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Consolidated Cash Flow Statements
6 Months Ended
Jun. 30, 2020
USD ($)
tanker
vessel
Jun. 30, 2019
USD ($)
Operating activities    
Net income / (loss) $ 190,568,000 $ (15,244,000)
Depreciation - owned or sale and leaseback vessels 94,943,000 88,183,000
Depreciation - right of use assets 26,806,000 8,030,000
Amortization of restricted stock 15,355,000 13,860,000
Amortization of deferred financing fees 3,086,000 4,088,000
Write-off of deferred financing fees 313,000 275,000
Accretion of Convertible Notes 4,565,000 6,995,000
Accretion of fair value measurement on debt assumed from historical acquisitions 1,742,000 1,827,000
Cash flows from (used) in operating activities before changes in assets and liabilities 337,378,000 108,014,000
Changes in assets and liabilities:    
Increase in inventories (1,160,000) (461,000)
(Increase) / decrease in accounts receivable (36,748,000) 13,248,000
Decrease / (increase) in prepaid expenses and other current assets 1,998,000 (175,000)
Decrease / (increase) in other assets 666,000 (2,807,000)
(Decrease) / increase in accounts payable (5,423,000) 1,186,000
(Decrease) / increase accrued expenses (4,616,000) 2,272,000
Total changes in assets and liabilities (45,283,000) 13,263,000
Net cash inflow from operating activities 292,095,000 121,277,000
Investing activities    
Drydock, scrubber and BWTS payments (119,805,000) (59,688,000)
Net cash outflow from investing activities (119,805,000) (59,688,000)
Financing activities    
Repayments of borrowings, classified as financing activities 381,657,000 166,755,000
Proceeds from borrowings, classified as financing activities 318,194,000 0
Payments for debt issue costs 9,706,000 1,288,000
Principal repayments on IFRS 16 lease liabilities (41,668,000) (7,129,000)
Increase in restricted cash 0 (9,000)
Repayment of Convertible Notes 0 (2,266,000)
Proceeds from issue of ordinary shares 2,601,000 0
Equity issuance costs (26,000) (295,000)
Dividends paid (11,739,000) (10,279,000)
Repurchase of common stock 0 (1,000)
Net cash outflow from financing activities (124,001,000) (188,022,000)
Increase (decrease) in cash and cash equivalents 48,289,000 (126,433,000)
Cash and cash equivalents at January 1, 202,303,000 593,652,000
Cash and cash equivalents at June 30, 250,592,000 467,219,000
Supplemental information:    
Interest paid (which includes $1.0 million, and $1.3 million of interest capitalized during the six months ended June 30, 2020 and 2019, respectively) 1,000,000.0 1,300,000
Interest paid (which includes $1.0 million, and $1.3 million of interest capitalized during the six months ended June 30, 2020 and 2019, respectively) 75,848,000 $ 83,496,000
Right-of-use asset fair value used as deemed cost 840,121,000  
Right-of-use assets $ 791,927,000  
Bareboat charter agreements fixed rate [Member]    
Supplemental information:    
Number of vessels | vessel 10  
Right-of-use asset fair value used as deemed cost $ 24,200,000  
Combined lease liability relating to right-of-use asset $ 24,200,000  
Number of vessels bareboat charter agreements | tanker 7  
Bareboat charter agreements fixed rate [Member] | Handymax [Member]    
Supplemental information:    
Number of vessels bareboat charter agreements | tanker 7  
Bareboat charter agreements variable rate [Member]    
Supplemental information:    
Number of vessels | vessel 18  
Bareboat charter agreements variable rate [Member] | MR [Member] | Trafigura Transaction [Member]    
Supplemental information:    
Assumption of obligations $ 103,600,000  
Number of vessels | vessel 3  
Exercise of the purchase options at expiration $ 103,600,000  
Bareboat chartered in product tankers [Member]    
Supplemental information:    
Number of vessels | tanker 1  
Bareboat chartered in product tankers [Member] | Lease modification [Member]    
Supplemental information:    
Combined lease liability relating to right-of-use asset $ 1,600,000  
Right-of-use assets $ 1,600,000