v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
DEBT [Abstract]  
DEBT

Note 10 — Debt:

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Debt consists of the following:

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(Dollars in thousands)

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June 30, 2026

  ​ ​ ​

December 31, 2025

TISL Borrowing Base Facility

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$

8,500

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$

—

ECA Credit Facility, due 2038, net of unamortized deferred finance costs of $6,355 and $3,030

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158,310

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78,464

2030 Bonds, due 2030, net of unamortized deferred finance costs of $4,358 and $4,774

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245,642

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245,226

BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $2,388 and $2,731

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195,424

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202,505

Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $163 and $189

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10,349

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11,092

Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $134 and $157

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10,039

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10,808

Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $104 and $126

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8,687

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9,500

Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $107 and $129

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8,671

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9,484

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645,622

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567,079

Less current portion

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(39,204)

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(25,788)

Long-term portion

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$

606,418

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$

541,291

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

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ECA Credit Facility

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During the six months ended June 30, 2026, the Company borrowed a total of $85.2 million upon the delivery of the third and fourth LR1 newbuildings and made principal payments totaling $2.0 million on the first and second LR1 newbuildings, leaving an outstanding principal balance of $164.7 million as of June 30, 2026.

TISL Borrowing Base Facility

In May 2026, TISL, a consolidated variable interest entity (see Note 8), entered into a $40.0 million working capital borrowing base facility with Macquarie Bank Limited, London Branch (the “TISL Borrowing Base Facility”), under which funds can be drawn and repaid with one day’s notice under a revolving loan arrangement. The TISL Borrowing Base Facility bears interest at SOFR plus 2% and is secured by a fixed and floating charge over current and future freight and demurrage receivable, freights in transit and any other fees relating to vessels in the TISL pool. Total drawdowns and repayments under the facility during the three months ended June 30, 2026 were $30.5 million and $22.0 million, respectively. The $8.5 million balance outstanding under the TISL Borrowing Base

Facility as of June 30, 2026 is repayable on demand and is therefore included in current installments of long-term debt in the condensed consolidated balance sheet.

Debt Covenants

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The Company was in compliance with the financial and non-financial covenants under all of its financing arrangements as of June 30, 2026.

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Deferred finance charges

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Finance charges incurred in the arrangement of new debt and/or amendments resulting in the modification of existing debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the term of the related debt. Unamortized deferred finance charges of $10.5 million and $12.6 million relating to the $500 Million Revolving Credit Facility, the $160 Million Revolving Credit Facility, and the undrawn ECA Credit Facility tranches as of June 30, 2026 and December 31, 2025, respectively, are included in other assets in the condensed consolidated balance sheets. Unamortized deferred financing charges of $13.6 million and $11.1 million as of June 30, 2026 and December 31, 2025, respectively, relating to the Company’s outstanding debt facilities, are included in debt in the condensed consolidated balance sheets.

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Interest Expense

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Total interest expense before the impact of capitalized interest, including amortization of deferred financing costs, commitment, administrative and other fees for all of the Company’s debt facilities for the three and six months ended June 30, 2026 was $11.2 million and $21.2 million, respectively, and for the three and six months ended June 30, 2025 was $10.4 million and $22.3 million, respectively. Interest paid, net of interest rate swap cash settlements, for the Company’s debt facilities for the three and six months ended June 30, 2026 was $5.1 million and $18.7 million, respectively, and for the three and six months ended June 30, 2025 was $8.9 million and $19.0 million, respectively.

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Interest capitalized to vessels under construction during the three and six months ended June 30, 2026 totaled $0.8 million and $2.1 million, respectively, and $1.0 million and $1.8 million for the three and six months ended June 30, 2025, respectively.