v3.25.2
Note 13 - Segment and Geographic Distribution of Operations
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

(13)

SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

 

Each of our five operating segments is led by senior management reporting to our Chief Executive Officer, the chief operating decision maker (CODM). Our operating segments comprise the structure used by our CODM to make key operating decisions and assess performance. Discrete financial information is available for each of the segments, and our CODM uses the results of each of the operating segments for resource allocation and performance evaluation. Our CODM evaluates the segments’ operating performance based on segment operating income. Segment operating income is defined as segment revenues less segment costs and expenses. The CODM primarily considers segment operating income for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.

 

The following tables provide a comparison of revenues, vessel operating profit, depreciation and amortization, additions to properties and equipment and assets by segment and in total for the three and six months ended June 30, 2025 and 2024. Vessel operating profit is calculated as vessel revenues less vessel operating costs, segment depreciation expenses, and segment general and administrative costs. Vessel revenues and operating costs relate to our owned and operated vessels while other operating revenues relate to the activities of our other miscellaneous marine-related businesses.

 

(In Thousands)

 

Three Months Ended

  

Six Months Ended

 
  

June 30, 2025

  

June 30, 2024

  

June 30, 2025

  

June 30, 2024

 

Americas:

                

Vessel revenues

 $68,758  $73,142  $123,610  $137,083 
                 

Vessel operating costs:

                

Crew costs

  19,652   23,318   37,092   47,380 

Repair and maintenance

  4,830   5,645   9,096   10,179 

Insurance

  351   463   922   957 

Fuel, lube and supplies

  2,215   2,994   4,832   7,516 

Other

  5,965   5,747   16,094   11,675 

Total vessel operating costs

  33,013   38,167   68,036   77,707 

General and administrative expense

  3,785   3,414   7,327   6,746 

Depreciation and amortization

  11,718   11,413   23,110   22,356 

Vessel operating profit

  20,242   20,148   25,137   30,274 
                 

Additions to properties and equipment

 $353  $1,488  $2,286  $4,983 
                 

Total assets

 $397,790  $383,727  $397,790  $383,727 

 

(In Thousands)

 

Three Months Ended

  

Six Months Ended

 
  

June 30, 2025

  

June 30, 2024

  

June 30, 2025

  

June 30, 2024

 

Asia Pacific:

                

Vessel revenues

 $45,696  $55,221  $93,924  $103,002 
                 

Vessel operating costs:

                

Crew costs

  18,518   23,023   38,849   42,329 

Repair and maintenance

  3,365   3,092   5,635   5,861 

Insurance

  176   278   500   551 

Fuel, lube and supplies

  1,789   2,335   3,556   4,272 

Other

  2,317   2,968   4,435   5,459 

Total vessel operating costs

  26,165   31,696   52,975   58,472 

General and administrative expense

  2,050   2,084   4,470   4,210 

Depreciation and amortization

  5,703   4,510   11,021   8,542 

Vessel operating profit

  11,778   16,931   25,458   31,778 
                 

Additions to properties and equipment

 $375  $865  $967  $1,059 
                 

Total assets

 $153,018  $191,164  $153,018  $191,164 

 

(In Thousands)

 

Three Months Ended

  

Six Months Ended

 
  

June 30, 2025

  

June 30, 2024

  

June 30, 2025

  

June 30, 2024

 

Middle East:

                

Vessel revenues

 $40,215  $36,536  $83,517  $74,468 
                 

Vessel operating costs:

                

Crew costs

  13,302   13,540   26,582   26,810 

Repair and maintenance

  4,261   4,300   8,361   8,808 

Insurance

  343   464   872   884 

Fuel, lube and supplies

  3,250   2,274   5,289   4,578 

Other

  4,661   7,138   9,249   13,144 

Total vessel operating costs

  25,817   27,716   50,353   54,224 

General and administrative expense

  2,847   2,847   5,784   5,469 

Depreciation and amortization

  7,657   7,815   14,923   15,088 

Vessel operating profit

  3,894   (1,842)  12,457   (313)
                 

