VESSELS |
9 Months Ended |
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Sep. 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 remaining four LR1 newbuildings were delivered to the Company between March and September 2026. 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 September 30, 2026, no payments have been made in connection with the construction contracts. Upon delivery, all four of these vessels are expected to be deployed into the Panamax International Pool. In connection with the Merger described above in Note 2, “Business Combinations and Mergers,” the Company acquired two 2026-built, scrubber-fitted, dual-fuel (LNG) VLCC newbuildings and two scrubber-fitted VLCC newbuildings. One of the two dual-fuel VLCCs is currently operational. The second dual-fuel VLCC is scheduled for delivery in November 2026 and the remaining two VLCC newbuildings are scheduled for delivery between August and October 2027. The remaining commitments on the contracts for the construction of the three VLCC newbuilds total $279 million, all of which can be funded by existing sale leaseback financing agreements assumed by the Company. Gross debt outstanding under existing sale leaseback financing agreements for these vessels aggregated $171 million as of October 31, 2026. Disposal/Sales of Vessels During the nine months ended September 30, 2026, the Company sold one 2007-built MR, four 2008-built MRs, one 2010-built VLCC, one 2012-built VLCC, and one 2012-built Suezmax for net proceeds of $296.6 million and recognized a gain of $140.9 million.
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