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2000 6318000 6320000 714000 714000 61493127 616000 800591000 -949000 438454000 33242000 1271954000 0.01 0.01 0.01 65250444 653000 799433000 -408000 427162000 29901000 1256741000 35254 30182 88446000 4913000 93359000 -541000 -541000 8642000 1572000 10214000 3822753 37000 68512000 68549000 1158000 1158000 61493127 616000 800591000 -949000 438454000 33242000 1271954000 0.01 0.01 0.01 69261596 694000 801152000 -154000 426165000 40982000 1268839000 44443 106 21453000 787000 22240000 232000 232000 3455000 3455000 2290591 23000 32917000 32940000 488000 488000 67015554 671000 801640000 78000 411246000 41769000 1255404000 0.01 0.01 0.01 69397648 695000 800800000 -548000 404522000 40895000 1246364000 44443 349 48490000 2474000 50964000 626000 626000 6918000 1600000 8518000 2426886 24000 34848000 34872000 840000 840000 67015554 671000 801640000 78000 411246000 41769000 1255404000 50964000 93359000 -2385000 3951000 -1228000 -374000 0 276000 69013000 63398000 12106000 10887000 12617000 27320000 840000 1158000 1740000 1546000 3901000 9721000 319000 1396000 397000 619000 4801000 1337000 -1003000 -302000 1730000 3779000 3979000 4245000 485000 4056000 6199000 1700000 17706000 4007000 4761000 -2435000 103744000 95766000 83742000 51000 20580000 21557000 4000000 1576000 3109000 11495000 1250000 0 17454000 50450000 2287000 35000 -86722000 38796000 377208000 118221000 3739000 3334000 34848000 68549000 40000000 0 239349000 99152000 1600000 1572000 6918000 8642000 130754000 -63028000 -144000 -2571000 147632000 68963000 139797000 204871000 287429000 273834000 25645000 22599000 1084000 1146000 238140000 225892000 49289000 47942000 287429000 273834000 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">1. General Information and Basis of Presentation</span></div><div style="margin-top:0.45pt;padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:50.6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">General Information </span></div><div style="padding-left:28.35pt;padding-right:50.6pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Navigator Holdings Ltd. (the “Company”), the ultimate parent company of the Navigator Group of companies, is registered in the Republic of the Marshall Islands. The Company has a core business of owning and operating a fleet of liquefied gas carriers. As of June 30, 2026, the Company owned and operated 54 gas carriers (the “Vessels”), each having a cargo capacity of between 6,800 cbm and 38,000 cbm, of which 27 were ethylene and ethane-capable vessels. </span></div><div><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company owns a 50% share, through a joint venture with Enterprise Products Partners (the “Export Terminal Joint Venture”), of an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel (the “Ethylene Export Terminal”), which has the capacity to export at least 1.55 million tons of ethylene per year. The Company's investment in the Export Terminal Joint Venture is accounted for using the equity method. </span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company entered into a joint venture (the “Navigator Greater Bay Joint Venture”) with Greater Bay Gas Co. Ltd. (“Greater Bay Gas”) in September 2022, which joint venture entity acquired two 17,000 cbm, 2018-built ethylene-capable liquefied gas carriers, and three 22,000 cbm, 2019-built ethylene-capable liquefied gas carriers. The Navigator Greater Bay Joint Venture was owned 60% by the Company and 40% by Greater Bay Gas. On October 14, 2025, the Company increased its ownership interest in the Navigator Greater Bay Joint Venture from 60% to 75.1% through the acquisition of an additional 15.1%. The Navigator Greater Bay Joint Venture is accounted for as a consolidated subsidiary in our consolidated financial statements, with the proportion owned by Greater Bay Gas accounted for as a non-controlling interest. </span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company entered into a joint venture (the “Amon Joint Venture”) with Amon Gas Holdings AS ("Amon Gas") in July 2025. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore &amp; Engineering Co., Ltd., to build two 51,530 cubic meter capacity ammonia-fueled liquefied ammonia carriers (the “Two Ammonia Newbuild Vessels”), which will also be capable of carrying liquefied petroleum gas. Deliveries for the Two Ammonia Newbuild Vessels are scheduled to take place in May 2028 and September 2028 respectively, at an average yard price of $87 million per vessel. At June 30, 2026, the Company owned 61% of the Amon Joint Venture, and Amon Gas owned 39%. The Amon Joint Venture is consolidated in our consolidated financial statements with the proportion owned by Amon Gas accounted for as a non-controlling interest. Under the terms and conditions of the investment, the Company expects to own 79.5% of the Amon Joint Venture and Amon Gas expects to own 20.5% upon delivery of the vessels in 2028. </span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Unless the context otherwise requires, all references in the consolidated financial statements to “our”, “we”, and “us” refer to the Company. </span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Basis of Presentation </span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="margin-top:1.85pt;padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments consisting of normal recurring items, necessary for a fair statement of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025, included in our Annual Report on Form 20-F filed with the SEC on March 12, 2026 (the “2025 Annual Report”). The year-end condensed balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The results for the six months ended June 30, 2026, are subject to seasonal and other fluctuations and are not necessarily indicative of results for the year ending December 31, 2026, or any other future periods. </span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its subsidiaries and variable interest entities (“VIE”) for which the Company is a primary beneficiary (please read Note 14. Variable Interest Entities for additional information). All intercompany accounts and transactions have been eliminated on consolidation. References to joint venture include all operations under joint arrangements for accounting purposes. </span></div><div style="margin-top:6pt;padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Management has evaluated the Company’s ability to continue as a going concern and considered the conditions and events that could give rise to substantial doubt about the Company’s ability to continue as a going concern within 12 months after the financial statements are issued. As part of the evaluation, and among other things, management has considered the following:</span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:56.69pt;padding-right:7.09pt;text-indent:-7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%;padding-left:3.94pt">our current financial condition and liquidity sources, including current funds available and forecasted future cash flows; and</span></div><div style="padding-left:56.69pt;padding-right:7.09pt;text-indent:-7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%;padding-left:3.94pt">the severity and duration of any world events and armed conflicts, including the Russian-Ukrainian war, conflicts in the Israel-Gaza region and the broader conflict in the Middle East involving Iran and other nations, and associated repercussions to supply and demand for oil and gas and the global economy generally, as well as possible effects of trade disruptions and trade tariffs;</span></div><div style="margin-top:6pt;padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Following the evaluation, Management has determined that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.</span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the Company's 2025 Annual Report. There have been no material changes to these policies in the six months ended June 30, 2026.</span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Recent Accounting Pronouncements</span></div><div style="margin-top:6pt;padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">New accounting standards issued as of June 30, 2026, may affect future reporting by Navigator Holdings Ltd</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company's 2025 Annual Report contains a list of such accounting pronouncements that may be relevant in the future and no new material accounting pronouncements were announced during the six months ended June 30, 2026, and through the date of this filing. The impact of these pronouncements on the Company's financial reporting was assessed and the Company concluded that no material impact for current and future reporting periods is expected.</span></div> 54 27 0.50 2 3 0.60 0.40 0.60 0.751 0.151 2 87000000 0.61 0.39 0.795 0.205 <div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Basis of Presentation </span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="margin-top:1.85pt;padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments consisting of normal recurring items, necessary for a fair statement of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025, included in our Annual Report on Form 20-F filed with the SEC on March 12, 2026 (the “2025 Annual Report”). The year-end condensed balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The results for the six months ended June 30, 2026, are subject to seasonal and other fluctuations and are not necessarily indicative of results for the year ending December 31, 2026, or any other future periods. </span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its subsidiaries and variable interest entities (“VIE”) for which the Company is a primary beneficiary (please read Note 14. Variable Interest Entities for additional information). All intercompany accounts and transactions have been eliminated on consolidation. References to joint venture include all operations under joint arrangements for accounting purposes. </span></div><div style="margin-top:6pt;padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Management has evaluated the Company’s ability to continue as a going concern and considered the conditions and events that could give rise to substantial doubt about the Company’s ability to continue as a going concern within 12 months after the financial statements are issued. As part of the evaluation, and among other things, management has considered the following:</span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:56.69pt;padding-right:7.09pt;text-indent:-7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%;padding-left:3.94pt">our current financial condition and liquidity sources, including current funds available and forecasted future cash flows; and</span></div><div style="padding-left:56.69pt;padding-right:7.09pt;text-indent:-7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%;padding-left:3.94pt">the severity and duration of any world events and armed conflicts, including the Russian-Ukrainian war, conflicts in the Israel-Gaza region and the broader conflict in the Middle East involving Iran and other nations, and associated repercussions to supply and demand for oil and gas and the global economy generally, as well as possible effects of trade disruptions and trade tariffs;</span></div><div style="margin-top:6pt;padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Following the evaluation, Management has determined that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.</span></div> <div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Recent Accounting Pronouncements</span></div><div style="margin-top:6pt;padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">New accounting standards issued as of June 30, 2026, may affect future reporting by Navigator Holdings Ltd</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company's 2025 Annual Report contains a list of such accounting pronouncements that may be relevant in the future and no new material accounting pronouncements were announced during the six months ended June 30, 2026, and through the date of this filing. The impact of these pronouncements on the Company's financial reporting was assessed and the Company concluded that no material impact for current and future reporting periods is expected.</span></div> <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">2. Operating Revenues</span></div><div style="margin-top:0.45pt;padding-left:28.35pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table discloses operating revenues by contract type for the three and six months ended June 30, 2026, and 2025:</span></div><div style="padding-left:28.35pt;padding-right:15.15pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:80.632%"><tr><td style="width:1.0%"></td><td style="width:30.558%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.985%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.985%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.985%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.987%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.55pt;padding-right:15.15pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:80%"> </span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:50%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Time charters </span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">91,510 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">91,748 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">178,693 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">173,171 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Voyage charters </span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">25,695 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">64,332 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">78,414 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">112,746 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Operating revenues from Unigas Pool</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">12,430 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">11,856 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">23,934 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">22,637 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Total operating revenues</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">129,635 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">167,936 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">281,041 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">308,554 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">     </span></div><div style="padding-left:28.35pt;padding-right:4.2pt"><span><br/></span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Time Charter Revenue</span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">As of June 30, 2026, 30 of the Company’s 46 operated vessels (excluding the eight vessels operating within the independently managed Unigas Pool) were subject to time charters, 18 of which will expire within one year, 8 of which will expire within three years, and 4 of which will expire within six years from the balance sheet date (December 31, 2025: 29 of the Company’s 49 operated vessels were subject to time charters, 19 of which were to expire within one year, seven of which were to expire within three years, and three of which were to expire within five years). The estimated undiscounted cash flows for committed time charter revenues that are expected to be received on an annual basis for ongoing time charters, as of June 30, 2026, are as follows:</span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:57.806%"><tr><td style="width:1.0%"></td><td style="width:43.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.274%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 5.57pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands of U.S. dollars)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Within 1 year</span></div></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">182,546 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">In the second year</span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">62,218 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">In the third year</span></div></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">45,734 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">In the fourth year</span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">15,987 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Thereafter</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">18,862 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">325,347 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="padding-left:28.35pt;padding-right:57.8pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">For time charter revenue accounted for under ASC 842, the amount of accrued income on the Company’s unaudited condensed consolidated balance sheet as of June 30, 2026, was $3.8 million (December 31, 2025: $1.5 million). The amount of hire payments received in advance under time charter contracts, recognized as a liability and reflected within deferred income on the Company’s unaudited condensed consolidated balance sheet as of June 30, 2026, was $23.7 million (December 31, 2025: $27.2 million). Deferred income allocated to time charters will be recognized ratably over time, which is expected to be within one month from June 30, 2026.