smhi-8k_20210506.htm
false 0001690334 0001690334 2021-05-06 2021-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 6, 2021

 

 

 

SEACOR Marine Holdings Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

001-37966

47-2564547

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

 

 

12121 Wickchester Lane, Suite 500, Houston, TX

77079

(Address of Principal Executive Offices)

(Zip Code)

 

 

 

 

Registrant's telephone number, including area code

(346) 980-1700

 

 

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

SMHI

New York Stock Exchange (“NYSE”)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


 

Item 2.02    Results of Operations and Financial Condition

The information set forth in (and incorporated by reference into) this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On May 6, 2021, SEACOR Marine Holdings Inc. ("SEACOR Marine") issued a press release setting forth its earnings for the three months ended March 31, 2021 (the "Earnings Release").

A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 9.01   Financial Statements and Exhibits

(d) Exhibits

 

Exhibit No.

Description

 

 

99.1

Press Release of SEACOR Marine Holdings Inc. dated May 6, 2021

 

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

SEACOR Marine Holdings Inc.

 

 

 

May 6, 2021

By:

/s/ John Gellert

 

 

 

 

 

Name: John Gellert

 

 

Title: President and Chief Executive Officer

 

smhi-ex991_6.htm

Exhibit 99.1

 

 

PRESS RELEASE

                                  

 

SEACOR MARINE ANNOUNCES FIRST QUARTER 2021 RESULTS 

 

 

Houston, Texas

May 6, 2021

 

 

FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2021.

 

Chief Executive Officer John Gellert provided the following statement: “SEACOR Marine continues to grieve for our crew members, partners and the loved ones of those who were lost in the capsizing of the SEACOR Power. Their memories will live long in our hearts, minds and communities. We are grateful for the efforts of all those involved in our search and rescue efforts. As salvage operations continue, we remain focused on supporting our team members and their families and will keep them in our prayers.”

 

SEACOR Marine’s consolidated operating revenues from continuing operations for the first quarter of 2021 were $36.5 million, operating loss was $16.6 million, and direct vessel profit (“DVP”)(1) was $10.2 million. This compares to consolidated operating revenues from continuing operations of $35.7 million, operating loss of $23.7 million, and DVP of $14.9 million in the first quarter of 2020. For the first quarter of 2021, net income attributable to SEACOR Marine was $6.0 million ($0.24 income per basic and diluted share), primarily due to a $22.8 million gain on the sale of Windcat Workboat Holdings Ltd. (“Windcat”). For the first quarter of 2021, the net loss attributable to SEACOR Marine’s continuing operations was $16.9 million ($0.67 loss per basic and diluted share). This compares to a net loss from continuing operations for the first quarter of 2020 of $17.9 million ($0.58 loss per basic and diluted share). Sequentially, the first quarter of 2021 results compare to consolidated operating revenues from continuing operations of $36.0 million, operating loss of $16.9 million, and DVP of $10.5 million in the fourth quarter of 2020. For the fourth quarter of 2020 the net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share).

 

Notable first quarter items include:

 

Operating results in the first quarter reflect continued improvement in market conditions across all international regions.

 

Reduced operating loss by 30.3% compared to the first quarter of 2020 primarily driven by a reduction in impairments and lower lease expenses.

 

Significantly improved liquidity position with $42.2 million of cash proceeds from the Windcat sale net of $1.6 million in transaction costs and other costs, and receipt of $12.5 million in unrestricted cash from tax refund claims under the CARES Act during the quarter.

 

After the first quarter, an additional aggregate amount of $19.8 million of tax refunds were received by SEACOR Marine completing the receipt of all expected tax refunds under the CARES Act. As a result of the Windcat sale and CARES Act tax refunds, since the beginning of 2021, SEACOR Marine has generated $74.5 million in cash and reduced debt by £20.4 million (equivalent to approximately $28.1 million based on the USD to GBP closing exchange rate on March 31, 2021).

 

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet.  DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels).  DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures.  DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP.  See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

1

 


 

 

* * * * *

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide.  SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair.  Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

 

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements.  Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters.  Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company.  These statements are not guarantees of future performance and actual events or results may differ significantly from these statements.  Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of the document in which they are made.  The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law.  It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).  These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

 

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.

