SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its
results for the second quarter ended June 30, 2017. In
connection with the release, Charles Fabrikant, the Company’s
Executive Chairman, offered the following comment:
“This year has been transformative for SEACOR
and in order to provide context this release follows a slightly
different format. The following comments are hopefully a
useful update and perspective on recent transactions and our
current business. This release focuses on our continuing
operations, inland river transport and logistics, and shipping
services and provides results for the quarter.
As noted in the discussion of discontinued
operations, in addition to the Spin-off of SEACOR Marine Holdings
Inc., the Company’s former Offshore Marine Services segment, we
sold Illinois Corn Processing after the close of the calendar
quarter. In addition to the gain of $11.6 million, net of
tax, noted below, the Company also took out a final distribution of
$17.3 million prior to the sale. We acquired our initial 50%
interest in ICP in 2009 for $15.0 million and purchased an
additional 20% interest in 2012 for $9.1 million. We received
aggregate distributions of $42.6 million in addition to the
proceeds from the sale and calculated that this investment produced
an approximate 25% internal rate of return on capital.
The most important post-June 30, 2017 events are
the acquisition of International Shipholding Corporation (“ISH”)
and the execution of a series of amendments and charter extensions
for several of SEA-Vista’s tankers resulting in a substantial
increase to SEA-Vista’s backlog.
The new charter extensions add approximately
$100 million in bareboat charter (net lease) revenue and increase
SEA-Vista’s revenue backlog to approximately $450 million.
The backlog positions SEA-Vista to reduce debt and potentially
capitalize on opportunity should the current oversupply of Jones
Act coastwise equipment produce one. SEA-Vista expects to
place its multi-grade chemical carrier in service in the spot
market this August, after which it has no spot exposure until
mid-2018.
The most exciting development is the successful
culmination of many months working with ISH, its creditors and
advisors to complete its exit from chapter 11 bankruptcy as a
subsidiary of SEACOR Holdings Inc. This acquisition
capitalizes on our shipping group’s technical management skills
and, most importantly, diversifies our marine business.
- United Ocean Services operates three Jones Act dry bulk
carriers which support the cross-Gulf trade of fertilizer,
phosphate rock, coal, and petroleum coke. They are three of
17 Jones Act coastwise dry bulk carriers, but the largest in terms
of cargo capacity and the most efficient to service their existing
trade lanes. The ships are chartered through February
2018. Customers include Tampa Electric and the Mosaic
Company.
- CG Rail Inc. (CGR) is a short line railroad that operates two
rail ferries, each capable of loading 113 railcars. CGR has
terminal operations in Mobile and Coatzacoalcos, Mexico, allowing
railcars to access its ships and transit more quickly than overland
routes from the U.S. and Canada to Mexico. CGR also has a
full service rail car repair facility in Mobile,
Alabama.
- Central Gulf Lines, Inc. and Waterman Steamship Company
(“CGL”), two long-established U.S. based shipping lines, charter
and operate U.S.-flag vessels which are enrolled in the U.S.
government’s Maritime Security Program. At present CGL is
running four roll-on, roll-off vessels, generally referred to as
“PCTC’s” (Pure-Car-Truck-Carriers), moving U.S. military cargo as
well as commercial and U.S. government-impelled cargo.
The ISH assets and businesses are an excellent
complement to SEACOR Holding’s other business lines including:
Shipping Services’ Harbor Towing operations, SEACOR Island Lines,
SEA-Vista’s tanker operations, Seabulk Fleet Management services,
and our joint venture interest in Trailer Bridge, a regional Jones
Act liner operation that primarily moves cargo from Jacksonville to
Puerto Rico.”
SECOND QUARTER RESULTS
Discontinued Operations
Spin-off of SEACOR Marine - On
June 1, 2017, the Company completed the spin-off of its Offshore
Marine Services business segment (the “Spin-off”) by means of a
dividend to its shareholders of all the issued and outstanding
common stock of SEACOR Marine Inc. (“SEACOR Marine”). SEACOR
Marine is now a stand-alone public company whose common stock is
listed on the New York Stock Exchange under the symbol “SMHI.”
Disposition of Illinois Corn Processing
- On July 3, 2017, the Company effected the sale of its
70% interest in Illinois Corn Processing LLC (“ICP”) for $21.0
million in cash and a note from the buyer for $32.7 million,
resulting in a third quarter gain of $11.6 million, net of tax.
As a result of the consummation of these
transactions, historical results for all periods presented in the
financial statements and tables in this release present the
financial position, results of operations and cash flows of SEACOR
Marine and ICP as discontinued operations.
Continuing Operations
The Company’s primary continuing operations
include Inland River Services, Shipping Services and Witt
O’Brien’s, which provides emergency management and risk consultancy
services.
For the quarter ended June 30, 2017, net
loss from continuing operations attributable to SEACOR Holdings
Inc. was $6.8 million ($0.39 per diluted share) and includes:
- a net loss of $14.0 million ($0.81 per diluted share) related
to the Company’s investment in 9,177,135 shares of Dorian LPG Ltd.
(“Dorian”);
- a net loss of $5.8 million ($0.34 per diluted share) primarily
related to the accelerated vesting of share awards in connection
with the Spin-off;
- net income of $10.9 million ($0.63 per diluted share) following
the termination of the exchange option for the Company’s common
stock (the “Exchange Option”) on SEACOR Marine’s convertible senior
notes in connection with the Spin-off; and
- net income of $4.5 million ($0.26 per diluted share) for the
Company’s proportionate share of a gain on the sale of a joint
ventured dry-bulk articulated tug-barge.
For the six months ended June 30, 2017, net
income from continuing operations attributable to SEACOR Holdings
Inc. was $2.9 million ($0.17 per diluted share) and includes:
- a net loss of $5.8 million ($0.33 per diluted share) primarily
related to the accelerated vesting of share awards in connection
with the Spin-off; and
- net income of $12.6 million ($0.72 per diluted share) following
the termination of the Exchange Option on SEACOR Marine’s
convertible senior notes in connection with the Spin-off.