</span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Voyage Charter Revenue</span></div><div style="margin-top:6pt;padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Voyage charter revenue, which includes revenue from contracts of affreightment, is shown net of address commissions.</span></div><div style="margin-top:0.35pt;padding-left:28.35pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">As of June 30, 2026, for voyage charter and contract of affreightment services accounted for under ASC 606, the amount of contract assets reflected within accrued income on the Company’s unaudited condensed consolidated balance sheet was</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> $8.1 million</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> (December 31, 2025: $3.2 million). Changes in the contract asset balance between balance sheet dates reflects income accrued after loading of the cargo commences but before an invoice has been raised to the charterer, as well as changes in the number of the Company’s vessels contracted under voyage charters or contracts of affreightment.</span><span style="background-color:#ffffff;color:#ee2724;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span></div><div style="margin-top:0.1pt;padding-left:28.35pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The period opening and closing balance of receivables from voyage charters, including contracts of affreightment, was $14.1 million and $27.4 million, respectively, as of June 30, 2026, (December 31, 2025: $19.5 million and $14.1 million, respectively) and is reflected within net accounts receivable on the Company’s unaudited condensed consolidated balance sheet.</span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The amount allocated to costs incurred to fulfill a contract with a charterer, which are costs incurred following the commencement of a contract or charter party but before the loading of the cargo commences, was $0.8 million as of June 30, 2026, (December 31, 2025: $0.9 million) and is reflected within prepaid expenses and other current assets on the Company’s unaudited condensed consolidated balance sheet.</span></div> <div style="padding-left:28.35pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table discloses operating revenues by contract type for the three and six months ended June 30, 2026, and 2025:</span></div><div style="padding-left:28.35pt;padding-right:15.15pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span></div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:80.632%"><tr><td style="width:1.0%"></td><td style="width:30.558%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.985%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.985%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.985%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.987%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.55pt;padding-right:15.15pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:80%"> </span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:50%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Time charters </span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">91,510 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">91,748 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">178,693 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">173,171 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Voyage charters </span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">25,695 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">64,332 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">78,414 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">112,746 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Operating revenues from Unigas Pool</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">12,430 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">11,856 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">23,934 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">22,637 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Total operating revenues</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">129,635 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">167,936 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">281,041 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">308,554 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table> 91510000 91748000 178693000 173171000 25695000 64332000 78414000 112746000 12430000 11856000 23934000 22637000 129635000 167936000 281041000 308554000 30 46 8 18 8 4 29 49 19 7 3 The estimated undiscounted cash flows for committed time charter revenues that are expected to be received on an annual basis for ongoing time charters, as of June 30, 2026, are as follows:<div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:57.806%"><tr><td style="width:1.0%"></td><td style="width:43.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.274%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 5.57pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands of U.S. dollars)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Within 1 year</span></div></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">182,546 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">In the second year</span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">62,218 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">In the third year</span></div></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">45,734 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">In the fourth year</span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">15,987 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Thereafter</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">18,862 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">325,347 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr></table></div> 182546000 62218000 45734000 15987000 18862000 325347000 3800000 1500000 23700000 27200000 8100000 3200000 14100000 27400000 19500000 14100000 800000 900000 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">3. Vessels</span></div><div style="padding-left:37.55pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.873%"><tr><td style="width:1.0%"></td><td style="width:49.141%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.486%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.969%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.004%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right;text-indent:35.43pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Vessels</span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Drydocking</span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Total</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:4pt;font-weight:700;line-height:100%"> </span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:50%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Cost</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">January 1, 2026</span></div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,396,180</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">95,625</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,491,805</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Additions</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">11,062</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">11,062</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 37pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Write-offs of fully depreciated assets </span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(444)</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(6,048)</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(6,492)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 37pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Transfer to assets held for sale</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(36,141)</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(3,365)</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(39,506)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,359,595</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">97,274</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,456,869</span></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 5.57pt 0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 5.57pt 0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 5.57pt 0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Accumulated Depreciation</span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">January 1, 2026</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">838,992</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">51,768</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">890,760</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Charge for the period</span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">51,821</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">11,429</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">63,250</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 37pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Transfer to assets held for sale</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(22,057)</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(2,218)</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(24,275)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 37pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Write-offs of fully depreciated assets </span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(444)</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(6,048)</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(6,492)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">868,312</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">54,931</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">923,243</span></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt 0 5.57pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Net Book Value</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,557,188</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">43,857</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,601,045</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,491,283</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">42,343</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,533,626</span></td></tr></table></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="margin-top:1.85pt;padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The cost and net book value as of June 30, 2026, of the 30 vessels that were contracted under time charter arrangements (please read Note 2—Operating Revenues for additional information) were $1,603 million and $946 million, respectively (December 31, 2025: $1,539 million and $974 million, respectively, for 29 vessels contracted under time charters). </span></div>The net book value of vessels that serve as collateral for the Company’s secured term loan and revolving credit facilities (please read Note 7. Secured Term Loan Facilities and Revolving Credit Facilities, for additional information) was $1,387 million as of June 30, 2026, (December 31, 2025: <div style="padding-left:37.55pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.873%"><tr><td style="width:1.0%"></td><td style="width:49.141%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.486%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.969%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.004%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right;text-indent:35.43pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Vessels</span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Drydocking</span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Total</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:4pt;font-weight:700;line-height:100%"> </span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:50%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Cost</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">January 1, 2026</span></div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,396,180</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">95,625</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,491,805</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Additions</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">11,062</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">11,062</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 37pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Write-offs of fully depreciated assets </span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(444)</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(6,048)</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(6,492)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 37pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Transfer to assets held for sale</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(36,141)</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(3,365)</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(39,506)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,359,595</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">97,274</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,456,869</span></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 5.57pt 0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 5.57pt 0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 5.57pt 0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Accumulated Depreciation</span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">January 1, 2026</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">838,992</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">51,768</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">890,760</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Charge for the period</span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">51,821</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">11,429</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">63,250</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 37pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Transfer to assets held for sale</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(22,057)</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(2,218)</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(24,275)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 37pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Write-offs of fully depreciated assets </span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(444)</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(6,048)</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(6,492)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">868,312</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">54,931</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">923,243</span></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt 0 5.57pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Net Book Value</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,557,188</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">43,857</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,601,045</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,491,283</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">42,343</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,533,626</span></td></tr></table></div> 2396180000 95625000 2491805000 0 11062000 11062000 444000 6048000 6492000 -36141000 -3365000 -39506000 2359595000 97274000 2456869000 838992000 51768000 890760000 51821000 11429000 63250000 22057000 2218000 24275000 444000 6048000 6492000 868312000 54931000 923243000 1557188000 43857000 1601045000 1491283000 42343000 1533626000 30 1603000000 946000000 1539000000 974000000 29 1387000000 1430000000 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">4. Assets held for sale</span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:87.385%"><tr><td style="width:1.0%"></td><td style="width:63.351%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.674%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.675%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 5.57pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt 0 5.57pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">As of January 1, 2025 and 2026</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">7,761 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Reclassification from Vessels</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">7,761 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">15,231 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Vessels disposal</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(22,992)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Total assets held for sale December 31, 2025 and June 30, 2026</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">7,761 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Navigator Saturn</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">, a 2000-built 22,085 cbm ethylene-capable semi-refrigerated handysize gas carrier was held for sale at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">December 31, 2025,</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> and was subsequently sold to a third party and delivered on January 28, 2026, for net proceeds of $15.9 million, generating a profit on sale of approximately $10.3 million.