Additions to properties and equipment

 $329  $472  $1,183  $1,306 
                 

Total assets

 $180,769  $175,129  $180,769  $175,129 

 

(In Thousands)

 

Three Months Ended

  

Six Months Ended

 
  

June 30, 2025

  

June 30, 2024

  

June 30, 2025

  

June 30, 2024

 

Europe Mediterranean:

                

Vessel revenues

 $99,280  $83,266  $177,485  $163,647 
                 

Vessel operating costs:

                

Crew costs

  29,342   27,085   56,453   53,367 

Repair and maintenance

  5,736   7,058   12,447   12,551 

Insurance

  417   761   1,265   1,517 

Fuel, lube and supplies

  2,153   3,461   5,300   7,555 

Other

  6,187   4,351   10,925   8,710 

Total vessel operating costs

  43,835   42,716   86,390   83,700 

General and administrative expense

  3,385   2,982   7,048   6,184 

Depreciation and amortization

  22,833   22,439   47,442   43,877 

Vessel operating profit

  29,227   15,129   36,605   29,886 
                 

Additions to properties and equipment

 $584  $1,229  $1,898  $6,722 
                 

Total assets

 $628,740  $687,749  $628,740  $687,749 

 

(In Thousands)

 

Three Months Ended

  

Six Months Ended

 
  

June 30, 2025

  

June 30, 2024

  

June 30, 2025

  

June 30, 2024

 

West Africa:

                

Vessel revenues

 $82,909  $88,838  $189,021  $177,489 
                 

Vessel operating costs:

                

Crew costs

  18,662   19,265   37,613   38,697 

Repair and maintenance

  5,745   4,648   10,352   8,692 

Insurance

  353   659   1,115   1,296 

Fuel, lube and supplies

  5,700   4,498   10,508   8,959 

Other

  8,064   7,148   14,991   12,322 

Total vessel operating costs

  38,524   36,218   74,579   69,966 

General and administrative expense

  2,888   2,376   5,434   4,431 

Depreciation and amortization

  15,480   12,505   31,378   24,343 

Vessel operating profit

  26,017   37,739   77,630   78,749 
                 

Additions to properties and equipment

 $3,502  $1,370  $16,334  $1,581 
                 

Total assets

 $499,787  $442,207  $499,787  $442,207 

 

(In Thousands)

 

Three Months Ended

  

Six Months Ended

 
  

June 30, 2025

  

June 30, 2024

  

June 30, 2025

  

June 30, 2024

 

World Wide:

                

Revenues:

                

Vessel revenues

 $336,858  $337,003  $667,557  $655,689 

Other operating revenues

  4,573   2,227   7,318   4,705 

Total revenue

  341,431   339,230   674,875   660,394 
                 

Vessel operating costs:

                

Crew costs

  99,476   106,231   196,589   208,583 

Repair and maintenance

  23,937   24,743   45,891   46,091 

Insurance

  1,640   2,625   4,674   5,205 

Fuel, lube and supplies

  15,107   15,562   29,485   32,880 

Other

  27,194   27,352   55,694   51,310 

Total vessel operating costs

  167,354   176,513   332,333   344,069 

Costs of other operating revenues

  3,108   816   4,538   1,966 

General and administrative expense

  14,955   13,703   30,063   27,040 

Depreciation and amortization

  63,391   58,682   127,874   114,206 

Operating profit

  92,623   89,516   180,067   173,113 

Corporate expenses

  (17,181)  (13,389)  (32,116)  (26,127)

Gain on asset dispositions, net

  5,480   2,000   8,018   13,039 

Operating income

  80,922   78,127   155,969   160,025 
                 

Segment additions to properties and equipment

 $5,143  $5,424  $22,668  $15,651 

Corporate additions to properties and equipment

  1,712   968   3,551   1,683 

Total additions to properties and equipment

 $6,855  $6,392  $26,219  $17,334 
                 

Segment assets

 $1,860,104  $1,879,976  $1,860,104  $1,879,976 

Corporate assets

  214,268   209,772   214,268   209,772 

Total assets

 $2,074,372  $2,089,748  $2,074,372  $2,089,748