For the preceding quarter ended March 31, 2017, net income
from continuing operations attributable to SEACOR Holdings Inc. was
$9.7 million ($0.56 per diluted share) and includes:
- net income of $13.8 million ($0.80 per diluted share) related
to the Company’s investment in Dorian; and
- net income of $1.7 million ($0.10 per diluted share) related to
the change in fair value of the Exchange Option on SEACOR Marine’s
convertible senior notes.
A comparison of results for the quarter ended
June 30, 2017 with the preceding quarter ended March 31,
2017 is included in the “Highlights for the Quarter” discussion
below.
Operating income before depreciation and
amortization (“OIBDA” - see disclosure related to Non-GAAP measures
in the statements of income (loss) and segment information tables
herein) was $26.5 million in the second quarter compared with $20.1
million in the preceding quarter.
Highlights for the Quarter
Inland River Services -
Operating income was $0.4 million compared with an operating loss
of $0.1 million in the preceding quarter. OIBDA was $6.9
million on operating revenues of $37.6 million compared with $6.5
million on operating revenues of $42.7 million in the preceding
quarter. Operating income and OIBDA for the second quarter
included gains on asset dispositions of $5.9 million primarily
related to the sale of one inland river towboat. During the
second quarter the Company also sold and leased back 50 dry-cargo
barges resulting in a gain of $8.6 million of which $0.9 million
was recognized currently and $7.7 million was deferred and will be
recognized as a reduction of leased-in expense over the lease back
period of 84 months.
Operating results, excluding gains (losses) on
asset dispositions and impairments, were $5.2 million lower
compared with the preceding quarter. Operating results for
the dry-cargo barge pools were lower primarily due to lower rates
and reduced demand for grain exports.
Operating results for terminal operations were
lower primarily due to extended closures of certain terminal
locations as a consequence of high water and lower seasonal
activity.
In addition, compensation costs were $0.8
million higher related to the accelerated vesting of share awards
in connection with the Spin-off.
Foreign currency losses of $1.6 million were
primarily due to the weakening of the Colombian peso in relation to
the U.S. dollar underlying certain of the Company’s intercompany
lease obligations.
Equity in losses of 50% or less owned companies
of $1.3 million reflected an improvement in the operating results
of SCFCo, the Company’s joint venture operating on the
Parana-Paraguay River Waterway, as a consequence of improving
market conditions for moving iron ore, industrial commodities and
agricultural products. The improvement in SCFCo was partially
offset by losses from SCF Bunge Marine, the Company’s joint venture
that operates six inland river towboats, primarily due to
navigational restrictions and downtime from engine overhaul and
related repairs for one of its towboats.
Shipping Services - Operating
income was $20.0 million compared with $13.6 million in the
preceding quarter. OIBDA was $30.2 million on operating
revenues of $72.0 million compared with $22.8 million on operating
revenues of $67.6 million in the preceding quarter. OIBDA in
the first quarter included $11.3 million attributable to
noncontrolling interests compared with $10.1 million in the
preceding quarter.
Operating results were $6.4 million higher
primarily due to the following:
- lower drydocking and maintenance and repair costs for harbor
towing and SEACOR Island Lines;
- the impact of a full quarter of operations from one U.S.-flag
product tanker placed into service during March 2017;
and
- higher demand for SEACOR Island Lines’ services.
These improvements were partially offset by $0.8
million of higher compensation costs related to the accelerated
vesting of share awards in connection with the Spin-off.
Equity in earnings of 50% or less owned
companies of $5.6 million primarily relates to a $4.5 million gain
on the sale of a joint ventured dry-bulk articulated tug-barge and
the operating results of Trailer Bridge, the Company’s joint
venture operating in the Puerto Rico liner trade.
Corporate and Eliminations -
Administrative and general expenses during the second quarter
include $5.3 million of compensation costs primarily related to the
accelerated vesting of share awards as a consequence of the
Spin-off.
Derivative gains during the second quarter were
primarily due to the termination of the Exchange Option on SEACOR
Marine’s convertible senior notes in connection with the Company’s
completion of the Spin-off.
Debt Extinguishment Losses -
During the second quarter, the Company purchased $7.6 million in
principal amount of its 7.375% Senior Notes for $7.7 million
resulting in losses on debt extinguishment of $0.2 million and
purchased $48.4 million in principal amount of its 2.5% Convertible
Senior Notes for $48.6 million resulting in gains on debt
extinguishment of $0.1 million.
Marketable Security Gains (Losses)
- Marketable security results during the second quarter
were primarily attributable to marking to market the Company’s
investment in 9,177,135 shares of Dorian, a publicly traded company
listed on the New York Stock Exchange under the symbol “LPG.”
The Company recognized unrealized losses related to Dorian of $21.6
million compared with gains of $21.3 million in the preceding
quarter. The closing share price of Dorian was $8.18 and
$10.53 as of June 30, 2017 and March 31, 2017, respectively.
The Company’s cost basis in Dorian is $13.66 per share. The
closing share price of Dorian was $7.04 as of August 3, 2017.
Capital Commitments - The
Company’s capital commitments as of June 30, 2017 by year of
expected payment were as follows (in thousands):
|
2017 |
|
2018 |
|
2019 |
|
Total |
Shipping Services |
$ |
8,356 |
|
|
$ |
2,259 |
|
|
$ |
— |
|
|
$ |
10,615 |
|
Inland River
Services |
11,780 |
|
|
926 |
|
|
463 |
|
|
13,169 |
|
|
$ |
20,136 |
|
|
$ |
3,185 |
|
|
$ |
463 |
|
|
$ |
23,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipping Services’ capital commitments included
one U.S.-flag chemical and petroleum articulated tug-barge and two
U.S.-flag harbor tugs. Inland River Services’ capital
commitments included two inland river towboats and other equipment
and improvements.
Liquidity and Debt - As of
June 30, 2017, the Company’s balances of cash, cash
equivalents, restricted cash, marketable securities and
construction reserve funds totaled $365.9 million. Total
outstanding debt was $741.2 million, which includes $274.4 million
of debt owed by SEA-Vista that is non-recourse to the Company and
its subsidiaries other than SEA-Vista. SEA-Vista’s debt was
partially used to fund the construction of four product carriers in
the U.S. coastwise tanker and chemical trades. SEA-Vista is a
consolidated venture and had $17.0 million of borrowing capacity
under its credit facility as of June 30, 2017 .