</span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Happy Falcon</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">, a 2002-built 3,770 cbm semi-refrigerated small gas carrier was held for sale at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">December 31, 2025,</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> and was subsequently sold to a third party and delivered on January 28, 2026, for net proceeds of $4.0 million, generating </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">a profit on sale of approximately $1.8 million.</span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Navigator Pegasus, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">a 2009-built 22,200 cbm</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">semi-refrigerated handysize gas carrier was held for sale at March 31, 2026</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">,</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> and was subsequently</span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">sold to a third party and delivered o</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">n April 17, 2026,</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">for net proceeds of $30.5 million, generating a profit on sale of approximately $15.3 million.</span></div> <div style="padding-left:28.35pt;padding-right:7.09pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:87.385%"><tr><td style="width:1.0%"></td><td style="width:63.351%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.674%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.675%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 5.57pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt 0 5.57pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">As of January 1, 2025 and 2026</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">7,761 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Reclassification from Vessels</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">7,761 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">15,231 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Vessels disposal</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(22,992)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Total assets held for sale December 31, 2025 and June 30, 2026</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">7,761 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 0 7761000 7761000 15231000 0 22992000 7761000 0 15900000 10300000 4000000.0 1800000 30500000 15300000 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">5. Vessels Under Construction</span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On August 23, 2024, the Company entered into contracts to build two new 48,500 cubic meter capacity liquefied ethylene gas carriers with Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd., in China (the “Original Newbuild Vessels”). On November 21, 2024, the Company exercised an option and entered into contracts to build two additional newbuild vessels of the same specification and price (the “Additional Newbuild Vessels” and together with the Original Newbuild Vessels, the “ Four Ethylene Newbuild Vessels”). The Four Ethylene Newbuild Vessels, (</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Navigator Polaris, Navigator Proxima, Navigator Parsec, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">and</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%"> Navigator Pleione</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">,</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> are scheduled to be delivered to the Company in December 2026, June 2027, September 2027 and December 2027 respectively, at an average shipyard price of $102.9 million per vessel.</span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On July 17, 2025, the Company announced that it had entered into the Amon Joint Venture, which intends to acquire the Two Ammonia Newbuild Vessels. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore &amp; Engineering Co., Ltd. to build the Two Ammonia Newbuild Vessels, with deliveries scheduled to take place in May 2028 and September 2028 respectively, at an average shipyard price of $87 million per vessel.</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:58.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">As of January 1, 2025 and 2026</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">41,589 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">115,321 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Additions to vessels under construction</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">68,526 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">21,557 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Capitalized interest</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">5,206 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3,190 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Vessel under construction at December 31, 2025 and June 30, 2026</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">115,321 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">140,068 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 2 48500 2 102900000 87000000 <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:58.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">As of January 1, 2025 and 2026</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">41,589 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">115,321 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Additions to vessels under construction</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">68,526 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">21,557 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Capitalized interest</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">5,206 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3,190 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Vessel under construction at December 31, 2025 and June 30, 2026</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">115,321 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">140,068 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table> 41589000 115321000 68526000 21557000 5206000 3190000 115321000 140068000 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">6. Equity Method Investments</span></div><div style="padding-left:27.5pt;padding-right:34.3pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Interests in investments are accounted for using the equity method and are recognized initially at cost and subsequently include the Company’s share of the profit or loss and other comprehensive income of the equity-accounted investees. We disclose our proportionate share of profits and losses from equity method unconsolidated affiliates in the statement of operations and adjust the carrying amount of our equity method investments on the balance sheet accordingly.</span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Share of results from equity method investments, excluding amortized costs, recognized in the share of results of equity method investments for the six months ended June 30, 2026, was a profit of $9.7 million (six months ended June 30, 2025: a profit of $3.9 million).</span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">As of December 31, 2025, and June 30, 2026, we had the following participation interests in investments that are accounted for using the equity method:</span></div><div><span><br/></span></div><div style="text-indent:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:58.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Enterprise Navigator Ethylene Terminal L.L.C. ("Export Terminal Joint Venture")</span></div></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Unigas International B.V. ("Unigas") </span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">33.3 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">33.3 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Dan Unity CO2 A/S ("Dan Unity")</span></div></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Luna Pool Agency Limited ("Luna Pool Agency") </span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 11pt;text-align:left;text-indent:-10pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Azane Fuel Solutions AS ("Azane")</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">9.5 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">16.1 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Bluestreak CO2 Limited ("Bluestreak")</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="padding-left:27.5pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.34pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The table below shows the movement in the Company’s equity method investments, for the year ended December 31, 2025, and the six months ended June 30, 2026:</span></div><div style="padding-left:28.35pt;padding-right:34.3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:58.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 29.34pt;text-indent:28.34pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Year ended December 31, 2025</span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:5.62pt;padding-right:5.62pt;text-align:center;text-indent:13.3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Equity method investments at January 1, 2025 and 2026</span></div></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">253,729 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">247,935 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Equity contributions to joint venture entity</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">4,000 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Equity method investments – additions</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,576 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Share of results</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">8,036</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">9,721</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Distributions received from equity method investments</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(17,830)</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(11,495)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Equity method investments at December 31, 2025 and June 30, 2026</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">247,935 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">247,737 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-indent:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Enterprise Navigator Ethylene Terminal L.L.C. (“Export Terminal Joint Venture”)</span></div><div><span><br/></span></div><div style="padding-left:27.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">In January 2018, the Company entered into definitive agreements creating the Export Terminal Joint Venture. As of June 30, 2026, the Company has contributed $274.5 million to the Export Terminal Joint Venture for our share of the capital cost for the construction of the Ethylene Export Terminal and for an expansion of the Ethylene Export Terminal, which expansion completed in December 2024.</span></div><div style="margin-top:0.35pt;padding-left:27.5pt"><span><br/></span></div><div style="padding-left:27.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Capitalized interest and associated costs are being amortized over the estimated useful life of the Ethylene Export Terminal, which began commercial operations with the export of commissioning cargoes in December 2019. As of June 30, 2026, the unamortized difference between the carrying amount of the investment in the Export Terminal Joint Venture and the amount of the Company’s underlying equity in net assets of the Export Terminal Joint Venture was $4.9 million (December 31, 2025: $4.9 million). The costs amortized in both the six months ended June 30, 2026, and 2025, were $0.1 million and this is presented in the share of results of equity method investments within our consolidated statements of operations. </span></div><div style="margin-top:6pt;padding-left:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Azane Fuel Solutions AS ("Azane")</span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Azane, a joint venture between ECONNECT Energy AS and Amon Maritime AS, both of Norway, was founded in Norway in 2020 as a company that develops proprietary technology and services for ammonia fuel handling to facilitate the transition to green fuels for shipping. Under the Investment Agreement, the Company acquired a 9.5% interest in Azane on October 25, 2023 and increased its interest to 16.1% on June 3, 2026. The investment is accounted for under the equity method of accounting and was initially recognized at cost.</span></div><div style="padding-left:28.34pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Azane enables ammonia as marine fuel. Green ammonia serves as a hydrogen carrier, offering the benefits of reduced transportation and storage costs. In close collaboration with partners, Azane contributes to decarbonizing the shipping industry by developing, delivering and owning tailored ammonia bunkering solutions and technology for ammonia fuel handling. Azane has developed ground-breaking patented technology for safe, reliable, and cost-efficient ammonia bunkering, also suitable for ammonia fuel handling systems. Azane has the most mature ammonia bunkering infrastructure projects in Norway, and is the only project with safety approval from the regulatory authorities.</span></div><div style="padding-left:28.34pt"><span><br/></span></div><div style="padding-left:27.5pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Unigas International B.V. ("Unigas B.V.") </span></div><div style="margin-top:6pt;padding-left:27.5pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Unigas B.V., based in the Netherlands, is an independent commercial and operational manager of seagoing vessels capable of carrying liquefied petrochemical and petroleum gases on a worldwide basis. Unigas B.V. is the operator of the Unigas Pool. As of June 30, 2026, the Company owned a 33.3% equity interest in Unigas B.V. and accounts for it using the equity method. It was recognized initially at fair value and our consolidated financial statements will include our share of Unigas B.V.’s profit or loss and other comprehensive income.</span></div><div style="padding-left:27.5pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:27.5pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Dan Unity CO2 A/S ("Dan Unity") </span></div><div style="text-indent:36pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">In June 2021, one of the Company’s subsidiaries entered into a shareholder agreement creating the joint venture Dan Unity, a Danish entity, to undertake commercial and technical projects relating to seaborne transportation of CO2. </span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">We account for our investment using the equity method and we exercise joint control over the operating and financial policies of Dan Unity. As of June 30, 2026, we have recognized the Company’s initial investment at cost along with the Company’s share of the profit or loss and other comprehensive income of equity accounted investees. </span></div><div style="padding-left:27.5pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Luna Pool Agency Limited ("Luna Pool Agency")</span></div><div style="margin-top:6pt;padding-left:27.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">In March 2020, the Company collaborated with Pacific Gas Pte. Ltd. and Greater Bay Gas to form and manage the Luna Pool. As part of the formation, Luna Pool Agency Limited (the “Luna Pool Agency”) was incorporated in May 2020. The pool participants jointly own the Luna Pool Agency on an equal basis, and have equal board representation. As of June 30, 2026, we have recognized the Company’s initial investment of one </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">British pound in the Luna Pool Agency within equity method investments on our consolidated balance sheet. The Luna Pool Agency has no activities other than as a legal custodian of the Luna Pool bank account and there will be no variability in its financial results as it has no income and its minimal operating expenses are reimbursed by the Pool Participants. </span></div><div style="margin-top:6pt;padding-left:28.34pt"><span><br/></span></div><div style="text-indent:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Bluestreak CO2 Limited ("Bluestreak")</span></div>Bluestreak is a 50%/50% joint venture between the Company and Bumi Armada, one of the world’s largest floating infrastructure operators. The joint venture aims to provide an end-to-end solution for carbon emitters to capture, transport, sequester and store their carbon dioxide emissions in line with the United Kingdom’s Industrial Decarbonisation Strategy. It is anticipated that the Bluestreak joint venture will design and implement a value chain of shuttle tankers delivering to a floating carbon storage unit or a floating carbon storage and injection unit. The complete value chain is expected to safely and reliably transport and provide buffer storage of liquid carbon dioxide. The Bluestreak joint venture is subject to the execution of definitive documentation, approvals by the respective boards of directors of the Company and Bumi Armada, applicable regulatory approvals and other customary closing conditions. 