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Consolidated Statement of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Profit/(loss) for the year $ 181,460 $ 161,397 $ 61,979
Items included in net income not affecting cash flows:      
Depreciation and amortization 111,884 108,902 123,255
Reversal of prior impairment charges (27,909) 0 0
Amortization of deferred debt issuance cost 2,628 2,972 2,902
(Gain) / loss, disposal of property, plant and equipment 0 18 0
(Gain)/loss, sale of vessel 0 0 (19,513)
Fair value (gain)/loss on derivative financial liabilities 0 504 (14,983)
Impairment of equity accounted investment 0 0 637
Compensation related to options and restricted stock 4,290 3,233 4,133
Net foreign exchange differences 10 (32) (73)
(Gain)/loss modification of debt 0 (693) (669)
Share of profit in associated companies 0 0 (1,327)
Changes in operating assets and liabilities:      
Accounts receivable and accrued revenues 22,133 (16,383) (28,703)
Capitalized voyage expenses 99 250 (1,403)
Prepaid expenses 6,358 (3,007) (3,537)
Accounts payable and accrued expenses (163) (5,232) 5,573
Deferred shipping revenues 1,745 222 (693)
Inventories (3,882) (738) 327
Net cash provided by operating activities 298,654 251,411 127,906
Cash flows from investing activities      
Investment in vessels (6,687) (128,081) (9,902)
Investment in vessels under constuction (90,196) 0 0
Proceeds from sale of vessels 0 0 112,399
Purchase of non-controlling interest in subsidiary 0 0 (2)
Acquisition of subsidiary, net of cash paid 0 0 8,267
Proceeds from sale of derivatives 0 3,256 0
Investment in other property, plant and equipment (149) (152) (243)
Net cash provided by investing activities (97,032) (124,977) 110,518
Cash flows from financing activities      
Cash dividends paid (161,396) (186,672) (19,679)
Dividends paid to non-controlling interest 0 (590) 0
Repayment principal element of lease liability (1,390) (1,424) (1,090)
Issuance of long-term debt 85,000 339,633 4,008
Purchase of treasury shares (13,196) (18,808) (24,758)
Repayment of long-term debt (106,927) (309,902) (131,825)
Net cash used in financing activities (197,908) (177,763) (173,343)
Net (decrease)/increase in cash and cash equivalents 3,713 (51,329) 65,081
Net foreign exchange difference (308) 119 209
Cash and cash equivalents at beginning of period 74,738 [1],[2] 125,948 60,658
Cash and cash equivalents at end of period 78,143 [1],[2] 74,738 [1],[2] 125,948
Specification of items included in operating activities:      
Interest paid 31,257 29,480 23,450
Interest received $ 3,842 $ 5,076 $ 1,481
[1] Amounts carried at amortized cost.
[2] Cash and cash equivalents include $339 thousand in restricted cash in 2024 and $370 thousand in restricted cash in 2023, including employee withholding tax.