XML 14 R5.htm IDEA: XBRL DOCUMENT v3.25.3
CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
CASH FLOW FROM OPERATING ACTIVITIES        
Profit/(loss) after tax $ 44,805 $ 35,189 $ 144,888 $ 126,749
Items included in net income not affecting cash flows 11,749 29,632 32,746 89,143
Depreciation and amortization 25,969 28,135 79,379 84,264
Amortization of deferred debt issuance cost 544 652 1,961 1,995
(Gain) / loss, sale of vessels (15,688) 0 (52,943) 0
Fair value (gain)/loss on derivative financial liabilities 354 0 354 0
Compensation related to options and restricted stock 661 903 3,719 2,898
Net foreign exchange differences (90) (58) 276 (13)
Income adjusted for non-cash items 56,554 64,821 177,633 215,892
Changes in operating assets and liabilities 4,340 15,323 26,049 16,976
Accounts receivable and accrued revenues 6,153 11,802 19,325 17,295
Capitalized voyage expenses 106 3,203 988 (299)
Prepaid expenses (2,100) (3,105) 774 558
Accounts payable and accrued expenses (5,745) 450 (9,797) 596
Deferred shipping revenues (1,253) (535) 571 (1,682)
Inventories 7,180 3,508 14,189 508
Net cash provided by operating activities 60,894 80,144 203,683 232,868
CASH FLOW FROM INVESTING ACTIVITIES        
Investment in vessels (12,350) (2,004) (13,496) (6,633)
Investment in vessels under construction (26,167) (25,840) (90,689) (77,338)
Proceeds from sale of vessels 50,090 0 143,521 0
Investment in other property, plant and equipment (65) (47) (87) (69)
Net cash provided by/(used in) investing activities 11,508 (27,891) 39,248 (84,040)
CASH FLOW FROM FINANCING ACTIVITIES        
Cash dividends paid (38,592) (43,595) (89,969) (125,873)
Acquisition of non-controlling interests 0 0 (6,131) 0
Repayment principal element of lease liability (364) (354) (1,069) (1,033)
Issuance of long-term debt 0 0 64,663 75,000
Scheduled repayment of long-term debt (12,746) (7,625) (40,308) (24,088)
Prepayment of long-term debt (22,055) 0 (130,330) (74,000)
Repayment of long-term debt refinancing 0 0 (25,480) 0
Repayment of long-term debt, sale of vessels 0 0 (11,382) 0
Net cash used in financing activities (73,757) (51,574) (240,007) (149,995)
Net (decrease)/increase in cash and cash equivalents (1,355) 679 2,924 (1,167)
Net foreign exchange difference (55) 509 183 259
Cash and cash equivalents at beginning of period 82,660 72,642 78,143 74,738
Cash and cash equivalents at end of period 81,250 73,829 81,250 73,829
Specification of items included in operating activities:        
Interest paid 4,545 7,499 16,526 23,385
Interest received $ 389 $ 288 $ 1,867 $ 2,281