| Segment Information |
The Company’s segment presentation and basis of measurement of segment profit or loss were changed in the second quarter of 2026 from what was previously described in the 2025 Annual Report. Certain reclassifications of prior period information have been made to conform the current period’s reportable segment presentation as a result of the Company’s decision to consolidate management of the United States (primarily Gulf of America) and Latin America (primarily Guyana, Brazil and Mexico) segments into a combined Americas segment. In prior periods the United States and Latin America were reported as separate segments. Due to the reduction of the United States operating segment through reduced charter activities as well as the repositioning of vessels out of the region, 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 and management oversight, the United States operations are now combined with the Latin America operations and reported and managed as a combined Americas segment, and prior period information has been conformed to the new consolidated reporting 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 September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
18,029 |
|
|
$ |
26,295 |
|
|
$ |
7,839 |
|
|
$ |
52,163 |
|
Bareboat charter |
|
|
846 |
|
|
|
— |
|
|
|
— |
|
|
|
846 |
|
Other marine services |
|
|
738 |
|
|
|
1,558 |
|
|
|
1,946 |
|
|
|
4,242 |
|
|
|
|
19,613 |
|
|
|
27,853 |
|
|
|
9,785 |
|
|
|
57,251 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
5,457 |
|
|
|
5,439 |
|
|
|
4,019 |
|
|
|
14,915 |
|
Repairs and maintenance |
|
|
2,644 |
|
|
|
3,657 |
|
|
|
3,108 |
|
|
|
9,409 |
|
Drydocking |
|
|
(55 |
) |
|
|
11 |
|
|
|
381 |
|
|
|
337 |
|
Insurance and loss reserves |
|
|
511 |
|
|
|
633 |
|
|
|
2,502 |
|
|
|
3,646 |
|
Fuel, lubes and supplies |
|
|
1,093 |
|
|
|
1,410 |
|
|
|
1,348 |
|
|
|
3,851 |
|
Other |
|
|
2,241 |
|
|
|
3,142 |
|
|
|
776 |
|
|
|
6,159 |
|
|
|
|
11,891 |
|
|
|
14,292 |
|
|
|
12,134 |
|
|
|
38,317 |
|
Direct Vessel Profit (Loss) |
|
$ |
7,722 |
|
|
$ |
13,561 |
|
|
$ |
(2,349 |
) |
|
|
18,934 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
213 |
|
|
$ |
55 |
|
|
$ |
69 |
|
|
|
337 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
10,034 |
|
Depreciation and amortization |
|
|
2,393 |
|
|
|
4,490 |
|
|
|
3,071 |
|
|
|
9,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
20,325 |
|
Losses on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
Operating loss |
|
|
|
|
|
|
|
|
|
|
$ |
(1,395 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas (2) |
|
|
Africa
and Europe |
|
|
Middle
East
and Asia |
|
|
Total |
|
For the Nine Months Ended September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
43,390 |
|
|
$ |
74,077 |
|
|
$ |
26,350 |
|
|
$ |
143,817 |
|
Bareboat charter |
|
|
2,508 |
|
|
|
— |
|
|
|
— |
|
|
|
2,508 |
|
Other marine services |
|
|
2,373 |
|
|
|
3,176 |
|
|
|
4,289 |
|
|
|
9,838 |
|
|
|
|
48,271 |
|
|
|
77,253 |
|
|
|
30,639 |
|
|
|
156,163 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
16,786 |
|
|
|
15,944 |
|
|
|
13,304 |
|
|
|
46,034 |
|
Repairs and maintenance |
|
|
6,540 |
|
|
|
12,287 |
|
|
|
13,830 |
|
|
|
32,657 |
|
Drydocking |
|
|
1,065 |
|
|
|
741 |
|
|
|
2,744 |
|
|
|
4,550 |
|
Insurance and loss reserves |
|
|
1,721 |
|
|
|
1,467 |
|
|
|
4,948 |
|
|
|
8,136 |
|
Fuel, lubes and supplies |
|
|
3,662 |
|
|
|
5,160 |
|
|
|
3,639 |
|
|
|
12,461 |
|
Other |
|
|
6,896 |
|
|
|
9,488 |
|
|
|
2,352 |
|
|
|
18,736 |
|
|
|
|
36,670 |
|
|
|
45,087 |
|
|
|
40,817 |
|
|
|
122,574 |
|
Direct Vessel Profit (Loss) |
|
$ |
11,601 |
|
|
$ |
32,166 |
|
|
$ |
(10,178 |
) |
|
|
33,589 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
581 |
|
|
$ |
55 |
|
|
$ |
217 |
|
|
|
853 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
32,331 |
|
Depreciation and amortization |
|
|
8,727 |
|
|
|
13,038 |
|
|
|
9,237 |
|
|
|
31,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
64,186 |
|
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
38,791 |
|
Operating income |
|
|
|
|
|
|
|
|
|
|
$ |
8,194 |
|
As of September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
Historical Cost |
|
$ |
180,140 |
|
|
$ |
323,242 |
|
|
$ |
244,199 |
|
|
$ |
747,581 |
|
Accumulated Depreciation |
|
|
(84,804 |
) |
|
|
(146,470 |
) |
|
|
(121,877 |
) |
