XML 82 R7.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 74,815 $ 117,684 $ 120,039
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 76,619 75,482 73,363
Extinguishment of long-term debt 4,069 637 10,238
Amortization of debt issuance costs 2,305 2,503 2,490
Share-based payments 76 1,063 1,749
Foreign exchange loss/(gain) (439) 800 350
Change in fair value of derivative instruments 22,640 (1,838) 6,686
Drydocking expenditure (24,643) (12,645) (20,714)
Other 7 (223) (3)
Changes in operating assets and liabilities, net:      
Inventory (4,180) 267 169
Other current assets (14,568) (3,702) (10,313)
Receivables due from related parties 346 100 (726)
Payables due to related parties 150 139 56
Accounts payable 8,506 (1,506) 1,714
Other current liabilities (5,131) 4,038 (10,064)
Increase (Decrease) in Other Noncurrent Liabilities 163 0 0
Net cash provided by operating activities 140,736 182,799 175,034
Investing activities      
Purchase of other fixed assets 0 (4) (2)
Net cash used in investing activities 0 (4) (2)
Financing activities      
Repayment of long-term debt (105,180) (102,440) (110,827)
Proceeds of revolving credit facilities 1,649,700 1,268,675 1,756,667
Repayment of revolving credit facilities (1,649,700) (1,518,675) (1,606,667)
Prepayment of long-term debt (387,514) (80,769) (595,344)
Proceeds from long-term debt 530,000 430,000 650,000
Extinguishment costs paid on long-term debt (1,296) 0 (1,433)
Proceeds from termination of derivative instruments 0 10,169 0
Financing costs (4,421) (2,801) (7,712)
Proceeds from issuance of treasury shares 0 1,909 0
Cash dividends paid (162,267) (161,674) (181,225)
Net cash (used in)/provided by financing activities (130,678) (155,606) (96,541)
Effect of exchange rate changes on cash 435 (530) (348)
Net increase in cash, cash equivalents and restricted cash 10,494 26,659 78,143
Cash, cash equivalents and restricted cash at the beginning of the period 437,203 410,544 332,401
Cash, cash equivalents and restricted cash at the end of the period 447,697 437,203 410,544
Supplemental Information      
Interest paid (92,783) (105,113) (112,531)
Income tax paid $ (100) $ (132) $ (55)