v3.26.3
Unaudited condensed consolidated interim statement of cash flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Profit/(loss) for the period $ 733,214 $ 32,789
Adjustments for: (45,692) 247,711
Depreciation of tangible assets 216,568 162,767
Amortisation of intangible assets 1,428 1,602
Impairment losses (reversals) (729) 3,573
Provisions 12 (149)
Income tax (benefits)/expenses 1,985 2,840
Share of profit of equity-accounted investees, net of tax (21,495) (1,571)
Net finance expense 157,869 182,440
(Gain)/loss on disposal of assets (394,871) (103,791)
(Gain)/loss on disposal of subsidiaries 213 0
Remeasurement existing stake following step up acquisition (6,672) 0
Changes in working capital requirements (102,666) (63,149)
Change in cash guarantees 231 (2,736)
Change in inventory (43,498) (7,860)
Change in receivables from contracts with customers (28,224) 5,156
Change in contract assets (41,610) (4,044)
Change in deferred charges (6,303) (44,064)
Change in other receivables (9,807) 17,102
Change in trade payables 6,661 37,373
Change in accrued payroll (1,662) 518
Change in accrued expenses 22,046 (43,814)
Change in contract liabilities (1,211) 10,868
Change in other payables 711 (31,648)
Income taxes paid during the period (5,073) (1,296)
Interest paid (166,016) (146,037)
Interest received 3,520 3,080
Net cash from operating activities 417,287 73,098
Net cash used in investing activities    
Additions to vessels and vessels under construction (809,221) (547,113)
Proceeds from the sale of vessels 792,887 262,974
Acquisition of other tangible assets (4,872) (828)
Acquisition of intangible assets (4,032) (1,343)
Proceeds from the sale of other (in)tangible assets 51 0
Investments in other companies (8,271) 0
Loans from (to) related parties (21,369) (1,331)
Net cash paid in business combinations and joint ventures (34,798) (1,098,897)
Net cash on deconsolidation / sale of subsidiaries 2,989 0
Lease payments received from finance leases 0 933
Dividends from other investments 3,860 4,276
Net cash used in investing activities (82,776) (1,381,329)
Net cash from (used in) financing activities    
Proceeds from loans and borrowings 1,457,080 2,474,701
Repayment of bank loans (1,212,592) (703,016)
Repayment of lease liabilities (760) (9,686)
Repayment of commercial paper (142,570) (142,007)
Repayment of sale and leaseback (174,438) (29,888)
Transaction costs related to issue of loans and borrowings (8,550) (23,127)
Dividends paid (246,645) (5,395)
Acquisition of non-controlling interest 0 (137,066)
Net cash from (used in) financing activities (328,475) 1,424,516
Net increase (decrease) in cash and cash equivalents 6,036 116,285
Net cash and cash equivalents at the beginning of the period 146,529 38,869
Effect of changes in exchange rates (991) (106)
Net cash and cash equivalents at the end of the period $ 151,574 $ 155,048