COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

Schedule of Commitments and Contractual Obligations

Commitments and Contractual Obligations (in millions)	Total
Standby letters of credit (1)	$	5.7
Bonds (2)	$	84.0
Vessel construction obligations (3)	$	579.2
Vendor and other obligations (4)	$	186.0

(1) Standby letters of credit are required for the Company’s uninsured workers’ compensation and other insurance programs, and other needs.

(2) Bonds represent U.S. Customs bonds, contract guarantee related performance bonds, and bonds related to other matters.

(3) Vessel construction obligations represent remaining contractual obligations (excluding owner’s items and change orders) entered into for the construction of three new Jones Act vessels.

(4) Vendor and other obligations include: (i) non-cancellable contractual capital project obligations; (ii) dry-docking related obligations; and (iii) other contractual obligations. Amounts are considered obligations if a contract has been agreed to specifying significant terms of the contract, and the amounts are not reflected in the Consolidated Balance Sheets as of December 31, 2025.