| Schedule of Segment Reporting Information, by Segment |
The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas (2) |
|
|
Africa
and Europe |
|
|
Middle
East
and Asia |
|
|
Total |
|
For the Three Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
15,518 |
|
|
$ |
25,248 |
|
|
$ |
8,931 |
|
|
$ |
49,697 |
|
Bareboat charter |
|
|
834 |
|
|
|
— |
|
|
|
— |
|
|
|
834 |
|
Other marine services |
|
|
1,353 |
|
|
|
1,041 |
|
|
|
1,705 |
|
|
|
4,099 |
|
|
|
|
17,705 |
|
|
|
26,289 |
|
|
|
10,636 |
|
|
|
54,630 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
5,322 |
|
|
|
5,523 |
|
|
|
4,852 |
|
|
|
15,697 |
|
Repairs and maintenance |
|
|
2,252 |
|
|
|
5,673 |
|
|
|
4,723 |
|
|
|
12,648 |
|
Drydocking |
|
|
680 |
|
|
|
554 |
|
|
|
1,727 |
|
|
|
2,961 |
|
Insurance and loss reserves |
|
|
787 |
|
|
|
504 |
|
|
|
1,407 |
|
|
|
2,698 |
|
Fuel, lubes and supplies |
|
|
1,494 |
|
|
|
2,416 |
|
|
|
1,392 |
|
|
|
5,302 |
|
Other |
|
|
3,271 |
|
|
|
3,154 |
|
|
|
953 |
|
|
|
7,378 |
|
|
|
|
13,806 |
|
|
|
17,824 |
|
|
|
15,054 |
|
|
|
46,684 |
|
Direct Vessel Profit (Loss) |
|
$ |
3,899 |
|
|
$ |
8,465 |
|
|
$ |
(4,418 |
) |
|
|
7,946 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
191 |
|
|
$ |
— |
|
|
$ |
75 |
|
|
|
266 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
12,343 |
|
Depreciation and amortization |
|
|
3,168 |
|
|
|
4,485 |
|
|
|
3,065 |
|
|
|
10,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
23,327 |
|
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
31,347 |
|
Operating income |
|
|
|
|
|
|
|
|
|
|
$ |
15,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas (2) |
|
|
Africa
and Europe |
|
|
Middle
East
and Asia |
|
|
Total |
|
For the Six Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
25,361 |
|
|
$ |
47,782 |
|
|
$ |
18,511 |
|
|
$ |
91,654 |
|
Bareboat charter |
|
|
1,662 |
|
|
|
— |
|
|
|
— |
|
|
|
1,662 |
|
Other marine services |
|
|
1,635 |
|
|
|
1,618 |
|
|
|
2,343 |
|
|
|
5,596 |
|
|
|
|
28,658 |
|
|
|
49,400 |
|
|
|
20,854 |
|
|
|
98,912 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
11,329 |
|
|
|
10,505 |
|
|
|
9,285 |
|
|
|
31,119 |
|
Repairs and maintenance |
|
|
3,896 |
|
|
|
8,630 |
|
|
|
10,722 |
|
|
|
23,248 |
|
Drydocking |
|
|
1,120 |
|
|
|
730 |
|
|
|
2,363 |
|
|
|
4,213 |
|
Insurance and loss reserves |
|
|
1,210 |
|
|
|
834 |
|
|
|
2,446 |
|
|
|
4,490 |
|
Fuel, lubes and supplies |
|
|
2,569 |
|
|
|
3,750 |
|
|
|
2,291 |
|
|
|
8,610 |
|
Other |
|
|
4,655 |
|
|
|
6,346 |
|
|
|
1,576 |
|
|
|
12,577 |
|
|
|
|
24,779 |
|
|
|
30,795 |
|
|
|
28,683 |
|
|
|
84,257 |
|
Direct Vessel Profit (Loss) |
|
$ |
3,879 |
|
|
$ |
18,605 |
|
|
$ |
(7,829 |
) |
|
|
14,655 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
368 |
|
|
$ |
— |
|
|
$ |
148 |
|
|
|
516 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
22,297 |
|
Depreciation and amortization |
|
|
6,334 |
|
|
|
8,548 |
|
|
|
6,166 |
|
|
|
21,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
43,861 |
|
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
38,795 |
|
Operating income |
|
|
|
|
|
|
|
|
|
|
$ |
9,589 |
|
As of June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
Historical Cost |
|
$ |
187,845 |
|
|
$ |
322,783 |
|
|
$ |
243,741 |
|
|
$ |
754,369 |
|
Accumulated Depreciation |
|
|
(91,051 |
) |
|
|
(142,164 |
) |
|
|
(118,625 |
) |
|
|
(351,840 |
) |
|
|
$ |
96,794 |
|
|
$ |
180,619 |
|
|
$ |
125,116 |
|
|
$ |
402,529 |
|
Total Assets (1) |
|
$ |
120,274 |
|
|
$ |
224,039 |
|
|
$ |
198,329 |
|
|
$ |
542,642 |
|
(1)Total Assets by region does not include corporate assets of $90.7 million as of June 30, 2026. (2)In prior periods the United States and Latin America were reported as separate segments. Due to the reduction of the United States operating segment, the Company’s United States operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Americas segment. As a result, for purposes of segment reporting United States operations are now consolidated with Latin America operations and reported as a consolidated segment, and prior period information has been conformed to the new consolidated reporting segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas (2) |
