020 ( “ average break even rate ” ) for our vessels is presented below : vessel class average estimated daily time charter rate used percentage decline from average estimated daily time charter rate used in impairment test at which point impairment would be recorded supramax/ultramax $ 11,504 ( 29 ) % for the purpose of presenting our investors with additional information to determine how the company 's future results of operations may be impacted in the event that daily time charter rates change from their current levels in future periods , we set forth in the table below analysis that shows the effect of the utilization of 1 year , 3 year , 5 year and 10 year average blended rates would have on the company 's impairment analysis : incremental number of vessels potential incremental impairment ( in millions ) 1 year historical average 2 $ 16.6 3 year historical average — — 5 year historical average — — 10 year historical average — — 80 management does not believe that a one year , a three year , and a five year historical average is reflective of the cyclical nature of the shipping business , which tends to have cycles much longer than one , three or five years . based on our impairment analysis , we determined that as of december 31 , 2020 , the future cash flows expected to be earned by the 40 vessels on an undiscounted basis would exceed their carrying value and therefore no impairment charges were recorded in the consolidated financial statements . as of december 31 , 2016 , as part of our fleet renewal program , management considered it probable that we would divest some of our older vessels as well as certain less efficient vessels from its fleet to achieve operating cost savings . based on our projected undiscounted cash flows prior to sale , factoring the probability of sale , such vessels were determined to be impaired , and written down to their current fair value as of december 31 , 2016 , which was determined by obtaining broker quotes from two unaffiliated ship brokers . as a result , we recorded an impairment charge of $ 122.9 million in the fourth quarter of 2016. the carrying value of these vessels prior to impairment was $ 234.9 million . in addition to the above , in 2015 , we identified six vessels as probable sales , and recognized an impairment charge in 2015 of $ 50.9 million . as the value of such vessels further declined in the first quarter of 2016 , we recorded an additional impairment charge of $ 6.2 million in that quarter . out of the six vessels initially identified in 2015 , all vessels have been sold as of december 31 , 2020. out of the sixteen vessels impaired in 2016 , thirteen vessels have been sold as of december 31 , 2020. although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate , such assumptions are highly subjective . charter rates may remain at depressed levels for some time , which could adversely affect our revenue and profitability , and future assessments of vessel impairment . in the event that any future impairment were to occur , we would determine the fair value of the related asset and record a charge to operations calculated by comparing the asset 's carrying value to its estimated fair value . we estimate fair value primarily through the use of third party valuations performed on an individual vessel basis . such valuations are not necessarily the same as the amount any vessel may bring upon sale , which may be more or less , and should not be relied upon as such . the table set forth below indicates the carrying value of each of our vessels as of december 31 , 2020 and 2019 , which we believe , based on broker quotes recently obtained , have a basic charter free market value below its carrying value . please note that the carrying values of vessels sold during the year 2020 have been excluded from the table . noted below the table is the aggregate difference between the carrying value and the basic market value , which represents the approximate amount by which we believe we would have to reduce our net income if we sold all of such vessels , excluding commissions , as of december 31 , 2020 , on industry standard terms , in cash transactions , and to a willing buyer where we are not under any compulsion to sell , and where the buyer is not under any compulsion to buy . additionally , given the current dynamic in the drybulk market , were we to sell a vessel , we might

cash collateral disclosures the company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral . the amount of collateral to be posted is defined in the terms of respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded . as of december 31 , 2020 and december 31 , 2019 , the company posted cash collateral related to derivative instruments under its collateral security arrangements of $ 0.1 million and $ 0.6 million , respectively , which is recorded within other current assets in the consolidated balance sheets . effects of inflation the company does not believe that inflation has had or is likely , in the near future , to have a significant impact on vessel operating expenses , drydocking expenses and general and administrative expenses . 89 liquidity and capital resources the following table presents the cash flow information for the years ended december 31 , 2020 and 2019 : replace_table_token_15_th net cash provided by operating activities for the year ended december 31 , 2020 was $ 12.6 million , compared with $ 21.7 million in 2019. the decrease in cash flows provided by operating activities resulted primarily from increase in drydock expenditures , payments related to bunkers in the first quarter of 2020 relating to prior year bunker liftings in advance of imo 2020 regulations partly offset by decline in fuel prices resulting in decrease in the value of our bunker inventory year over year . net cash used in investing activities for the year ended december 31 , 2020 was $ 5.5 million , compared to $ 168.6 million in the prior year . during 2020 , the company paid $ 28.4 million for the purchase and installation of scrubbers and ballast water treatment systems on our fleet .


 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.
