v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 41,014 $ 133,006 $ 116,808
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 33,849 30,244 27,817
Amortization of deferred drydock expenditures 5,558 3,636 3,542
Share-based compensation 2,810 4,650 3,217
Gain on vessel sold   (12,322)  
Amortization of deferred finance fees 1,007 1,138 1,237
Loss on extinguishment of debt 469    
Gain on extinguishment of finance leases   (1,432)  
Unrealized (gains) / losses on derivatives (6) (655) 262
Operating lease ROU - lease liability, net 226 47 52
Loss from equity method investments 308 4,514 1,035
Deferred drydock payments (15,868) (6,481) (12,280)
Changes in operating assets and liabilities:      
Receivables 13,334 (4,640) 23,610
Prepaid expenses and other assets 612 49 174
Advances and deposits (1,785) 3,824 (4,673)
Inventories 2,397 1,250 3,160
Accounts payable (1,003) 4,054 (4,410)
Accrued expenses and other liabilities (2,389) (572) 931
Deferred revenue 1,116 135 (873)
Net cash provided by operating activities 81,649 160,445 159,609
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from sale of vessels   26,829  
Payments for acquisition of vessels and vessel equipment, including deposits (114,546) (61,020) (20,562)
Advances for vessel equipment (6,173)   (4,822)
Payments for other non-current assets (284) (432) (208)
Proceeds / (payments) for equity investments   1,650 (1,244)
Net cash (used in) investing activities (121,003) (32,973) (26,836)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from revolving facilities, net 179,493 104,664  
Repayments of long term debt   (1,678) (84,007)
Repayments on revolving facilities (94,939) (111,194)  
Repayments of finance leases   (42,262) (1,976)
Repurchase of common stock   (17,935)  
Payment of common share dividends (12,186) (45,079) (47,154)
Repayment of preferred stock (30,000) (10,000)  
Payment of preferred share dividends (3,157) (3,805) (3,400)
Net cash provided by / (used in) financing activities 39,211 (127,289) (136,537)
Net (decrease) / increase in cash and cash equivalents (143) 183 (3,764)
Cash and cash equivalents at the beginning of the year 46,988 46,805 50,569
Cash and cash equivalents at the end of the year 46,845 46,988 46,805
Supplemental cash flow information      
Cash paid during the period for interest in respect of debt 5,081 4,547 7,957
Cash paid during the period for interest in respect of finance leases   1,500 3,718
Cash paid during the period for operating lease liabilities (offices) 928 689 881
Cash paid during the period for operating lease liabilities (time charter-in contracts) 9,147 14,859 13,744
Cash paid during the period for income taxes 391 112 537
Non-cash financing activity. Non cash conversion from term loan to revolving facility   44,200  
Non-cash operating activity: ROU / lease liability increase in respect of time-charter extensions 678 7,327  
Non-cash financing activity: Accrued preferred dividends   433 578
Non-cash investing activity. Movement in accruals during the period in respect of drydocks and capex projects $ (3,094) $ 194 $ 765