For all other requests, contact

2

 


InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except share data)

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Operating Revenues

 

$

36,512

 

 

$

35,667

 

Costs and Expenses:

 

 

 

 

 

 

 

 

Operating

 

 

26,307

 

 

 

20,735

 

Administrative and general

 

 

8,611

 

 

 

9,394

 

Lease expense

 

 

1,078

 

 

 

3,325

 

Depreciation and amortization

 

 

14,798

 

 

 

13,362

 

 

 

 

50,794

 

 

 

46,816

 

Loss on Asset Dispositions and Impairments, Net

 

 

(2,273

)

 

 

(12,572

)

Operating Loss

 

 

(16,555

)

 

 

(23,721

)

Other Income (Expense):

 

 

 

 

 

 

 

 

Interest income

 

 

986

 

 

 

662

 

Interest expense

 

 

(8,018

)

 

 

(7,374

)

SEACOR Holdings guarantee fees

 

 

(7

)

 

 

(16

)

Derivative gains, net

 

 

355

 

 

 

5,114

 

Foreign currency (losses) gains, net

 

 

(466

)

 

 

710

 

 

 

 

(7,150

)

 

 

(904

)

Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

 

 

(23,705

)

 

 

(24,625

)

Income Tax Benefit

 

 

(2,688

)

 

 

(6,662

)

Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

 

 

(21,017

)

 

 

(17,963

)

Equity in Earnings of 50% or Less Owned Companies

 

 

4,103

 

 

 

25

 

Loss from Continuing Operations

 

 

(16,914

)

 

 

(17,938

)

Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)

 

 

22,925

 

 

 

(2,054

)

Net Income (Loss)

 

 

6,011

 

 

 

(19,992

)

Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

(4,047

)

Net Income (Loss) attributable to SEACOR Marine Holdings Inc.

 

$

6,011

 

 

$

(15,945

)

 

 

 

 

 

 

 

 

 

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.67

)

 

$

(0.58

)

Discontinued operations

 

 

0.91

 

 

 

(0.08

)

 

 

$

0.24

 

 

$

(0.66

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

Basic and diluted shares

 

 

25,304,661

 

 

 

23,989,029

 

3

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except statistics and per share data)

 

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

 

Jun. 30, 2020

 

 

Mar. 31, 2020

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

11,323

 

 

$

10,931

 

 

$

11,052

 

 

$

10,746

 

 

$

10,886

 

Fleet Utilization

 

 

55

%

 

 

51

%

 

 

54

%

 

 

57

%

 

 

57

%

Fleet Available Days

 

 

5,505

 

 

 

5,824

 

 

 

5,807

 

 

 

5,258

 

 

 

5,361

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

34,290

 

 

$

32,693

 

 

$

34,824

 

 

$

32,389

 

 

$

33,549

 

Bareboat charter

 

 

729

 

 

 

732

 

 

 

677

 

 

 

723

 

 

 

724

 

Other marine services

 

 

1,493

 

 

 

2,619

 

 

 

700

 

 

 

813

 

 

 

1,394

 

 

 

 

36,512

 

 

 

36,044

 

 

 

36,201

 

 

 

33,925

 

 

 

35,667

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

13,418

 

 

 

13,057

 

 

 

13,401

 

 

 

10,704

 

 

 

11,186

 

Repairs and maintenance

 

 

3,840

 

 

 

3,445

 

 

 

3,764

 

 

 

3,612

 

 

 

3,840

 

Drydocking

 

 

2,217

 

 

 

1,753

 

 

 

585

 

 

 

566

 

 

 

1,365

 

Insurance and loss reserves

 

 

1,958

 

 

 

1,670

 

 

 

1,764

 

 

 

1,489

 

 

 

840

 

Fuel, lubes and supplies

 

 

2,202

 

 

 

2,081

 

 

 

2,131

 

 

 

2,075

 

 

 

1,841

 

Other

 

 

2,672

 

 

 

3,556

 

 

 

3,074

 

 

 

1,682

 

 

 

1,664

 

 

 

 

26,307

 

 

 

25,562

 

 

 

24,719

 

 

 

20,128

 

 

 

20,736

 

Direct Vessel Profit (1)

 

 

10,205

 

 

 

10,482

 

 

 

11,482

 

 

 

13,797

 

 

 

14,931

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

1,078

 

 

 

1,798

 

 

 

