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Note 12 - Segment and Geographic Distribution of Operations | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
(12) | 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 months ended March 31, 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 |
|  | March 31, 2025 |  |  | March 31, 2024 |
Americas: |  |  |  |  |  |  |  |
Vessel revenues |  | $ | 54,852 |  |  | $ | 63,941 |
Vessel operating costs: |  |  |  |  |  |  |  |
Crew costs |  |  | 17,440 |  |  |  | 24,062 |
Repair and maintenance |  |  | 4,266 |  |  |  | 4,534 |
Insurance |  |  | 571 |  |  |  | 494 |
Fuel, lube and supplies |  |  | 2,617 |  |  |  | 4,522 |
Other |  |  | 10,129 |  |  |  | 5,928 |
Total vessel operating costs |  |  | 35,023 |  |  |  | 39,540 |
General and administrative expense |  |  | 3,542 |  |  |  | 3,332 |
Depreciation and amortization |  |  | 11,392 |  |  |  | 10,943 |
Vessel operating profit |  |  | 4,895 |  |  |  | 10,126 |
Additions to properties and equipment |  | $ | 1,933 |  |  | $ | 3,495 |
Total assets |  | $ | 354,153 |  |  | $ | 388,140 |
(In Thousands) |  | Three Months Ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
Asia Pacific: |  |  |  |  |  |  |  |
Vessel revenues |  | $ | 48,228 |  |  | $ | 47,781 |
Vessel operating costs: |  |  |  |  |  |  |  |
Crew costs |  |  | 20,331 |  |  |  | 19,306 |
Repair and maintenance |  |  | 2,270 |  |  |  | 2,769 |
Insurance |  |  | 324 |  |  |  | 273 |
Fuel, lube and supplies |  |  | 1,767 |  |  |  | 1,937 |
Other |  |  | 2,118 |  |  |  | 2,491 |
Total vessel operating costs |  |  | 26,810 |  |  |  | 26,776 |
General and administrative expense |  |  | 2,420 |  |  |  | 2,126 |
Depreciation and amortization |  |  | 5,318 |  |  |  | 4,032 |
Vessel operating profit |  |  | 13,680 |  |  |  | 14,847 |
Additions to properties and equipment |  | $ | 592 |  |  | $ | 194 |
Total assets |  | $ | 162,329 |  |  | $ | 193,734 |
(In Thousands) |  | Three Months Ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
Middle East: |  |  |  |  |  |  |  |
Vessel revenues |  | $ | 43,302 |  |  | $ | 37,932 |
Vessel operating costs: |  |  |  |  |  |  |  |
Crew costs |  |  | 13,280 |  |  |  | 13,270 |
Repair and maintenance |  |  | 4,100 |  |  |  | 4,508 |
Insurance |  |  | 529 |  |  |  | 420 |
Fuel, lube and supplies |  |  | 2,039 |  |  |  | 2,304 |
Other |  |  | 4,588 |  |  |  | 6,006 |
Total vessel operating costs |  |  | 24,536 |  |  |  | 26,508 |
General and administrative expense |  |  | 2,937 |  |  |  | 2,622 |
Depreciation and amortization |  |  | 7,266 |  |  |  | 7,273 |
Vessel operating profit |  |  | 8,563 |  |  |  | 1,529 |
Additions to properties and equipment |  | $ | 854 |  |  | $ | 834 |
Total assets |  | $ | 188,242 |  |  | $ | 183,945 |
(In Thousands) |  | Three Months Ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
Europe Mediterranean: |  |  |  |  |  |  |  |
Vessel revenues |  | $ | 78,205 |  |  | $ | 80,381 |
Vessel operating costs: |  |  |  |  |  |  |  |
Crew costs |  |  | 27,111 |  |  |  | 26,282 |
Repair and maintenance |  |  | 6,711 |  |  |  | 5,493 |
Insurance |  |  | 848 |  |  |  | 756 |
Fuel, lube and supplies |  |  | 3,147 |  |  |  | 4,094 |
Other |  |  | 4,738 |  |  |  | 4,359 |
Total vessel operating costs |  |  | 42,555 |  |  |  | 40,984 |
General and administrative expense |  |  | 3,663 |  |  |  | 3,202 |
Depreciation and amortization |  |  | 24,609 |  |  |  | 21,438 |
Vessel operating profit |  |  | 7,378 |  |  |  | 14,757 |
Additions to properties and equipment |  | $ | 1,314 |  |  | $ | 5,493 |
Total assets |  | $ | 635,046 |  |  | $ | 669,886 |
(In Thousands) |  | Three Months Ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
West Africa: |  |  |  |  |  |  |  |
Vessel revenues |  | $ | 106,112 |  |  | $ | 88,651 |
Vessel operating costs: |  |  |  |  |  |  |  |
Crew costs |  |  | 18,951 |  |  |  | 19,432 |
Repair and maintenance |  |  | 4,607 |  |  |  | 4,044 |
Insurance |  |  | 762 |  |  |  | 637 |
Fuel, lube and supplies |  |  | 4,808 |  |  |  | 4,461 |
Other |  |  | 6,927 |  |  |  | 5,174 |
Total vessel operating costs |  |  | 36,055 |  |  |  | 33,748 |
General and administrative expense |  |  | 2,546 |  |  |  | 2,055 |
Depreciation and amortization |  |  | 15,898 |  |  |  | 11,838 |
Vessel operating profit |  |  | 51,613 |  |  |  | 41,010 |
Additions to properties and equipment |  | $ | 12,832 |  |  | $ | 211 |
Total assets |  | $ | 528,421 |  |  | $ | 438,677 |
(In Thousands) |  | Three Months Ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
World Wide: |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |
Vessel revenues |  | $ | 330,699 |  |  | $ | 318,686 |
Other operating revenues |  |  | 2,745 |  |  |  | 2,478 |
Total revenue |  |  | 333,444 |  |  |  | 321,164 |
Vessel operating costs: |  |  |  |  |  |  |  |
Crew costs |  |  | 97,113 |  |  |  | 102,352 |
Repair and maintenance |  |  | 21,954 |  |  |  | 21,348 |
Insurance |  |  | 3,034 |  |  |  | 2,580 |
Fuel, lube and supplies |  |  | 14,378 |  |  |  | 17,318 |
Other |  |  | 28,500 |  |  |  | 23,958 |
Total vessel operating costs |  |  | 164,979 |  |  |  | 167,556 |
Costs of other operating revenues |  |  | 1,430 |  |  |  | 1,150 |
General and administrative expense |  |  | 15,108 |  |  |  | 13,337 |
Depreciation and amortization |  |  | 64,483 |  |  |  | 55,524 |
Operating profit |  |  | 87,444 |  |  |  | 83,597 |
Corporate expenses |  |  | (14,935 | ) |  |  | (12,738 | )
Gain on asset dispositions, net |  |  | 2,538 |  |  |  | 11,039 |
Operating income |  |  | 75,047 |  |  |  | 81,898 |
Segment additions to properties and equipment |  | $ | 17,525 |  |  | $ | 10,227 |
Corporate additions to properties and equipment |  |  | 1,839 |  |  |  | 715 |
Total additions to properties and equipment |  | $ | 19,364 |  |  | $ | 10,942 |
Segment assets |  | $ | 1,868,191 |  |  | $ | 1,874,382 |
Corporate assets |  |  | 197,975 |  |  |  | 203,434 |
Total assets |  | $ | 2,066,166 |  |  | $ | 2,077,816 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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