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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 120,039 $ 188,042 $ 162,205
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 73,363 72,224 69,833
Extinguishment of long-term debt 10,238 16,102 1,209
Amortization of debt issuance costs 2,490 4,062 4,937
Share-based payments 1,749 331 (1,273)
Foreign exchange (gain)/loss 350 (47) 179
Change in fair value of derivative instruments 6,686 (78,207) (24,423)
Drydocking expenditure (20,714) 0 0
Other (3) 2,961 (4,404)
Changes in operating assets and liabilities, net:      
Inventory 169 1,193 (2,797)
Other current assets 10,313 (713) (8,021)
Receivables due from related parties (726) 168 (62)
Payables due to related parties 56 (20) 36
Accounts payable 1,714 (222) (1,357)
Other current liabilities (10,064) 12,582 2,740
Net cash provided by operating activities 175,034 219,882 214,844
Investing activities      
Purchase of other fixed assets (2) (5) (4)
Purchase of vessels and equipment 0 0 (265,930)
Net cash used in investing activities (2) (5) (265,934)
Financing activities      
Purchase of treasury shares 0 0 (7,788)
Repayment of long-term debt (110,827) (85,255) (72,186)
Proceeds of revolving credit facilities 1,756,667 663,421 340,266
Repayment of revolving credit facilities (1,606,667) (414,079) (297,895)
Prepayment of long-term debt (595,344) (828,829) (120,313)
Proceeds from long-term debt 650,000 745,000 383,290
Extinguishment costs paid on long-term debt (1,433) (11,125) 0
Proceeds from termination of derivative instruments 0 23,790 0
Financing costs (7,712) (11,014) (3,339)
Proceeds from issuance of shares 0 14,490 0
Proceeds from issuance of treasury shares 0 934 0
Cash dividends paid (181,225) (186,094) (98,932)
Net cash (used in)/provided by financing activities (96,541) (88,761) 123,103
Effect of exchange rate changes on cash (348) 115 195
Net increase in cash, cash equivalents and restricted cash 78,143 131,231 72,208
Cash, cash equivalents and restricted cash at the beginning of the period 332,401 201,170 128,962
Cash, cash equivalents and restricted cash at the end of the period 410,544 332,401 201,170
Supplemental Information      
Interest paid, net of amounts capitalized (112,531) (63,453) (49,002)
Income tax paid $ (55) $ (102) $ (145)