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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Profit (loss) for the period $ 139,142 $ 870,829 $ 858,027
Adjustments for: 618,492 (355,549) (40,034)
Depreciation of tangible assets (Note 8) 384,684 163,148 219,428
Amortisation of intangible assets (Note 9) 3,284 2,881 1,612
Impairment losses (Note 8) 5,354 1,847 0
Provisions (274) (325) (295)
Income tax (benefits)/expenses (Note 7) 10,185 1,893 6,009
Share of (profit)/loss of equity-accounted investees, net of tax (Note 26) 882 (920) 927
Net finance expenses (Note 6) 406,941 130,650 104,729
(Gain)/loss on disposal of assets (Note 8) (192,564) (635,017) (372,444)
(Gain)/loss on disposal of subsidiaries (Note 24) 0 (19,706) 0
Changes in working capital requirements 7,264 39,307 105,881
Change in cash guarantees (Note 11) (8,986) (46,869) 12,234
Change in inventory (Note 12) (13,263) 5,197 19,132
Change in trade receivables (Note 13) 38,631 95,930 43,036
Change in accrued income (Note 13) (17,957) 7,410 (2,286)
Change in deferred charges and fulfillment costs (Note 13) (7,110) (6,065) 2,096
Change in other receivables (Note 11 and 13) 30,230 3,317 1,163
Change in trade payables (Note 18) 34,687 (14,867) 17,336
Change in accrued payroll (Note 18) 4,155 (94) 603
Change in accrued expenses (Note 18) (37,031) (18,999) 8,686
Change in deferred income (Note 18) 19,280 6,602 (187)
Change in other payables (Note 18) (35,438) 7,758 263
Change in provisions for employee benefits 66 (13) 3,805
Income taxes paid during the period (4,657) (4,549) (6,675)
Interest paid (Note 6 and 19) (323,115) (109,136) (130,375)
Interest received (Note 6 and 13) 6,414 17,112 50,556
Net cash from operating activities 443,540 458,014 837,380
Net cash from (used in) investing activities      
Acquisition of vessels and vessels under construction (Note 8) (1,026,068) (1,114,907) (337,195)
Proceeds from the sale of vessels (Note 8) 509,817 1,718,862 1,206,636
Acquisition of other tangible assets (Note 8) (3,741) (5,022) (1,407)
Acquisition of intangible assets (Note 9) (1,503) (1,541) (60)
Proceeds from the sale of other (in)tangible assets (Note 8) 860 2,000 0
Loans from (to) related parties (Note 26) (3,403) (4,485) 0
Net cash on deconsolidation / sale of subsidiaries 0 822 0
Investments in other companies (Note 26) 0 (45,000) 0
Acquisition of a subsidiary, net of cash acquired (Note 24 and 25) (1,098,897) (1,152,620) 0
Repayment of loans from related parties 0 (79,930) 0
Lease payments received from finance leases 1,263 1,591 1,706
Dividends from other investments (Note 26) 9,876 1,050 0
Net cash from (used in) investing activities (1,611,796) (679,180) 869,680
Net cash from (used in) financing activities      
Purchase of treasury shares (Note 15) 0 (126,913) 0
Proceeds from borrowings (Note 17) 6,469,027 2,722,525 2,694,127
Repayment of borrowings (Note 17) (4,237,099) (1,177,328) (2,933,724)
Repayment of commercial paper (Note 17) (221,304) (357,171) (458,272)
Repayment of sale and leaseback (Note 17) (379,423) (54,299) (96,006)
Repayment of lease liabilities (Note 17) (121,881) (33,879) (21,942)
Transaction costs related to issue of loans and borrowings (Note 17) (74,394) (19,223) (14,530)
Dividends paid (Note 15) (20,157) (1,126,683) (630,540)
Acquisition of non-controlling interest (Note 25) (137,066) 0 0
Net cash from (used in) financing activities 1,277,704 (172,971) (1,460,887)
Net increase (decrease) in cash and cash equivalents 109,448 (394,137) 246,173
Net cash and cash equivalents at the beginning of the period (Note 14) 38,869 429,370 179,929
Effect of changes in exchange rates (1,788) 3,636 3,268
Net cash and cash equivalents at the end of the period (Note 14) $ 146,529 $ 38,869 $ 429,370