Subsequent to June 30, 2017, SEA-Vista borrowed $11.0 million
under its credit facility.
As of June 30, 2017, the remaining
principal amount outstanding of the Company’s 2.5% Convertible
Senior Notes of $108.7 million are included in current liabilities
as the holders may require the Company to repurchase these notes on
December 19, 2017.
SEACOR is a diversified holding company with
interests in domestic and international transportation and
logistics and risk management consultancy. SEACOR is publicly
traded on the New York Stock Exchange (NYSE) under the symbol
CKH.
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. 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, including weakening
demand for the Company’s services as a result of unplanned customer
suspensions, cancellations, rate reductions or non-renewals of
vessel charters or failures to finalize commitments to charter
vessels, increased government legislation and regulation of the
Company’s businesses could increase cost of operations, increased
competition if the Jones Act is repealed, liability, legal fees and
costs in connection with the provision of emergency response
services, decreased demand for the Company’s services as a result
of declines in the global economy, declines in valuations in the
global financial markets and a lack of liquidity in the credit
sectors, including, interest rate fluctuations, availability of
credit, inflation rates, change in laws, trade barriers, commodity
prices and currency exchange fluctuations, activity in foreign
countries and changes in foreign political, military and economic
conditions, changes in foreign and domestic oil and gas exploration
and production activity, safety record requirements related to
Shipping Services, decreased demand for Shipping Services due to
construction of additional refined petroleum product, natural gas
or crude oil pipelines or due to decreased demand for refined
petroleum products, crude oil or chemical products or a change in
existing methods of delivery, compliance with U.S. and foreign
government laws and regulations, including environmental laws and
regulations and economic sanctions, the dependence of Inland River
Services and Shipping Services on several key customers,
consolidation of the Company’s customer base, the ongoing need to
replace aging vessels, industry fleet capacity, restrictions
imposed by the Shipping Acts on the amount of foreign ownership of
the Company’s Common Stock, operational risks of Inland River
Services and Shipping Services, effects of adverse weather
conditions and seasonality, the level of grain export volume, the
effect of fuel prices on barge towing costs, variability in freight
rates for inland river barges, the effect of international economic
and political factors on Inland River Services’ operations,
adequacy of insurance coverage, the ability to recognize the
anticipated benefits of the Spin-off, the ability to remediate the
material weaknesses the Company has identified in its internal
controls over financial reporting, the attraction and retention of
qualified personnel by the Company, and various other matters and
factors, many of which are beyond the Company’s control as well as
those discussed in Item 1A (Risk Factors) of the Company’s Annual
report on Form 10-K and other reports filed by the Company with the
SEC. It should be understood that it is not possible to
predict or identify all such factors. Consequently, the
preceding should not be considered to be a complete discussion of
all potential risks or uncertainties. 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.
For additional information, contact Molly
Hottinger at (954) 627-5278 or visit SEACOR’s website at
www.seacorholdings.com.
SEACOR HOLDINGS INC.CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS)(in
thousands, except share data, unaudited) |
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Operating Revenues |
$ |
115,791 |
|
|
$ |
99,647 |
|
|
$ |
234,205 |
|
|
$ |
204,699 |
|
Costs and
Expenses: |
|
|
|
|
|
|
|
Operating |
69,686 |
|
|
64,027 |
|
|
144,898 |
|
|
127,063 |
|
Administrative and general |
25,540 |
|
|
21,361 |
|
|
48,418 |
|
|
44,037 |
|
Depreciation and amortization |
17,469 |
|
|
15,043 |
|
|
34,188 |
|
|
30,141 |
|
|
112,695 |
|
|
100,431 |
|
|
227,504 |
|
|
201,241 |
|
Gains on Asset
Dispositions and Impairments, Net |
5,897 |
|
|
2,586 |
|
|
5,709 |
|
|
3,183 |
|
Operating Income |
8,993 |
|
|
1,802 |
|
|
12,410 |
|
|
6,641 |
|
Other Income
(Expense): |
|
|
|
|
|
|
|
Interest
income |
2,150 |
|
|
4,179 |
|
|
4,284 |
|
|
8,608 |
|
Interest
expense |
(11,676 |
) |
|
(10,258 |
) |
|
(21,980 |
) |
|
(19,937 |
) |
Debt
extinguishment gains (losses), net |
(97 |
) |
|
1,615 |
|
|
(97 |
) |
|
4,838 |
|
Marketable security losses, net |
(21,674 |
) |
|
(21,459 |
) |
|
(838 |
) |
|
(42,970 |
) |
Derivative gains (losses), net |
16,897 |
|
|
(2,574 |
) |
|
19,727 |
|
|
(2,665 |
) |
Foreign
currency gains (losses), net |
(1,470 |
) |
|
797 |
|
|
