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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income $ 8,105 $ 16,967 $ 11,779
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation 41,846 28,747 17,412
Write-off of debt issuance costs 0 3,388 0
Amortization of debt issuance costs 2,398 1,149 141
Share-based payments 284 324 202
Foreign exchange loss/(gain) 1,246 (42) 22
Change in fair value of derivative instruments 21,575 1,749 0
Other 4,804 8 (659)
Changes in operating assets and liabilities, net:      
Inventory (970) (1,771) 126
Trade accounts receivable, net 1,375 (5,425) 0
Accrued income (3,490) (510) (2,024)
Prepaid expenses (8,556) (2,270) 2,414
Other receivables (2,599) (893) 335
Receivables due from related parties 149 1,405 (1,720)
Payables due to related parties 216 (110) (604)
Accounts payable 2,791 (10) 516
Accrued expenses 7,086 472 5,592
Deferred charter revenue 12,766 10,016 (44)
Other current liabilities 48 (6) (42)
Provisions 230 (1,662) 2,268
Net cash provided by operating activities 89,304 51,526 35,714
Investing activities      
Purchase of other fixed assets (3) (10) (14)
Vessel purchase prepayments (125,800) 0 (349,000)
Additions and installments on newbuildings 0 0 (232,455)
Purchase of vessels and equipment (565,590) (291,532) 0
Capitalized interest 0 0 (2,964)
Net cash used in investing activities (691,393) (291,542) (584,433)
Financing activities      
Purchase of treasury shares (1,661) 0 0
Repayment of long-term debt (35,600) (29,456) (286,069)
Drawdown of revolving credit facility 48,684 0 0
Repayment of revolving credit facility (49,342) (50,000) 0
Prepayment of long-term debt 0 (294,000) 0
Proceeds from long-term debt 669,600 697,879 584,613
Financing costs (17,542) (5,014) 0
Net proceeds from issuance of share capital 0 0 295,311
Cash dividends paid (10,818) (5,411) 0
Net cash provided by financing activities 603,321 313,998 593,855
Effect of exchange rate changes on cash (1,368) 19 0
Net (decrease) increase in cash, cash equivalents and restricted cash (136) 74,001 45,136
Cash, cash equivalents and restricted cash at the beginning of the period 129,098 55,097 9,961
Cash, cash equivalents and restricted cash at the end of the period 128,962 129,098 55,097
Supplemental Information      
Interest paid (37,075) (35,955) (12,958)
Income tax paid $ (176) $ (58) $ 0