1,200

 

 

 

1,202

 

 

 

3,325

 

Administrative and general

 

 

8,611

 

 

 

8,556

 

 

 

8,861

 

 

 

13,241

 

 

 

9,393

 

Depreciation and amortization

 

 

14,798

 

 

 

15,247

 

 

 

14,833

 

 

 

13,725

 

 

 

13,362

 

 

 

 

24,487

 

 

 

25,601

 

 

 

24,894

 

 

 

28,168

 

 

 

26,080

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(2,273

)

 

 

(1,796

)

 

 

233

 

 

 

(3,453

)

 

 

(12,572

)

Operating Loss

 

 

(16,555

)

 

 

(16,915

)

 

 

(13,179

)

 

 

(17,824

)

 

 

(23,721

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

986

 

 

 

61

 

 

 

34

 

 

 

516

 

 

 

662

 

Interest expense

 

 

(8,018

)

 

 

(8,288

)

 

 

(8,312

)

 

 

(6,717

)

 

 

(7,374

)

SEACOR Holdings guarantee fees

 

 

(7

)

 

 

(11

)

 

 

(11

)

 

 

(9

)

 

 

(16

)

Derivative losses (gains), net

 

 

355

 

 

 

(894

)

 

 

5

 

 

 

85

 

 

 

5,114

 

Foreign currency gains, net

 

 

(466

)

 

 

(1,286

)

 

 

(911

)

 

 

193

 

 

 

710

 

Other, net

 

 

 

 

 

(19

)

 

 

 

 

 

 

 

 

 

 

 

 

(7,150

)

 

 

(10,437

)

 

 

(9,195

)

 

 

(5,932

)

 

 

(904

)

Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

 

 

(23,705

)

 

 

(27,352

)

 

 

(22,374

)

 

 

(23,756

)

 

 

(24,625

)

Income Tax (Benefit) Expense

 

 

(2,688

)

 

 

1,865

 

 

 

(3,120

)

 

 

(15,007

)

 

 

(6,662

)

Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

 

 

(21,017

)

 

 

(29,217

)

 

 

(19,254

)

 

 

(8,749

)

 

 

(17,963

)

Equity in Earnings (Losses) of 50% or Less Owned Companies

 

 

4,103

 

 

 

(9,681

)

 

 

(588

)

 

 

2,081

 

 

 

25

 

Loss from Continuing Operations

 

 

(16,914

)

 

 

(38,898

)

 

 

(19,842

)

 

 

(6,668

)

 

 

(17,938

)

Income (Loss) from Discontinued Operations, Net of Tax

 

 

22,925

 

 

 

51

 

 

 

1,765

 

 

 

602

 

 

 

(2,054

)

Net Income (Loss)

 

 

6,011

 

 

 

(38,847

)

 

 

(18,077

)

 

 

(6,066

)

 

 

(19,992

)

Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

(31

)

 

 

4

 

 

 

7

 

 

 

(4,047

)

Net Income (Loss) attributable to SEACOR Marine Holdings Inc.

 

$

6,011

 

 

$

(38,816

)

 

$

(18,081

)

 

$

(6,073

)

 

$

(15,945

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.67

)

 

$

(1.54

)

 

$

(0.79

)

 

$

(0.26

)

 

$

(0.58

)

Discontinued operations

 

 

0.91

 

 

 

 

 

 

0.07

 

 

 

0.02

 

 

 

(0.08

)

 

 

$

0.24

 

 

$

(1.54

)

 

$

(0.72

)

 

$

(0.24

)

 

$

(0.66

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

25,305

 

 

 

25,265

 

 

 

24,989

 

 

 

24,851

 

 

 

23,989

 

Common Shares and Warrants Outstanding at Period End

 

 

25,683

 

 

 

24,919

 

 

 

24,996

 

 

 

24,899

 

 

 

24,854

 

 

4

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

 

Jun. 30, 2020

 

 

Mar. 31, 2020

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

15,910

 

 

$

18,405

 

 

$

19,397

 

 

$

15,574

 

 

$

20,988

 

Fleet utilization

 

 

6

%

 

 

7

%

 

 

5

%

 

 

5

%

 

 

11

%

Fleet available days

 

 

1,518

 

 

 

1,797

 

 

 

1,871

 

 

 

1,842

 

 

 

