v3.24.3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
CASH FLOW FROM OPERATING ACTIVITIES        
Profit/(loss) after tax $ 35,189 $ 30,967 $ 126,749 $ 126,089
Items included in net income not affecting cash flows 29,632 29,706 89,143 85,050
Depreciation and amortization 28,135 28,326 84,264 80,427
Amortization of deferred debt issuance cost 652 664 1,995 2,222
(Gain) / loss, disposal of property, plant and equipment 0 8 0 18
Fair value (gain)/loss on derivative financial instruments 0 0 0 504
Compensation related to options and restricted stock 903 716 2,898 2,583
Net foreign exchange differences (58) (9) (13) (11)
(Gain) / loss modification of debt 0 0 0 (693)
Income adjusted for non-cash items 64,821 60,672 215,892 211,139
Changes in operating assets and liabilities 15,323 (4,949) 16,976 (1,995)
Accounts receivable and accrued revenues 11,802 1,147 17,295 3,781
Capitalized voyage expenses 3,203 (625) (299) (18)
Prepaid expenses (3,105) 1,264 558 1,527
Accounts payable and accrued expenses 410 (2,214) 677 (2,639)
Deferred shipping revenues (535) (1,116) (1,682) 222
Bunker inventory 3,508 (3,425) 508 (4,715)
Pension liability 40 21 (80) (152)
Net cash provided by operating activities 80,144 55,723 232,868 209,144
CASH FLOW FROM INVESTING ACTIVITIES        
Investment in vessels (2,004) (92,943) (6,633) (125,897)
Investment in vessels under construction (25,840) 0 (77,338) 0
Proceeds from sale of derivatives 0 0 0 3,256
Investment in other property, plant and equipment (47) (89) (69) (134)
Net cash used in investing activities (27,891) (93,032) (84,040) (122,775)
CASH FLOW FROM FINANCING ACTIVITIES        
Cash dividends paid (43,595) (56,661) (125,873) (156,082)
Dividends paid to non-controlling interest 0 0 0 (590)
Repayment principal element of lease liability (354) (346) (1,033) (1,082)
Issuance of long-term debt 0 99,492 75,000 315,684
Purchase of treasury shares 0 (9,942) 0 (18,808)
Scheduled repayment of long-term debt (7,625) (6,875) (24,088) (15,588)
Prepayment of long-term debt 0 (45,000) (74,000) (45,000)
Repayment of long-term debt refinancing 0 0 0 (216,761)
Net cash used in financing activities (51,574) (19,331) (149,995) (138,227)
Net (decrease)/increase in cash and cash equivalents 679 (56,640) (1,167) (51,859)
Net foreign exchange difference 509 (90) 259 (169)
Cash and cash equivalents at beginning of period 72,642 130,649 74,738 125,948
Cash and cash equivalents at end of period 73,829 73,920 73,829 73,920
Specification of items included in operating activities:        
Interest paid 7,499 7,324 23,385 20,561
Interest received $ 288 $ 367 $ 2,281 $ 3,221