(71 |
) |
|
2,394 |
|
Other,
net |
424 |
|
|
(7,652 |
) |
|
4 |
|
|
(7,649 |
) |
|
(15,446 |
) |
|
(35,352 |
) |
|
1,029 |
|
|
(57,381 |
) |
Income (Loss) from
Continuing Operations Before Income Tax Expense (Benefit) and
Equity in Earnings (Losses) of 50% or Less Owned Companies |
(6,453 |
) |
|
(33,550 |
) |
|
13,439 |
|
|
(50,740 |
) |
Income Tax Expense
(Benefit) |
(3,664 |
) |
|
(13,633 |
) |
|
232 |
|
|
(22,757 |
) |
Income (Loss) from
Continuing Operations Before Equity in Earnings (Losses) of 50% or
Less Owned Companies |
(2,789 |
) |
|
(19,917 |
) |
|
13,207 |
|
|
(27,983 |
) |
Equity in Earnings
(Losses) of 50% or Less Owned Companies, Net of Tax |
2,333 |
|
|
(3,847 |
) |
|
2,441 |
|
|
(6,057 |
) |
Net Income (Loss) from
Continuing Operations |
(456 |
) |
|
(23,764 |
) |
|
15,648 |
|
|
(34,040 |
) |
Loss from Discontinued
Operations, Net of Tax |
(28,629 |
) |
|
(27,169 |
) |
|
(34,077 |
) |
|
(37,417 |
) |
Net Loss |
(29,085 |
) |
|
(50,933 |
) |
|
(18,429 |
) |
|
(71,457 |
) |
Net Income attributable
to Noncontrolling Interests in Subsidiaries |
3,723 |
|
|
4,226 |
|
|
10,296 |
|
|
10,888 |
|
Net Loss attributable
to SEACOR Holdings Inc. |
$ |
(32,808 |
) |
|
$ |
(55,159 |
) |
|
$ |
(28,725 |
) |
|
$ |
(82,345 |
) |
Basic
Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: |
|
|
|
|
|
|
Continuing operations |
$ |
(0.39 |
) |
|
$ |
(1.61 |
) |
|
$ |
0.17 |
|
|
$ |
(2.63 |
) |
Discontinued operations |
(1.52 |
) |
|
(1.65 |
) |
|
(1.85 |
) |
|
(2.25 |
) |
|
$ |
(1.91 |
) |
|
$ |
(3.26 |
) |
|
$ |
(1.68 |
) |
|
$ |
(4.88 |
) |
Diluted
Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: |
|
|
|
|
|
|
Continuing operations |
$ |
(0.39 |
) |
|
$ |
(1.61 |
) |
|
$ |
0.17 |
|
|
$ |
(2.63 |
) |
Discontinued operations |
(1.52 |
) |
|
(1.65 |
) |
|
(1.82 |
) |
|
(2.25 |
) |
|
$ |
(1.91 |
) |
|
$ |
(3.26 |
) |
|
$ |
(1.65 |
) |
|
$ |
(4.88 |
) |
Weighted Average Common
Shares Outstanding: |
|
|
|
|
|
|
|
Basic |
17,207,831 |
|
|
16,928,722 |
|
|
17,141,306 |
|
|
16,873,045 |
|
Diluted |
17,207,831 |
|
|
16,928,722 |
|
|
17,440,361 |
|
|
16,873,045 |
|
|
|
|
|
|
|
|
|
OIBDA(1) |
$ |
26,462 |
|
|
$ |
16,845 |
|
|
$ |
46,598 |
|
|
$ |
36,782 |
|
______________________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Non-GAAP Financial Measure. The Company,
from time to time, discloses and discusses OIBDA, a non-GAAP
financial measure, in its public releases and other filings with
the Securities and Exchange Commission. The Company defines
OIBDA as operating income (loss) plus depreciation and
amortization. The Company’s measure of OIBDA may not be
comparable to similarly titled measures presented by other
companies. Other companies may calculate OIBDA differently
than the Company, which may limit its usefulness as a comparative
measure. In addition, this measurement does not necessarily
represent funds available for discretionary use and is not a
measure of the Company’s ability to fund its cash needs.
OIBDA is a financial metric used by management (i) as a
supplemental internal measure for planning and forecasting overall
expectations and for evaluating actual results against such
expectations; (ii) as a criteria for annual incentive bonuses paid
to Company officers and other shore-based employees; and (iii) to
compare to the OIBDA of other companies when evaluating potential
acquisitions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR HOLDINGS INC.CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS)(in
thousands, except per share data, unaudited) |
|
Three Months Ended |
|
Jun. 30, 2017 |
|
Mar. 31, 2017 |
|
Dec. 31, 2016 |
|
Sep. 30, 2016 |
|
Jun. 30, 2016 |
Operating Revenues |
$ |
115,791 |
|
|
$ |
118,414 |
|
|
$ |
126,196 |
|
|
$ |
109,570 |
|
|
$ |
99,647 |
|
Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
Operating |
69,686 |
|
|
75,212 |
|
|
81,619 |
|
|
66,573 |
|
|
64,027 |
|
Administrative and general |
25,540 |
|
|
22,878 |
|
|
21,394 |
|
|
20,931 |
|
|
21,361 |
|
Depreciation and amortization |
17,469 |
|
|
16,719 |
|
|
16,560 |
|
|
15,864 |
|
|
15,043 |
|
|
112,695 |
|
|
114,809 |
|
|
119,573 |
|
|
103,368 |
|
|
100,431 |
|
Gains (Losses) on Asset
Dispositions and Impairments, Net |
5,897 |
|
|
(188 |
) |
|
(28,573 |
) |
|
(593 |
) |
|
2,586 |
|
Operating Income
(Loss) |
8,993 |
|
|
3,417 |
|
|
(21,950 |
) |
|
5,609 |
|
|
1,802 |
|
Other Income
(Expense): |
|
|
|
|
|
|
|
|
|
Interest
income |
2,150 |
|
|
2,134 |
|
|
2,541 |
|
|
4,492 |
|
|
4,179 |
|
Interest
expense |
(11,676 |
) |
|
(10,304 |
) |
|
(9,912 |
) |
|
(9,955 |
) |
|
(10,258 |
) |
Debt
extinguishment gains (losses), net |
(97 |
) |
|
— |
|
|
(211 |
) |
|
557 |
|
|
1,615 |
|
Marketable security gains (losses), net |
(21,674 |
) |
|
20,836 |
|
|
20,300 |
|
|
(9,484 |
) |
|
(21,459 |
) |
Derivative gains (losses), net |
16,897 |
|
|
2,830 |
|
|
(10,604 |
) |
|
(862 |
) |
|
(2,574 |
) |
Foreign
currency gains (losses), net |
(1,470 |
) |
|
1,399 |
|
|
(1,368 |
) |
|
418 |
|
|
797 |
|
Other,
net |
424 |
|
|
(420 |
) |
|
