VESSELS	6 Months Ended
Jun. 30, 2026
VESSELS [Abstract]
VESSELS	Note 6 — Vessels: Vessel Acquisitions and Construction Commitments Between August 2023 and March 2024, the Company entered into agreements to construct six dual-fuel ready LNG 73,600 dwt LR1 Product Carriers at K Shipbuilding Co., Ltd.’s shipyard for an aggregate cost of approximately $359 million. The first two LR1 newbuildings were delivered during the second half of 2025 and the third and fourth LR1 newbuildings were delivered to the Company in March and April 2026, respectively. The last two LR1 newbuildings will be delivered during the third quarter of 2026. The remaining commitments on the contracts for the construction of the two LR1 newbuilds as of June 30, 2026 were $73 million, all of which is expected to be drawn from the ECA Credit Facility in accordance with the delivery schedule. In May and July 2026, the Company entered into agreements to construct an additional four scrubber-fitted, dual-fuel LNG ready LR1 Product Carriers at K Shipbuilding Co., Ltd.’s shipyard for an aggregate cost of approximately $244 million. The vessels are expected to be delivered in the second half of 2028. The Company expects to finance the newbuildings through a combination of long-term financing and available liquidity. As of June 30, 2026, no payments were made in connection with the two construction contracts entered into in May 2026. Upon delivery, all four of these vessels are expected to be deployed into the Panamax International Pool. Disposal/Sales of Vessels During the six months ended June 30, 2026, the Company sold one 2007-built MR, four 2008-built MRs, one 2010-built VLCC, and one 2012-built VLCC for net proceeds of $222.4 million and recognized a gain of $88.1 million.

VESSELS

6 Months Ended

Jun. 30, 2026

Note 6 — Vessels:

Vessel Acquisitions and Construction Commitments

Between August 2023 and March 2024, the Company entered into agreements to construct six dual-fuel ready LNG 73,600 dwt LR1 Product Carriers at K Shipbuilding Co., Ltd.’s shipyard for an aggregate cost of approximately $359 million. The first two LR1 newbuildings were delivered during the second half of 2025 and the third and fourth LR1 newbuildings were delivered to the Company in March and April 2026, respectively. The last two LR1 newbuildings will be delivered during the third quarter of 2026.

The remaining commitments on the contracts for the construction of the two LR1 newbuilds as of June 30, 2026 were $73 million, all of which is expected to be drawn from the ECA Credit Facility in accordance with the delivery schedule.

In May and July 2026, the Company entered into agreements to construct an additional four scrubber-fitted, dual-fuel LNG ready LR1 Product Carriers at K Shipbuilding Co., Ltd.’s shipyard for an aggregate cost of approximately $244 million. The vessels are expected to be delivered in the second half of 2028. The Company expects to finance the newbuildings through a combination of long-term financing and available liquidity. As of June 30, 2026, no payments were made in connection with the two construction contracts entered into in May 2026. Upon delivery, all four of these vessels are expected to be deployed into the Panamax International Pool.

Disposal/Sales of Vessels

During the six months ended June 30, 2026, the Company sold one 2007-built MR, four 2008-built MRs, one 2010-built VLCC, and one 2012-built VLCC for net proceeds of $222.4 million and recognized a gain of $88.1 million.