UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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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 |
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99.1 |
Press Release of SEACOR Marine Holdings Inc. dated March 6, 2023 |
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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.
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SEACOR Marine Holdings Inc. |
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March 6, 2023 |
By: |
/s/ John Gellert |
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Name: John Gellert |
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Title: President and Chief Executive Officer |
Exhibit 99.1
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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:
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)
|
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Three Months Ended December 31, |
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Year ended December 31, |
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||||||||||
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2022 |
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2021 |
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2022 |
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2021 |
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Operating Revenues |
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$ |
57,926 |
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$ |
47,967 |
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$ |
217,325 |
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$ |
170,941 |
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Costs and Expenses: |
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||||
Operating |
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44,338 |
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35,036 |
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171,985 |
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|
|
127,406 |
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Administrative and general |
|
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10,799 |
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10,742 |
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40,911 |
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37,639 |
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Lease expense |
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|
633 |
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2,664 |
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|
|
3,869 |
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|
|
6,085 |
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Depreciation and amortization |
|
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13,624 |
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|
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14,198 |
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55,957 |
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|
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57,395 |
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69,394 |
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62,640 |
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|
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272,722 |
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|
228,525 |
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Gains on Asset Dispositions and Impairments, Net |
|
|
1,017 |
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|
|
— |
|
|
|
1,398 |
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|
|
20,436 |
|
Operating Loss |
|
|
(10,451 |
) |
|
|
(14,673 |
) |
|
|
(53,999 |
) |
|
|
(37,148 |
) |
Other Income (Expense): |
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|
|
|
|
|
|
|
|
|
|
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||||
Interest income |
|
|
688 |
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|
|
57 |
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|
|
784 |
|
|
|
1,302 |
|
Interest expense |
|
|
(8,456 |
) |
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|
(6,380 |
) |
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|
(29,706 |
) |
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|
(28,111 |
) |
SEACOR Holdings guarantee fees |
|
|
— |
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|
|
— |
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|
|
— |
|
|
|
(7 |
) |
Gain on debt extinguishment |
|
|
10,429 |
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|
|
— |
|
|
|
10,429 |
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|
|
61,994 |
|
Derivative gains, net |
|
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— |
|
|
|
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 |
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|
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— |
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|
|
755 |
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|
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9,441 |
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|
|
152 |
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|
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(6,676 |
) |
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(16,079 |
) |
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43,775 |
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(Loss) Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies |
|
|
(10,299 |
) |
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(21,349 |
) |
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(70,078 |
) |
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|
6,627 |
|
Income Tax Expense (Benefit) |
|
|
4,219 |
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|
|
(1,009 |
) |
|
|
8,582 |
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|
|
11,493 |
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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 |
|
|||||||||