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TAXES (Tables)
12 Months Ended
Dec. 31, 2025
TAXES [Abstract]  
Components of Income Tax (Provisions) and Benefits

(Dollars in thousands)

2025

2024

2023

Current

$

411

$

1,084

$

(3,878)

Deferred

Income tax benefit/(provision)

$

411

$

1,084

$

(3,878)

Summary of differences between income taxes expected at the Marshall Islands statutory income tax rate

The differences between income taxes expected at the Marshall Islands statutory income tax rate of zero percent and the reported income tax (benefit)/provision are summarized as follows:

For the Year ended December 31,

2025

2024

2023

Amount

Percent

Amount

Percent

Amount

Percent

Income before income taxes

$

308,850

-

%

$

415,640

-

%

$

560,324

-

%

Expected tax expense and Marshall Island statutory tax rate

-

-

%

-

-

%

-

-

%

Foreign tax effects

United Kingdom (UK)

Statutory tax rate difference between UK and Marshall Island

-

-

%

423

0.10

%

20

0.00

%

Change in valuation allowances

-

-

%

(423)

(0.10)

%

(20)

(0.00)

%

Changes in unrecognized tax (benefit)/provision

(411)

(0.13)

%

(1,084)

(0.26)

%

3,878

0.69

%

Effective income tax

$

(411)

(0.13)

%

$

(1,084)

(0.26)

%

$

3,878

0.69

%

Reconciliation of Amounts of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties) of $3.2 million and $3.4 million as of December 31, 2025 and 2024, respectively, which are included in other current and other non-current liabilities in the consolidated balance sheets:

(Dollars in thousands)

2025

2024

Balance of unrecognized tax benefits as of January 1,

$

3,412

$

4,521

Increases for positions taken in current year

308

249

Decreases for positions taken in prior years

(518)

(1,358)

Balance of unrecognized tax benefits as of December 31,

$

3,202

$

3,412