PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2019

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

4.          PROPERTY AND EQUIPMENT

Property and equipment at June 30, 2019 and December 31, 2018 consisted of the following:

	June 30,		December 31,
(In millions)	2019		2018
Cost:
Vessels	$	1,629.6	$	1,489.2
Containers and equipment		516.5		513.6
Terminal facilities and other property		66.1		66.0
Vessel construction in progress		309.8		487.2
Other construction in progress		81.4		59.2
Total Property and Equipment		2,603.4		2,615.2
Less: Accumulated Depreciation		(1,204.7)		(1,248.6)
Total Property and Equipment, net	$	1,398.7	$	1,366.6

Vessel construction in progress relates to progress payments for the construction of two new vessels, capitalized owner’s items and capitalized interest. During the three months ended June 30, 2019, the construction of the second vessel, MV Kaimana Hila, was completed and the vessel was placed into service resulting in approximately $211.8 million, including $9.9 million of capitalized interest, transferred from the Vessel construction in progress category to the Vessels category within Property and Equipment. Capitalized interest included in Vessel construction in progress was $14.4 million and $16.3 million at June 30, 2019 and December 31, 2018, respectively.