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CONSOLIDATED CASH FLOW STATEMENT - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOW FROM OPERATING ACTIVITIES      
Net profit/(loss) for the year $ 166,022 $ (34,779) $ 2,407
Reversals:      
Profit from sale of vessels (1,180) (752) (2,762)
Depreciation 110,124 114,480 114,451
Impairment losses and reversal of impairment losses on tangible assets (114,004) 3,249 3,572
Share of profit/(loss) from joint ventures 422 (189) (3)
Financial income (2,796) (3,302) (4,255)
Financial expenses 41,881 39,345 40,601
Tax expenses 784 1,558 777
Other non-cash movements 925 2,039 3,696
Dividends received from joint ventures 19 440  
Interest received and realized exchange gains 2,535 2,720 1,641
Interest paid and realized exchange losses (45,283) (39,792) (36,698)
Income taxes paid (216) (1,611) (586)
Change in bunkers, receivables and payables, etc. 11,858 (12,668) (12,996)
Net cash flow from operating activities 171,091 70,738 109,845
CASH FLOW FROM INVESTING ACTIVITIES      
Investment in tangible fixed assets (384,349) (202,439) (145,112)
Investments in joint ventures (275)    
Sale of tangible fixed assets 61,801 26,847 31,382
Net cash flow from investing activities (322,823) (175,592) (113,730)
CASH FLOW FROM FINANCING ACTIVITIES      
Proceeds, borrowings 261,830 114,530 205,572
Repayment, borrowings (169,177) (113,733) (142,211)
Dividend paid     (1,240)
Capital increase 4,202 99,999  
Transaction costs share issue   (2,788)  
Change in restricted cash (12,364) (2,014) 594
Net cash flow from financing activities 84,491 95,994 62,715
Net cash flow from operating, investing and financing activities (67,241) (8,860) 58,830
Cash and cash equivalents as of 1 January 124,088 132,948 74,118
Cash and cash equivalents as of 31 December 56,847 124,088 132,948
Restricted cash as of 31 December 15,636 3,273 1,259
Cash and cash equivalents, including restricted cash as of 31 December $ 72,483 $ 127,361 $ 134,207