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Property and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

As of June 30, 2024 and December 31, 2023, the Company’s property and equipment, net consisted of the following (in thousands):


	June 30, 2024			December 31, 2023
Vessels	$	2,528,703		$	2,497,449
Finance lease right-of-use assets		40,007			40,007
Other equipment		23,863			23,807
Assets in progress		108,681			93,341
Less accumulated depreciation		(1,046,547	)		(1,004,825	)
Property and equipment, net	$	1,654,707		$	1,649,779

For the three months ended June 30, 2024 and 2023, depreciation expense was $29.5 million and $29.9 million, respectively. For the six months ended June 30, 2024 and 2023, depreciation expense was $51.5 million and $54.2 million, respectively.