(5,606 |
) |
|
(5,461 |
) |
|
(7,652 |
) |
|
(15,446 |
) |
|
16,475 |
|
|
(4,860 |
) |
|
(20,295 |
) |
|
(35,352 |
) |
Income (Loss) from
Continuing Operations Before Income Tax Expense (Benefit) and
Equity in Earnings (Losses) of 50% or Less Owned Companies |
(6,453 |
) |
|
19,892 |
|
|
(26,810 |
) |
|
(14,686 |
) |
|
(33,550 |
) |
Income Tax Expense
(Benefit) |
(3,664 |
) |
|
3,896 |
|
|
(6,804 |
) |
|
(7,164 |
) |
|
(13,633 |
) |
Income (Loss) from
Continuing Operations Before Equity in Earnings (Losses) of 50% or
Less Owned Companies |
(2,789 |
) |
|
15,996 |
|
|
(20,006 |
) |
|
(7,522 |
) |
|
(19,917 |
) |
Equity in Earnings
(Losses) of 50% or Less Owned Companies, Net of Tax |
2,333 |
|
|
108 |
|
|
(13,871 |
) |
|
(1,112 |
) |
|
(3,847 |
) |
Net Income (Loss) from
Continuing Operations |
(456 |
) |
|
16,104 |
|
|
(33,877 |
) |
|
(8,634 |
) |
|
(23,764 |
) |
Loss from Discontinued
Operations, Net of Tax |
(28,629 |
) |
|
(5,448 |
) |
|
(56,412 |
) |
|
(25,392 |
) |
|
(27,169 |
) |
Net Income (Loss) |
(29,085 |
) |
|
10,656 |
|
|
(90,289 |
) |
|
(34,026 |
) |
|
(50,933 |
) |
Net Income attributable
to Noncontrolling Interests in Subsidiaries |
3,723 |
|
|
6,573 |
|
|
3,460 |
|
|
5,777 |
|
|
4,226 |
|
Net Income (Loss)
attributable to SEACOR Holdings Inc. |
$ |
(32,808 |
) |
|
$ |
4,083 |
|
|
$ |
(93,749 |
) |
|
$ |
(39,803 |
) |
|
$ |
(55,159 |
) |
Basic Earnings (Loss)
Per Common Share of SEACOR Holdings Inc.: |
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.39 |
) |
|
$ |
0.57 |
|
|
$ |
(2.11 |
) |
|
$ |
(0.82 |
) |
|
$ |
(1.61 |
) |
Discontinued operations |
(1.52 |
) |
|
(0.33 |
) |
|
(3.41 |
) |
|
(1.53 |
) |
|
(1.65 |
) |
|
$ |
(1.91 |
) |
|
$ |
0.24 |
|
|
$ |
(5.52 |
) |
|
$ |
(2.35 |
) |
|
$ |
(3.26 |
) |
Diluted Earnings (Loss)
Per Common Share of SEACOR Holdings Inc.: |
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.39 |
) |
|
$ |
0.56 |
|
|
$ |
(2.11 |
) |
|
$ |
(0.82 |
) |
|
$ |
(1.61 |
) |
Discontinued operations |
(1.52 |
) |
|
(0.32 |
) |
|
(3.41 |
) |
|
(1.53 |
) |
|
(1.65 |
) |
|
$ |
(1.91 |
) |
|
$ |
0.24 |
|
|
$ |
(5.52 |
) |
|
$ |
(2.35 |
) |
|
$ |
(3.26 |
) |
Weighted Average Common
Shares of Outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
17,208 |
|
|
17,074 |
|
|
16,969 |
|
|
16,944 |
|
|
16,929 |
|
Diluted |
17,208 |
|
|
17,364 |
|
|
16,969 |
|
|
16,944 |
|
|
16,929 |
|
Common Shares
Outstanding at Period End |
17,587 |
|
|
17,406 |
|
|
17,401 |
|
|
17,336 |
|
|
17,321 |
|
|
|
|
|
|
|
|
|
|
|
OIBDA(1) |
$ |
26,462 |
|
|
$ |
20,136 |
|
|
$ |
(5,390 |
) |
|
$ |
21,473 |
|
|
$ |
16,845 |
|
______________________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Non-GAAP Financial Measure. The Company,
from time to time, discloses and discusses OIBDA, a non-GAAP
financial measure, in its public releases and other filings with
the Securities and Exchange Commission. The Company defines
OIBDA as operating income (loss) plus depreciation and
amortization. The Company’s measure of OIBDA may not be
comparable to similarly titled measures presented by other
companies. Other companies may calculate OIBDA differently
than the Company, which may limit its usefulness as a comparative
measure. In addition, this measurement does not necessarily
represent funds available for discretionary use and is not a
measure of the Company’s ability to fund its cash needs.
OIBDA is a financial metric used by management (i) as a
supplemental internal measure for planning and forecasting overall
expectations and for evaluating actual results against such
expectations; (ii) as a criteria for annual incentive bonuses paid
to Company officers and other shore-based employees; and (iii) to
compare to the OIBDA of other companies when evaluating potential
acquisitions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR HOLDINGS INC.SEGMENT
INFORMATION(in thousands, unaudited) |
|
Three Months Ended |
|
Jun. 30, 2017 |
|
Mar. 31, 2017 |
|
Dec. 31, 2016 |
|
Sep. 30, 2016 |
|
Jun. 30, 2016 |
Inland River
Services |
|
|
|
|
|
|
|
|
|
Operating Revenues |
$ |
37,644 |
|
|
$ |
42,669 |
|
|
$ |
53,021 |
|
|
$ |
41,094 |
|
|
$ |
33,814 |
|
Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
Operating |
31,902 |
|
|
32,569 |
|
|
35,400 |
|
|
31,496 |
|
|
27,446 |
|
Administrative and general |
4,725 |
|
|
3,792 |
|
|
2,945 |
|
|
3,982 |
|
|
3,777 |
|
Depreciation and amortization |
6,483 |
|
|
6,592 |
|
|
6,628 |
|
|
6,308 |
|
|
6,254 |
|
|
43,110 |
|
|
42,953 |
|
|
44,973 |
|
|
41,786 |
|
|
37,477 |
|
Gains (Losses) on Asset
Dispositions and Impairments, Net |
5,891 |
|
|
233 |
|
|
605 |
|
|
(597 |
) |
|
2,580 |
|
Operating Income
(Loss) |
425 |
|
|
(51 |
) |
|
8,653 |
|
|
(1,289 |
) |
|
(1,083 |
) |
Other Income
(Expense): |
|
|
|
|
|
|
|
|
|
Foreign
currency gains (losses), net |
(1,630 |
) |
|
1,368 |
|
|
(1,143 |
) |
|
410 |
|
|
1,018 |
|
Other,
net |
— |
|
|
— |
|
|
1 |
|
|
(1 |
) |
|
(4 |
) |
Equity in Losses of 50%
or Less Owned Companies, Net of Tax |
(1,264 |
) |
|
(2,378 |
) |
|
(11,318 |
) |
|
(171 |
