PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

Property and equipment consists of the following as of December 31, 2025 and 2024:

	As of December 31, 2025						As of December 31, 2024
			Accumulated						Accumulated
(In millions)	Cost		Depreciation		Net Book Value		Cost		Depreciation		Net Book Value
Vessels	$	2,405.0	$	932.6	$	1,472.4	$	2,475.2	$	961.9	$	1,513.3
Containers and equipment		943.0		505.5		437.5		883.8		465.9		417.9
Terminal equipment and other property		171.7		69.5		102.2		152.3		64.0		88.3
New vessel construction in progress		443.2		—		443.2		198.8		—		198.8
Other construction in progress		44.1		—		44.1		42.6		—		42.6
Total	$	4,007.0	$	1,507.6	$	2,499.4	$	3,752.7	$	1,491.8	$	2,260.9

New vessel construction in progress at December 31, 2025 and 2024 includes milestone progress payments, capitalized interest and other costs related to the construction of three new Aloha Class vessels. Delivery of the vessels are expected during the first quarter 2027, the third quarter 2027 and the second quarter 2028.

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 are as follows:

	Years Ended December 31,
(In millions)	2025		2024		2023
Depreciation expense	$	147.4	$	135.4	$	124.4