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Consolidated Cash Flow Statement - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities      
Net profit for the year $ 286.0 $ 611.5 $ 648.0
Adjustments:      
Profit from sale of vessels (19.0) (51.3) (50.4)
Depreciation and amortization 214.5 192.0 149.3
Financial income (13.3) (24.8) (14.3)
Financial expenses 74.4 74.1 60.9
Tax expenses/(income) 9.2 (2.0) 4.0
Other non-cash movements 41.4 22.9 14.5
Interest received and realized exchange gains 11.9 24.8 14.3
Interest paid and realized exchange losses (70.0) (66.9) (66.0)
Income taxes paid (2.7) (1.3) (3.1)
Change in inventories, receivables and payables, etc. (33.5) 47.8 47.8
Net cash flow from operating activities 498.9 826.8 805.0
Cash flow from investing activities      
Investment in tangible fixed assets [1] (308.5) (582.4) (509.7)
Investment in intangible fixed assets (1.8) (1.1) (0.6)
Sale of tangible fixed assets 143.8 130.6 166.4
Change in restricted cash 13.9 10.8 (26.7)
Net cash flow from investing activities (152.6) (442.1) (370.6)
Cash flow from financing activities      
Proceeds, borrowings 338.0 419.4 676.4
Repayment, borrowings (567.7) (256.3) (585.4)
Vessel lease extinguishment prepayment (29.1) 0.0 0.0
Dividends paid (199.7) (553.3) (586.4)
Capital increase [1] 2.3 12.5 6.2
Transaction costs share issue (0.1) (0.6) (0.2)
Transactions with non-controlling interests (3.8) 0.0 0.0
Net cash flow from financing activities (460.1) (378.3) (489.4)
Net cash flow from operating, investing, and financing activities (113.8) 6.4 (55.0)
Cash and cash equivalents as of January 01 271.9 265.5 320.5
Cash and cash equivalents as of December 31 158.1 271.9 265.5
Restricted cash as of December 31 5.4 19.3 30.1
Cash and cash equivalents, including restricted cash as of December 31 $ 163.5 $ 291.2 $ 295.6
[1] 1) In 2025, capital increase amounted to $19.3m (2024: $331.7m, 2023: $92.7m) including a $17.0m (2024: $319.2m, 2023: $86.5m)
non-cash share issues in relation to the acquisition of one (2024: nineteen, 2023: five) vessels. Please refer to Note 18 for further
reference.