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Note 13 - Segment and Geographic Distribution of Operations
 9 Months Ended
Sep. 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 nine months ended September 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

  

Nine Months Ended

 
  

September 30, 2025

  

September 30, 2024

  

September 30, 2025

  

September 30, 2024

 

Americas:

                

Vessel revenues

 $76,913  $64,606  $200,523  $201,689 
                 

Vessel operating costs:

                

Crew costs

  22,634   21,646   59,726   69,026 

Repair and maintenance

  5,350   5,227   14,446   15,406 

Insurance

  570   571   1,492   1,528 

Fuel, lube and supplies

  2,464   3,165   7,296   10,681 

Other

  4,598   5,921   20,692   17,596 

Total vessel operating costs

  35,616   36,530   103,652   114,237 

General and administrative expense

  3,720   3,695   11,047   10,441 

Depreciation and amortization

  12,923   11,082   36,033   33,438 

Vessel operating profit

  24,654   13,299   49,791   43,573 
                 

Additions to properties and equipment

 $396  $594  $2,682  $5,577 
                 

Total assets

 $421,427  $353,495  $421,427  $353,495 

 

 

 

(In Thousands)

 

Three Months Ended

  

Nine Months Ended

 
  

September 30, 2025

  

September 30, 2024

  

September 30, 2025

  

September 30, 2024

 

Asia Pacific:

                

Vessel revenues

 $53,786  $56,283  $147,710  $159,285 
                 

Vessel operating costs:

                

Crew costs

  20,887   24,685   59,736   67,014 

Repair and maintenance

  3,842   3,834   9,477   9,695 

Insurance

  330   327   830   878 

Fuel, lube and supplies

  2,443   2,560   5,999   6,832 

Other

  2,768   2,396   7,203   7,855 

Total vessel operating costs

  30,270   33,802   83,245   92,274 

General and administrative expense

  2,362   2,365   6,832   6,575 

Depreciation and amortization

  5,824   4,824   16,845   13,366 

Vessel operating profit

  15,330   15,292   40,788   47,070 
                 

Additions to properties and equipment

 $124  $695  $1,091  $1,754 
                 

Total assets

 $155,383  $180,786  $155,383  $180,786 

 

 

 

(In Thousands)

 

Three Months Ended

  

Nine Months Ended

 
  

September 30, 2025

  

September 30, 2024

  

September 30, 2025

  

September 30, 2024

 

Middle East:

                

Vessel revenues

 $42,035  $36,947  $125,552  $111,415 
                 

Vessel operating costs:

                

Crew costs

  13,541   13,071   40,123   39,881 

Repair and maintenance

  4,556   4,625   12,917   13,433 

Insurance

  484   510   1,356   1,394 

Fuel, lube and supplies

  2,916   2,842   8,205   7,420 

Other

  4,242   6,000   13,491   19,144 

Total vessel operating costs

  25,739   27,048   76,092   81,272 

General and administrative expense

  2,686   2,928   8,470   8,397 

Depreciation and amortization

  8,616   7,871   23,539   22,959 

Vessel operating profit

  4,994   (900)  17,451   (1,213)
                 

Additions to properties and equipment

 $5,387  $(53) $6,570  $1,253 
                 

Total assets

 $186,655  $176,428  $186,655  $176,428 

 

 

 

(In Thousands)

 

Three Months Ended

  

Nine Months Ended

 
  

September 30, 2025

  

September 30, 2024

  

September 30, 2025

  

September 30, 2024

 

Europe Mediterranean:

                

Vessel revenues

 $83,740  $85,325  $261,225  $248,972 
                 

Vessel operating costs:

                

Crew costs

  30,104   28,818   86,557   82,185 

Repair and maintenance

  7,481   7,279   19,928   19,830 

Insurance

  797   827   2,062   2,344 

Fuel, lube and supplies

  3,469   3,924   8,769   11,479 

Other

  4,805   4,974   15,730   13,684 

Total vessel operating costs

  46,656   45,822   133,046   129,522 

General and administrative expense

  3,479   3,222   10,527   9,406 

Depreciation and amortization

  22,253   23,918   69,695   67,795 

Vessel operating profit

  11,352   12,363   47,957   42,249 
                 

Additions to properties and equipment

 $1,155  $3,128  $3,053  $9,850 
                 

Total assets

 $591,310  $686,748  $591,310  $686,748 

 

 

 

(In Thousands)

 

Three Months Ended

  

Nine Months Ended

 
  

September 30, 2025

  

September 30, 2024

  

September 30, 2025

  

September 30, 2024

 

West Africa:

                

Vessel revenues

 $82,017  $95,324  $271,038  $272,813 
                 

Vessel operating costs:

                

Crew costs

  18,363   19,488   55,976   58,185 

Repair and maintenance

  7,407   4,589   17,759   13,281 

Insurance

  711   730   1,826   2,026 

Fuel, lube and supplies

  5,149   4,722   15,657   13,681 

Other

  6,219   5,923   21,210   18,245 

Total vessel operating costs

  37,849   35,452   112,428   105,418 

General and administrative expense

  2,833   2,367   8,267   6,798 

Depreciation and amortization

  15,917   13,979   47,295   38,322 

Vessel operating profit

  25,418   43,526   103,048   122,275 
                 

Additions to properties and equipment

 $1,083  $356  $17,417  $1,937 
                 

Total assets

 $504,844  $477,509  $504,844  $477,509 

 

 

 

(In Thousands)

 

Three Months Ended

  

Nine Months Ended

 
  

September 30, 2025

  

September 30, 2024

  

September 30, 2025

  

September 30, 2024

 

World Wide:

                

Revenues:

                

Vessel revenues

 $338,491  $338,485  $1,006,048  $994,174 

Other operating revenues

  2,622   1,871   9,940   6,576 

Total revenue

  341,113   340,356   1,015,988   1,000,750 
                 

Vessel operating costs:

                

Crew costs

  105,529   107,708   302,118   316,291 

Repair and maintenance

  28,636   25,554   74,527   71,645 

Insurance

  2,892   2,965   7,566   8,170 

Fuel, lube and supplies

  16,441   17,213   45,926   50,093 

Other

  22,632   25,214   78,326   76,524 

Total vessel operating costs

  176,130   178,654   508,463   522,723 

Costs of other operating revenues

  1,252   901   5,790   2,867 

General and administrative expense

  15,080   14,577   45,143   41,617 

Depreciation and amortization

  65,533   61,674   193,407   175,880 

Operating profit

  83,118   84,550   263,185   257,663 

Corporate expenses

  (21,047)  (14,655)  (53,163)  (40,782)

Gain on asset dispositions, net

  580   51   8,598   13,090 

Operating income

  62,651   69,946   218,620   229,971 
                 

Segment additions to properties and equipment

 $8,145  $4,720  $30,813  $20,371 

Corporate additions to properties and equipment

  1,878   992   5,429   2,675 

Total additions to properties and equipment

 $10,023  $5,712  $36,242  $23,046 
                 

Segment assets

 $1,859,619  $1,874,966  $1,859,619  $1,874,966 

Corporate assets

  269,261   172,165   269,261   172,165 

Total assets

 $2,128,880  $2,047,131  $2,128,880  $2,047,131