v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash Flows from Operating Activities:          
Net income $ 143,476 $ 28,290 $ 234,743 $ 67,192  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation     77,151 71,845  
European Union Allowances adjustment on voyage expenses     4,156  
Amortization of deferred dry-docking costs and leasehold improvements     11,935 11,375  
Amortization of deferred finance costs 931 749 1,946 1,586  
Amortization of right of use assets for finance lease     1,357 0  
Amortization of assumed liabilities from time charters attached     (4,098) (10,596)  
Amortization of revenue escalation     (53) 1,027  
Stock based compensation expense 507 2,302 1,020 4,578  
Interest expense on long - term receivable     (66) 0  
Interest income from debt securities, held to maturity, accrued     (315) (29)  
Interest income from debt securities, available for sale, accrued     69 0  
Change in fair value of derivative instruments     (3,913) 889  
Gain on sale of vessels (37,870) 0 (37,870) (3,553)  
Payments for dry-docking     (12,094) (6,342)  
(Increase) Decrease in:          
Receivables and other, net     (13,726) 3,810  
Margin deposits     (200)  
Inventories     (9,111) 2,772  
Prepaid insurance and other     3,877 (6,672)  
Capitalized voyage expenses     (390) 275  
Increase (Decrease) in:          
Payables and other     17,599 (6,518)  
Accrued liabilities     14,564 7,789  
Unearned revenue     (5,414) (23,484)  
Net Cash provided by Operating Activities     281,167 115,944  
Cash Flows from Investing Activities:          
Advances for vessels under construction     (207,893) (126,249)  
Vessel acquisitions and/or improvements     (96,547) (139,358)  
Proceeds from sale of vessels     106,427 39,483  
Investments in debt securities, held to maturity     (75,724) (15,000)  
Proceeds from redemption of debt securities, held to maturity     10,000 5,000  
Proceeds from redemption of debt securities, available for sale     15,425 0  
Proceeds from maturity of time deposits     5,000 0  
Time deposits     (5,000) 0  
Net Cash used in Investing Activities     (248,312) (236,124)  
Cash Flows from Financing Activities:          
Proceeds from long-term debt and other financial liabilities     486,819 283,619  
Financing costs     (18,661) (178)  
Payments of long-term debt and other financial liabilities     (303,019) (210,313)  
Payments on principal portion of financial liabilities     (1,416) (540)  
Cash dividends     (28,564) (13,500)  
Net Cash provided by Financing Activities     135,159 59,088  
Net increase (decrease) in cash and cash equivalents and restricted cash     168,014 (61,092)  
Cash and cash equivalents and restricted cash at beginning of period     298,129 348,312 $ 348,312
Cash and cash equivalents and restricted cash at end of period 466,143 287,220 466,143 287,220 298,129
Current Assets:          
Cash and cash equivalents 463,989 282,394 463,989 282,394 293,312
Restricted cash 2,154 4,826 2,154 4,826 4,817
Total Cash and cash equivalents and restricted cash $ 466,143 $ 287,220 $ 466,143 $ 287,220 $ 298,129