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Consolidated Statement of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Profit/(loss) for the year $ 73,680 $ (46,927) $ 6,602
Items included in net income not affecting cash flows:      
Depreciation and amortization 115,584 103,476 96,758
Impairment charges 0 3,500 8,540
Amortization of upfront fees 8,003 11,559 7,375
Profit/(loss), sale of vessel 0 (75) 3,540
Fair value gain/(loss) on derivative financial liabilities 9,863 5,191 (2,154)
Compensation related to options and restricted stock 2,331 2,599 4,948
(Gain)/loss purchase of convertible bond 0 3,589 (1,035)
Share of profit in associated companies (852) (858) (802)
Changes in operating assets and liabilities:      
Accounts receivable and accrued revenues (47,651) (25,421) (9,869)
Capitalized voyage expenses (2,518) 255 0
Prepaid expenses (508) (1,141) 430
Accounts payable and accrued expenses (1,033) 8,234 5,407
Deferred shipping revenues 930 0 (2,154)
Bunkers, lube oils and consumables (1,874) (9,994) (15,769)
Net cash provided by operating activities 155,956 53,985 101,817
Cash flows from investing activities:      
Investment in vessels (53,803) (11,845) (165,649)
Investment in vessels under construction 0 (223,033) (132,536)
Proceeds from sale of vessels 0 46,393 111,418
Dividend received from associated company 513 409 415
Investment in property, plant and equipment (79) (88) (193)
Net cash used in investing activities (53,369) (188,165) (186,545)
Cash flows from financing activities      
Cash dividends paid (28,685) (11,487) (23,328)
Repayment principal element of lease liability (370) 0 0
Issuance of long term debt 64,990 577,685 200,452
Purchase of treasury shares (3,248) (5,026) 0
Issuance of convertible bonds (7) 38,945 0
Purchase of convertible bonds 0 0 (17,104)
Repayment of long term debt (156,430) (448,285) (107,295)
Repayments of convertible bonds (6,426) 0 0
Net cash (used in)/provided by financing activities (130,176) 151,832 52,725
Net (decrease)/increase in cash and cash equivalents (27,588) 17,652 (32,003)
Cash and cash equivalents at beginning of period 94,944 [1],[2] 77,292 109,295
Cash and cash equivalents at end of period 67,356 [1],[2] 94,944 [1],[2] 77,292
Specification of items included in operating activities:      
Interest paid 49,233 40,040 32,253
Interest received $ 1,077 $ 345 $ 140
[1] Amortized cost.
[2] Cash and cash equivalents include $221 thousand in restricted cash in 2019 and $638 thousand in 2018, including employee withholding tax.