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Consolidated Statement of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Profit/(loss) for the year $ (46,927) $ 6,602 $ 9,260
Items included in net income not affecting cash flows      
Depreciation and amortization 103,476 96,758 84,340
Impairment charges 3,500 8,540 84,700
Amortization of upfront fees 11,559 7,375 7,997
Profit/(loss), sale of vessel (75) 3,540 (138)
Fair value gain/(loss) on derivative financial liabilities 5,191 (2,154) (3,235)
Compensation related to options and restricted stock 2,599 4,948 7,365
Purchase of convertible bonds 3,589 (1,035) 0
Share of profit in associated companies (858) (802) (649)
Unrealized currency translation (gains)/losses 0 0 (255)
Changes in operating assets and liabilities      
Accounts receivable and accrued revenues (25,421) (9,869) 7,751
Capitalized voyage expenses 255 0 0
Prepaid expenses (1,141) 430 (1,087)
Accounts payable and accrued expenses 8,234 5,407 (1,557)
Deferred shipping revenues 0 (2,154) (1,422)
Bunkers, lube oils and consumables (9,994) (15,769) 938
Net cash provided by operating activities 53,985 101,817 194,008
Cash flows from investing activities      
Investment in vessels (11,845) (165,649) (13,260)
Investment in vessels under constuction (223,033) (132,536) (222,104)
Proceeds from sale of vessels 46,393 111,418 22,233
Dividend received from associated company 409 415 242
Investment in property, plant and equipment (88) (193) (144)
Net cash used in investing activities (188,165) (186,545) (213,033)
Cash flows from financing activities      
Cash dividends paid (11,487) (23,328) (66,365)
Issuance of long-term debt 577,685 200,452 219,248
Purchase of treasury shares (5,026) 0 (2,031)
Issuance of convertible bonds 38,945 0 0
Purchase of convertible bonds 0 (17,104) (25,334)
Repayment of long-term debt (448,285) (107,295) (163,972)
Net cash provided by/(used in) financing activities 151,832 52,725 (38,454)
Net increase/(decrease) in cash and cash equivalents 17,652 (32,003) (57,480)
Cash and cash equivalents at beginning of period 77,292 [1] 109,295 166,775
Cash and cash equivalents at end of period 94,944 [1] 77,292 [1] 109,295
Specification of items included in operating activities      
Interest paid 40,040 32,253 27,539
Interest received $ 345 $ 140 $ 66
[1] Amortized cost.