9700000 3900000 <div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">As of December 31, 2025, and June 30, 2026, we had the following participation interests in investments that are accounted for using the equity method:</span></div><div><span><br/></span></div><div style="text-indent:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:58.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Enterprise Navigator Ethylene Terminal L.L.C. ("Export Terminal Joint Venture")</span></div></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Unigas International B.V. ("Unigas") </span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">33.3 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">33.3 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Dan Unity CO2 A/S ("Dan Unity")</span></div></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Luna Pool Agency Limited ("Luna Pool Agency") </span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 11pt;text-align:left;text-indent:-10pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:114%">Azane Fuel Solutions AS ("Azane")</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">9.5 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">16.1 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Bluestreak CO2 Limited ("Bluestreak")</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> 0.50 0.50 0.333 0.333 0.50 0.50 0.50 0.50 0.095 0.161 0.50 0.50 <div style="padding-left:28.34pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The table below shows the movement in the Company’s equity method investments, for the year ended December 31, 2025, and the six months ended June 30, 2026:</span></div><div style="padding-left:28.35pt;padding-right:34.3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:58.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 29.34pt;text-indent:28.34pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Year ended December 31, 2025</span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:5.62pt;padding-right:5.62pt;text-align:center;text-indent:13.3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Equity method investments at January 1, 2025 and 2026</span></div></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">253,729 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">247,935 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Equity contributions to joint venture entity</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">4,000 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Equity method investments – additions</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,576 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Share of results</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">8,036</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">9,721</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Distributions received from equity method investments</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(17,830)</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(11,495)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Equity method investments at December 31, 2025 and June 30, 2026</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">247,935 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">247,737 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 253729000 247935000 4000000 0 0 1576000 8036000 9721000 17830000 11495000 247935000 247737000 274500000 4900000 4900000 100000 100000 0.095 0.161 0.333 1 0.50 0.50 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">7. Secured Term Loan Facilities and Revolving Credit Facilities</span></div><div style="margin-top:0.35pt"><span><br/></span></div><div style="margin-top:0.35pt;padding-left:27.5pt;padding-right:28.9pt;text-indent:22.1pt"><span><br/></span></div><div style="padding-left:27.5pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table shows secured term loan facilities, revolving credit facilities and total deferred financing costs split between current and non-current liabilities at December 31, 2025, and June 30, 2026:</span></div><div><span style="color:#ff0000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:58.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Current Liabilities</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Current portion of secured term loan facilities and revolving credit facilities</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">170,164</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">141,768</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Less: current portion of deferred financing costs</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(2,098)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1,781)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Current portion of secured term loan facilities and revolving credit facilities, net of deferred financing costs</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">168,066 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">139,987 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Non-Current Liabilities</span></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 5.57pt 0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 5.57pt 0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Secured term loan facilities and revolving credit facilities net of current portion, excluding amount due to related parties</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">597,721 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">645,186 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Less: non-current portion of deferred financing costs</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(3,761)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(3,245)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Non-current secured term loan facilities and revolving credit facilities, net of current portion and non-current deferred financing costs</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">593,960 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">641,941 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:2pt;padding-left:27.4pt;padding-right:39.7pt;text-indent:-22.1pt"><span><br/></span></div><div style="padding-left:28.35pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:107%">July 2026 Post-Delivery Senior Secured Term Loan.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:107%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:107%">On July 31, 2026, the Company and certain of its subsidiaries entered into a $121.8 million post-delivery secured term loan (the “July 2026 Post-Delivery Senior Secured Term Loan”) with ING Bank N.V., London Branch, Société Générale and Oversea-Chinese Banking Corporation Limited to finance the delivery of two newbuild 51,530 cubic-meter capacity ammonia-fueled, ice-class, liquefied ammonia carriers </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:107%">Navigator Amundsen</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:107%"> and </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:107%">Navigator Archer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:107%"> (the "Two Ammonia Newbuild Vessels"). All pre-delivery payments under the shipbuilding contracts and the remaining portion of the delivery instalments for the Two Ammonia Newbuild Vessels will be funded from the cash resources. The July 2026 Post-Delivery Senior Secured Term Loan is amortizing with a balloon payment of $85.26 million, and bears interest at a rate of Term SOFR plus 135 basis points. The July 2026 Post-Delivery Senior Secured Term Loan matures at the earlier of 72 months after delivery of each vessel or 12 March 2035 (Ship Tranche A) and 12 July 2035 (Ship Tranche B). As of June 30, 2026, the facility was undrawn.</span></div><div style="padding-left:28.35pt;text-align:justify"><span><br/></span></div><div style="padding-left:28.35pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">June 2026 Pre-Delivery Secured Term Loan.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On June 18, 2026, the Company and certain of its subsidiaries entered into a </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">$164.6 million secured pre-delivery term loan (the “June 2026 Pre-Delivery Secured Term Loan”) with BNP PARIBAS (acting through its Tokyo Branch) as lead lender to finance up to 80% of the pre-delivery instalments to the shipyard for two of the Company’s Four Ethylene Newbuild Vessels (as defined below), </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Navigator Polaris</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> and </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Navigator Proxima</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">. The Company will use cash on hand to pay the remainder of the pre-delivery construction costs. The June 2026 Pre-Delivery Secured Term Loan is non-amortizing with a bullet repayment of $164.6 million, and bears interest at a rate of Term SOFR plus 160 basis points. The June 2026 Pre-Delivery Secured Term Loan is designed to be refinanced by the June 2026 JOLCO Financing (see below) and matures at the earlier of the refinancing of the vessels under the June 2026 JOLCO Financing, delivery of the second vessel or April 27, 2028. As of June 30, 2026, the June 2026 Pre-Delivery Secured Term Loan was undrawn. On July 17, 2026, the Company drew $57.6 million from the June 2026 Pre-Delivery Secured Term Loan to recoup 80% of all pre-delivery instalments paid to the shipyard for the two vessels to date. </span></div><div style="padding-left:28.35pt;text-align:justify;text-indent:21.25pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">June 2026 JOLCO Financing. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On June 18, 2026, the Company obtained committed Japanese Operating Lease with Call Option ("JOLCO") financing of $205.8 million to refinance the June 2026 Pre-Delivery Secured Term Loan and provide long-term post-delivery financing for two of the Company’s Four Ethylene Newbuild Vessels (as defined below), </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Navigator Polaris</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> and </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Navigator Proxima</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">. The Company has effective break options after 5 years and 8.5 years and the full tenor of the June 2026 JOLCO Financing is 15 years. Under the terms of the arrangement, upon delivery of the vessels in </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Dece</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">mber 2026 and June 2027, the Company is currently expected to make quarterly payments of approximately $2.1 million per vessel. As of June 30, 2026, the June 2026 JOLCO Financing was undrawn. Throughout the June 2026 JOLCO Financing, the Company will at all times retain responsibility for the commercial and technical operation of the two vessels, including crewing, maintenance, insurance and ship management. The June 2026 JOLCO Financing remains subject only to customary conditions precedent and closing procedures at or around the time of delivery of each of the two vessels.</span></div><div style="padding-left:28.35pt;text-indent:21.25pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">August 2021 Amendment and Restatement Agreement. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On August 2, 2021, as part of the Ultragas Transaction, the Company entered into the August 2021 Amendment and Restatement Agreement with Danmarks Skibskredit A/S relating to a previously issued 2019 Senior Term Loan Facility to finance </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Happy Osprey</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Happy Peregrine</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Happy Pelican</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> and </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Happy Penguin</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">. The August 2021 Amendment and Restatement Agreement had a term of six years maturing in June 2026 and was for a maximum principal amount of $67.0 million. A repayment of $21.1 million was made for three of the four tranches of the facility on June 1, 2026, with the fourth and final tranche being repaid on June 15, 2026, for an amount of $8.0 million. As of June 30, 2026, the facility was fully repaid and all security granted by the Company over the four vessels was released.</span></div><div style="padding-left:28.35pt;text-align:justify;text-indent:21.25pt"><span><br/></span></div><div style="padding-left:28.35pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">July 2015 Santander Credit Facility B.</span><span style="background-color:#ffffff;color:#661de8;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On July 31, 2015, the Company entered into the July 2015 Santander Credit Facility B with Banco Santander, S.A to finance two LPG carriers, the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Arctic Gas</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> and </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Happy Avocet</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">. The July 2015 Santander Credit Facility B was an amortizing facility, had a term of twelve years, maturing in January 2029, and was for a maximum principal amount of $55.8 million. A final payment of </span></div><div style="padding-left:28.35pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">$14.0 million was made on June 2, 2026, and as of June 30, 2026, the facility was fully repaid and all security granted by the Company over the two vessels was released.</span></div><div style="padding-left:28.35pt;text-align:justify"><span><br/></span></div><div style="padding-left:28.35pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">March 2026 Senior Secured Term Loan.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On March 2, 2026, the Company and certain of its subsidiaries entered into a $133.8 million senior secured pre- and post-delivery term loan (the “March 2026 Senior Secured Term Loan”) with ABN AMRO Bank N.V., Credit Agricole Corporate &amp; Investment Bank and, Nordea Bank Abp, filial i Norge to partially finance the construction across two tranches of two of its ethylene newbuild vessels, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Navigator Parsec</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> and </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Navigator Pleione, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">and will use cash on hand to pay the remainder of the construction costs. The March 2026 Senior Secured Term Loan matures five years after delivery of the second vessel, and the borrowers have the option to extend the facility for a further 12 months. The facility is non-amortizing for the pre-delivery period and then each tranche amortizes from each vessel delivery, with a balloon repayment of $100.3 million on the five-year maturity date (if the 12-month extension is not taken). The facility bears interest at a rate of Term SOFR plus 150 basis points. As of June 30, 2026, the facility was partially drawn in the amount of $26.8 million.</span></div><div style="padding-left:28.35pt;text-indent:24.48pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Revolving Credit Facilities Drawdown.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On April 2, 2026, in light of ongoing geopolitical developments in the Middle East and related market uncertainty, the Company drew $28.5 million of the revolving credit portion of its $111.8 million December 2022 Term Loan and Revolving Credit Facility and $62.9 million of the revolving credit portion of its $147.6 million August 2024 Term Loan and Revolving Credit Facility, totaling $91.4 million as a precautionary liquidity measure, placing the money on deposit. The Company continues to monitor market conditions and intends to repay the revolving credit amounts based on an assessment of market conditions, subject to the availability of cash and cash equivalents and other capital allocation considerations.</span></div> <div style="padding-left:27.5pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table shows secured term loan facilities, revolving credit facilities and total deferred financing costs split between current and non-current liabilities at December 31, 2025, and June 30, 2026:</span></div><div><span style="color:#ff0000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:58.