v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 100,447 $ 28,640
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 27,713 24,308
Amortization of deferred drydock expenditures 5,299 3,799
Share-based compensation 1,789 1,908
Gain on vessel sold (12,201) 0
Amortization of deferred finance fees 666 783
Loss on extinguishment of debt 0 469
Operating lease ROU - lease liability, net (49) 260
Loss from equity method investments 102 288
Deferred drydock payments (2,943) (12,484)
Changes in operating assets and liabilities:    
Receivables (18,787) 7,298
Prepaid expenses and other assets 97 1,123
Advances and deposits 2,420 717
Inventories (5,384) 1,304
Accounts payable 2,460 (2,631)
Accrued expenses and other liabilities 340 (521)
Deferred revenue 1,999 173
Net cash provided by operating activities 103,968 55,434
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of vessels, net 35,145 0
Payments for acquisition of vessels and vessel equipment, including deposits (2,442) (113,416)
Advances for Vessels under construction (18,662) 0
Advances for vessel equipment (481) (5,366)
Proceeds from hull and machinery claims 912 0
Payments for other non-current assets (168) (257)
Net cash provided by / (used in) investing activities 14,304 (119,039)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from revolving facilities, net 41,359 152,493
Repayments on revolving facilities (107,143) (78,796)
Payment of common share dividends (51,852) (8,116)
Payment of preferred share dividends 0 (1,907)
Net cash (used in) / provided by financing activities (117,636) 63,674
Net increase in cash and cash equivalents 636 69
Cash and cash equivalents at the beginning of the year 46,845 46,988
Cash and cash equivalents at the end of the period 47,481 47,057
Supplemental cash flow information    
Cash paid during the period for interest in respect of debt 4,262 2,763
Cash paid during the period for operating lease liabilities (offices) 571 618
Cash paid during the period for operating lease liabilities (time charter-in contracts) 0 9,135
Cash paid during the period for income taxes 13 159
Non-cash operating activity: ROU / lease liability increase in respect of time-charter extensions 0 678
Non-cash financing activity: Accrued preferred dividends 0 433
Non-cash investing activity. Movement in accruals during the period in respect of drydocks and capex projects $ 333 $ (3,468)