|
|
(353,151 |
) |
|
|
$ |
95,336 |
|
|
$ |
176,772 |
|
|
$ |
122,322 |
|
|
$ |
394,430 |
|
Total Assets (1) |
|
$ |
117,378 |
|
|
$ |
225,018 |
|
|
$ |
195,976 |
|
|
$ |
538,372 |
|
(1)Total Assets by region does not include corporate assets of $78.1 million as of September 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 September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
20,995 |
|
|
$ |
22,357 |
|
|
$ |
12,606 |
|
|
$ |
55,958 |
|
Bareboat charter |
|
|
846 |
|
|
|
— |
|
|
|
— |
|
|
|
846 |
|
Other marine services |
|
|
1,338 |
|
|
|
733 |
|
|
|
319 |
|
|
|
2,390 |
|
|
|
|
23,179 |
|
|
|
23,090 |
|
|
|
12,925 |
|
|
|
59,194 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
8,195 |
|
|
|
4,465 |
|
|
|
4,956 |
|
|
|
17,616 |
|
Repairs and maintenance |
|
|
2,274 |
|
|
|
6,531 |
|
|
|
5,798 |
|
|
|
14,603 |
|
Drydocking |
|
|
1,018 |
|
|
|
1,413 |
|
|
|
(1 |
) |
|
|
2,430 |
|
Insurance and loss reserves |
|
|
1,011 |
|
|
|
326 |
|
|
|
611 |
|
|
|
1,948 |
|
Fuel, lubes and supplies |
|
|
1,443 |
|
|
|
1,781 |
|
|
|
1,241 |
|
|
|
4,465 |
|
Other |
|
|
1,882 |
|
|
|
3,573 |
|
|
|
1,167 |
|
|
|
6,622 |
|
|
|
|
15,823 |
|
|
|
18,089 |
|
|
|
13,772 |
|
|
|
47,684 |
|
Direct Vessel Profit (Loss) |
|
$ |
7,356 |
|
|
$ |
5,001 |
|
|
$ |
(847 |
) |
|
|
11,510 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
202 |
|
|
$ |
8 |
|
|
$ |
70 |
|
|
|
280 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
11,269 |
|
Depreciation and amortization |
|
|
4,592 |
|
|
|
4,302 |
|
|
|
3,231 |
|
|
|
12,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
23,674 |
|
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
30,230 |
|
Operating income |
|
|
|
|
|
|
|
|
|
|
$ |
18,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas (2) |
|
|
Africa
and Europe |
|
|
Middle
East
and Asia |
|
|
Total |
|
For the Nine Months Ended September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
57,156 |
|
|
$ |
67,727 |
|
|
$ |
40,681 |
|
|
$ |
165,564 |
|
Bareboat charter |
|
|
2,392 |
|
|
|
— |
|
|
|
— |
|
|
|
2,392 |
|
Other marine services |
|
|
4,113 |
|
|
|
2,391 |
|
|
|
1,043 |
|
|
|
7,547 |
|
|
|
|
63,661 |
|
|
|
70,118 |
|
|
|
41,724 |
|
|
|
175,503 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
25,565 |
|
|
|
15,163 |
|
|
|
14,394 |
|
|
|
55,122 |
|
Repairs and maintenance |
|
|
7,491 |
|
|
|
14,639 |
|
|
|
14,641 |
|
|
|
36,771 |
|
Drydocking |
|
|
6,844 |
|
|
|
3,555 |
|
|
|
1,043 |
|
|
|
11,442 |
|
Insurance and loss reserves |
|
|
3,109 |
|
|
|
1,819 |
|
|
|
2,155 |
|
|
|
7,083 |
|
Fuel, lubes and supplies |
|
|
4,229 |
|
|
|
5,675 |
|
|
|
3,403 |
|
|
|
13,307 |
|
Other |
|
|
3,571 |
|
|
|
8,657 |
|
|
|
3,152 |
|
|
|
15,380 |
|
|
|
|
50,809 |
|
|
|
49,508 |
|
|
|
38,788 |
|
|
|
139,105 |
|
Direct Vessel Profit |
|
$ |
12,852 |
|
|
$ |
20,610 |
|
|
$ |
2,936 |
|
|
|
36,398 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
595 |
|
|
$ |
122 |
|
|
$ |
225 |
|
|
|
942 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
34,753 |
|
Depreciation and amortization |
|
|
14,370 |
|
|
|
12,967 |
|
|
|
9,688 |
|
|
|
37,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
72,720 |
|
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
55,202 |
|
Operating income |
|
|
|
|
|
|
|
|
|
|
$ |
18,880 |
|
As of September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
Historical Cost |
|
$ |
232,368 |
|
|
$ |
314,843 |
|
|
$ |
250,170 |
|
|
$ |
797,381 |
|
Accumulated Depreciation |
|
|
(105,670 |
) |
|
|
(127,299 |
) |
|
|
(111,930 |
) |
|
|
(344,899 |
) |
|
|
$ |
126,698 |
|
|
$ |
187,544 |
|
|
$ |
138,240 |
|
|
$ |
452,482 |
|
Total Assets (1) |
|
$ |
166,128 |
|
|
$ |
224,620 |
|
|
$ |
194,700 |
|
|
$ |
585,448 |
|
(1)Total Assets by region does not include corporate assets of $107.1 million as of September 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. The Company’s investments in 50% or less owned companies, which are accounted for under the equity method, also contribute to its consolidated results of operations. As of September 30, 2026, and 2025, the Company’s investments, at equity, and advances to 50% or less owned companies were $1.0 million and $2.7 million, respectively. Equity in earnings of 50% or less owned companies for the nine months ended September 30, 2026 and 2025 were $0.1 million and $1.5 million, respectively.
|