PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2019

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

4.          PROPERTY AND EQUIPMENT

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

	September 30,		December 31,
(In millions)	2019		2018
Cost:
Vessels	$	1,647.7	$	1,489.2
Containers and equipment		534.7		513.6
Terminal facilities and other property		87.8		66.0
Vessel construction in progress		382.4		487.2
Other construction in progress		53.9		59.2
Total Property and Equipment		2,706.5		2,615.2
Less: Accumulated Depreciation		(1,221.0)		(1,248.6)
Total Property and Equipment, net	$	1,485.5	$	1,366.6

Vessel construction in progress relates to progress payments for the construction of new vessels, capitalized owner’s items and capitalized interest. During the nine months ended September 30, 2019, the construction of MV Kaimana Hila was completed and the vessel was placed into service resulting in $211.8 million, including $9.9 million of capitalized interest, being 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 $17.9 million and $16.3 million at September 30, 2019 and December 31, 2018, respectively.