1,864

 

Out-of-service days for repairs, maintenance and drydockings

 

 

67

 

 

 

45

 

 

37

 

 

32

 

 

116

 

Out-of-service days for cold-stacked status

 

 

1,270

 

 

 

1,472

 

 

 

1,576

 

 

 

1,465

 

 

 

1,301

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

1,489

 

 

$

2,352

 

 

$

1,668

 

 

$

1,478

 

 

$

4,375

 

Bareboat charter

 

 

729

 

 

 

732

 

 

 

731

 

 

 

723

 

 

 

724

 

Other marine services

 

 

546

 

 

 

794

 

 

 

473

 

 

 

513

 

 

 

642

 

 

 

 

2,764

 

 

 

3,878

 

 

 

2,872

 

 

 

2,714

 

 

 

5,741

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

1,744

 

 

 

2,372

 

 

 

2,481

 

 

 

2,284

 

 

 

2,928

 

Repairs and maintenance

 

 

654

 

 

 

386

 

 

 

338

 

 

 

314

 

 

 

617

 

Drydocking

 

 

875

 

 

 

 

 

 

 

 

 

110

 

 

 

1,057

 

Insurance and loss reserves

 

 

527

 

 

 

507

 

 

 

778

 

 

 

354

 

 

 

135

 

Fuel, lubes and supplies

 

 

199

 

 

 

208

 

 

 

251

 

 

 

189

 

 

 

524

 

Other

 

 

77

 

 

 

116

 

 

 

85

 

 

 

93

 

 

 

79

 

 

 

 

4,076

 

 

 

3,589

 

 

 

3,933

 

 

 

3,344

 

 

 

5,340

 

Direct Vessel (Loss) Profit (1)

 

$

(1,312

)

 

$

289

 

 

$

(1,061

)

 

$

(630

)

 

$

401

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

664

 

 

$

677

 

 

$

716

 

 

$

741

 

 

$

2,138

 

Depreciation and amortization

 

 

4,164

 

 

 

5,854

 

 

 

4,961

 

 

 

5,254

 

 

 

5,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa and Europe, Continuing Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

11,356

 

 

$

10,837

 

 

$

10,801

 

 

$

10,918

 

 

$

10,856

 

Fleet utilization

 

 

68

%

 

 

61

%

 

 

68

%

 

 

86

%

 

 

90

%

Fleet available days

 

 

1,356

 

 

 

1,472

 

 

 

1,472

 

 

 

1,395

 

 

 

1,437

 

Out-of-service days for repairs, maintenance and drydockings

 

 

78

 

 

 

138

 

 

 

45

 

 

 

90

 

 

 

56

 

Out-of-service days for cold-stacked status

 

 

346

 

 

 

368

 

 

 

216

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

10,502

 

 

$

9,796

 

 

$

10,861

 

 

$

13,055

 

 

$

14,010

 

Bareboat charter

 

 

 

 

 

 

 

 

(54

)

 

 

 

 

 

 

Other marine services

 

 

(269

)

 

 

343

 

 

 

(279

)

 

 

(382

)

 

 

184

 

 

 

 

10,233

 

 

 

10,139

 

 

 

10,528

 

 

 

12,673

 

 

 

14,194

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

3,220

 

 

 

3,510

 

 

 

3,407

 

 

 

3,248

 

 

 

3,232

 

Repairs and maintenance

 

 

1,191

 

 

 

1,437

 

 

 

1,158

 

 

 

1,463

 

 

 

1,585

 

Drydocking

 

 

304

 

 

 

1,269

 

 

 

481

 

 

 

256

 

 

 

8

 

Insurance and loss reserves

 

 

433

 

 

 

512

 

 

 

397

 

 

 

600

 

 

 

297

 

Fuel, lubes and supplies

 

 

572

 

 

 

853

 

 

 

1,091

 

 

 

799

 

 

 

517

 

Other

 

 

579

 

 

 

(674

)

 

 

774

 

 

 

647

 

 

 

596

 

 

 

 

6,299

 

 

 

6,907

 

 

 

7,308

 

 

 

7,013

 

 

 

6,235

 

Direct Vessel Profit (1)

 

$

3,934

 

 

$

3,232

 

 

$

3,220

 

 

$

5,660

 

 

$

7,959

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

356

 

 

$

1,056