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Current Liabilities</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Current portion of secured term loan facilities and revolving credit facilities</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">170,164</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">141,768</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Less: current portion of deferred financing costs</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(2,098)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1,781)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Current portion of secured term loan facilities and revolving credit facilities, net of deferred financing costs</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">168,066 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">139,987 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Non-Current Liabilities</span></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 5.57pt 0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 5.57pt 0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Secured term loan facilities and revolving credit facilities net of current portion, excluding amount due to related parties</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">597,721 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">645,186 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Less: non-current portion of deferred financing costs</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(3,761)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(3,245)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Non-current secured term loan facilities and revolving credit facilities, net of current portion and non-current deferred financing costs</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">593,960 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">641,941 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:27.5pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table shows the breakdown of our Senior Unsecured Bonds and total deferred financing costs as of June 30, 2026, and December 31, 2025: </span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:58.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="6" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">October 2024 Bond issuance</span></div></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">100,000 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">100,000 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt;text-indent:-7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">March 2025 Bond Tap issuance</span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">40,000 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">40,000 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Less deferred financing costs </span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1,817)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1,578)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Total bonds, net of deferred financing costs </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">138,183 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">138,422 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 170164000 141768000 2098000 1781000 168066000 139987000 597721000 645186000 3761000 3245000 593960000 641941000 121800000 2 85260000 0.0135 P72M 164600000 0.80 2 164600000 0.0160 57600000 0.80 2 205800000 2 P5Y P8Y6M P15Y 2100000 2 2 P6Y 67000000.0 21100000 3 4 8000000.0 4 2 P12Y 55800000 14000000.0 2 133800000 2 2 P5Y P12M 100300000 P5Y P12M 0.0150 26800000 28500000 111800000 62900000 147600000 91400000 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">8. Senior Unsecured Bonds</span></div><div style="padding-left:27.5pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.34pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On October 17, 2024, the Company issued an aggregate principal amount of $100 million of new Senior Unsecured Bonds in the Nordic bond market (the "October 2024 Bonds"). The net proceeds of the October 2024 Bonds were used to redeem in full all of our previously outstanding 2020 Bonds. The borrowing limit under the bond terms governing the October 2024 Bonds is $200 million.</span></div><div style="padding-left:28.34pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.34pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On March 28, 2025, pursuant to an addendum (the “March 2025 Bond Tap Issue Addendum”), the Company completed an additional aggregate principal tap issue of $40 million in the Nordic bond market under the same bond terms governing its outstanding October 2024 Bonds and bearing the same coupon rate as the October 2024 Bonds (the “March 2025 Bond Tap Issue”). The March 2025 Bond Tap Issue matures in October 2029, in line with the October 2024 Bonds, and also bears a fixed coupon of 7.25% per annum payable semi-annually in arrears on April 30 and October 30. Settlement in respect of the March 2025 Bond Tap Issue occurred on April 4, 2025. Following the issuance of the October 2024 Bonds and the March 2025 Bond Tap Issue, a further $60 million remains available to be issued by the Company under the bond terms governing the October 2024 Bonds.</span></div><div style="padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.34pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On September 3, 2025, the October 2024 Bonds (and the March 2025 Bond Tap Issue under the same bond terms) were listed on the Nordic ABM, which is operated and organized by Oslo Børs ASA and governed by Norwegian law.</span></div><div style="padding-left:28.34pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:27.5pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table shows the breakdown of our Senior Unsecured Bonds and total deferred financing costs as of June 30, 2026, and December 31, 2025: </span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:58.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"></td><td colspan="6" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">October 2024 Bond issuance</span></div></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">100,000 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">100,000 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:6pt;text-indent:-7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">March 2025 Bond Tap issuance</span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">40,000 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">40,000 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Less deferred financing costs </span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1,817)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1,578)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Total bonds, net of deferred financing costs </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">138,183 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">138,422 </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 100000000 200000000 40000000 0.0725 60000000 100000000 100000000 40000000 40000000 1817000 1578000 138183000 138422000 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">9. Derivative Instruments Accounted for at Fair Value</span></div><div style="margin-top:12pt;padding-left:28.35pt;padding-right:28.91pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Interest Rate risk </span></div><div style="padding-left:28.35pt;padding-right:28.91pt"><span><br/></span></div><div style="margin-bottom:12pt;margin-top:4.2pt;padding-left:28.35pt;padding-right:28.91pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company has a number of existing vessel loan facilities with associated amortizing fixed interest rate swaps. As of June 30, 2026, the interest rate swaps had a net positive fair value to the Company of $2.5 million compared to a net negative fair value of $0.8 million to the Company as of December 31, 2025. There were unrealized gains of $2.4 million on the fair value of the swaps for the three months ended June 30, 2026, compared to unrealized losses of $1.3 million for the three months ended June 30, 2025. There were unrealized gains of $4.0 million on the fair value of the swaps for the six months ended June 30, 2026, compared to an unrealized loss of $2.4 million for the six months ended June 30, 2025. </span></div><div style="margin-bottom:12pt;margin-top:4.2pt;padding-left:28.35pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company repaid the $55.8 million July 2015 Santander Credit Facility B during the three and six months ended June 30, 2026, and as a result the Company cash settled interest rate swap agreements linked to $55.8 million July 2015 Santander Credit Facility B and realized a loss of $0.4 million compared to a realized loss of $1.2 million for six months ended June 30, 2025, and $nil for the three months ended June 30, 2025).</span></div><div style="margin-bottom:12pt;margin-top:4.2pt;padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">These fixed interest rate swaps are typically entered into with the financial institutions that are also lenders under our loan facilities. The interest rates payable by the Company under the fixed leg of these interest rate swap agreements are between 3.99% and 5.75%. The interest rate receivable by the Company under the variable leg of these interest rate swap agreements is typically 3-month SOFR, calculated on a 360-day year basis and which resets every three months.</span></div><div style="margin-bottom:12pt;margin-top:4.2pt;padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">All interest rate swaps are remeasured to fair value at each reporting date and have been categorized as Level Two on the fair value measurement hierarchy. The remeasurement to fair value has no impact on cash flows at the reporting date. There is no requirement for cash collateral to be placed with the swap providers under these swap agreements and there is no effect on restricted cash as of June 30, 2026.</span></div><div style="padding-left:28.35pt;padding-right:34.3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">As of June 30, 2026, we held the following interest rate swaps that partially hedge our variable-rate loan facilities:</span></div><div style="margin-top:4.2pt;padding-left:28.35pt;padding-right:28.9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:36.754%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.982%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Facility</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%"> Hedged notional amount </span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Fixed rate</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Variable rate</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt;text-indent:-12pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">October 2013 DB Credit Facility A</span></div></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3,583 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">4.05%</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Comp SOFR</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">July 2015 DB Credit Facility B</span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">13,956 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3.99%</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Comp SOFR</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">March 2023 Secured Term Loan</span></div></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">68,872 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">5.75%</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Comp SOFR</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">August 2024 Secured Term Loan and RCF</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">123,871 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">5.46%</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Term SOFR</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">May 2025 Senior Secured Term Loan and RCF</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">160,549 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">5.31%</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Term SOFR</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">370,831 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="margin-top:4.2pt;padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table includes the estimated fair value of those assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026, and December 31, 2025. </span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.844%"><tr><td style="width:1.0%"></td><td style="width:36.225%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.029%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.672%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.674%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 5.57pt 0 1pt"></td><td colspan="3" style="padding:0 5.57pt 0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value Hierarchy</span></div></td><td colspan="6" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value Asset/(Liability)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Interest rate swap agreements Assets </span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,372</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,455 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Interest rate swap agreements Liability </span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(2,219)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(847)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,455 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:4.2pt;padding-left:28.35pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company uses derivative instruments in accordance with its overall risk management policy to mitigate the risk of unfavorable movements in interest rates. </span></div><div style="margin-top:4.2pt;padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company held no derivatives designated as hedges as of June 30, 2026, and December 31, 2025. </span></div><div style="margin-top:4.2pt;padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. The fair value accounting standard establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: </span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:28.9pt;text-indent:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. </span></div><div style="padding-left:28.35pt;padding-right:28.9pt;text-indent:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Level 2—Include other inputs that are directly or indirectly observable in the marketplace. </span></div><div style="padding-left:27.5pt;padding-right:28.9pt;text-indent:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Level 3—Unobservable inputs which are supported by little or no market activity. </span></div><div style="margin-top:4.2pt;padding-left:27.5pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Foreign Currency Exchange Rate risk</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%"> </span></div><div><span><br/></span></div><div style="margin-top:4.2pt;padding-left:27.5pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">All foreign currency-denominated monetary assets and liabilities are revalued and reported in the Company’s functional currency based on the prevailing exchange rate at the end of the period. These foreign currency transactions fluctuate based on the strength of the U.S. Dollar. The remeasurement of all foreign currency-denominated monetary assets and liabilities at each reporting date results in unrealized foreign currency exchange differences which do not impact our cash flows.</span></div><div><span><br/></span></div><div style="margin-top:4.2pt;padding-left:27.5pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Credit risk </span></div><div style="padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company is exposed to credit losses in the event of non-performance by the counterparties to its interest rate swap agreements. As of June 30, 2026, the Company is exposed to credit risk where interest rate swaps are in an asset position from the perspective of the Company. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are reputable financial institutions, highly rated by a recognized rating agency.</span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The fair value of our interest rate swap agreements is the estimated present value of future cash flows that we would pay/receive to sell or transfer the swap at the reporting date, taking into account current interest rates and the current creditworthiness of the swap counterparties. The amount recorded as a derivative asset or liability could vary by a material amount in the near term if credit markets are volatile or if credit risk were to change significantly.</span></div><div style="padding-left:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The fair value of our interest rate swap agreements at the end of each period is most significantly affected by the interest rate implied by the benchmark interest yield curve, including its relative steepness. Interest rates and foreign exchange rates may experience significant volatility in both the short and long term. While the fair value of our swap agreements is typically more sensitive to changes in short-term rates, significant changes in long-term benchmark interest, foreign exchange rates and the credit risk of the counterparties of the Company may also materially impact the fair values of our swap agreements.