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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 668,774 $ 546,898 $ 637,251
Depreciation - owned or sale and leaseback vessels 185,319 178,259 168,008
Depreciation - right of use assets 0 24,244 38,827
Equity settled share based compensation expense 62,509 47,340 20,397
Reversal of previously recorded impairment 0 0 (12,708)
Amortization of deferred financing fees 9,236 7,292 6,385
Non-cash debt extinguishment costs 3,460 8,320 6,604
Accretion of convertible notes 0 0 12,718
Net (gain) / loss on sales of vessels (176,537) (12,019) 66,486
Write-off of deposits on scrubbers 0 10,508 0
Fair value loss on financial assets measured at fair value through profit or loss 14,979 0 0
Accretion of fair value measurement on debt assumed in business combinations 82 1,128 2,106
Gain on repurchase of convertible notes 0 0 (481)
Share of income from dual fuel tanker joint venture (7,664) (5,950) (679)
Dividend from DHT Holdings, Inc. (3,803) 0 0
Cash flows from (used) in operating activities before changes in assets and liabilities 756,355 806,020 944,914
Changes in assets and liabilities:      
(Increase) / decrease in inventories (2,034) 7,804 (7,522)
Decrease / (increase) in accounts receivable 57,045 73,201 (238,631)
Decrease / (increase) in prepaid expenses and other current assets 983 7,944 (10,205)
Decrease in other assets 1,600 2,884 19,492
Increase / (decrease) in accounts payable 15,722 (16,748) (4,482)
(Decrease) / increase in accrued expenses and other current liabilities (4,491) (15,613) 65,767
Total changes in assets and liabilities 68,825 59,472 (175,581)
Net cash inflow from operating activities 825,180 865,492 769,333
Investing activities      
Net proceeds from disposal of vessels 479,778 64,878 607,693
Investment in dual fuel tanker joint venture (1,937) 0 (1,750)
Distributions from dual fuel tanker joint venture 8,851 1,822 493
Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, sale leaseback and bareboat-in vessels) (93,367) (23,089) (34,480)
Investment in DHT Holdings, Inc. (89,137) 0 0
Dividend from DHT Holdings, Inc. 3,803 0 0
Net cash inflow from investing activities 307,991 43,611 571,956
Financing activities      
Debt repayments (835,680) (1,224,529) (971,622)
Issuance of debt 99,000 1,386,482 122,638
Debt issuance costs (354) (29,691) (1,702)
Principal repayments on IFRS 16 lease liabilities 0 516,127 79,502
Decrease in restricted cash 0 783 4,008
Repurchase / repayment of convertible notes 0 0 (83,968)
Dividends paid (83,515) (57,660) (23,313)
Repurchase of common stock (335,593) (489,680) (161,373)
Net cash outflow from financing activities (1,156,142) (930,422) (1,194,834)
(Decrease) / increase in cash and cash equivalents (22,971) (21,319) 146,455
Cash and cash equivalents at January 1, 355,551 376,870 230,415
Cash and cash equivalents at December 31, 332,580 355,551 376,870
Supplemental information:      
Interest paid (which includes $0.0 million, $0.0 million and $0.2 million of interest capitalized during the years ended December 31, 2024, 2023, and 2022, respectively) $ 96,882 $ 154,653 $ 134,921