v3.26.1
Leases (Tables)
6 Months Ended
Jun. 30, 2026
Leases  
Schedule of components of lease cost

The following table details the components of our lease cost (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

June 30, 

​

June 30, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Operating lease cost

​

$

22,525

​

$

23,022

​

$

45,136

 

$

43,925

Variable lease cost

​

 

1,219

​

 

2,685

​

 

1,695

 

​

5,030

Short-term lease cost

​

 

6,700

​

 

9,812

​

 

14,602

 

​

17,234

Sublease income

​

 

(30)

​

 

(29)

​

 

(60)

 

​

(58)

Net lease cost

​

$

30,414

​

$

35,490

​

$

61,373

 

$

66,131

Schedule of maturities of operating lease liabilities

Maturities of our operating lease liabilities as of June 30, 2026 are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Facilities and

  ​ ​ ​

​

​

​

  ​ ​ ​

Vessels

  ​ ​ ​

Equipment

  ​ ​ ​

Total

Less than one year

​

$

80,825

​

$

3,512

 

$

84,337

One to two years

​

 

79,671

​

 

4,891

 

​

84,562

Two to three years

​

 

59,651

​

 

3,006

 

​

62,657

Three to four years

​

 

54,967

​

 

4,797

 

​

59,764

Four to five years

​

 

43,259

​

 

3,884

 

​

47,143

Over five years

​

 

16,841

​

 

10,273

 

​

27,114

Total lease payments

​

​

335,214

​

​

30,363

 

​

365,577

Less: imputed interest

​

 

(51,840)

​

 

(7,644)

 

​

(59,484)

Total operating lease liabilities

​

$

283,374

​

$

22,719

 

$

306,093

​

​

​

​

​

​

​

​

​

​

Current operating lease liabilities

​

$

61,951

​

$

2,843

 

$

64,794

Non-current operating lease liabilities

​

 

221,423

​

 

19,876

 

​

241,299

Total operating lease liabilities

​

$

283,374

​

$

22,719

 

$

306,093

​

Maturities of our operating lease liabilities as of December 31, 2025 are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Facilities and

  ​ ​ ​

​

​

​

  ​ ​ ​

Vessels

  ​ ​ ​

Equipment

  ​ ​ ​

Total

Less than one year

​

$

77,129

​

$

3,627

 

$

80,756

One to two years

​

 

76,334

​

 

4,129

 

​

80,463

Two to three years

​

 

65,278

​

 

3,905

 

​

69,183

Three to four years

​

 

53,006

​

 

3,869

 

​

56,875

Four to five years

​

 

59,020

​

 

4,636

 

​

63,656

Over five years

​

 

27,237

​

 

11,950

 

​

39,187

Total lease payments

​

​

358,004

​

​

32,116

 

​

390,120

Less: imputed interest

​

 

(60,774)

​

 

(8,530)

 

​

(69,304)

Total operating lease liabilities

​

$

297,230

​

$

23,586

 

$

320,816

​

​

​

​

​

​

​

​

​

​

Current operating lease liabilities

​

$

57,240

​

$

2,968

 

$

60,208

Non-current operating lease liabilities

​

 

239,990

​

 

20,618

 

​

260,608

Total operating lease liabilities

​

$

297,230

​

$

23,586

 

$

320,816

Schedule of weighted average remaining lease term and discount rate

​

​

​

​

​

​

​

​

​

​

June 30, 

​

December 31, 

​

  ​ ​ ​

2026

​

2025

Weighted average remaining lease term

 

4.6

years

​

5.0

years

Weighted average discount rate

 

7.62

%  

​

7.68

%

Schedule of other information related to operating leases

The following table presents other information related to our operating leases (in thousands):

​

​

​

​

​

​

​

​

​

​

Six Months Ended

​

​

June 30, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

Cash paid for operating lease liabilities

​

$

45,100

 

$

42,740

Right-of-use assets related to new operating lease liabilities (1)

​

 

18,535

 

​

14,692

(1)Our operating lease additions are primarily related to the charter for the Patriot during the six-month period ended June 30, 2026, and the charter for the Trym during the six-month period ended June 30, 2025.