DEBT (Tables)

12 Months Ended

Dec. 31, 2024

DEBT

Schedule of debt

The Company’s debt consists of the following as of December 31, 2024 and 2023:

	As of December 31,
(In millions)	2024		2023
Private Placement Term Loans:
3.37 %, payable through 2027	$	34.6	$	46.2
3.14 %, payable through 2031		100.1		114.4
Title XI Debt:
1.22 %, payable through 2043		150.3		158.2
1.35 %, payable through 2044		115.9		121.8
Total Debt		400.9		440.6
Less: Current portion		(39.7)		(39.7)
Total Long-term Debt		361.2		400.9
Less: Deferred loan fees		(10.4)		(11.6)
Total Long-term Debt, net of deferred loan fees	$	350.8	$	389.3

Schedule of maturities of debt

	As of
Year (in millions)	December 31, 2024
2025	$	39.7
2026		39.7
2027		39.7
2028		28.2
2029		28.2
Thereafter		225.4
Total Debt	$	400.9

Schedule of deferred loan fees

Deferred Loan Fees (in millions)	Amount
Balance at December 31, 2023	$	11.6
Amortization expense for the year ended December 31, 2024		(1.2)
Balance at December 31, 2024	$	10.4

Schedule of estimated amortization expense relating to deferred loan fees

Year (in millions)	Amount
2025	$	1.1
2026		1.0
2027		0.9
2028		0.9
2029		0.8
Thereafter		5.7
Total amortization expense of deferred loan fees	$	10.4