8-K
0001690334false00016903342023-03-062023-03-06

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): March 6, 2023

 

 

 

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 March 6, 2023, SEACOR Marine Holdings Inc. ("SEACOR Marine") issued a press release setting forth its earnings for the three and twelve months ended December 31, 2022 (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 March 6, 2023

 

 

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.

 

 

 

March 6, 2023

By:

/s/ John Gellert

 

 

 

 

 

Name: John Gellert

 

 

Title: President and Chief Executive Officer

 


EX-99

Exhibit 99.1

 

 

https://cdn.kscope.io/76b559fcf7abdd38d62366eb04df1dc7-img10727850_0.jpg 

PRESS RELEASE

 

 

SEACOR MARINE ANNOUNCES FOURTH QUARTER 2022 RESULTS

 

 

Houston, Texas

March 6, 2023

 

 

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 fourth quarter ended December 31, 2022.

 

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2022 were $57.9 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)(1) was $13.6 million. This compares to consolidated operating revenues of $48.0 million, operating loss of $14.7 million, and DVP of $12.9 million in the fourth quarter of 2021, and consolidated operating revenues of $59.8 million, operating loss of $10.9 million, and DVP of $15.8 million in the third quarter of 2022.

 

Notable fourth quarter items include:

Extended the maturity of the $125.0 million of senior convertible debt issued to Carlyle in 2015 by three years by exchanging that debt for $90.0 million of new guaranteed unsecured notes and $35.0 million of new convertible notes, both due 2026.
Average utilization rate of 76%, the highest for a fourth quarter since 2013, a 3.0% improvement from the fourth quarter of 2021, and a 3.0% decrease from the third quarter of 2022.
20.8% improvement in revenues from the fourth quarter of 2021 and a 3.1% decrease from the third quarter of 2022.
DVP margin increased 5.1% from the fourth quarter of 2021 and decreased 13.9% from the third quarter of 2022, inclusive of all drydocking expenses during the periods.

 

For the fourth quarter of 2022, loss from continuing operations was $13.3 million ($0.50 loss per basic and diluted share). This compares to a loss from continuing operations for the fourth quarter of 2021 of $15.8 million ($0.62 loss per basic and diluted share). Sequentially, fourth quarter 2022 results compare to a loss from continuing operations of $24.4 million ($0.91 loss per basic and diluted share) in the third quarter of 2022.

 

Chief Executive Officer John Gellert commented:

 

“The Company’s fourth quarter continued the year-on-year improvement trend in revenues, utilization and average dayrates despite seasonally lower levels of activity, particularly in the North Sea.

 

The decrease in DVP was primarily due to higher maintenance and repair expenses in our PSV fleet, as well as low utilization of a few fully crewed and available vessels, particularly in the North Sea, in anticipation of improving market dynamics.

 

The activity of our liftboat fleet during the fourth quarter was particularly encouraging. During the quarter, we started our first offshore wind project in the U.S., and completed the repair of one of our premium liftboats in the Middle East with the vessel able to return to service immediately. These positive contributions were offset by weather related damage to one of our premium liftboats in the U.S., which was safely demobilized. The Company’s efforts are focused on repairing and returning the liftboat to service, although timing is uncertain. The Company has insurance coverage for the repairs as well as for loss-of-hire for this liftboat.

 

I remain optimistic about the potential for SEACOR Marine in 2023, as evidenced by recent chartering activity for our liftboats and hybrid PSVs. This activity should translate into a stronger DVP conversion rate. In light of these positive industry dynamics, we decided to build upon our industry leading position in hybrid PSVs by committing to upgrade one additional PSV to hybrid propulsion, bringing us to a total of seven hybrid PSVs (representing one-third of our PSV fleet). After this conversion, we will have four additional PSVs

 

1


that could be upgraded with the same technology. Tendering activity remains healthy and we plan to capture further repricing opportunities as contracts rollover, particularly as our customers engage in additional project startups and seasonality factors improve.”

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global 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.

 

* * * * *

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

 

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 InvestorRelations@seacormarine.com

 

 

2


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

 

 

 

Three Months Ended December 31,

 

 

Year ended December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating Revenues

 

$

57,926

 

 

$

47,967

 

 

$

217,325

 

 

$

170,941

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

44,338

 

 

 

35,036

 

 

 

171,985

 

 

 

127,406

 

Administrative and general

 

 

10,799

 

 

 

10,742

 

 

 

40,911

 

 

 

37,639

 

Lease expense

 

 

633

 

 

 

2,664

 

 

 

3,869

 

 

 

6,085

 

Depreciation and amortization

 

 

13,624

 

 

 

14,198

 

 

 

55,957

 

 

 

57,395

 

 

 

 

69,394

 

 

 

62,640

 

 

 

272,722

 

 

 

228,525

 

Gains on Asset Dispositions and Impairments, Net

 

 

1,017

 

 

 

 

 

 

1,398

 

 

 

20,436

 

Operating Loss

 

 

(10,451

)

 

 

(14,673

)

 

 

(53,999

)

 

 

(37,148

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

688

 

 

 

57

 

 

 

784

 

 

 