</span></div> 2500000 -800000 2400000 -1300000 4000000.0 -2400000 55800000 55800000 55800000 -400000 -1200000 0 0.0399 0.0575 <div style="padding-left:28.35pt;padding-right:34.3pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">As of June 30, 2026, we held the following interest rate swaps that partially hedge our variable-rate loan facilities:</span></div><div style="margin-top:4.2pt;padding-left:28.35pt;padding-right:28.9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.629%"><tr><td style="width:1.0%"></td><td style="width:36.754%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.982%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.931%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Facility</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%"> Hedged notional amount </span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Fixed rate</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Variable rate</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt;text-indent:-12pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">October 2013 DB Credit Facility A</span></div></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3,583 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">4.05%</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Comp SOFR</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">July 2015 DB Credit Facility B</span></div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">13,956 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">3.99%</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Comp SOFR</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">March 2023 Secured Term Loan</span></div></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">68,872 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">5.75%</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Comp SOFR</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">August 2024 Secured Term Loan and RCF</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">123,871 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">5.46%</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Term SOFR</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;text-indent:-12pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">May 2025 Senior Secured Term Loan and RCF</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">160,549 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">5.31%</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Term SOFR</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">370,831 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div> 3583000 0.0405 13956000 0.0399 68872000 0.0575 123871000 0.0546 160549000 0.0531 370831000 <div style="margin-top:4.2pt;padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table includes the estimated fair value of those assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026, and December 31, 2025. </span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.844%"><tr><td style="width:1.0%"></td><td style="width:36.225%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.029%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.672%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.674%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 5.57pt 0 1pt"></td><td colspan="3" style="padding:0 5.57pt 0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value Hierarchy</span></div></td><td colspan="6" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value Asset/(Liability)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Interest rate swap agreements Assets </span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,372</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,455 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Interest rate swap agreements Liability </span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(2,219)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(847)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2,455 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 1372000 2455000 -2219000 0 -847000 2455000 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">10. Financial Instruments Not Accounted for at Fair Value</span></div><div style="margin-top:0.35pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The principal financial assets of the Company as of June 30, 2026, and December 31, 2025, consist of cash, cash equivalents, and restricted cash and accounts receivable. The principal financial liabilities of the Company as of June 30, 2026, and December 31, 2025, consist of accounts payable, accrued expenses and other liabilities, secured term loan facilities, revolving credit facilities and the 2024 Bonds (including the March 2025 Bond Tap Issue) and do not include deferred financing costs. </span></div><div style="margin-top:0.1pt;padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The carrying values of cash, cash equivalents and restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities are reasonable estimates of their fair value due to the short-term nature or liquidity of these financial instruments.</span></div><div style="margin-top:4.2pt;padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. The fair value accounting standard establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:</span></div><div style="margin-top:0.35pt;padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt;text-indent:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. </span></div><div style="padding-left:28.35pt;padding-right:7.09pt;text-indent:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Level 2—Include other inputs that are directly or indirectly observable in the marketplace.</span></div><div style="margin-top:0.1pt;padding-left:28.35pt;padding-right:7.09pt;text-indent:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Level 3—Unobservable inputs which are supported by little or no market activity.</span></div><div style="margin-top:0.1pt;padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="margin-top:0.4pt;padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The October 2024 Bonds (including the March 2025 Bond Tap Issue) are classified as a Level 2 liability and the fair values have been calculated based on indirectly observed data based on the most recent trades prior to June 30, 2026. These trades are infrequent and therefore not considered to be an active market.</span></div><div style="margin-top:0.4pt;padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The fair value of secured term loan facilities and revolving credit facilities is estimated to approximate the carrying value in the balance sheet since they bear a variable interest rate, which is reset quarterly. This has been categorized at Level 2 on the fair value measurement hierarchy as of June 30, 2026.</span></div><div style="margin-top:0.45pt;padding-left:28.35pt;padding-right:7.09pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table includes the estimated fair value and carrying value of those assets and liabilities where fair value approximates carrying value. The table excludes cash, cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities because the fair value approximates carrying value and, for accounts receivable and payable, are due in one year or less.</span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.138%"><tr><td style="width:1.0%"></td><td style="width:30.033%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.382%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="18" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value Hierarchy </span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Carrying Amount (Liability)</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value (Liability)</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value Hierarchy </span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Carrying<br/>Amount (Liability)</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value (Liability)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2024 Bonds (Note 8)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(140,000)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(141,400)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(140,000)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(140,175)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Secured term loan and revolving credit facilities (Note 7)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(767,885)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(767,885)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(786,954)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(786,954)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="padding-left:28.35pt;padding-right:7.09pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table includes the estimated fair value and carrying value of those assets and liabilities where fair value approximates carrying value. The table excludes cash, cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities because the fair value approximates carrying value and, for accounts receivable and payable, are due in one year or less.</span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.138%"><tr><td style="width:1.0%"></td><td style="width:30.033%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.382%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="18" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value Hierarchy </span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Carrying Amount (Liability)</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value (Liability)</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value Hierarchy </span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Carrying<br/>Amount (Liability)</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Fair Value (Liability)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">2024 Bonds (Note 8)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(140,000)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(141,400)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(140,000)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(140,175)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Secured term loan and revolving credit facilities (Note 7)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(767,885)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(767,885)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Level 2</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(786,954)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(786,954)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 140000000 141400000 140000000 140175000 767885000 767885000 786954000 786954000 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">11. Earnings Per Share</span></div><div style="margin-top:0.45pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Basic earnings per share </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">of the Company's common stock</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> is calculated by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average number of common shares used for calculating basic earnings per share for the effects of all potentially dilutive shares. The following table shows the calculation of both the basic and diluted number of weighted average outstanding shares for the three and six months ended June 30, 2026, and 2025:</span></div><div style="margin-top:0.45pt;padding-left:28.35pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.678%"><tr><td style="width:1.0%"></td><td style="width:36.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.305%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.305%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.593%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.594%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands except for share data)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Net income attributable to stockholders of Navigator Holdings Ltd.    </span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">21,453 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">52,985 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">48,490 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">88,446 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Basic weighted average number of shares</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">68,808,277 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">61,617,038 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">69,097,844 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">63,271,759 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Effect of dilutive potential share options</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">694,070</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">751,623</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">713,107</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">731,774</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Diluted weighted average number of shares</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">69,502,347</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">62,368,661</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">69,810,951</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">64,003,533</span></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Earnings per share attributable to stockholders of Navigator Holdings Ltd.:</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Basic earnings per share</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.31 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.86 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.70 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1.40 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Diluted earnings per share</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.31 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.85 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.69 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1.38 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> The following table shows the calculation of both the basic and diluted number of weighted average outstanding shares for the three and six months ended June 30, 2026, and 2025:<div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.678%"><tr><td style="width:1.0%"></td><td style="width:36.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.305%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.305%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.593%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.594%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands except for share data)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Net income attributable to stockholders of Navigator Holdings Ltd.    </span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">21,453 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">52,985 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">48,490 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">88,446 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Basic weighted average number of shares</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">68,808,277 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">61,617,038 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">69,097,844 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">63,271,759 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Effect of dilutive potential share options</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">694,070</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">751,623</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">713,107</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">731,774</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Diluted weighted average number of shares</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">69,502,347</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">62,368,661</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">69,810,951</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">64,003,533</span></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Earnings per share attributable to stockholders of Navigator Holdings Ltd.:</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Basic earnings per share</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.31 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.86 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.70 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1.40 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Diluted earnings per share</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.31 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.85 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">0.69 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1.38 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 21453000 52985000 48490000 88446000 68808277 61617038 69097844 63271759 694070 751623 713107 731774 69502347 62368661 69810951 64003533 0.31 0.31 0.86 0.86 0.70 0.70 1.40 1.40 0.31 0.31 0.85 0.85 0.69 0.69 1.38 1.38 12. Commitments and Contingencies<div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The schedule below summarizes our future contractual obligations as of June 30, 2026:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.462%"><tr><td style="width:1.0%"></td><td style="width:35.460%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.715%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.715%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.715%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.715%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.715%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.583%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 5.57pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2030</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Thereafter</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt 0 5.57pt"></td><td colspan="21" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Secured term loan and revolving credit facilities</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">82,644 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">115,886 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">185,349 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">124,646 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">102,545 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">175,884 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">786,954 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">October 2024 Bonds</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">140,000</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">140,000</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Vessels under construction </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">93,210</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">249,300</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">113,100</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">455,610</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Office operating leases </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">630</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,251</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,248</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,134</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,109</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,188 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">6,560</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Total contractual obligations</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 3.37pt 1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">176,484</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">366,437 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">299,697 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">265,780 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">103,654 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">177,072 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,389,124 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.34pt;padding-right:28.9pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">1.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%;padding-left:11.25pt">In August 2024, the Company has entered into four contracts to build the Four Ethylene Newbuild Vessels with Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd., in China. The Four Ethylene Newbuild Vessels are under construction and are scheduled to be d</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">elivered to the Company in December 2026, June 2027, September 2027 and December 2027 respectively, at an average shipyard price of $102.9 million per vessel.</span></div><div style="padding-right:28.9pt;text-indent:36pt"><span><br/></span></div><div style="padding-left:28.34pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">In July 2025, the Company announced that the Amon Joint Venture intends to acquire the Two Ammonia Newbuild Vessels. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore &amp; Engineering Co., Ltd. to build the Two Ammonia Newbuild Vessels, with deliveries scheduled to take place in May 2028 and September 2028 respectively, at an average yard price of $87 million per vessel.</span></div><div style="padding-left:28.34pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.34pt;padding-right:28.9pt;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">2.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%;padding-left:11.25pt">The Company occupies office space in London with a lease that commenced in January 2022 for a period of 10 years with a break option in February 2027 (the "Break Option"), which is the fifth anniversary of the lease commencement date. It was a requirement under the lease that the Break Option be declared 12 months in advance, and in January 2026 the Company agreed not to declare the Break Option in return for the removal of an upward-only rent review clause in the lease in relation to the second five-year period of the lease. The gross rent (excluding service charges and business rates) per year for our office lease is approximately $1.0 million. </span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company occupies office space in Copenhagen with a lease that expired in December 2025. The Company will continue to occupy the office space on a 6-month rolling basis until a new lease is entered into. The monthly lease payments are dependent on foreign exchange rates and the gross rent per month payable in Danish Kroner is approximately $15,000.</span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The lease term for our office in Gdynia, Poland which commenced in April 2024 is for a period of 5 years to March 30, 2029. The lease payments are dependent on foreign exchange rates and the gross rent per year payable in Euros is approximately $0.1 million. </span></div><div style="padding-left:28.34pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company entered into a new 43-month lease for office space in Houston that commenced on April 1, 2025. The annual gross rent under the lease payable in U.S. Dollars is approximately $41,000.</span></div>The lease term for our office in Manila, Philippines commenced in July 2025 and expires in June 2028. The gross rent per year for our office lease is approximately $0.1 million. <div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The schedule below summarizes our future contractual obligations as of June 30, 2026:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.462%"><tr><td style="width:1.0%"></td><td style="width:35.460%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.715%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.715%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.715%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.715%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.715%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.583%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 5.57pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">2030</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Thereafter</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt 0 5.57pt"></td><td colspan="21" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Secured term loan and revolving credit facilities</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">82,644 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">115,886 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">185,349 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">124,646 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">102,545 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">175,884 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">786,954 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">October 2024 Bonds</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">140,000</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">140,000</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Vessels under construction </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">93,210</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">249,300</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">113,100</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">455,610</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Office operating leases </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">630</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,251</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,248</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,134</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,109</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,188 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 3.37pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">6,560</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Total contractual obligations</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 3.37pt 1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">176,484</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">366,437 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">299,697 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">265,780 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">103,654 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">177,072 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,389,124 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.34pt;padding-right:28.9pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">1.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%;padding-left:11.25pt">In August 2024, the Company has entered into four contracts to build the Four Ethylene Newbuild Vessels with Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd., in China. The Four Ethylene Newbuild Vessels are under construction and are scheduled to be d</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">elivered to the Company in December 2026, June 2027, September 2027 and December 2027 respectively, at an average shipyard price of $102.9 million per vessel.</span></div><div style="padding-right:28.9pt;text-indent:36pt"><span><br/></span></div><div style="padding-left:28.34pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">In July 2025, the Company announced that the Amon Joint Venture intends to acquire the Two Ammonia Newbuild Vessels. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore &amp; Engineering Co., Ltd. to build the Two Ammonia Newbuild Vessels, with deliveries scheduled to take place in May 2028 and September 2028 respectively, at an average yard price of $87 million per vessel.</span></div><div style="padding-left:28.34pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.34pt;padding-right:28.9pt;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">2.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%;padding-left:11.25pt">The Company occupies office space in London with a lease that commenced in January 2022 for a period of 10 years with a break option in February 2027 (the "Break Option"), which is the fifth anniversary of the lease commencement date. It was a requirement under the lease that the Break Option be declared 12 months in advance, and in January 2026 the Company agreed not to declare the Break Option in return for the removal of an upward-only rent review clause in the lease in relation to the second five-year period of the lease. The gross rent (excluding service charges and business rates) per year for our office lease is approximately $1.0 million. </span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company occupies office space in Copenhagen with a lease that expired in December 2025. The Company will continue to occupy the office space on a 6-month rolling basis until a new lease is entered into. The monthly lease payments are dependent on foreign exchange rates and the gross rent per month payable in Danish Kroner is approximately $15,000.</span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The lease term for our office in Gdynia, Poland which commenced in April 2024 is for a period of 5 years to March 30, 2029. The lease payments are dependent on foreign exchange rates and the gross rent per year payable in Euros is approximately $0.1 million. </span></div><div style="padding-left:28.34pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company entered into a new 43-month lease for office space in Houston that commenced on April 1, 2025. The annual gross rent under the lease payable in U.S. Dollars is approximately $41,000.</span></div>The lease term for our office in Manila, Philippines commenced in July 2025 and expires in June 2028. The gross rent per year for our office lease is approximately $0.1 million. 82644000 115886000 185349000 124646000 102545000 175884000 786954000 0 0 0 140000000 0 0 140000000 93210000 249300000 113100000 0 0 0 455610000 630000 1251000 1248000 1134000 1109000 1188000 6560000 176484000 366437000 299697000 265780000 103654000 177072000 1389124000 4 102900000 87000000 P10Y P12M P5Y 1000000.0 P6M 15000 P5Y 100000 P43M 41000 100000 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">13. Cash, Cash Equivalents and Restricted Cash </span></div><div style="margin-top:0.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span></div><div style="padding-left:27.5pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table shows the breakdown of cash, cash equivalents and restricted cash as of June 30, 2026, and December 31, 2025:</span></div><div style="margin-top:6pt;padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.844%"><tr><td style="width:1.0%"></td><td style="width:61.574%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.564%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">154,674</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">225,465</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents held by VIE</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">276 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">427</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Restricted cash</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">49,921 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">47,942</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Total cash, cash equivalents and restricted cash</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">204,871</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">273,834</span></td></tr></table></div><div style="padding-left:27.5pt;padding-right:28.91pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Amounts included in restricted cash represent cash in blocked deposit accounts that are required to be deposited in accordance with the terms of a number of the Company's secured term loans with banking institutions and funds held by our variable interest entity PT Navigator Khatulistiwa ("PTNK"). Restricted cash is deemed not available for daily operational use. </span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">In February 2025, as part of an investigation into allegations of corruption, Muhamad Kerry Adrianto and certain other business partners and executives of PT Pertamina (Persero), Indonesia's state-owned energy company (“Pertamina”), were arrested by Indonesian authorities. The allegations related to the mismanagement of crude oil and oil refinery products at Pertamina between 2018 and 2023. The legal proceedings linked with the investigation by local authorities related to nine individuals and concluded in February 2026, with all nine defendants being found guilty. Mr. Adrianto was given a custodial sentence of 15 years, a fine of around $60,000 and was ordered to pay compensation of approximately $173 million.</span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On March 5, 2026, Mr. Adrianto lodged an appeal to his sentence with the High Court in Jakarta, Indonesia. On June 10, 2026, the High Court issued its appeal judgment, materially rejecting Mr. Adrianto's appeal, with his fine being reduced from around $60,000 to approximately $30,000 and the compensation order being increased from approximately $173 million to around $840 million. On June 22, 2026, Mr. Adrianto filed an appeal against the High Court's appeal decision to the Indonesian Supreme Court, and the Company continues to monitor developments. </span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">We are not aware of any link or connection between the Company or PTNK, our Indonesian joint venture, and the investigation or its findings other than through Mr. Adrianto, who served as a director of PTNK until September 2025, when he was replaced as a director of PTNK. </span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Following the above, we continue to believe that the events surrounding Mr. Adrianto will not have a material impact on the Company or our operations.