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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 344,292 $ 668,774 $ 546,898
Depreciation - owned or sale and leaseback vessels 180,335 185,319 178,259
Depreciation - right of use assets 0 0 24,244
Equity settled share based compensation expense 71,654 62,509 47,340
Amortization of deferred financing fees 6,986 9,236 7,292
Non-cash debt extinguishment costs 4,664 3,460 8,320
Net gain on sales of vessels (45,486) (176,537) (12,019)
Write-off of deposits on scrubbers 0 0 10,508
Fair value (gain) / loss on financial assets measured at fair value through profit or loss (35,181) 14,979 0
Accretion of fair value measurement on debt assumed in business combinations 41 82 1,128
Share of income from dual fuel tanker joint venture (4,104) (7,664) (5,950)
Dividend from financial assets measured at fair value through profit or loss (5,942) (3,803) 0
Cash flows from (used) in operating activities before changes in assets and liabilities 517,259 756,355 806,020
Changes in assets and liabilities:      
(Increase) / decrease in inventories (1,746) (2,034) 7,804
(Increase) / decrease in accounts receivable (27,317) 57,045 73,201
(Increase) / decrease in prepaid expenses and other current assets (842) 983 7,944
Decrease in other assets 2,467 1,600 2,884
Increase / (decrease) in accounts payable 5,377 15,722 (16,748)
Decrease in accrued expenses and other current liabilities (3,972) (4,491) (15,613)
Total changes in assets and liabilities (26,033) 68,825 59,472
Net cash inflow from operating activities 491,226 825,180 865,492
Investing activities      
Net proceeds from sales of vessels 227,719 479,778 64,878
Investment in dual fuel tanker joint venture 0 (1,937) 0
Distributions from dual fuel tanker joint venture 3,633 8,851 1,822
Drydock, ballast water treatment system and other vessel related payments (owned, sale leaseback and bareboat-in vessels) (74,383) (93,367) (23,089)
Purchases of financial assets measured at fair value through profit or loss (45,850) (89,137) 0
Proceeds from sale of financial assets measured at fair value through profit or loss 155,188 0 0
Dividend from financial assets measured at fair value through profit or loss 5,942 3,803 0
Net cash inflow from investing activities 272,249 307,991 43,611
Financing activities      
Debt repayments (449,524) (835,680) (1,224,529)
Issuance of debt 200,000 99,000 1,386,482
Debt issuance costs (11,747) (354) (29,691)
Principal repayments on IFRS 16 lease liabilities 0 0 (516,127)
Decrease in restricted cash 0 0 783
Dividends paid (82,520) (83,515) (57,660)
Repurchase of common stock (309) (335,593) (489,680)
Net cash outflow from financing activities (344,100) (1,156,142) (930,422)
Increase / (decrease) in cash and cash equivalents 419,375 (22,971) (21,319)
Cash and cash equivalents at January 1, 332,580 355,551 376,870
Cash and cash equivalents at December 31, 751,955 332,580 355,551
Supplemental information:      
Interest paid $ 62,093 $ 96,882 $ 154,653