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Note 4 - Property and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 4 — PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net are as follows:

 

  

As of December 31,

 
  

2024

  

2023

 

(In thousands)

        

Vessels and improvements

 $799,652  $776,622 

Furniture and equipment

  59,132   42,055 

Land

  729   - 

Buildings and improvements

  2,435   - 

Leasehold improvements

  1,425   1,424 

Total property and equipment, gross

  863,373   820,101 

Less: Accumulated depreciation

  (344,983)  (294,099)

Property and equipment, net

 $518,390  $526,002 

 

Total depreciation expense of the Company’s property and equipment for the years ended December 31, 2024, 2023 and 2022 was $50.5 million, $44.9 million and $41.0 million, respectively.

 

For the year ended December 31, 2024, the Company had $33.5 million in capital expenditures, which primarily includes vessel improvement projects. For the year ended December 31, 2023, the Company had $30.0 million in capital expenditures, which primarily includes vessel improvement projects and digital investments.