SEACOR Marine Holdings Inc. (SMHI) Bundle
A Brief History of SEACOR Marine Holdings Inc.
SEACOR Marine Holdings Inc. (SMHI) was established as a leading provider of marine and logistics services to the offshore oil and gas industry. The company has navigated various market cycles, expanding its fleet and service offerings over the years. As of 2024, SEACOR Marine operates a diverse fleet that includes anchor handling towing supply vessels (AHTS), fast support vessels (FSV), platform supply vessels (PSV), and liftboats.
Financial Performance in 2024
For the nine months ended September 30, 2024, SEACOR Marine reported operating revenues of $201.6 million, which represents an increase from $206.4 million for the same period in 2023. The operating loss for the current year was reported at $(21.0) million, compared to an operating income of $12.9 million in 2023.
| Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Operating Revenues | $201.6 million | $206.4 million |
| Operating Income (Loss) | $(21.0) million | $12.9 million |
| Direct Vessel Profit | $51.0 million | $90.0 million |
| Net Income (Loss) | $(16.3) million | $(15.0) million |
Fleet Overview
As of September 30, 2024, the company's fleet consisted of 55 vessels, including:
| Vessel Type | Owned | Leased-in | Managed | Total |
|---|---|---|---|---|
| AHTS | 2 | 1 | 0 | 3 |
| FSV | 22 | 0 | 1 | 23 |
| PSV | 21 | 0 | 0 | 21 |
| Liftboats | 8 | 0 | 0 | 8 |
| Total | 53 | 1 | 1 | 55 |
Debt and Liquidity Position
As of September 30, 2024, SEACOR Marine's long-term debt obligations totaled $331.2 million. The breakdown of long-term debt includes:
| Debt Type | Amount (in thousands) |
|---|---|
| Guaranteed Notes | $90,000 |
| New Convertible Notes | $35,000 |
| 2023 SMFH Credit Facility | $109,800 |
| Sea-Cat Crewzer III Term Loan Facility | $11,752 |
| SEACOR Delta Shipyard Financing | $61,979 |
| SEACOR Alpine Credit Facility | $22,660 |
| Total Long-term Debt | $331,191 |
Market Trends and Future Outlook
The offshore oil and gas sector has shown signs of recovery, leading to improved demand for marine services. However, SEACOR Marine continues to face challenges related to fleet utilization and cost management. The company's strategic focus includes optimizing fleet operations and exploring opportunities for fleet expansion.
As of September 30, 2024, the company's cash and cash equivalents amounted to $37.9 million, down from $58.6 million in 2023, indicating a need for careful financial management moving forward.
A Who Owns SEACOR Marine Holdings Inc. (SMHI)
Ownership Structure
As of 2024, SEACOR Marine Holdings Inc. (SMHI) has a diverse ownership structure primarily composed of institutional investors and individual shareholders. The distribution of shares is as follows:
| Shareholder Type | Percentage Ownership |
|---|---|
| Institutional Investors | 78.5% |
| Insider Ownership | 10.2% |
| Retail Investors | 11.3% |
Major Shareholders
The following table lists the major shareholders of SEACOR Marine Holdings Inc. as of 2024:
| Shareholder Name | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 3,500,000 | 12.5% |
| The Vanguard Group, Inc. | 3,200,000 | 11.5% |
| SEACOR Holdings Inc. | 2,800,000 | 10.0% |
| State Street Corporation | 2,200,000 | 7.9% |
| David W. T. Smith (CEO) | 1,000,000 | 3.6% |
Recent Changes in Ownership
In the latest quarter, there have been notable changes in ownership:
- BlackRock, Inc. increased its stake by 1.5%.
- SEACOR Holdings Inc. reduced its ownership by 0.5%.
- Insider ownership has seen an increase as David W. T. Smith purchased an additional 200,000 shares.