     ```cash collateral disclosures the company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral . the amount of collateral to be posted is defined in the terms of respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded . as of december 31 , 2020 and december 31 , 2019 , the company posted cash collateral related to derivative instruments under its collateral security arrangements of $ 0.1 million and $ 0.6 million , respectively , which is recorded within other current assets in the consolidated balance sheets . effects of inflation the company does not believe that inflation has had or is likely , in the near future , to have a significant impact on vessel operating expenses , drydocking expenses and general and administrative expenses . 89 liquidity and capital resources the following table presents the cash flow information for the years ended december 31 , 2020 and 2019 : replace_table_token_15_th net cash provided by operating activities for the year ended december 31 , 2020 was $ 12.6 million , compared with $ 21.7 million in 2019. the decrease in cash flows provided by operating activities resulted primarily from increase in drydock expenditures , payments related to bunkers in the first quarter of 2020 relating to prior year bunker liftings in advance of imo 2020 regulations partly offset by decline in fuel prices resulting in decrease in the value of our bunker inventory year over year . net cash used in investing activities for the year ended december 31 , 2020 was $ 5.5 million , compared to $ 168.6 million in the prior year . during 2020 , the company paid $ 28.4 million for the purchase and installation of scrubbers and ballast water treatment systems on our fleet .
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 Suspicious Activity Report : the company took delivery of the vessels during 72 the first quarter of 2021. the company paid and recorded $ 3.3 million on two of the above mentioned vessels in advances for vessel purchases in the consolidated balance sheet as of december 31 , 2020. vessel upgrades - scrubbers and ballast water systems during the third quarter of 2018 , the company entered into a series of agreements to purchase up to 37 scrubbers , which were fitted on the company 's vessels . the actual costs , including installation , were approximately $ 2.4 million per scrubber . during the second quarter of 2020 , the company completed and commissioned all 37 scrubbers and recorded $ 88.9 million in vessels and vessel improvements in the consolidated balance sheet as of december 31 , 2020. during the third quarter of 2018 , the company entered into a contract for the installation of bwts on 39 of our owned vessels . the projected costs , including installation , are approximately $ 0.5 million per bwts . the company intends to complete the installations during scheduled drydockings . the company completed installation of bwts on 15 vessels and recorded $ 7.1 million in vessels and vessel improvements in the consolidated balance sheet as of december 31 , 2020. additionally , the company recorded $ 2.3 million as advances paid towards installation of bwts on the remaining vessels as a noncurrent asset in its consolidated balance sheet as of december 31 , 2020. during the second quarter of 2020 , the company applied for and received extensions from the uscg of up to one year from their deadline for bwts installation on 18 of our vessels . additionally , the company cancelled the bwts installation orders on three of its oldest vessels . business strategy and outlook : we believe our strong balance sheet allows us the flexibility to opportunistically make investments in the drybulk segment that will drive shareholder growth . in order to accomplish this , we intend to : maintain a highly efficient and quality fleet in the drybulk segment ; maintain a revenue strategy that takes advantage of a rising rate environment and at the same time mitigate risk in a declining rate environment ; maintain a cost structure that allow us to be competitive in all economic cycles without sacrificing safety and maintenance ; continue to grow our relationships with our charterers and vendors ; and continue to invest in our on-shore operations and development of processes . our financial performance is based on the following key elements of our business strategy : ( 1 ) concentration in one vessel category : supramax/ultramax drybulk vessels , which we believe offer certain size , operational and geographical advantages relative to other classes of drybulk vessels , such as handysize , panamax and capesize vessels , ( 2 ) an active owner-operator model where we seek to operate our own fleet and develop contractual relationships with cargo interests . these relationships and the related cargo contracts have the dual benefit of providing greater operational efficiencies and act as a balance to the company 's naturally long position to the market . notwithstanding the focus on short term chartering , we consistently monitor the drybulk shipping market and , based on market conditions , will consider taking advantage of long-term time charters on our owned fleet at higher rates when appropriate . ( 3 ) maintain high quality vessels and improve standards of operation through improved standards and procedures , crew training and repair and maintenance procedures . we have employed all of our vessels on time and voyage charters . the following table represents certain information about our revenue earning charters on our owned fleet as of december 31 , 2020 : 73 replace_table_token_7_th 74 replace_table_token_8_th 75 replace_table_token_9_th ( 1 ) the vessel is at a shipyard undergoing drydock as of december 31 , 2020 . ( 2 ) the vessel is contracted to continue the existing time charter at an increased charter rate of $ 11,000 after january 8 , 2021 . ( 3 ) the vessel was involved in a collision and was undergoing repairs at a shipyard as of december 31 , 2020. business outlook covid-19 in march 2020 , the world health organization ( the “ who ” ) declared covid-19 , to be a pandemic . the covid-19 pandemic is having widespread , rapidly evolving , and unpredictable impacts on global society , economies , financial markets , and business practices . governments have implemented measures such as social distancing , mask mandates , travel restrictions , covid testing guidelines , quarantine regulations etc . all the above measures taken to slow the spread of covid-19 have led to a significant slowdown in the worldwide economic activity and decline in demand for drybulk