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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
CASH FLOW FROM OPERATING ACTIVITIES        
Net income/(loss) after tax $ 50,672 $ (9,391) $ 258,654 $ (2,181)
Items included in net income not affecting cash flows 35,420 33,500 115,866 105,140
Depreciation and amortization 31,117 29,656 92,217 84,922
Impairment charges 4,920 0 4,920 0
Amortization of upfront fees 1,352 2,053 4,977 6,073
Fair value (gain) / loss on derivative financial liabilities (2,611) 1,510 10,477 12,853
Compensation related to options and restricted stock 982 438 4,124 1,877
Share of profit in associated companies (340) (158) (850) (585)
Income adjusted for non-cash items 86,091 24,110 374,520 102,958
Changes in operating assets and liabilities 45,186 (2,346) 73,997 3,139
Accounts receivable and accrued revenues 35,513 (12,633) 45,931 5,220
Capitalized voyage expenses 548 241 3,019 (861)
Prepaid expenses 1,020 288 500 962
Accounts payable and accrued expenses (6,181) (238) (13,738) (6,904)
Deferred shipping revenues 7,922 0 17,373 0
Bunkers, lube oils and consumables 6,334 9,962 20,919 4,615
Pension liability 31 35 (6) 105
Net cash provided by operating activities 131,278 21,764 448,517 106,097
CASH FLOW FROM INVESTING ACTIVITIES        
Investment in vessels (3,349) (13,976) (15,766) (33,310)
Investment in property, plant and equipment (46) (35) (391) (47)
Net cash used in investing activities (3,395) (14,011) (16,156) (33,357)
CASH FLOW FROM FINANCING ACTIVITIES        
Cash dividends paid (81,983) (2,848) (180,509) (21,345)
Repayment principal element of lease liability (125) (129) (338) (241)
Issuance of long-term debt 57,762 54,991 71,262 54,990
Purchase of treasury shares 0 0 0 (3,248)
Issuance of convertible bonds 0 0 0 (7)
Scheduled repayment of long-term debt (16,444) (15,394) (48,381) (47,481)
Prepayment of long-term debt (149,703) 0 (266,643) (35,000)
Net cash (used in)/provided by financing activities (190,493) 36,620 (424,610) (52,332)
Net (decrease)/increase in cash and cash equivalents (62,610) 44,373 7,751 20,407
Cash and cash equivalents at beginning of period 137,717 70,978 67,356 94,944
Cash and cash equivalents at end of period 75,107 115,352 75,107 115,352
Specification of items included in operating activities:        
Interest paid 9,225 12,377 29,233 38,151
Interest received $ 3 $ 113 $ 199 $ 720