General and administrative expenses

12 Months Ended

Dec. 31, 2025

Analysis of income and expense [abstract]

General and administrative expenses

General and administrative expenses

General and administrative expenses primarily represent employee benefit expenses, professional fees and administrative fees payable to SSH under our administrative services agreement (as described in Note 17).

	For the year ended December 31,
In thousands of U.S. dollars	2025		2024		2023
Short term employee benefits	$	32,652	$	36,437	$	36,768
Share based compensation (see Note 16)	71,654		62,509		47,340
Other general and administrative costs (1)	19,100		22,102		22,147
	$	123,406	$	121,048	$	106,255

(1)     Other general and administrative costs include administrative fees charged by SSH (see Note 17), audit, legal and other professional fees, investor relations, and other miscellaneous corporate expenses.

There are no material post-employment benefits for our executive officers or directors. By law, our employees in Monaco are entitled to a one-time payment of up to two months salary upon retirement if they meet certain minimum service requirements.