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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      
Profit for the period $ 379,081 $ 495,583 $ 656,414
Adjustments to reconcile profit for the period to net cash provided by operating activities:      
Net finance expense 217,398 277,990 153,271
Depreciation 328,460 339,030 230,942
Gain on sale of vessels (5,929) (112,079) (21,959)
(Gain) loss on marketable securities 1,600 3,405 (22,989)
Share of results of associated companies (1,059) 599 (3,383)
Stock option expense 5,560 (2,187) 10,719
Dividends received from associated companies 4,482 0 7,298
Other, net (124) 1,480 182
Changes in operating assets and liabilities:      
Trade and other receivables (5,054) (2,797) 14,818
Inventories 16,893 (2,319) (28,249)
Voyages in progress (40,874) 9,837 576
Prepaid expenses and accrued income (7,974) 1,296 (1,498)
Other current assets (5,551) (10,054) (1,968)
Trade and other payables 21,360 3,397 (2,694)
Related party balances (8,865) (1,589) 10,666
Other (1,430) (1,511) (163)
Interest paid (229,783) (274,691) (165,193)
Debt issuance costs paid (16,037) (29,666) (20,020)
Interest received 30,306 40,688 39,411
Net cash provided by operating activities 682,460 736,412 856,181
Investing activities      
Additions to newbuildings, vessels and equipment (12,531) (915,248) (1,631,423)
Proceeds from sale of vessels 37,150 431,850 142,740
Cash inflow on repayment of loan to associated companies 0 0 1,388
Proceeds from sale of marketable securities 360 0 251,839
Net cash provided by (used in) investing activities 24,979 (483,398) (1,235,456)
Financing activities      
Proceeds from issuance of debt 1,433,715 2,167,296 1,609,449
Repayment of debt (2,095,888) (1,880,055) (536,587)
Repayment of obligations under leases (412) (930) (862)
Cash dividends paid (207,039) (434,115) (638,928)
Net cash provided by (used in) financing activities (869,624) (147,804) 433,072
Net change in cash and cash equivalents (162,185) 105,210 53,797
Cash and cash equivalents at the beginning of the year 413,532 308,322 254,525
Cash and cash equivalents at the end of the year 251,347 413,532 308,322
Supplemental disclosure of cash flow information:      
Income taxes paid $ 2,735 $ 4,531 $ 122