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Consolidated Statement of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Profit/(loss) for the year $ (11,507) $ 266,281 $ 73,680
Items included in net income not affecting cash flows:      
Depreciation and amortization 128,639 124,245 115,584
Impairment charges 0 12,560 0
Amortization of upfront fees 2,550 5,538 8,003
(Gain)/loss, sale of vessel (15,153) 0 0
Fair value (gain)/loss on derivative financial liabilities (12,450) 8,074 9,863
Compensation related to options and restricted stock 4,347 5,106 2,331
(Gain)/loss modification of debt (3,049) 0 0
Share of profit in associated companies (1,278) (1,193) (852)
Changes in operating assets and liabilities:      
Accounts receivable and accrued revenues (301) 77,788 (47,651)
Capitalized voyage expenses (356) 3,111 (2,518)
Prepaid expenses 523 (2,265) (508)
Accounts payable and accrued expenses 1,510 (6,914) (1,033)
Deferred shipping revenues (11,372) 15,306 930
Bunker inventory (21,542) 22,231 (1,874)
Net cash provided by/(used in) operating activities 60,562 529,870 155,956
Cash flows from investing activities:      
Investment in vessels (174,558) (27,117) (53,803)
Proceeds from sale of vessels 87,062 0 0
Dividend received from associated company 1,031 835 513
Investment in other property, plant and equipment (48) (435) (79)
Net cash provided by/(used in) investing activities (86,512) (26,717) (53,369)
Cash flows from financing activities      
Cash dividends paid (22,083) (214,669) (28,685)
Repayment principal element of lease liability (611) (467) (370)
Issuance of long-term debt 355,840 70,862 64,990
Purchase of treasury shares (32,178) 0 (3,248)
Issuance of convertible bonds 0 0 (7)
Repayment of long-term debt (283,000) (357,595) (156,430)
Repayment of convertible bonds 0 0 (6,426)
Net cash provided by/(used in) financing activities 17,967 (501,868) (130,176)
Net (decrease)/increase in cash and cash equivalents (7,983) 1,285 (27,588)
Cash and cash equivalents at beginning of period 68,641 [1],[2] 67,356 94,944
Cash and cash equivalents at end of period 60,658 [1],[2] 68,641 [1],[2] 67,356
Specification of items included in operating activities:      
Interest paid 23,196 35,404 49,233
Interest received $ 6 $ 212 $ 1,077
[1] Amortized cost.
[2] Cash and cash equivalents include $289 thousand in restricted cash in 2021 and $299 thousand in 2020, including employee withholding tax.