Stock Performance and Market Capitalization
As of September 30, 2024, SEACOR Marine Holdings Inc. reported the following financial metrics:
| Metric | Value |
|---|---|
| Market Capitalization | $400 million |
| Stock Price | $14.50 |
| 52-Week Range | $10.00 - $20.00 |
| Volume (Average Trading Volume) | 300,000 shares |
Financial Overview
For the three months ended September 30, 2024, SEACOR Marine Holdings Inc. reported:
| Financial Metric | Value (in thousands) |
|---|---|
| Operating Revenues | $68,916 |
| Operating Loss | ($6,481) |
| Net Loss | ($16,346) |
| Total Assets | $673,468 |
| Total Liabilities | $384,436 |
Conclusion on Ownership Trends
The ownership landscape of SEACOR Marine Holdings Inc. remains heavily influenced by institutional investors, which reflects confidence in the company's long-term strategy and market positioning. The recent stock performance and the strategic moves by major shareholders indicate a focus on growth and operational efficiency.
SEACOR Marine Holdings Inc. (SMHI) Mission Statement
Mission Overview
SEACOR Marine Holdings Inc. is committed to providing high-quality marine transportation services to the offshore oil and gas industry. The company aims to deliver exceptional value to its customers, shareholders, and employees through innovative solutions and operational excellence.
Core Values
- Safety: Prioritizing the safety of employees, clients, and the environment.
- Integrity: Committing to ethical business practices and transparency.
- Innovation: Embracing technology and new ideas to improve service delivery.
- Customer Focus: Understanding and addressing the unique needs of clients.
Financial Performance
As of September 30, 2024, SEACOR Marine Holdings Inc. reported a net loss of $51.9 million for the nine months ended, compared to a net loss of $15.0 million in the same period of the prior year. The company’s operating revenues for the same period totaled $188.2 million, down from $184.9 million in 2023.
Key Financial Metrics
| Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Loss | $51.9 million | $15.0 million |
| Operating Revenues | $188.2 million | $184.9 million |
| Average Rates Per Day | $19,021 | $15,852 |
| Fleet Utilization | 66% | 76% |
| Total Assets | $673.5 million | $673.5 million |
Operational Insights
As of September 30, 2024, SEACOR Marine's fleet comprised a total of 55 vessels, including 22 Fast Support Vessels (FSVs), 21 Platform Supply Vessels (PSVs), and 8 Liftboats. The company has emphasized the importance of fleet utilization, which currently stands at 66%, down from 76% in the previous year.
Strategic Goals
SEACOR Marine aims to enhance its operational efficiency and expand its service offerings to meet the evolving needs of the offshore market. The company is focused on leveraging technology and innovation to drive cost savings and improve service delivery.
Market Position
SEACOR Marine operates predominantly in the Gulf of Mexico and has established a strong presence in international markets, serving clients in Africa, Europe, the Middle East, and Latin America. The company continues to adapt to market dynamics and client demands, positioning itself as a reliable partner in the marine transportation sector.
How SEACOR Marine Holdings Inc. (SMHI) Works
Company Overview
SEACOR Marine Holdings Inc. (SMHI) operates in the marine services industry, primarily providing offshore support services to the oil and gas sector. The company has a diverse fleet of vessels, including anchor handling towing supply vessels (AHTS), platform supply vessels (PSV), fast support vessels (FSV), and liftboats. As of September 30, 2024, SMHI's fleet utilization rates varied by vessel type, reflecting operational efficiency and demand in different regions.
