Leases

3 Months Ended

Mar. 31, 2026

Note 4 — Leases

We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2034.

The following table details the components of our lease cost (in thousands):

Maturities of our operating lease liabilities as of March 31, 2026 are as follows (in thousands):


					Facilities and
		Vessels			Equipment			Total
Less than one year		$	80,588		$	4,032		$	84,620
One to two years			81,049			4,793			85,842
Two to three years			64,259			3,610			67,869
Three to four years			56,205			4,303			60,508
Four to five years			51,183			4,235			55,418
Over five years			22,067			11,092			33,159
Total lease payments		$	355,351		$	32,065		$	387,416
Less: imputed interest			(57,281)			(8,134)			(65,415)
Total operating lease liabilities		$	298,070		$	23,931		$	322,001

Current operating lease liabilities		$	60,759		$	3,353		$	64,112
Non-current operating lease liabilities			237,311			20,578			257,889
Total operating lease liabilities		$	298,070		$	23,931		$	322,001

Maturities of our operating lease liabilities as of December 31, 2025 are as follows (in thousands):


					Facilities and
		Vessels			Equipment			Total
Less than one year		$	77,129		$	4,267		$	81,396
One to two years			76,334			4,328			80,662
Two to three years			65,278			4,088			69,366
Three to four years			53,006			3,869			56,875
Four to five years			59,020			4,636			63,656
Over five years			27,237			11,950			39,187
Total lease payments		$	358,004		$	33,138		$	391,142
Less: imputed interest			(60,774)			(8,613)			(69,387)
Total operating lease liabilities		$	297,230		$	24,525		$	321,755

Current operating lease liabilities		$	57,240		$	3,556		$	60,796
Non-current operating lease liabilities			239,990			20,969			260,959
Total operating lease liabilities		$	297,230		$	24,525		$	321,755

The following table presents the weighted average remaining lease term and discount rate:


		March 31,		December 31,
		2026		2025
Weighted average remaining lease term		4.8	years	5.0	years
Weighted average discount rate		7.62	%	7.68	%

The following table presents other information related to our operating leases (in thousands):


		Three Months Ended
		March 31,
		2026			2025
Cash paid for operating lease liabilities		$	22,648		$	20,428
Right-of-use assets related to new operating lease liabilities ⁽¹⁾			16,932			12,073

(1)	Our operating lease additions are primarily related to the charter for the Patriot during the three-month period ended March 31, 2026, and the charter for the Trym during the three-month period ended March 31, 2025.

See Note 13 for additional information on our significant leases.