v3.26.1
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:    
Net income $ 203,481 $ 501
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Depreciation 79,361 85,562
Amortization of debt (loans & leases) issuance costs 1,381 1,633
Noncash lease expense 14,634 13,906
Loss on debt extinguishment, net 821 186
(Gain)/Loss on sale of vessels (12,526) 8,698
Loss on bad debt 98 0
Share-based compensation 5,902 6,431
Change in fair value of derivatives and amortization of OCI 1,259 (1,701)
Other non-cash charges 49 (159)
Write-off of accruals and current liabilities (776) (9,266)
Loss / (Gain) on sale of equity in investee (194) 0
Gain on hull and machinery claims (270) (177)
Equity in loss/(income) of investee (33) 18
(Increase)/Decrease in:    
Trade accounts receivable (13,703) 9,021
Inventories (22,680) 4,389
Prepaid expenses and other receivables (15,381) 4,506
Derivatives asset 0 135
Accrued income 0 67
Due from related parties 79 1
Due from managers 52 43
Other non-current assets 3 30
Increase/(Decrease) in:    
Accounts payable 12,214 (6,374)
Operating lease liability (14,634) (13,906)
Due to related parties (1,765) (1,881)
Accrued liabilities 17,617 (5,492)
Due to managers 1,153 9,617
Deferred revenue 6,133 (2,787)
Net cash provided by / (used in) Operating Activities 262,275 103,001
Cash Flows from Investing Activities:    
Advances for vessels acquisitions, vessels under construction, vessel upgrades and other fixed assets (99,272) (15,093)
Cash proceeds from vessel sales 80,137 65,672
Proceeds from sale of equity in investee 600 0
Investment in debt security 0 (914)
Hull and machinery insurance proceeds 1,218 10,088
Net cash provided by / (used in) Investing Activities (17,317) 59,753
Cash Flows from Financing Activities:    
Proceeds from bank loans 272,000 248,000
Loan and lease prepayments and repayments (308,271) (335,082)
Financing and debt extinguishment fees paid (1,433) (816)
Dividends paid (97,580) (16,081)
Repurchase of common shares and treasury stock (46,326) (68,889)
Net cash provided by / (used in) Financing Activities (181,610) (172,868)
Net increase/(decrease) in cash and cash equivalents and restricted cash 63,348 (10,114)
Cash and cash equivalents and restricted cash at beginning of the period 501,934 440,880
Cash and cash equivalents and restricted cash at end of the period 565,282 430,766
Cash paid during the period for:    
Interest, net of amount capitalized 30,050 35,737
Non-cash investing and financing activities:    
Vessel upgrades 6,198 7,893
Unpaid costs of sales of vessels 360 722
Right-of-use assets and lease obligations for charter-in contracts 0 500
Reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of such items reported in the statements of cash flows:    
Cash and cash equivalents 498,165 395,636
Restricted Cash, Current 65,502 30,515
Restricted Cash, Noncurrent 1,615 4,615
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows $ 565,282 $ 430,766