Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

(15) Related Party Transactions

David W. Grzebinski, Chief Executive Officer of the Company, is a member of the board of directors for ABS, a not-for-profit that provides global classification services to the marine, offshore and gas industries. The Company paid ABS $1.4 million in 2024, $1.5 million in 2023, and $1.3 million in 2022 to perform audits and surveys of the Company’s vessels in the ordinary course of business.

Mr. Grzebinski is a member of the board of directors of UK Protection & Indemnity Association (“UK P&I”), a mutual marine protection and indemnity organization that provides protection and indemnity insurance for third party liabilities and expenses arising from vessel operations. The Company’s marine fleet is insured on a pro rata share basis through UK P&I and Standard Mutual. The Company paid $3.6 million during 2024 in premiums for coverage in the 2024-2025 policy period, $3.6 million during 2023 in premiums for coverage in the 2023-2024 policy period, and $3.4 million in 2022 in premiums for coverage in the 2022-2023 policy period in the ordinary course of business.

Amy D. Husted, Executive Vice President, General Counsel and Secretary of the Company, is a member of the board of directors of Signal Mutual Indemnity Association Ltd (“Signal”), a group self-insurance not-for-profit organization authorized by the U.S. Department of Labor as a longshore worker’s compensation insurance provider. The Company has been a member of Signal since it was established in 1986. The Company paid Signal $0.6 million in 2024, $0.7 million in 2023 and $0.5 million in 2022 in the ordinary course of business.

The husband of Ms. Husted is a partner in the law firm of Clark Hill PLC. The Company paid the law firm $2.6 million in 2024, $0.9 million in 2023, and $1.0 million in 2022 for legal services in connection with matters in the ordinary course of business.

The brother of Christian G. O’Neil, President and Chief Operating Officer, is a partner in the law firm of W. Sean O’Neil Attorney at Law. The Company paid the law firm $0.2 million in 2024, $0.1 million in 2023, and $0.1 million in 2022 for legal services in the ordinary course of business.