) |
|
(1,677 |
) |
Segment Loss(1) |
$ |
(2,469 |
) |
|
$ |
(1,061 |
) |
|
$ |
(3,807 |
) |
|
$ |
(1,051 |
) |
|
$ |
(1,746 |
) |
|
|
|
|
|
|
|
|
|
|
OIBDA(2) |
$ |
6,908 |
|
|
$ |
6,541 |
|
|
$ |
15,281 |
|
|
$ |
5,019 |
|
|
$ |
5,171 |
|
|
|
|
|
|
|
|
|
|
|
Shipping
Services |
|
|
|
|
|
|
|
|
|
Operating Revenues |
$ |
72,023 |
|
|
$ |
67,639 |
|
|
$ |
59,618 |
|
|
$ |
57,350 |
|
|
$ |
55,620 |
|
Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
Operating |
33,850 |
|
|
37,354 |
|
|
36,586 |
|
|
28,542 |
|
|
30,269 |
|
Administrative and general |
8,028 |
|
|
7,088 |
|
|
6,895 |
|
|
6,675 |
|
|
7,337 |
|
Depreciation and amortization |
10,115 |
|
|
9,161 |
|
|
8,969 |
|
|
8,216 |
|
|
7,415 |
|
|
51,993 |
|
|
53,603 |
|
|
52,450 |
|
|
43,433 |
|
|
45,021 |
|
Gains (Losses) on Asset
Dispositions and Impairments, Net |
6 |
|
|
(421 |
) |
|
408 |
|
|
3 |
|
|
6 |
|
Operating Income |
20,036 |
|
|
13,615 |
|
|
7,576 |
|
|
13,920 |
|
|
10,605 |
|
Other Income
(Expense): |
|
|
|
|
|
|
|
|
|
Foreign
currency gains (losses), net |
8 |
|
|
(5 |
) |
|
(6 |
) |
|
(3 |
) |
|
(6 |
) |
Other,
net |
421 |
|
|
(362 |
) |
|
237 |
|
|
(5,534 |
) |
|
(928 |
) |
Equity in Earnings
(Losses) of 50% or Less Owned Companies, Net of Tax |
5,621 |
|
|
1,036 |
|
|
(2,581 |
) |
|
(551 |
) |
|
(1,591 |
) |
Segment Profit(1) |
$ |
26,086 |
|
|
$ |
14,284 |
|
|
$ |
5,226 |
|
|
$ |
7,832 |
|
|
$ |
8,080 |
|
|
|
|
|
|
|
|
|
|
|
OIBDA(2) |
$ |
30,151 |
|
|
$ |
22,776 |
|
|
$ |
16,545 |
|
|
$ |
22,136 |
|
|
$ |
18,020 |
|
Drydocking expenditures
for U.S.-flag product tankers(included in operating costs and
expenses) |
$ |
— |
|
|
$ |
94 |
|
|
$ |
4,506 |
|
|
$ |
95 |
|
|
$ |
62 |
|
Out-of-service days for
drydockings of U.S.-flag product tankers |
— |
|
|
— |
|
|
45 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR HOLDINGS INC.SEGMENT
INFORMATION (continued)(in thousands,
unaudited) |
|
Three Months Ended |
|
Jun. 30, 2017 |
|
Mar. 31, 2017 |
|
Dec. 31, 2016 |
|
Sep. 30, 2016 |
|
Jun. 30, 2016 |
Witt O’Brien’s
and Other |
|
|
|
|
|
|
|
|
|
Operating Revenues |
$ |
6,177 |
|
|
$ |
8,124 |
|
|
$ |
13,572 |
|
|
$ |
11,146 |
|
|
$ |
10,261 |
|
Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
Operating |
4,043 |
|
|
5,372 |
|
|
9,711 |
|
|
6,618 |
|
|
6,427 |
|
Administrative and general |
2,687 |
|
|
3,373 |
|
|
5,510 |
|
|
3,833 |
|
|
3,649 |
|
Depreciation and amortization |
205 |
|
|
202 |
|
|
204 |
|
|
432 |
|
|
448 |
|
|
6,935 |
|
|
8,947 |
|
|
15,425 |
|
|
10,883 |
|
|
10,524 |
|
Gains (Losses) on Asset
Dispositions and Impairments, Net |
— |
|
|
— |
|
|
(29,586 |
) |
|
1 |
|
|
— |
|
Operating Income
(Loss) |
(758 |
) |
|
(823 |
) |
|
(31,439 |
) |
|
264 |
|
|
(263 |
) |
Other Income
(Expense): |
|
|
|
|
|
|
|
|
|
Foreign
currency gains (losses), net |
23 |
|
|
10 |
|
|
(57 |
) |
|
(25 |
) |
|
(73 |
) |
Other,
net |
— |
|
|
(300 |
) |
|
(5,885 |
) |
|
— |
|
|
(6,723 |
) |
Equity in Earnings
(Losses) of 50% or Less Owned Companies, Net of Tax |
(2,024 |
) |
|
1,450 |
|
|
28 |
|
|
(390 |
) |
|
(579 |
) |
Segment Profit
(Loss)(1) |
$ |
(2,759 |
) |
|
$ |
337 |
|
|
$ |
(37,353 |
) |
|
$ |
(151 |
) |
|
$ |
(7,638 |
) |
|
|
|
|
|
|
|
|
|
|
Corporate and
Eliminations |
|
|
|
|
|
|
|
|
|
Operating Revenues |
$ |
(53 |
) |
|
$ |
(18 |
) |
|
$ |
(15 |
) |
|
$ |
(20 |
) |
|
$ |
(48 |
) |
Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
Operating |
(109 |
) |
|
(83 |
) |
|
(78 |
) |
|
(83 |
) |
|
(115 |
) |
Administrative and general |
10,100 |
|
|
8,625 |
|
|
6,044 |
|
|
6,441 |
|
|
6,598 |
|
Depreciation and amortization |
666 |
|
|
764 |
|
|
759 |
|
|
908 |
|
|
926 |
|
|
10,657 |
|
|
9,306 |
|
|
6,725 |
|
|
7,266 |
|
|
7,409 |
|
Operating Loss |
$ |
(10,710 |
) |
|
$ |
(9,324 |
) |
|
$ |
(6,740 |
) |
|
$ |
(7,286 |
) |
|
$ |
(7,457 |
) |
Other Income
(Expense): |
|
|
|
|
|
|
|
|
|
Derivative gains (losses), net |
$ |
16,897 |
|
|
$ |
2,830 |
|
|
$ |
(10,604 |
) |
|
$ |
(862 |
) |
|
$ |
(2,574 |
) |
Foreign
currency gains (losses), net |
129 |
|
|
26 |
|
|
(162 |
) |
|
36 |
|
|
(142 |
) |
Other,
net |
3 |
|
|
242 |
|
|
41 |
|
|
74 |
|
|
3 |
|
______________________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes amounts attributable to both SEACOR and noncontrolling
interests. |
(2)
Non-GAAP Financial Measure. The Company,
from time to time, discloses and discusses OIBDA, a non-GAAP
financial measure, for certain of its operating segments in its
public releases and other filings with the Securities and Exchange
Commission. The Company defines OIBDA as operating income
(loss) for the applicable segment plus depreciation and
amortization. The Company’s measure of OIBDA may not be
comparable to similarly titled measures presented by other
companies. Other companies may calculate OIBDA differently
than the Company, which may limit its usefulness as a comparative
measure. In addition, this measurement does not necessarily
represent funds available for discretionary use and is not a
measure of the Company’s ability to fund its cash needs.
