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v3.26.1

Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2026
Segment Reporting [Abstract] |
Segment Information | 11. SEGMENT INFORMATION The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the 2025 Annual Report. The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):
|  | United States (primarily Gulf of America) |  |  | Africa and Europe |  |  | Middle East and Asia |  |  | Latin America |  |  | Total |
For the Three Months Ended March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time charter |  | $ | 2,093 |  |  | $ | 22,534 |  |  | $ | 9,580 |  |  | $ | 7,750 |  |  | $ | 41,957 |
Bareboat charter |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 828 |  |  |  | 828 |
Other marine services |  |  | 201 |  |  |  | 577 |  |  |  | 638 |  |  |  | 81 |  |  |  | 1,497 |
|  |  | 2,294 |  |  |  | 23,111 |  |  |  | 10,218 |  |  |  | 8,659 |  |  |  | 44,282 |
Direct Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel |  |  | 2,275 |  |  |  | 4,982 |  |  |  | 4,433 |  |  |  | 3,732 |  |  |  | 15,422 |
Repairs and maintenance |  |  | 388 |  |  |  | 2,957 |  |  |  | 5,999 |  |  |  | 1,256 |  |  |  | 10,600 |
Drydocking |  |  | 363 |  |  |  | 176 |  |  |  | 636 |  |  |  | 77 |  |  |  | 1,252 |
Insurance and loss reserves |  |  | 131 |  |  |  | 330 |  |  |  | 1,039 |  |  |  | 292 |  |  |  | 1,792 |
Fuel, lubes and supplies |  |  | 274 |  |  |  | 1,334 |  |  |  | 899 |  |  |  | 801 |  |  |  | 3,308 |
Other |  |  | 10 |  |  |  | 3,192 |  |  |  | 623 |  |  |  | 1,374 |  |  |  | 5,199 |
|  |  | 3,441 |  |  |  | 12,971 |  |  |  | 13,629 |  |  |  | 7,532 |  |  |  | 37,573 |
Direct Vessel (Loss) Profit |  | $ | (1,147 | ) |  | $ | 10,140 |  |  | $ | (3,411 | ) |  | $ | 1,127 |  |  |  | 6,709 |
Other Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease expense |  | $ | 128 |  |  | $ | — |  |  | $ | 73 |  |  | $ | 49 |  |  |  | 250 |
Administrative and general |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,954 |
Depreciation and amortization |  |  | 1,169 |  |  |  | 4,063 |  |  |  | 3,101 |  |  |  | 1,997 |  |  |  | 10,330 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,534 |
Gains on asset dispositions and impairments, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,448 |
Operating loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,377 | )
As of March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and Equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Historical Cost |  | $ | 57,898 |  |  | $ | 304,919 |  |  | $ | 243,319 |  |  | $ | 146,504 |  |  | $ | 752,640 |
Accumulated Depreciation |  |  | (43,283 | ) |  |  | (133,802 | ) |  |  | (115,303 | ) |  |  | (49,402 | ) |  |  | (341,790 | )
|  | $ | 14,615 |  |  | $ | 171,117 |  |  | $ | 128,016 |  |  | $ | 97,102 |  |  | $ | 410,850 |
Total Assets (1) |  | $ | 35,398 |  |  | $ | 221,523 |  |  | $ | 195,188 |  |  | $ | 114,981 |  |  | $ | 567,090 |
(1) Total Assets by region does not include corporate assets of $73.7 million as of March 31, 2026.
|  | United States (primarily Gulf of America) |  |  | Africa and Europe |  |  | Middle East and Asia |  |  | Latin America |  |  | Total |
For the Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time charter |  | $ | 6,765 |  |  | $ | 20,835 |  |  | $ | 15,710 |  |  | $ | 8,623 |  |  | $ | 51,933 |
Bareboat charter |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 708 |  |  |  | 708 |
Other marine services |  |  | 235 |  |  |  | 852 |  |  |  | 292 |  |  |  | 1,479 |  |  |  | 2,858 |
|  |  | 7,000 |  |  |  | 21,687 |  |  |  | 16,002 |  |  |  | 10,810 |  |  |  | 55,499 |
Direct Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel |  |  | 6,486 |  |  |  | 5,183 |  |  |  | 4,927 |  |  |  | 1,941 |  |  |  | 18,537 |
Repairs and maintenance |  |  | 1,479 |  |  |  | 3,462 |  |  |  | 2,505 |  |  |  | 1,074 |  |  |  | 8,520 |
Drydocking |  |  | 1,066 |  |  |  | 1,241 |  |  |  | 1,031 |  |  |  | 531 |  |  |  | 3,869 |
Insurance and loss reserves |  |  | 702 |  |  |  | 594 |  |  |  | 702 |  |  |  | 155 |  |  |  | 2,153 |
Fuel, lubes and supplies |  |  | 819 |  |  |  | 2,180 |  |  |  | 883 |  |  |  | 664 |  |  |  | 4,546 |
Other |  |  | 349 |  |  |  | 2,727 |  |  |  | 881 |  |  |  | 346 |  |  |  | 4,303 |
|  |  | 10,901 |  |  |  | 15,387 |  |  |  | 10,929 |  |  |  | 4,711 |  |  |  | 41,928 |
Direct Vessel (Loss) Profit |  | $ | (3,901 | ) |  | $ | 6,300 |  |  | $ | 5,073 |  |  | $ | 6,099 |  |  |  | 13,571 |
Other Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease expense |  | $ | 136 |  |  | $ | 63 |  |  | $ | 83 |  |  | $ | 55 |  |  |  | 337 |
Administrative and general |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,486 |
Depreciation and amortization |  |  | 3,705 |  |  |  | 4,402 |  |  |  | 3,230 |  |  |  | 1,473 |  |  |  | 12,810 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,633 |
Gains on asset dispositions and impairments, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,809 |
Operating loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5,253 | )
As of March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and Equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Historical Cost |  | $ | 215,578 |  |  | $ | 325,000 |  |  | $ | 236,337 |  |  | $ | 105,046 |  |  | $ | 881,961 |
Accumulated Depreciation |  |  | (107,646 | ) |  |  | (125,722 | ) |  |  | (98,960 | ) |  |  | (33,094 | ) |  |  | (365,422 | )
|  | $ | 107,932 |  |  | $ | 199,278 |  |  | $ | 137,377 |  |  | $ | 71,952 |  |  | $ | 516,539 |
Total Assets (1) |  | $ | 137,600 |  |  | $ | 237,451 |  |  | $ | 186,108 |  |  | $ | 89,247 |  |  | $ | 650,406 |
(1) Total Assets by region does not include corporate assets of $43.8 million as of March 31, 2025. 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 March 31, 2026, and 2025, the Company’s investments, at equity, and advances to 50% or less owned companies were $3.0 million and $4.5 million, respectively. Equity in earnings of 50% or less owned companies for the three months ended March 31, 2026 and 2025 were $0.1 million and $0.9 million, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. 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