cargoes . this has contributed to lower charter rates and shipping revenues in the first half of 2020. in 2020 , drybulk trade decreased by 1.9 % compared to an increase of 0.4 % in 2019 , as measured in metric tons of cargo . this was primarily the result of a 9.5 % decline in coal trade around the world , reflecting the continuing shift away from thermal coal use in europe , china-australia trade tensions , and decreased electricity demand in many countries due to economic impacts of covid-19 . demand for minor bulk commodities also decreased by 3.2 % mainly due to the impact to steel and other construction-related commodities due to covid-19 , as well as a ban on exports of nickel ore from indonesia that became effective in january 2020. on the positive side , grain trade increased by 7.8 % . the bsi-58 index averaged $ 8,189 for 2020 , compared to $ 9,948 for 2019. during the second half of 2020 , freight markets saw a strong rebound from the low point in the second quarter as demand for commodities recovered . story_separator_special_tag our vessels range from very new to seventeen years old , and we believe that utilizing rates over a long period of time incorporates numerous shipping cycles and reflects our strategy of operating our vessels over a long time period , and in line with the overall useful economic life of our vessels . as disclosed elsewhere herein , we also consider whether utilizing ten or five year averages would impact our impairment assessment . our vessels remain fully utilized and have a relatively long average remaining useful life of approximately 17 years in which to provide sufficient cash flows on an undiscounted basis to recover their carrying values as of december 31 , 2020. management will continue to monitor developments in charter rates in our participatory markets with respect to the expectation of future rates over an extended period . a comparison of the average estimated daily time charter equivalent rate used in our impairment analysis with the average break even rate at which the undiscounted cash flows for the 40 vessels for which impairment test was performed will be lower than their carrying value as of december 31 , 2020 ( “ average break even rate ” ) for our vessels is presented below : vessel class average estimated daily time charter rate used percentage decline from average estimated daily time charter rate used in impairment test at which point impairment would be recorded supramax/ultramax $ 11,504 ( 29 ) % for the purpose of presenting our investors with additional information to determine how the company 's future results of operations may be impacted in the event that daily time charter rates change from their current levels in future periods , we set forth in the table below analysis that shows the effect of the utilization of 1 year , 3 year , 5 year and 10 year average blended rates would have on the company 's impairment analysis : incremental number of vessels potential incremental impairment ( in millions ) 1 year historical average 2 $ 16.6 3 year historical average — — 5 year historical average — — 10 year historical average — — 80 management does not believe that a one year , a three year , and a five year historical average is reflective of the cyclical nature of the shipping business , which tends to have cycles much longer than one , three or five years . based on our impairment analysis , we determined that as of december 31 , 2020 , the future cash flows expected to be earned by the 40 vessels on an undiscounted basis would exceed their carrying value and therefore no impairment charges were recorded in the consolidated financial statements . as of december 31 , 2016 , as part of our fleet renewal program , management considered it probable that we would divest some of our older vessels as well as certain less efficient vessels from its fleet to achieve operating cost savings . based on our projected undiscounted cash flows prior to sale , factoring the probability of sale , such vessels were determined to be impaired , and written down to their current fair value as of december 31 , 2016 , which was determined by obtaining broker quotes from two unaffiliated ship brokers . as a result , we recorded an impairment charge of $ 122.9 million in the fourth quarter of 2016. the carrying value of these vessels prior to impairment was $ 234.9 million . in addition to the above , in 2015 , we identified six vessels as probable sales , and recognized an impairment charge in 2015 of $ 50.9 million . as the value of such vessels further declined in the first quarter of 2016 , we recorded an additional impairment charge of $ 6.2 million in that quarter . out of the six vessels initially identified in 2015 , all vessels have been sold as of december 31 , 2020. out of the sixteen vessels impaired in 2016 , thirteen vessels have been sold as of december 31 , 2020. although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate , such assumptions are highly subjective . charter rates may remain at depressed levels for some time , which could adversely affect our revenue and profitability , and future assessments of vessel impairment . in the event that any future impairment were to occur , we would determine the fair value of the related asset and record a charge to operations calculated by comparing the asset 's carrying value to its estimated fair value . we estimate fair value primarily through the use of third party valuations performed on an individual vessel basis . such valuations are not necessarily the same as the amount any vessel may bring upon sale , which may be more or less , and should not be relied upon as such . the table set forth below indicates the carrying value of each of our vessels as of december 31 , 2020 and 2019 , which we believe , based on broker quotes recently obtained , have a basic charter free market value below its carrying value . please note that the carrying values of vessels sold during the year 2020 have been excluded from the table . noted below the table is the aggregate difference between the carrying value and the basic market value , which represents the approximate amount by which we believe we would have to reduce our net income if we sold all of such vessels , excluding commissions , as of december 31 , 2020 , on industry standard terms , in cash transactions , and to a willing buyer where we are not under any compulsion to sell , and where the buyer is not under any compulsion to buy . additionally , given the current dynamic in the drybulk market , were we to sell a vessel , we might

