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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
CASH FLOW FROM OPERATING ACTIVITIES        
Net income/(loss) $ (9,391) $ (21,475) $ (2,181) $ (58,910)
Items included in net income not affecting cash flows 33,500 35,278 105,140 92,502
Depreciation 29,656 26,682 84,922 75,226
Impairment charges 0 3,500 0 3,500
Amortization of debt issuance costs 2,053 1,878 6,073 9,549
Profit/loss, sale of vessel 0 0 0 46
Fair value gain/loss on derivative financial instruments 1,510 (486) 12,853 (1,031)
Compensation related to options and restricted stock 438 304 1,877 2,264
Gain/loss purchase of convertible bond 0 3,589 0 3,589
Share of profit from associated companies (158) (189) (585) (641)
Income adjusted for non-cash items 24,110 13,803 102,958 33,592
Changes in operating assets and liabilities (2,346) (18,169) 3,139 (7,926)
Accounts receivable and accrued revenues (12,633) (11,622) 5,220 (6,223)
Capitalized voyage expenses 241 1,157 (861) 474
Prepaid expenses 288 (2,320) 962 (4,641)
Accounts payable and accrued expenses (238) (1,407) (6,904) 8,052
Deferred shipping revenues 0 (1,352) 0 2
Bunkers, lube oils and consumables 9,962 (2,650) 4,615 (5,577)
Pension liability 35 24 105 (14)
Net cash provided by/(used in) operating activities 21,764 (4,367) 106,097 25,666
CASH FLOW FROM INVESTING ACTIVITIES        
Investment in vessels (13,976) (5) (33,310) (1,714)
Investment in vessels under construction 0 (58,673) 0 (165,233)
Sale of vessels 0 0 0 20,715
Investment in property, plant and equipment (35) 1 (47) (84)
Net cash used in investing activities (14,011) (58,677) (33,357) (146,316)
CASH FLOW FROM FINANCING ACTIVITIES        
Cash dividends paid (2,848) (2,872) (21,345) (8,615)
Repayment of lease liability (129) 0 (241) 0
Issuance of long-term debt 54,991 50,742 54,990 522,732
Purchase of treasury shares 0 0 (3,248) 0
Issuance of convertible bonds 0 39,346 (7) 39,346
Scheduled repayment of long-term debt (15,394) (14,543) (47,481) (36,951)
Prepayment of long-term debt 0   (35,000) 0
Repayment of long-term debt refinancing 0 0 0 (377,935)
Repayment of long-term debt, sale of vessels 0 0 0 (8,663)
Net cash provided/(used in) by financing activities 36,620 72,673 (52,332) 129,915
Net increase in cash and cash equivalents 44,373 9,630 20,407 9,264
Cash and cash equivalents at beginning of period 70,978 76,927 94,944 77,292
Cash and cash equivalents at end of period 115,352 86,556 115,352 86,556
Specification of items included in operating activities:        
Interest paid 12,377 13,253 38,151 29,246
Interest received $ 113 $ 73 $ 720 $ 224