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Consolidated Statement of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Profit/(loss) for the year $ 61,979 $ (11,507) $ 266,281
Items included in net income not affecting cash flows:      
Depreciation and amortization 123,255 128,639 124,245
Impairment charges 0 0 12,560
Amortization of deferred debt issuance cost 2,902 2,550 5,538
(Gain)/loss, sale of vessel (19,513) (15,153) 0
Fair value (gain)/loss on derivative financial instruments (14,983) (12,450) 8,074
Impairment of equity accounted investment 637 0 0
Compensation related to options and restricted stock 4,133 4,347 5,106
Net foreign exchange differences (73) 0 0
(Gain)/loss modification of debt (669) (3,049) 0
Share of profit in associated companies (1,327) (1,278) (1,193)
Changes in operating assets and liabilities:      
Accounts receivable and accrued revenues (28,703) (301) 77,788
Capitalized voyage expenses (1,403) (356) 3,111
Prepaid expenses (3,537) 523 (2,265)
Accounts payable and accrued expenses 5,573 1,510 (6,914)
Deferred shipping revenues (693) (11,372) 15,306
Bunker inventory 327 (21,542) 22,231
Net cash provided by/(used in) operating activities 127,906 60,562 529,870
Cash flows from investing activities:      
Investment in vessels (9,902) (174,558) (27,117)
Proceeds from sale of vessels 112,399 87,062 0
Purchase of non-controlling interest in subsidiary (2) 0 0
Acquisition of subsidiary, net of cash paid 8,267 0 0
Dividend received from associated company 0 1,031 835
Investment in other property, plant and equipment (243) (48) (435)
Net cash provided by/(used in) investing activities 110,518 (86,512) (26,717)
Cash flows from financing activities      
Cash dividends paid (19,679) (22,083) (214,669)
Repayment principal element of lease liability (1,090) (611) (467)
Issuance of long-term debt 4,008 355,840 70,862
Purchase of treasury shares (24,758) (32,178) 0
Repayment of long-term debt (131,825) (283,000) (357,595)
Net cash provided by/(used in) financing activities (173,343) 17,967 (501,868)
Net (decrease)/increase in cash and cash equivalents 65,081 (7,983) 1,285
Net foreign exchange difference 209 0 0
Cash and cash equivalents at beginning of period 60,658 [1],[2] 68,641 67,356
Cash and cash equivalents at end of period 125,948 [1],[2] 60,658 [1],[2] 68,641
Specification of items included in operating activities:      
Interest paid 23,450 23,196 35,404
Interest received $ 1,481 $ 6 $ 212
[1] Amortized cost.
[2] Cash and cash equivalents include $316 thousand in restricted cash in 2022 and $289 thousand in 2021, including employee withholding tax.