v3.25.1
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 6,253 $ 39,237
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 7,653 6,975
Amortization of deferred drydock expenditures 923 756
Share-based compensation 647 826
Amortization of deferred finance fees 269 260
Operating lease ROU - lease liability, net 35 (7)
Loss from equity method investments 64 229
Deferred drydock payments (1,454) (1,275)
Changes in operating assets and liabilities:    
Receivables 13,130 (4,111)
Prepaid expenses and other assets (757) (997)
Advances and deposits (460) 3,778
Inventories 118 624
Accounts payable 1,270 3,010
Accrued expenses and other liabilities (1,518) (1,074)
Deferred revenue (285) 1,038
Accrued interest 369 (91)
Net cash provided by operating activities 26,257 49,178
CASH FLOWS FROM INVESTING ACTIVITIES    
Payments for acquisition of vessels and vessel equipment, including deposits (2,385) (13,216)
Advances for ballast water treatment and scrubber systems (1,151) 0
Payments for other non-current assets (46) (233)
Net cash (used in) investing activities (3,582) (13,449)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from long term debt 25,000 7,987
Repayments of long-term debt 0 (1,678)
Repayments on revolving facilities (43,337) (30,000)
Repayments of finance leases 0 (488)
Payments for deferred finance fees 0 (200)
Payment of common share dividends (3,236) (8,674)
Net cash (used in) financing activities (22,216) (33,910)
Payment of preferred share dividends (643) (857)
Net increase / (decrease) in cash and cash equivalents 459 1,819
Cash and cash equivalents at the beginning of the year 46,988  
Cash and cash equivalents at the end of the period 47,447 48,624
Cash paid during the year for:    
Cash paid during the period for interest in respect of debt 829 1,427
Cash paid during the period for interest in respect of finance leases 0 901
Cash paid during the period for operating lease liabilities (offices) 228 178
Cash paid during the period for operating lease liabilities (time charter-in contracts) 3,404 3,278
Non-cash financing activity. Non cash conversion from term loan to revolving facility 0 44,100
Non-cash operating activity: ROU / lease liability increase in respect of time-charter extensions 0 2,450
Non-cash financing activity: Accrued preferred dividends 419 568
Non-cash investing activity. Movement in accruals and accounts payable during the period in respect of drydocks, ballast water treatment systems and scrubber systems $ (3,009) $ (1,753)