v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
DEBT [Abstract]  
DEBT

Note 10 — Debt:

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Debt consists of the following:

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(Dollars in thousands)

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March 31, 2026

  ​ ​ ​

December 31, 2025

ECA Credit Facility, due 2038, net of unamortized deferred finance costs of $4,730 and $3,030

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$

118,349

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$

78,464

2030 Bonds, due 2030, net of unamortized deferred finance costs of $4,576 and $4,774

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245,424

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245,226

BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $2,559 and $2,731

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198,994

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202,505

Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $176 and $189

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10,723

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11,092

Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $145 and $157

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10,427

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10,808

Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $115 and $126

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9,094

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9,500

Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $118 and $129

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9,077

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9,484

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602,088

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567,079

Less current portion

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(28,161)

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(25,788)

Long-term portion

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$

573,927

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$

541,291

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Capitalized terms used hereafter have the meaning given in these condensed consolidated financial statements or in the respective transaction documents referred to below, including subsequent amendments thereto.

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ECA Credit Facility

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On March 13, 2026, the Company borrowed $42.6 million upon the delivery of the third LR1 newbuilding, leaving an outstanding principal balance of $123.1 million as of March 31, 2026. An additional $42.6 million was borrowed on April 20, 2026, upon delivery of the fourth LR1 newbuilding.

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Debt Covenants

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The Company was in compliance with the financial and non-financial covenants under all of its financing arrangements as of March 31, 2026.

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Interest Expense

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Total interest expense before the impact of capitalized interest, including amortization of deferred financing costs, commitment, administrative and other fees for all of the Company’s debt facilities for the three months ended March 31, 2026 and 2025 was $10.1 million and $12.0 million, respectively. Interest paid, net of interest rate swap cash settlements, for the Company’s debt facilities for the three months ended March 31, 2026 and 2025 was $13.4 million and $10.1 million, respectively.