Leases

6 Months Ended

Jun. 30, 2026

Note 5 — Leases

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

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

Maturities of our operating lease liabilities as of June 30, 2026 are as follows (in thousands):


					Facilities and
		Vessels			Equipment			Total
Less than one year		$	80,825		$	3,512		$	84,337
One to two years			79,671			4,891			84,562
Two to three years			59,651			3,006			62,657
Three to four years			54,967			4,797			59,764
Four to five years			43,259			3,884			47,143
Over five years			16,841			10,273			27,114
Total lease payments			335,214			30,363			365,577
Less: imputed interest			(51,840)			(7,644)			(59,484)
Total operating lease liabilities		$	283,374		$	22,719		$	306,093

Current operating lease liabilities		$	61,951		$	2,843		$	64,794
Non-current operating lease liabilities			221,423			19,876			241,299
Total operating lease liabilities		$	283,374		$	22,719		$	306,093

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


					Facilities and
		Vessels			Equipment			Total
Less than one year		$	77,129		$	3,627		$	80,756
One to two years			76,334			4,129			80,463
Two to three years			65,278			3,905			69,183
Three to four years			53,006			3,869			56,875
Four to five years			59,020			4,636			63,656
Over five years			27,237			11,950			39,187
Total lease payments			358,004			32,116			390,120
Less: imputed interest			(60,774)			(8,530)			(69,304)
Total operating lease liabilities		$	297,230		$	23,586		$	320,816

Current operating lease liabilities		$	57,240		$	2,968		$	60,208
Non-current operating lease liabilities			239,990			20,618			260,608
Total operating lease liabilities		$	297,230		$	23,586		$	320,816

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


		June 30,		December 31,
		2026		2025
Weighted average remaining lease term		4.6	years	5.0	years
Weighted average discount rate		7.62	%	7.68	%

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


		Six Months Ended
		June 30,
		2026			2025
Cash paid for operating lease liabilities		$	45,100		$	42,740
Right-of-use assets related to new operating lease liabilities ⁽¹⁾			18,535			14,692

(1)	Our operating lease additions are primarily related to the charter for the Patriot during the six-month period ended June 30, 2026, and the charter for the Trym during the six-month period ended June 30, 2025.

See Note 14 for additional information on our significant leases.