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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Cash Flows [Abstract]      
Net income $ 112,268 $ 461,847 $ 527,218
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 135,548 129,839 123,699
Amortization of deferred charges 4,766 3,618 2,677
Gain from sale of vessels (9,188) (34,185) (9,788)
Impairment loss on vessels 11,780 0 4,187
Share option expenses 273 566 620
Share of results of associated companies (12,316) (40,793) (24,482)
Dividends received from associated companies 19,181 16,273 0
Amortization of charter party-out contracts (1,419) 0 1,859
Mark to market (gain) loss on derivatives 3,912 (39,496) (19,435)
Mark to market (gain) loss on marketable securities (287) (503) 2,000
Non-cash lease expense (149) (5,851) (10,496)
Other (1,168) (518) (235)
Changes in operating assets and liabilities, net:      
Trade accounts receivable (14,860) 13,889 (6,134)
Related party payables and receivables balances (1,735) 902 (570)
Other receivables 9,072 (19,043) (6,407)
Inventories 4,548 (2,051) (18,219)
Voyages in progress (1,018) 13,603 (17,141)
Prepaid expenses 5,731 (4,063) 2,001
Trade accounts payables (1,219) 681 (11,939)
Accrued expenses 8,853 11,981 12,256
Other current liabilities (6,236) (3,309) 8,727
Net cash provided by operating activities 266,337 503,387 560,398
Investing activities      
Dividends received from marketable equity securities 6 8 26
Proceeds from sale of shares in associated companies 0 937 937
Repayment of loans receivable from related parties 925 5,350 0
Additions to newbuildings (including related party amounts of $1,387, $455 and $116,445 for the years ended December 31, 2023, 2022 and 2021 respectively) (177,931) (56,028) (152,460)
Purchase of vessels and equipment (including related party amounts of nil, nil and $286,894 for the years ended December 31, 2023, 2022 and 2021 respectively) (299,612) (5,003) (292,539)
Proceeds from sale of vessels 94,841 127,552 54,012
Net cash provided by (used in) investing activities (381,771) 72,816 (390,024)
Financing activities      
Proceeds from long-term debt (including related party amounts of nil, nil and $62,975 for the years ended December 31, 2023, 2022 and 2021 respectively) 634,580 275,000 497,975
Repayment of long-term debt (including related party amounts of nil, nil and $413,600 for the years ended December 31, 2023, 2022 and 2021 respectively) (385,413) (417,217) (628,900)
Repayment of finance leases (including related party amounts of $24,744, $29,059 and $32,237 for the years ended December 31, 2023, 2022 and 2021 respectively) (40,568) (29,059) (32,237)
Debt fees paid (4,917) (2,750) (4,466)
Net proceeds from share issuance 0 0 352,225
Share repurchases (8,357) (3,273) 0
Proceeds from exercise of share options 692 828 636
Distributions to shareholders (100,020) (471,676) (320,692)
Net cash provided by (used in) financing activities 95,997 (648,147) (135,459)
Net change in cash, cash equivalents and restricted cash (19,437) (71,944) 34,915
Cash, cash equivalents and restricted cash at beginning of year 138,073 210,017 175,102
Cash, cash equivalents and restricted cash at end of year 118,636 138,073 210,017
Supplemental disclosure of cash flow information:      
Interest expenses paid, net of amounts capitalized 87,630 45,190 30,850
Income taxes paid $ 358 $ 240 $ 153