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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
CASH FLOW FROM OPERATING ACTIVITIES        
Profit/(loss) after tax $ 7,457 $ (21,032) $ 161 $ (8,612)
Items included in net income not affecting cash flows 22,074 28,999 66,204 74,184
Depreciation and amortization 30,198 31,734 95,563 95,889
Amortization of upfront fees 930 648 2,278 1,910
(Gain) / loss, sale of vessels (6,829) (1,556) (19,513) (15,153)
Fair value (gain)/loss on derivative financial instruments (2,788) (2,316) (14,927) (7,994)
Impairment of equity accounted investment 0 0 637 0
Compensation related to options and restricted stock 575 783 3,525 3,564
Net foreign exchange differences (11) 0 (31) 0
(Gain) / loss modification of debt 0 0 0 (3,049)
Share of profit in associated companies 0 (293) (1,327) (983)
Income adjusted for non-cash items 29,531 7,967 66,365 65,572
Changes in operating assets and liabilities (24,052) (11,101) (28,719) (23,910)
Accounts receivable and accrued revenues (25,203) (317) (19,675) 12,712
Capitalized voyage expenses (1,237) (481) (2,327) 128
Prepaid expenses 1,585 338 (3,494) 248
Accounts payable and accrued expenses (4,880) (1,339) 1,506 (7,205)
Deferred shipping revenues (244) (428) (1,809) (12,190)
Bunker inventory 5,916 (8,844) (2,955) (17,567)
Pension liability 12 (30) 35 (35)
Net cash provided by/(used in) operating activities 5,479 (3,134) 37,647 41,661
CASH FLOW FROM INVESTING ACTIVITIES        
Investment in vessels (2,293) (1,941) (9,177) (160,402)
Proceeds from sale of vessels 36,987 29,587 113,165 87,063
Investment in subsidiaries 0 0 (2) 0
Acquisition of subsidiary, net of cash paid 0 0 8,267 0
Investment in other property, plant and equipment (92) (1) (97) (48)
Net cash provided by/(used in) investing activities 34,602 27,645 112,156 (73,387)
CASH FLOW FROM FINANCING ACTIVITIES        
Cash dividends paid (6,506) (3,349) (13,172) (18,749)
Repayment principal element of lease liability (356) (153) (730) (457)
Issuance of long-term debt 0 (105) 0 355,841
Purchase of treasury shares (8,824) (6,738) (24,758) (29,207)
Scheduled repayment of long-term debt (1,926) (1,926) (6,990) (4,490)
Prepayment of long-term debt (50,000) 0 (73,125) (93,378)
Repayment of long-term debt refinancing 0 0 0 (175,933)
Repayment of long-term debt, sale of vessels (12,225) 0 (25,531) (6,061)
Net cash (used in)/provided by financing activities (79,837) (12,271) (144,307) 27,566
Net (decrease)/increase in cash and cash equivalents (39,756) 12,240 5,495 (4,160)
Net foreign exchange difference (314) 0 (445) 0
Cash and cash equivalents at beginning of period 105,778 52,241 60,658 68,641
Cash and cash equivalents at end of period 65,708 64,481 65,708 64,481
Specification of items included in operating activities:        
Interest paid 5,104 5,408 16,380 17,464
Interest received $ 80 $ 4 $ 191 $ 5