1,302

 

Interest expense

 

 

(8,456

)

 

 

(6,380

)

 

 

(29,706

)

 

 

(28,111

)

SEACOR Holdings guarantee fees

 

 

 

 

 

 

 

 

 

 

 

(7

)

Gain on debt extinguishment

 

 

10,429

 

 

 

 

 

 

10,429

 

 

 

61,994

 

Derivative gains, net

 

 

 

 

 

4

 

 

 

 

 

 

391

 

Foreign currency (losses) gains, net

 

 

(2,646

)

 

 

(357

)

 

 

1,659

 

 

 

(1,235

)

Gain from return of investments in 50% or less owned companies and other, net

 

 

137

 

 

 

 

 

 

755

 

 

 

9,441

 

 

 

 

152

 

 

 

(6,676

)

 

 

(16,079

)

 

 

43,775

 

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

 

 

(10,299

)

 

 

(21,349

)

 

 

(70,078

)

 

 

6,627

 

Income Tax Expense (Benefit)

 

 

4,219

 

 

 

(1,009

)

 

 

8,582

 

 

 

11,493

 

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

 

 

(14,518

)

 

 

(20,340

)

 

 

(78,660

)

 

 

(4,866

)

Equity in Earnings of 50% or Less Owned Companies

 

 

1,176

 

 

 

4,494

 

 

 

7,011

 

 

 

15,078

 

(Loss) Income from Continuing Operations

 

 

(13,342

)

 

 

(15,846

)

 

 

(71,649

)

 

 

10,212

 

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

 

 

 

 

 

 

 

 

 

 

 

22,925

 

Net (Loss) Income

 

 

(13,342

)

 

 

(15,846

)

 

 

(71,649

)

 

 

33,137

 

Net Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

 

 

 

1

 

 

 

1

 

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

 

$

(13,342

)

 

$

(15,846

)

 

$

(71,650

)

 

$

33,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income Per Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.50

)

 

$

(0.62

)

 

$

(2.69

)

 

$

0.40

 

Diluted

 

 

(0.50

)

 

 

(0.62

)

 

 

(2.69

)

 

 

0.40

 

Net Earnings Per Share from Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

 

 

$

 

 

$

0.90

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

0.90

 

Net (Loss) Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.50

)

 

$

(0.62

)

 

$

(2.69

)

 

$

1.30

 

Diluted

 

$

(0.50

)

 

$

(0.62

)

 

$

(2.69

)

 

$

1.30

 

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,727,864

 

 

 

25,520,034

 

 

 

26,626,179

 

 

 

25,444,693

 

Diluted

 

 

26,727,864

 

 

 

25,520,034

 

 

 

26,626,179

 

 

 

25,495,527

 

 

 

3


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

 

 

Three Months Ended

 

 

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

 

Jun. 30, 2022

 

 

Mar. 31, 2022

 

 

Dec. 31, 2021

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

13,794

 

 

$

13,340

 

 

$

12,149

 

 

$

11,312

 

 

$

11,376

 

 

Fleet Utilization

 

 

76

%

 

 

79

%

 

 

77

%

 

 

70

%

 

 

73

%

 

Fleet Available Days

 

 

5,244

 

 

 

5,336

 

 

 

5,311

 

 

 

5,400

 

 

 

5,060

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

54,789

 

 

$

56,500

 

 

$

49,504

 

 

$

42,741

 

 

$

42,289

 

 

Bareboat charter

 

 

376

 

 

 

332

 

 

 

48

 

 

 

618

 

 

 

2,870

 

 

Other marine services

 

 

2,761

 

 

 

2,959

 

 

 

4,465

 

 

 

2,232

 

 

 

2,808

 

 

 

 

 

57,926

 

 

 

59,791

 

 

 

54,017

 

 

 

45,591

 

 

 

47,967

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

20,849

 

 

 

20,152

 

 

 

18,346

 

 

 

18,435

 

 

 

17,098

 

 

Repairs and maintenance

 

 

8,948

 

 

 

7,377

 

 

 

8,380

 

 

 

6,791

 

 

 

6,782

 

 

Drydocking

 

 

1,667

 

 

 

5,046

 

 

 

6,474

 

 

 

4,973

 

 

 

567

 

 

Insurance and loss reserves

 

 

3,381

 

 

 

2,850

 

 

 

2,545

 

 

 

1,186

 

 

 

1,859

 

 

Fuel, lubes and supplies

 

 

5,794

 

 

 

5,416

 

 

 

4,350

 

 

 

3,729

 

 

 

3,254

 

 

Other

 

 

3,699

 

 

 

3,165

 

 

 

4,050

 

 

 

4,382

 

 

 

5,476

 

 

 

 

 

44,338

 

 

 

44,006

 

 

 

44,145

 

 

 

39,496

 

 

 

35,036

 

 

Direct Vessel Profit (1)

 

 

13,588

 

 

 

15,785

 

 

 

9,872

 

 

 

6,095

 

 

 

12,931

 

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

633

 

 

 

1,168

 

 

 

1,008

 

 

 

1,060

 

 

 

2,664

 

 

Administrative and general

 

 

10,799

 