OIBDA is a financial metric used by management (i) as a
supplemental internal measure for planning and forecasting overall
expectations and for evaluating actual results against such
expectations; (ii) as a criteria for annual incentive bonuses paid
to Company officers and other shore-based employees; and (iii) to
compare to the OIBDA of other companies when evaluating potential
acquisitions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR HOLDINGS INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands,
unaudited) |
|
Jun. 30, 2017 |
|
Mar. 31, 2017 |
|
Dec. 31, 2016 |
|
Sep. 30, 2016 |
|
Jun. 30, 2016 |
ASSETS |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
223,154 |
|
|
$ |
207,545 |
|
|
$ |
256,638 |
|
|
$ |
315,960 |
|
|
$ |
367,692 |
|
Restricted cash |
2,260 |
|
|
2,254 |
|
|
2,249 |
|
|
2,244 |
|
|
1,742 |
|
Marketable securities |
75,071 |
|
|
97,404 |
|
|
76,137 |
|
|
55,823 |
|
|
65,480 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
Trade,
net of allowance for doubtful accounts |
59,772 |
|
|
77,358 |
|
|
105,494 |
|
|
75,540 |
|
|
55,635 |
|
Other |
35,704 |
|
|
54,918 |
|
|
38,629 |
|
|
12,508 |
|
|
18,433 |
|
Inventories |
2,444 |
|
|
3,051 |
|
|
2,582 |
|
|
3,222 |
|
|
2,722 |
|
Prepaid
expenses and other |
4,814 |
|
|
4,614 |
|
|
3,707 |
|
|
6,663 |
|
|
6,378 |
|
Discontinued operations |
23,105 |
|
|
298,915 |
|
|
277,365 |
|
|
287,658 |
|
|
311,462 |
|
Total
current assets |
426,324 |
|
|
746,059 |
|
|
762,801 |
|
|
759,618 |
|
|
829,544 |
|
Property and
Equipment: |
|
|
|
|
|
|
|
|
|
Historical cost |
1,340,400 |
|
|
1,336,719 |
|
|
1,178,556 |
|
|
1,018,370 |
|
|
1,008,437 |
|
Accumulated depreciation |
(467,925 |
) |
|
(460,623 |
) |
|
(444,559 |
) |
|
(434,049 |
) |
|
(418,798 |
) |
|
872,475 |
|
|
876,096 |
|
|
733,997 |
|
|
584,321 |
|
|
589,639 |
|
Construction in progress |
133,537 |
|
|
139,782 |
|
|
246,010 |
|
|
337,449 |
|
|
296,721 |
|
Net
property and equipment |
1,006,012 |
|
|
1,015,878 |
|
|
980,007 |
|
|
921,770 |
|
|
886,360 |
|
Investments, at Equity,
and Advances to 50% or Less Owned Companies |
174,106 |
|
|
182,395 |
|
|
175,461 |
|
|
198,052 |
|
|
195,352 |
|
Construction Reserve
Funds |
65,429 |
|
|
64,478 |
|
|
75,753 |
|
|
99,966 |
|
|
104,983 |
|
Goodwill |
32,749 |
|
|
32,787 |
|
|
32,758 |
|
|
52,403 |
|
|
52,394 |
|
Intangible Assets,
Net |
18,931 |
|
|
19,519 |
|
|
20,078 |
|
|
23,496 |
|
|
24,116 |
|
Other Assets |
17,739 |
|
|
17,869 |
|
|
17,189 |
|
|
21,599 |
|
|
19,206 |
|
Discontinued
Operations |
32,595 |
|
|
875,993 |
|
|
798,274 |
|
|
877,229 |
|
|
889,362 |
|
|
$ |
1,773,885 |
|
|
$ |
2,954,978 |
|
|
$ |
2,862,321 |
|
|
$ |
2,954,133 |
|
|
$ |
3,001,317 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
|
|
Current
portion of long-term debt |
$ |
125,655 |
|
|
$ |
168,267 |
|
|
$ |
163,202 |
|
|
$ |
7,877 |
|
|
$ |
4,058 |
|
Accounts
payable and accrued expenses |
32,437 |
|
|
36,524 |
|
|
59,563 |
|
|
37,397 |
|
|
24,647 |
|
Other
current liabilities |
49,602 |
|
|
58,833 |
|
|
62,164 |
|
|
55,195 |
|
|
52,514 |
|
Discontinued operations |
6,324 |
|
|
270,796 |
|
|
85,020 |
|
|
94,115 |
|
|
97,867 |
|
Total
current liabilities |
214,018 |
|
|
534,420 |
|
|
369,949 |
|
|
194,584 |
|
|
179,086 |
|
Long-Term Debt |
615,532 |
|
|
628,622 |
|
|
631,084 |
|
|
804,109 |
|
|
820,683 |
|
Exchange Option
Liability on Subsidiary Convertible Senior Notes |
— |
|
|
16,809 |
|
|
19,436 |
|
|
8,938 |
|
|
8,171 |
|
Deferred Income
Taxes |
161,185 |
|
|
183,972 |
|
|
157,441 |
|
|
168,266 |
|
|
175,128 |
|
Deferred Gains and
Other Liabilities |
97,245 |
|
|
92,897 |
|
|
98,098 |
|
|
103,711 |
|
|
107,491 |
|
Discontinued
Operations |
7,681 |
|
|
271,389 |
|
|
390,045 |
|
|
393,043 |
|
|
397,564 |
|
Total
liabilities |
1,095,661 |
|
|
1,728,109 |
|
|
1,666,053 |
|
|
1,672,651 |
|
|
1,688,123 |
|
Equity: |
|
|
|
|
|
|
|
|
|
SEACOR
Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Preferred
stock |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common
stock |
382 |
|
|
380 |
|
|
379 |
|
|
379 |
|
|
379 |
|
Additional paid-in capital |
1,547,936 |
|
|
1,527,460 |
|
|
1,518,635 |
|
|
1,512,209 |
|
|
1,510,623 |
|
Retained
earnings |
360,139 |
|
|
914,806 |
|
|
910,723 |
|
|
1,004,472 |
|
|
1,044,275 |
|
Shares
held in treasury, at cost |
(1,364,273 |
) |
|
(1,364,172 |
) |
|
(1,357,331 |
) |
|
(1,357,331 |
) |
|
(1,357,876 |
) |
Accumulated other comprehensive loss, net of tax |
(545 |
) |
|
(11,024 |
) |
|
(11,514 |
) |
|
(10,471 |
) |
|
(10,810 |
) |
|
543,639 |
|
|
1,067,450 |
|
|
1,060,892 |
|
|
1,149,258 |
|
|
1,186,591 |
|
Noncontrolling interests in subsidiaries |
134,585 |
|
|
159,419 |
|
|
135,376 |
|
|
132,224 |
|
|
126,603 |
|
Total
equity |
678,224 |
|
|
1,226,869 |
|
|
1,196,268 |
|
|
1,281,482 |
|
|
1,313,194 |
|
|
$ |
1,773,885 |
|
|
$ |
2,954,978 |
|
|
$ |
2,862,321 |
|
|
$ |
2,954,133 |
|
|
$ |
3,001,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR HOLDINGS INC.FLEET
COUNTS(unaudited) |
|
Jun. 30,2017 |
|
Mar. 31,2017 |
|
Dec. 31,2016 |
|
Sep. 30,2016 |
|
Jun. 30,2016 |
Inland River
Services |
|
|
|
|
|
|
|
|
|
Dry-cargo barges |
1,443 |
|
|
1,443 |
|
|
1,443 |
|
|
1,405 |
|
|
1,393 |
|
Liquid tank
barges: |
|
|
|
|
|
|
|
|
|
10,000
barrel |
18 |
|
|
18 |
|
|
18 |
|
|
18 |
|
|
18 |
|
30,000
barrel |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Specialty
barges(1) |
10 |
|
|
10 |
|
|
11 |
|
|
11 |
|
|
11 |
|
Towboats: |
|
|
|
|
|
|
|
|
|
4,000 hp
- 6,600 hp |
17 |
|
|
18 |
|
|
17 |
|
|
17 |
|
|
17 |
|
3,300 hp
- 3,900 hp |
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
Less than
3,200 hp |
4 |
|
|
4 |
|
|
4 |
|
|
4 |
|
|
4 |
|
Harbor boats: |
|
|
|
|
|
|
|
|
|
1,100 hp
- 2,000 hp |
15 |
|
|
15 |
|
|
15 |
|
|
13 |
|
|
13 |
|
Less than
1,100 hp |
9 |
|
|
9 |
|
|
9 |
|
|
6 |
|
|
6 |
|
|
1,518 |
|
|
1,518 |
|
|
1,518 |
|
|
1,475 |
|
|
1,463 |
|
|
|
|
|
|
|
|
|
|
|
Shipping
Services |
|
|
|
|
|
|
|
|
|
Petroleum
Transportation: |
|
|
|
|
|
|
|
|
|
Product
tankers - U.S.-flag |
10 |
|
|
10 |
|
|
9 |
|
|
8 |
|
|
8 |
|
Harbor Towing and
Bunkering: |
|
|
|
|
|
|
|
|
|
Harbor
tugs - U.S.-flag |
23 |
|
|
23 |
|
|
23 |
|
|
24 |
|
|
24 |
|
Harbor
tugs - Foreign-flag |
8 |
|
|
4 |
|
|
4 |
|
|
4 |
|
|
4 |
|
Offshore
tug - U.S.-flag |
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
Ocean
liquid tank barges - U.S.-flag |
5 |
|
|
5 |
|
|
5 |
|
|
5 |
|
|
5 |
|
Ocean
liquid tank barges - Foreign-flag |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Liner and Short-sea
Transportation: |
|
|
|
|
|
|
|
|
|
RORO/deck
barges - U.S.-flag |
7 |
|
|
7 |
|
|
7 |
|
|
7 |
|
|
7 |
|
Short-sea
container/RORO - Foreign-flag |
7 |
|
|
7 |
|
|
7 |
|
|
7 |
|
|
7 |
|
Other: |
|
|
|
|
|
|
|
|
|
Dry bulk
articulated tug-barge - U.S.-flag |
— |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
62 |
|
|
58 |
|
|
57 |
|
|
57 |
|
|
57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
______________________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes non-certificated 10,000 and 30,000 barrel inland river
liquid tank barges. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR HOLDINGS INC.EXPECTED
FLEET DELIVERIESAS OF JUNE 30,
2017(unaudited) |
|
2017 |
|
2018 |
|
|
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Total |
Shipping
Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
Articulated tug-barge -
U.S.-flag |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
Harbor tugs -
U.S.-flag |
— |
|
|
1 |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inland River
Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
Towboats: |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,000 hp
- 6,600 hp |
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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