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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
CASH FLOW FROM OPERATING ACTIVITIES        
Net income/(loss) after tax $ (21,032) $ 50,672 $ (8,612) $ 258,654
Items included in net income not affecting cash flows 28,999 35,420 74,184 115,866
Depreciation and amortization 31,734 31,117 95,889 92,217
Impairment charges 0 4,920 0 4,920
Amortization of upfront fees 648 1,352 1,910 4,977
(Gain) / loss, sale of vessel (1,556) 0 (15,153) 0
Fair value (gain) / loss on derivative financial liabilities (2,316) (2,611) (7,994) 10,477
Compensation related to options and restricted stock 783 982 3,564 4,124
(Gain) / loss modification of debt 0 0 (3,049) 0
Share of profit in associated companies (293) (340) (983) (850)
Income adjusted for non-cash items 7,967 86,091 65,572 374,520
Changes in operating assets and liabilities (11,101) 45,186 (23,910) 73,997
Accounts receivable and accrued revenues (317) 35,513 12,712 45,931
Capitalized voyage expenses (481) 548 128 3,019
Prepaid expenses 338 1,020 248 500
Accounts payable and accrued expenses (1,339) (6,181) (7,205) (13,738)
Deferred shipping revenues (428) 7,922 (12,190) 17,373
Bunkers, lube oils and consumables (8,844) 6,334 (17,567) 20,919
Pension liability (30) 31 (35) (6)
Net cash (used in)/provided by operating activities (3,134) 131,278 41,661 448,517
CASH FLOW FROM INVESTING ACTIVITIES        
Investment in vessels (1,941) (3,349) (160,402) (15,766)
Proceeds from sale of vessels 29,587 0 87,063 0
Investment in property, plant and equipment (1) (46) (48) (391)
Net cash provided by/(used in) investing activities 27,645 (3,395) (73,387) (16,156)
CASH FLOW FROM FINANCING ACTIVITIES        
Cash dividends paid (3,349) (81,983) (18,749) (180,509)
Repayment principal element of lease liability (153) (125) (457) (338)
Issuance of long-term debt (105) 57,762 355,841 71,262
Purchase of treasury shares (6,738) 0 (29,207) 0
Scheduled repayment of long-term debt (1,926) (16,444) (4,490) (48,381)
Prepayment of long-term debt 0 (149,703) (93,378) (266,643)
Repayment of long-term debt refinancing 0 0 (175,933) 0
Repayment of long-term debt, sale of vessels 0 0 (6,061) 0
Net cash (used in)/provided by financing activities (12,271) (190,493) 27,566 (424,610)
Net (decrease)/increase in cash and cash equivalents 12,240 (62,610) (4,160) 7,751
Cash and cash equivalents at beginning of period 52,241 137,717 68,641 67,356
Cash and cash equivalents at end of period 64,481 75,107 64,481 75,107
Specification of items included in operating activities:        
Interest paid 5,408 9,225 17,464 29,233
Interest received $ 4 $ 3 $ 5 $ 199