 

 

9,978

 

 

 

10,210

 

 

 

9,924

 

 

 

10,742

 

 

Depreciation and amortization

 

 

13,624

 

 

 

13,754

 

 

 

14,208

 

 

 

14,371

 

 

 

14,198

 

 

 

 

 

25,056

 

 

 

24,900

 

 

 

25,426

 

 

 

25,355

 

 

 

27,604

 

 

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

1,017

 

 

 

(1,783

)

 

 

25

 

 

 

2,139

 

 

 

 

 

Operating Loss

 

 

(10,451

)

 

 

(10,898

)

 

 

(15,529

)

 

 

(17,121

)

 

 

(14,673

)

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

688

 

 

 

(123

)

 

 

190

 

 

 

29

 

 

 

57

 

 

Interest expense

 

 

(8,456

)

 

 

(7,634

)

 

 

(6,989

)

 

 

(6,627

)

 

 

(6,380

)

 

Derivative gains (losses), net

 

 

 

 

 

1

 

 

 

33

 

 

 

(34

)

 

 

4

 

 

Gain on debt extinguishment

 

 

10,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (losses) gains, net

 

 

(2,646

)

 

 

2,314

 

 

 

1,170

 

 

 

821

 

 

 

(357

)

 

Gain (Loss) from return of investments in 50% or less owned companies and other, net

 

 

137

 

 

 

659

 

 

 

(41

)

 

 

 

 

 

 

 

 

 

 

152

 

 

 

(4,783

)

 

 

(5,637

)

 

 

(5,811

)

 

 

(6,676

)

 

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

 

 

(10,299

)

 

 

(15,681

)

 

 

(21,166

)

 

 

(22,932

)

 

 

(21,349

)

 

Income Tax Expense (Benefit)

 

 

4,219

 

 

 

8,418

 

 

 

(1,634

)

 

 

(2,421

)

 

 

(1,009

)

 

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

 

 

(14,518

)

 

 

(24,099

)

 

 

(19,532

)

 

 

(20,511

)

 

 

(20,340

)

 

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

 

 

1,176

 

 

 

(254

)

 

 

415

 

 

 

5,674

 

 

 

4,494

 

 

Loss from Continuing Operations

 

 

(13,342

)

 

 

(24,353

)

 

 

(19,117

)

 

 

(14,837

)

 

 

(15,846

)

 

Net Loss

 

 

(13,342

)

 

 

(24,353

)

 

 

(19,117

)

 

 

(14,837

)

 

 

(15,846

)

 

Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

(2

)

 

 

3

 

 

 

 

 

 

 

 

Net Loss Attributable to SEACOR Marine Holdings Inc.

 

$

(13,342

)

 

$

(24,351

)

 

$

(19,120

)

 

$

(14,837

)

 

$

(15,846

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.50

)

 

$

(0.91

)

 

$

(0.72

)

 

$

(0.56

)

 

$

(0.62

)

 

Diluted

 

 

(0.50

)

 

 

(0.91

)

 

 

(0.72

)

 

 

(0.56

)

 

 

(0.62

)

 

Net Loss Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.50

)

 

$

(0.91

)

 

$

(0.72

)

 

$

(0.56

)

 

$

(0.62

)

 

Diluted

 

$

(0.50

)

 

$

(0.91

)

 

$

(0.72

)

 

$

(0.56

)

 

$

(0.62

)

 

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,728

 

 

 

26,728

 

 

 

26,665

 

 

 

26,379

 

 

 

25,520

 

 

Diluted

 

 

26,728

 

 

 

26,728

 

 

 

26,665

 

 

 

26,379

 

 

 

25,520

 

 

Common Shares and Warrants Outstanding at Period End

 

 

28,142

 

 

 

28,142

 

 

 

28,145

 

 

 

28,083

 

 

 

27,432

 

 

 

 

 

4


SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

 

Jun. 30, 2022

 

 

Mar. 31, 2022

 

 

Dec. 31, 2021

 

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

22,563

 

 

$

21,551

 

 

$

17,792

 

 

$

15,595

 

 

$

15,496

 

 

Fleet utilization

 

 

57

%

 

 

58

%

 

 

43

%

 

 

38

%

 

 

33

%

 

Fleet available days

 

 

1,288

 

 

 

1,363

 

 

 

1,277

 

 

 

1,314

 

 

 

1,043

 

 

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

 

 

108

 

 

 

199

 

 

 

284

 

 

 

205

 

 

 

95

 

 

Out-of-service days for cold-stacked status

 

 

242

 

 

 

259

 

 

 

313

 

 

 

404

 

 

 

399

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

16,574

 

 

$

17,075

 

 

$

9,759

 

 

$

7,864

 

 

$

5,290

 

 

Bareboat charter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

386

 

 

Other marine services

 

 

2,916

 

 

 

2,161

 

 

 

2,399

 

 

 

2,052

 

 

 

1,119

 

 

 

 

 

19,490

 

 

 

19,236

 

 

 

12,158

 

 

 

9,916

 

 

 

6,795

 

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

7,262

 

 

 

7,243

 

 

 

5,773

 

 

 

4,923