XML 11 R2.htm IDEA: XBRL DOCUMENT v3.25.2
Unaudited Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 395,636 $ 425,066
Restricted cash, current (Notes 8 and 13) 30,515 11,218
Trade accounts receivable, net 70,282 79,303
Inventories (Note 4) 73,558 78,589
Due from managers 2 45
Due from related parties (Note 3) $ 36 $ 37
Accounts Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related Party [Member] Related Party [Member]
Prepaid expenses and other receivables $ 14,763 $ 18,873
Derivatives, current asset portion (Note 13) 2,567 2,177
Accrued income 0 67
Other current assets (including nil and $972 of investment in debt security as of December 31, 2024 and June 30, 2025 respectively, Note 13) 33,911 43,598
Vessel held for sale (Note 5) 10,777 0
Total Current Assets 632,047 658,973
FIXED ASSETS    
Advances for vessels under construction (Note 5) 29,089 27,526
Vessels and other fixed assets, net (Note 5) 3,054,502 3,208,357
Total Fixed Assets 3,083,591 3,235,883
OTHER NON-CURRENT ASSETS    
Long term investment (Note 3) 1,715 1,733
Restricted cash, non-current (Note 8) 4,615 4,596
Operating leases, right-of-use assets (Note 6) 171,106 184,509
Derivatives, non-current asset portion (Note 13) 23 330
Other non-current assets 324 354
TOTAL ASSETS 3,893,421 4,086,378
CURRENT LIABILITIES    
Current portion of long-term bank loans & revolving facilities (Note 8) 228,104 221,147
Lease financing short term (Note 7) 2,731 2,731
Accounts payable 43,439 51,591
Due to managers 20,555 10,938
Due to related parties (Note 3) $ 1,393 $ 3,274
Accounts Payable, Current, Related Party [Extensible Enumeration] Related Party [Member] Related Party [Member]
Accrued liabilities $ 51,915 $ 62,607
Operating lease liabilities, current (Note 6) 29,036 28,227
Derivatives, current liability portion (Note 13) 34 0
Deferred revenue 14,510 17,297
Other current liabilities 2,000 2,000
Total Current Liabilities 393,717 399,812
NON-CURRENT LIABILITIES    
Long-term bank loans & revolving facilities, net of current portion and unamortized loan issuance costs of $7,606 and $6,522, as of December 31, 2024 and June 30, 2025, respectively (Note 8) 943,545 1,035,135
Lease financing long term, net of unamortized lease issuance costs of $51 and $32, as of December 31, 2024 and June 30, 2025, respectively (Note 7) 11,177 12,524
Operating lease liabilities, non-current (Note 6) 142,070 156,282
Other non-current liabilities 691 850
TOTAL LIABILITIES 1,491,200 1,604,603
SHAREHOLDERS' EQUITY    
Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2024 and June 30, 2025, respectively (Note 9) 0 0
Common Shares, $0.01 par value, 300,000,000 shares authorized; 117,630,112 shares issued and outstanding as of December 31, 2024; 114,655,311 issued and 114,585,311 shares (net of treasury shares) outstanding as of June 30, 2025 (Note 9) 1,146 1,142
Additional paid in capital 3,022,647 3,083,906
Treasury shares (nil shares at December 31, 2024 and 70,000 shares as of June 30, 2025) (Note 9) (1,197) 0
Accumulated other comprehensive income/(loss) 782 2,299
Accumulated deficit (621,157) (605,572)
Total Shareholders' Equity 2,402,221 2,481,775
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,893,421 $ 4,086,378