|
|
Africa
and Europe |
|
|
Middle
East
and Asia |
|
|
Total |
|
For the Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
20,773 |
|
|
$ |
24,535 |
|
|
$ |
12,365 |
|
|
$ |
57,673 |
|
Bareboat charter |
|
|
838 |
|
|
|
— |
|
|
|
— |
|
|
|
838 |
|
Other marine services |
|
|
1,061 |
|
|
|
806 |
|
|
|
432 |
|
|
|
2,299 |
|
|
|
|
22,672 |
|
|
|
25,341 |
|
|
|
12,797 |
|
|
|
60,810 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
8,943 |
|
|
|
5,515 |
|
|
|
4,511 |
|
|
|
18,969 |
|
Repairs and maintenance |
|
|
2,664 |
|
|
|
4,646 |
|
|
|
6,338 |
|
|
|
13,648 |
|
Drydocking |
|
|
4,229 |
|
|
|
901 |
|
|
|
13 |
|
|
|
5,143 |
|
Insurance and loss reserves |
|
|
1,241 |
|
|
|
899 |
|
|
|
842 |
|
|
|
2,982 |
|
Fuel, lubes and supplies |
|
|
1,303 |
|
|
|
1,714 |
|
|
|
1,279 |
|
|
|
4,296 |
|
Other |
|
|
994 |
|
|
|
2,357 |
|
|
|
1,104 |
|
|
|
4,455 |
|
|
|
|
19,374 |
|
|
|
16,032 |
|
|
|
14,087 |
|
|
|
49,493 |
|
Direct Vessel Profit (Loss) |
|
$ |
3,298 |
|
|
$ |
9,309 |
|
|
$ |
(1,290 |
) |
|
|
11,317 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
202 |
|
|
$ |
51 |
|
|
$ |
72 |
|
|
|
325 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
11,998 |
|
Depreciation and amortization |
|
|
4,600 |
|
|
|
4,263 |
|
|
|
3,227 |
|
|
|
12,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
24,413 |
|
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
19,163 |
|
Operating income |
|
|
|
|
|
|
|
|
|
|
$ |
6,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas (2) |
|
|
Africa
and Europe |
|
|
Middle
East
and Asia |
|
|
Total |
|
For the Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
36,161 |
|
|
$ |
45,370 |
|
|
$ |
28,075 |
|
|
$ |
109,606 |
|
Bareboat charter |
|
|
1,546 |
|
|
|
— |
|
|
|
— |
|
|
|
1,546 |
|
Other marine services |
|
|
2,775 |
|
|
|
1,658 |
|
|
|
724 |
|
|
|
5,157 |
|
|
|
|
40,482 |
|
|
|
47,028 |
|
|
|
28,799 |
|
|
|
116,309 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
17,370 |
|
|
|
10,698 |
|
|
|
9,438 |
|
|
|
37,506 |
|
Repairs and maintenance |
|
|
5,217 |
|
|
|
8,108 |
|
|
|
8,843 |
|
|
|
22,168 |
|
Drydocking |
|
|
5,826 |
|
|
|
2,142 |
|
|
|
1,044 |
|
|
|
9,012 |
|
Insurance and loss reserves |
|
|
2,098 |
|
|
|
1,493 |
|
|
|
1,544 |
|
|
|
5,135 |
|
Fuel, lubes and supplies |
|
|
2,786 |
|
|
|
3,894 |
|
|
|
2,162 |
|
|
|
8,842 |
|
Other |
|
|
1,689 |
|
|
|
5,084 |
|
|
|
1,985 |
|
|
|
8,758 |
|
|
|
|
34,986 |
|
|
|
31,419 |
|
|
|
25,016 |
|
|
|
91,421 |
|
Direct Vessel Profit |
|
$ |
5,496 |
|
|
$ |
15,609 |
|
|
$ |
3,783 |
|
|
|
24,888 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
393 |
|
|
$ |
114 |
|
|
$ |
155 |
|
|
|
662 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
23,484 |
|
Depreciation and amortization |
|
|
9,778 |
|
|
|
8,665 |
|
|
|
6,457 |
|
|
|
24,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
49,046 |
|
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
24,972 |
|
Operating income |
|
|
|
|
|
|
|
|
|
|
$ |
814 |
|
As of June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
Historical Cost |
|
$ |
320,379 |
|
|
$ |
315,018 |
|
|
$ |
252,011 |
|
|
$ |
887,408 |
|
Accumulated Depreciation |
|
|
(145,095 |
) |
|
|
(122,999 |
) |
|
|
(109,171 |
) |
|
|
(377,265 |
) |
|
|
$ |
175,284 |
|
|
$ |
192,019 |
|
|
$ |
142,840 |
|
|
$ |
510,143 |
|
Total Assets (1) |
|
$ |
209,413 |
|
|
$ |
229,966 |
|
|
$ |
191,228 |
|
|
$ |
630,607 |
|
(1)Total Assets by region does not include corporate assets of $49.4 million as of June 30, 2025. (2)In prior periods the United States and Latin America were reported as separate segments. Due to the reduction of the United States operating segment, the Company’s United States operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Americas segment. As a result, for purposes of segment reporting United States operations are now consolidated with Latin America operations and reported as a consolidated segment, and prior period information has been conformed to the new consolidated reporting segment.
|