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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
CASH FLOW FROM OPERATING ACTIVITIES        
Profit/(loss) after tax $ 30,967 $ 7,457 $ 126,089 $ 161
Items included in net income not affecting cash flows 29,706 22,074 85,050 66,204
Depreciation and amortization 28,326 30,198 80,427 95,563
Amortization of deferred debt issuance cost 664 930 2,222 2,278
(Gain) / loss, disposal of property, plant and equipment 8 0 18 0
(Gain) / loss, sale of vessels 0 (6,829) 0 (19,513)
Fair value (gain)/loss on derivative financial instruments 0 (2,788) 504 (14,927)
Impairment of equity accounted investment 0 0 0 637
Compensation related to options and restricted stock 716 575 2,583 3,525
Net foreign exchange differences (9) (11) (11) (31)
(Gain) / loss modification of debt 0 0 (693) 0
Share of profit in associated companies 0 0 0 (1,327)
Income adjusted for non-cash items 60,672 29,531 211,139 66,365
Changes in operating assets and liabilities (4,949) (24,052) (1,995) (28,719)
Accounts receivable and accrued revenues 1,147 (25,203) 3,781 (19,675)
Capitalized voyage expenses (625) (1,237) (18) (2,327)
Prepaid expenses 1,264 1,585 1,527 (3,494)
Accounts payable and accrued expenses (2,214) (4,880) (2,639) 1,506
Deferred shipping revenues (1,116) (244) 222 (1,809)
Bunker inventory (3,425) 5,916 (4,715) (2,955)
Pension liability 21 12 (152) 35
Net cash provided by operating activities 55,723 5,479 209,144 37,647
CASH FLOW FROM INVESTING ACTIVITIES        
Investment in vessels (92,943) (2,293) (125,897) (9,177)
Proceeds from sale of vessels 0 36,987 0 113,165
Investment in subsidiaries 0 0 0 (2)
Acquisition of subsidiary, net of cash paid 0 0 0 8,267
Investment in other property, plant and equipment (89) (92) (134) (97)
Net cash (used in)/provided by investing activities (93,032) 34,602 (126,031) 112,156
CASH FLOW FROM FINANCING ACTIVITIES        
Cash dividends paid (56,661) (6,506) (156,082) (13,172)
Dividends paid to non-controlling interests 0 0 (590) 0
Repayment principal element of lease liability (346) (356) (1,082) (730)
Issuance of long-term debt 99,492 0 315,684 0
Purchase of treasury shares (9,942) (8,824) (18,808) (24,758)
Proceeds from sale of derivatives 0 0 3,256 0
Scheduled repayment of long-term debt (6,875) (1,926) (15,588) (6,990)
Prepayment of long-term debt (45,000) (50,000) (45,000) (73,125)
Repayment of long-term debt refinancing 0 0 (216,761) 0
Repayment of long-term debt, sale of vessels 0 (12,225) 0 (25,531)
Net cash used in financing activities (19,331) (79,837) (134,971) (144,307)
Net increase/(decrease) in cash and cash equivalents (56,640) (39,756) (51,859) 5,495
Net foreign exchange difference (90) (314) (169) (445)
Cash and cash equivalents at beginning of period 130,649 105,778 125,948 60,658
Cash and cash equivalents at end of period 73,920 65,708 73,920 65,708
Specification of items included in operating activities:        
Interest paid 7,324 5,148 20,561 16,424
Interest received $ 367 $ 80 $ 3,221 $ 191