</span></div> <div style="padding-left:27.5pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table shows the breakdown of cash, cash equivalents and restricted cash as of June 30, 2026, and December 31, 2025:</span></div><div style="margin-top:6pt;padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.844%"><tr><td style="width:1.0%"></td><td style="width:61.574%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.564%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">154,674</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">225,465</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents held by VIE</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">276 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">427</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Restricted cash</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">49,921 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:1.5pt 5.57pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">47,942</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Total cash, cash equivalents and restricted cash</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">204,871</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 5.57pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">273,834</span></td></tr></table></div> 154674000 225465000 276000 427000 49921000 47942000 204871000 273834000 9 9 P15Y 60000 173000000 60000 30000 173000000 840000000 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">14. Variable Interest Entities</span></div><div style="margin-top:0.35pt"><span><br/></span></div><div><span><br/></span></div><div style="padding-left:28.35pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">As of June 30, 2026, the Company's VIE had total assets and liabilities of $87.1 million and $38.6 million respectively which have been included in the Company’s consolidated balance sheet as of that date (December 31, 2025: $92.5 million and $29.5 million).</span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%"> </span></div><div style="padding-left:28.35pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">PT Navigator Khatulistiwa</span></div><div style="padding-left:28.35pt;padding-right:28.9pt;text-indent:28.34pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">As of December 31, 2025, and June 30, 2026, the Company has consolidated 100% of PT Navigator Khatulistiwa, a VIE for which the Company is deemed to be the primary beneficiary, i.e. it has a controlling financial interest in this entity with the power to direct the activities that most significantly impact the entity’s economic performance and has the right to residual gains or the obligation to absorb losses that could potentially be significant to the VIE. The Company owns 49% of PT Navigator Khatulistiwa common stock, all of its secured debt and has voting control. All economic interests in the residual net assets reside with the Company. By virtue of the accounting principle of consolidation, transactions between PT Navigator Khatulistiwa and the Company are eliminated on consolidation. </span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Navigator Crewing Services Philippines Inc. and Navigator Gas Services Philippines Inc.</span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">We own a 25% and a 40% share in Navigator Crewing Services Philippines Inc. (“NCSPI”) and Navigator Gas Services Philippines Inc. (“NSSPI”), respectively. These companies were established primarily to provide marine services as principals or agents to ship owners, ship operators, and managers engaged in international maritime business, and business support services. </span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The Company has determined that it has a variable interest in NCSPI and NSSPI and is considered to be the primary beneficiary as a result of having a controlling financial interest in the entities and has the power to direct the activities that most significantly impact NCSPI’s and NSSPI’s economic performance.</span></div> 87100000 38600000 92500000 29500000 0.49 0.25 0.40 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">15. Related Party Transactions</span></div><div style="padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table summarizes our transactions with related parties for the three and six months ended June 30, 2026, and 2025:</span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:42.52pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.086%"><tr><td style="width:1.0%"></td><td style="width:23.937%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.640%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.640%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.640%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.643%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 19.77pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 19.77pt;text-align:left;vertical-align:bottom"></td><td colspan="12" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 3.2pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Net expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 19.77pt 0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 19.77pt 0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 3.2pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Luna Pool Agency Limited</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(3)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 3.2pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Ultranav Business Support ApS</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(16)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(12)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(31)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(25)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 3.2pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(17)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(13)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(34)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(31)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table sets out the balances due from related parties as of December 31, 2025, and June 30, 2026: </span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:57.941%"><tr><td style="width:1.0%"></td><td style="width:37.827%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.437%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Luna Pool Agency Limited</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,532 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">310 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Unigas Pool</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">5,010 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">8,667 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">6,542 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">8,977 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>As of June 30, 2026, Ultranav International ApS held a 34.5% share in the Company and BW Group Limited held a 9.9% share in the Company and they are our principal shareholders. They may exert considerable influence on the Company's directors and significant corporate actions. <div style="padding-left:28.35pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table summarizes our transactions with related parties for the three and six months ended June 30, 2026, and 2025:</span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span><br/></span></div><div style="padding-left:28.35pt;padding-right:42.52pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.086%"><tr><td style="width:1.0%"></td><td style="width:23.937%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.640%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.640%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.640%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.643%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 19.77pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended June 30, 2026</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Six months ended June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 19.77pt;text-align:left;vertical-align:bottom"></td><td colspan="12" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 3.2pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">Net expenses</span></td><td colspan="3" style="background-color:#cceeff;padding:0 19.77pt 0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 19.77pt 0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 3.2pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Luna Pool Agency Limited</span></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(1)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(3)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 3.2pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Ultranav Business Support ApS</span></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(16)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(12)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(31)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(25)</span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 3.2pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(17)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(13)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(34)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(31)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td></tr></table></div> -1000 -1000 -3000 -6000 -16000 -12000 -31000 -25000 -17000 -13000 -34000 -31000 <div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The following table sets out the balances due from related parties as of December 31, 2025, and June 30, 2026: </span></div><div style="padding-left:28.35pt;padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> </span></div><div style="padding-left:28.35pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:57.941%"><tr><td style="width:1.0%"></td><td style="width:37.827%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.437%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:100%">June 30, 2026</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 5.57pt;text-align:left;vertical-align:bottom"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Luna Pool Agency Limited</span></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">1,532 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">310 </span></td><td style="background-color:#cceeff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Unigas Pool</span></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">5,010 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">8,667 </span></td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">6,542 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">8,977 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 1532000 310000 5010000 8667000 6542000 8977000 0.345 0.099 <div style="padding-right:28.9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:112%">16. Subsequent Events</span></div><div style="padding-left:28.34pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Capital Return Policy</span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On August 4, 2026, the Company's Board of Directors declared a cash dividend of $0.07 per share of the Company’s common stock for the quarter ended June 30, 2026, under the Company's </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Capital Return Policy</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">, payable on September 1, 2026, to all shareholders of record as of the close of business U.S. Eastern time on August 19, 2026, (the "Dividend"). The aggregate amount of the Dividend is expected to be approximately </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">$4.3 million</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">, which the Company anticipates will be funded from cash on hand. </span></div><div style="padding-left:28.34pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Also as part of the Company's Capital Return Policy for the quarter ended June 30, 2026, the Company expects to repurchase approximately </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">$14.2 million</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> of common stock between August 6, 2026</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">, and September 30, 2026</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">, subject to operating needs, market conditions, legal requirements, stock price and other circumstances, such that the Dividend and share repurchases together equal 35% of net income attributable to stockholders of the Company for the quarter ended June 30, 2026.</span></div><div style="padding-left:28.34pt;text-indent:28.34pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:107%">Financing</span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:115%">On July 31, 2026, the Company and certain of its subsidiaries as part of the Amon Joint Venture entered into the July 2026 Post-Delivery Senior Secured Term Loan with ING Bank N.V., London Branch, Société Générale and Oversea-Chinese Banking Corporation Limited to finance from delivery, up to 70% of the shipyard cost of two newbuild 51,530 cubic-meter capacity ammonia-fueled, ice-class, liquefied ammonia carriers Navigator Amundsen and Navigator Archer (the "Two Ammonia Newbuild Vessels"). All pre-delivery payments under the shipbuilding contracts until delivery of the vessels will be paid by the Company and certain of its subsidiaries as part of the Amon Joint Venture from cash on hand. The July 2026 Post-Delivery Senior Secured Term Loan is amortizing with a balloon payment of $85.26 million, and bears interest at a rate of Term SOFR plus 135 basis points. The July 2026 Post-Delivery Senior Secured Term Loan is expected to be drawn on delivery of each vessel, and matures at the earlier of 72 months after delivery of each vessel or 12 March 2035 (Ship Tranche A) and 12 July 2035 (Ship Tranche B). As of </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:115%">June 30, 2026</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:115%">, the facility was undrawn.</span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.35pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On July 17, 2026, the Company drew </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">$57.6 million</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> from the June 2026 Pre-Delivery Secured Term Loan to recoup 80% of all pre-delivery instalments paid to the shipyard for the two vessels to date. </span></div><div style="padding-left:28.35pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Company Redomiciliation </span></div><div style="padding-left:28.34pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">On April 19, 2026, in connection with the Company's previously disclosed intention to change its corporate domicile from the Marshall Islands to England and Wales (the "Company Redomiciliation") further details of which can be found in the Company's 2025 Annual Report, the Company's vessel, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Navigator Taurus</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> was transferred from its subsidiary Navigator Taurus L.L.C., a Marshall Islands subsidiary, to Navigator </span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">Taurus Ltd, a newly incorporated subsidiary in England and Wales. The Company expects to continue to redomicile further of its subsidiaries to newly formed entities in England and Wales and Denmark as part of the wider project to change the Company's corporate domicile.</span></div><div><span><br/></span></div><div style="text-indent:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:100%">Unigas</span></div><div style="text-indent:28.34pt"><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">On July 13, 2026, further to the non-binding letter of intent entered into on April 14, 2026, the Company entered into definitive agreements with Bernhard Schulte (Singapore) Holdings Pte. Ltd. (“Bernhard Schulte”) and Sloman Neptun Schiffahrts-Aktiengesellschaft (“Sloman Neptun”) for the sale of eight gas carriers (the “Unigas Vessels”), together with the Company’s shareholding in Unigas International B.V. (“Unigas B.V.”), the entity that commercially manages the Unigas Vessels through the Unigas Pool, for aggregate consideration of approximately $183.0 million (the “Unigas Transaction”).</span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%">The combined book value in respect of the Unigas Vessels and the Company's holding in Unigas B.V. in the Company's accounts at June 30, 2026, was approximately $114.0 million. At June 30, 2026, the outstanding balance under the Company's May 2025 Secured Term Loan and RCF in respect of the Unigas Vessels was $18.3 million and was prepaid on July 27, 2026, and as a result all the security granted by the Company over </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Happy Albatross</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:112%"> was released. </span></div><div><span><br/></span></div><div style="padding-left:28.34pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">The Unigas Transaction, which is subject to customary closing conditions, as well as delivery of the Unigas Vessels pursuant to it, is expected to be completed by the fourth quarter of 2026. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">The Company currently expects to recognize a profit on sale of the Unigas Vessels and the Company's holding in Unigas B.V. of between $66.0 million and $69.0 million, pursuant to the exact time at which each individual vessel is delivered based on operational practicalities.</span></div> 0.07 4300000 14200000 0.35 0.70 2 85260000 0.0135 P72M 57600000 0.80 2 8 183000000.0 114000000.0 18300000 18300000 66000000.0 69000000.0