​ Interest rate risk ​ We are exposed to the impact of interest rate changes. Our objective is to manage the impact of interest rate changes on our earnings and cash flow in relation to our borrowings. ​ Interest rate cap agreements cap the borrowing rate on our variable debt to provide a hedge against the risk of rising rates. ​ We are subject to market risks relating to changes in SOFR rates because we have significant amounts of floating rate debt outstanding. During the three and six months ended June 30, 2026 and 2025, we were subject to the following interest rates on the outstanding debt under our credit facilities (Refer to Note 8 — Debt in our Condensed Consolidated Financial Statements for the effective dates and termination dates for our credit facilities outlined below): ​ ● $500 Million Revolver ​ ● One-month SOFR plus 1.85% until August 1, 2024 when the applicable margin was increased from 1.85% to 1.90% pursuant to the sustainability link term of the facility providing a lower margin based on increased vessel efficiency. These rates were applicable until July 10, 2025 when we entered into the $600 Million Revolver. ​ ● $600 Million Revolver ​ ● One-month SOFR plus 1.75% from July 10, 2025 until July 31, 2025 when the applicable margin was increased from 1.75% to 1.80% pursuant to the sustainability link term of the facility. These rates were applicable until February 27, 2026 when we entered into the $680 Million Revolver. ​ ● $680 Million Revolver ​ ● One-month SOFR plus 1.80% pursuant to the sustainability link term of the facility beginning February 27, 2026. ​ A 1% increase in SOFR would have resulted in an increase of $1.4 million in interest expense for the six months ended June 30, 2026. ​ From time to time, the Company may consider derivative financial instruments such as swaps and caps or other means to protect itself against interest rate fluctuations. ​ Derivative financial instruments ​ As part of our business strategy, we may enter into interest rate swaps or interest rate cap agreements to manage interest costs and the risk associated with changing interest rates. 50 Table of Contents Our prior interest rate cap agreements were initially designated and qualified as cash flow hedges. The premium paid was recognized in income on a rational basis, and all changes in the value of the caps were deferred in AOCI and were subsequently reclassified into Interest expense in the period when the hedged interest affected earnings. ​ Refer to “Interest rate risk” section above for further information regarding interest rate swap agreements. ​ We have entered into bunker swap and forward fuel purchase agreements with the objective of reducing the risk of the effect of changing fuel prices. Our bunker swap and forward fuel purchase agreements do not qualify for hedge accounting treatment; therefore, any unrealized or realized gains or losses are recognized as other income (expense). Refer to the “Bunker swap and forward fuel purchase agreements” section of Note 2 — Summary of Significant Accounting Policies for further information. ​ Currency and exchange rates risk ​ The majority of transactions in the international shipping industry are denominated in U.S. Dollars. Virtually all of our revenues and most of our operating costs are in U.S. Dollars. We incur certain operating expenses in currencies other than the U.S. dollar, and the foreign exchange risk associated with these operating expenses is immaterial. ​