v3.25.2
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 15,853 $ 101,928
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 15,553 14,581
Amortization of deferred drydock expenditures 2,178 1,694
Share-based compensation 1,288 1,699
(Gain) / loss on vessels sold 0 (12,322)
Amortization of deferred finance fees 541 585
(Gain) / loss on extinguishment 0 (1,432)
Operating lease ROU - lease liability, net 294 17
Loss from equity method investments 167 (239)
Deferred drydock payments (5,477) (3,759)
Changes in operating assets and liabilities:    
Receivables 8,084 (18,936)
Prepaid expenses and other assets (476) (229)
Advances and deposits (2) 4,879
Inventories 1,311 (650)
Accounts payable (1,230) 9,902
Accrued expenses and other liabilities (3,118) 509
Deferred revenue 2,050 (347)
Accrued interest 474 (292)
Net cash provided by operating activities 37,490 97,588
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of vessels 0 26,829
Payments for acquisition of vessels and vessel equipment, including deposits (14,593) (56,794)
Payments for other non-current assets (70) (269)
Proceeds for equity investments 0 1,650
Net cash (used in) investing activities (14,663) (28,584)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from long term debt 50,000 29,050
Repayments of long-term debt 0 (1,678)
Repayments on revolving facilities (63,796) (30,000)
Repayments of finance leases 0 (42,262)
Payments for deferred finance fees 0 (200)
Payment of common share dividends (5,268) (21,618)
Net cash (used in) financing activities (20,336) (68,413)
Payment of preferred share dividends (1,272) (1,705)
Net increase / (decrease) in cash and cash equivalents 2,491 591
Cash and cash equivalents at the beginning of the year 46,988 46,805
Cash and cash equivalents at the end of the period 49,479 47,396
Cash paid during the year for:    
Cash paid during the period for interest in respect of debt 1,494 2,779
Cash paid during the period for interest in respect of finance leases 0 1,500
Cash paid during the period for operating lease liabilities (offices) 417 299
Cash paid during the period for operating lease liabilities (time charter-in contracts) 7,630 6,990
Cash paid during the period for income taxes 123 70
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 7,327
Non-cash financing activity: Accrued preferred dividends 426 568
Non-cash investing activity. Movement in accruals and accounts payable during the period in respect of drydocks, ballast water treatment systems and scrubber systems $ (5,842) $ 194