FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2025

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES [Abstract]

Fair Value, by Balance Sheet Grouping

(Dollars in thousands)	December 31, 2025		December 31, 2024		Fair Value Level
Cash and cash equivalents	$	116,922	$	157,506		Level 1
Short-term investments(1)		50,000		—		Level 1
2030 Bonds		(249,748)		—		Level 1
ECA Credit Facility		(81,494)		—		Level 2
$500 Million Revolving Credit Facility(2)		—		(144,581)		Level 2
Ocean Yield Lease Financing(2)		—		(282,627)		Level 2
BoComm Lease Financing(3)		(174,713)		(188,370)		Level 2
Toshin Lease Financing(3)		(10,151)		(11,662)		Level 2
Hyuga Lease Financing(3)		(10,164)		(11,776)		Level 2
Kaiyo Lease Financing(3)		(9,485)		(10,554)		Level 2
Kaisha Lease Financing(3)		(8,921)		(10,656)		Level 2

(1) Short-term investments consist of time deposits with original maturities of between 91 and 180 days.

(2) Floating rate debt – the fair value of floating rate debt has been determined using level 2 inputs and is considered to be equal to the carrying value since it bears a variable interest rate, which is reset every three months.

(3) Fixed rate debt – the fair value of fixed rate debt has been determined using level 2 inputs by discounting the expected cash flows of the outstanding debt.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Derivatives are recorded on a net basis by counterparty when a legal right of offset exists. The Company had the following amounts recorded on a net basis by transaction in the accompanying consolidated balance sheets related to the Company’s use of derivatives as of December 31, 2025 and 2024:

Fair Values of Derivative Instruments:

(Dollars in thousands)	Current portion of derivative asset		Long-term derivative assets		Other receivables
December 31, 2025:
Derivatives designated as hedging instruments:
Interest rate swaps	$	406	$	5	$	139
Total	$	406	$	5	$	139
December 31, 2024:
Derivatives designated as hedging instruments:
Interest rate swaps	$	2,080	$	801	$	453
Total	$	2,080	$	801	$	453

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Loss

The effect of cash flow hedging relationships recognized in other comprehensive income excluding amounts reclassified from accumulated other comprehensive income/(loss), including hedges of equity method investees, for the three years ended December 31, 2025 follows:

(Dollars in thousands)	2025		2024		2023
Derivatives designated as hedging instruments:
Interest rate swaps	$	104	$	3,532	$	3,187
Total other comprehensive income	$	104	$	3,532	$	3,187

The effect of the Company’s cash flow hedging relationships on the consolidated statement of operations for the three years ended December 31, 2025 is shown below:

(Dollars in thousands)	2025		2024		2023
Derivatives designated as hedging instruments:
Interest rate swaps	$	(2,575)	$	(6,885)	$	(8,601)
Discontinued hedging instruments:
Interest rate swap		(612)		(820)		(2,149)
Total interest income	$	(3,187)	$	(7,705)	$	(10,750)

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies):

(Dollars in thousands)	December 31, 2025		December 31, 2024		Fair Value Level
Derivative Assets (interest rate swaps)	$	550	$	3,334		Level 2(1)

(1) Fair values are derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company.