PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

Property and equipment consists of the following as of December 31, 2024 and 2023:

	As of December 31, 2024						As of December 31, 2023
			Accumulated						Accumulated
(In millions)	Cost		Depreciation		Net Book Value		Cost		Depreciation		Net Book Value
Vessels	$	2,475.2	$	961.9	$	1,513.3	$	2,323.4	$	886.8	$	1,436.6
Containers and equipment		883.8		465.9		417.9		845.0		451.9		393.1
Terminal equipment and other property		152.3		64.0		88.3		148.0		58.6		89.4
New vessel construction in progress		198.8		—		198.8		103.1		—		103.1
Other construction in progress		42.6		—		42.6		67.7		—		67.7
Total	$	3,752.7	$	1,491.8	$	2,260.9	$	3,487.2	$	1,397.3	$	2,089.9

New vessel construction in progress at December 31, 2024 and 2023 includes milestone progress payments, capitalized interest and other costs related to the construction of three new Jones Act vessels. Delivery of the first vessel is currently anticipated to be in the first quarter 2027, with subsequent deliveries expected in the third quarter 2027 and second quarter 2028.

Depreciation expense for the years ended December 31, 2024, 2023 and 2022 are as follows:

	Years Ended December 31,
(In millions)	2024		2023		2022
Depreciation expense	$	135.4	$	124.4	$	123.5