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Consolidated Statement of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Profit/(loss) for the year $ 266,281 $ 73,680 $ (46,927)
Items included in net income not affecting cash flows:      
Depreciation and amortization 124,245 115,584 103,476
Impairment charges 12,560 0 3,500
Amortization of upfront fees 5,538 8,003 11,559
(Profit)/loss, sale of vessel 0 0 (75)
Fair value (gain)/loss on derivative financial liabilities 8,074 9,863 5,191
Compensation related to options and restricted stock 5,106 2,331 2,599
(Gain)/loss purchase of convertible bond 0 0 3,589
Share of profit in associated companies (1,193) (852) (858)
Changes in operating assets and liabilities:      
Accounts receivable and accrued revenues 77,788 (47,651) (25,421)
Capitalized voyage expenses 3,111 (2,518) 255
Prepaid expenses (2,265) (508) (1,141)
Accounts payable and accrued expenses (6,914) (1,033) 8,234
Deferred shipping revenues 15,306 930 0
Bunkers, lube oils and consumables 22,231 (1,874) (9,994)
Net cash provided by/(used in) operating activities 529,870 155,956 53,985
Cash flows from investing activities:      
Investment in vessels (27,117) (53,803) (11,845)
Investment in vessels under construction 0 0 (223,033)
Proceeds from sale of vessels 0 0 46,393
Dividend received from associated company 835 513 409
Investment in property, plant and equipment (435) (79) (88)
Net cash provided by/(used in) investing activities (26,717) (53,369) (188,165)
Cash flows from financing activities      
Cash dividends paid (214,669) (28,685) (11,487)
Repayment principal element of lease liability (467) (370) 0
Issuance of long-term debt 70,862 64,990 577,685
Purchase of treasury shares 0 (3,248) (5,026)
Issuance of convertible bonds 0 (7) 38,945
Repayment of long-term debt (357,595) (156,430) (448,285)
Repayment of convertible bonds 0 (6,426) 0
Net cash (used in)/provided by financing activities (501,868) (130,176) 151,832
Net increase/(decrease) in cash and cash equivalents 1,285 (27,588) 17,652
Cash and cash equivalents at beginning of period 67,356 [1],[2] 94,944 77,292
Cash and cash equivalents at end of period 68,641 [1],[2] 67,356 [1],[2] 94,944
Specification of items included in operating activities:      
Interest paid 35,404 49,233 40,040
Interest received $ 212 $ 1,077 $ 345
[1] Amortized cost.
[2] Cash and cash equivalents include $299 thousand in restricted cash in 2020 and $221 thousand in 2019, including employee withholding tax.