v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 84,099 $ 15,853
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 18,518 15,553
Amortization of deferred drydock expenditures 3,573 2,178
Share-based compensation 1,161 1,288
Gain on vessel sold (12,201) 0
Amortization of deferred finance fees 442 541
Operating lease ROU - lease liability, net (36) 294
Loss from equity method investments 55 167
Deferred drydock payments (2,538) (5,477)
Changes in operating assets and liabilities:    
Receivables (7,490) 8,084
Prepaid expenses and other assets (1,071) (476)
Advances and deposits 2,572 (2)
Inventories (5,054) 1,311
Accounts payable 453 (1,230)
Accrued expenses and other liabilities (2,526) (2,644)
Deferred revenue 2,212 2,050
Net cash provided by operating activities 82,169 37,490
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of vessels 35,145 0
Payments for acquisition of vessels and vessel equipment, including deposits (2,247) (14,593)
Advances for vessel equipment (481) 0
Payments for other non-current assets (95) (70)
Net cash provided by / (used in) investing activities 32,322 (14,663)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from revolving facilities, net 6,359 50,000
Repayments on revolving facilities (99,978) (63,796)
Payment of common share dividends (19,579) (5,268)
Payment of preferred share dividends 0 (1,272)
Net cash provided by / (used in) financing activities (113,198) (20,336)
Net (decrease) / increase in cash and cash equivalents 1,293 2,491
Cash and cash equivalents at the beginning of the year 46,845 46,988
Cash and cash equivalents at the end of the year 48,138 49,479
Supplemental cash flow information    
Cash paid during the period for interest in respect of debt 3,533 1,494
Cash paid during the period for operating lease liabilities (offices) 368 417
Cash paid during the period for operating lease liabilities (time charter-in contracts) 0 7,630
Cash paid during the period for income taxes 13 123
Non-cash financing activity: Accrued preferred dividends 0 426
Non-cash investing activity. Movement in accruals during the period in respect of drydocks and capex projects $ 2,507 $ (5,842)