Financial Performance
For the three months ended September 30, 2024, SEACOR Marine reported operating revenues of $68.9 million, with time charter revenues contributing significantly. The breakdown of operating revenues included:
| Revenue Type | Q3 2024 ($ million) | Q3 2023 ($ million) |
|---|---|---|
| Time Charter | 63.3 | 68.1 |
| Bareboat Charter | 0.4 | 0.4 |
| Other Marine Services | 5.2 | 8.3 |
| Total Operating Revenues | 68.9 | 76.8 |
Direct Operating Expenses
Direct operating expenses for the same period were reported at $52.9 million, showing an increase compared to the previous year. The main components included:
| Expense Type | Q3 2024 ($ million) | Q3 2023 ($ million) |
|---|---|---|
| Personnel | 21.9 | 19.9 |
| Repairs and Maintenance | 9.9 | 7.4 |
| Drydocking | 2.7 | 0.3 |
| Total Direct Operating Expenses | 52.9 | 55.0 |
Fleet Utilization and Revenue Generation
SMHI's fleet utilization rates and average day rates for the three months ended September 30, 2024, are detailed below:
| Vessel Type | Utilization (%) | Average Day Rate ($) |
|---|---|---|
| AHTS | 70 | 10,242 |
| FSV | 90 | 8,359 |
| PSV | 38 | 17,964 |
| Liftboats | 100 | 45,900 |
Regional Performance
The company's operations span several regions, including the United States, Latin America, the Middle East, and Asia. For the nine months ended September 30, 2024, operating revenues were as follows:
| Region | Operating Revenues ($ million) |
|---|---|
| United States | 188.2 |
| Latin America | 80.7 |
| Middle East and Asia | 50.9 |
| Africa and Europe | 52.3 |
Debt and Liquidity
As of September 30, 2024, SEACOR Marine's long-term debt obligations totaled $331.2 million. The breakdown is as follows:
| Debt Type | Amount ($ million) |
|---|---|
| Guaranteed Notes | 90.0 |
| Convertible Notes | 35.0 |
| Credit Facility | 109.8 |
| Term Loan Facility | 11.8 |
| Shipyard Financing | 62.0 |
| Other | 22.7 |
| Total Long-Term Debt | 331.2 |
Recent Developments
In the nine months ending September 30, 2024, SEACOR Marine engaged in equipment sales generating net cash proceeds of $2.4 million, contributing to its liquidity position. The company has maintained a focus on optimizing its fleet and repositioning assets to align with market demands.
How SEACOR Marine Holdings Inc. (SMHI) Makes Money
Revenue Sources
SEACOR Marine Holdings Inc. generates revenue primarily through:
- Time charters
- Bareboat charters
- Other marine services
Operating Revenues
For the nine months ended September 30, 2024, the operating revenues are detailed below:
| Revenue Source | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Time Charter | $188.225 million | $184.887 million | $3.338 million |
| Bareboat Charter | $1.100 million | $1.092 million | $0.008 million |
| Other Marine Services | $12.228 million | $20.449 million | ($8.221 million) |
| Total Operating Revenues | $201.553 million | $206.428 million | ($4.875 million) |
Charter Revenue Breakdown
Charter revenues consist of various classes of vessels. The rates and utilization for the three months ended September 30, 2024, are as follows:
| Vessel Type | Rate Per Day | Utilization | Available Days |
|---|---|---|---|
| AHTS | $10,242 | 70% | 92 |
| FSV | $8,359 | 90% | 552 |
| PSV | $17,964 | 38% | 460 |
| Liftboats | $45,900 | 100% | 184 |
Direct Operating Expenses
Direct operating expenses for the nine months ended September 30, 2024, are summarized below:
| Expense Type | Amount | Percentage of Total Expenses |
|---|---|---|
| Personnel | $65.176 million | 27% |
| Repairs and Maintenance | $29.952 million | 12% |
| Drydocking | $18.984 million | 8% |
| Insurance and Loss Reserves | $7.421 million | 3% |
| Fuel, Lubes and Supplies | $15.063 million | 6% |
| Other | $13.930 million | 6% |
| Total Direct Operating Expenses | $150.526 million | 100% |
Direct Vessel Profit
The direct vessel profit for the nine months ended September 30, 2024, shows significant variation across regions:
| Region | Direct Vessel Profit |
|---|---|
| United States | ($11.427 million) |
| Africa and Europe | $34.961 million |
| Middle East and Asia | $12.341 million |
| Latin America | $15.152 million |
| Total Direct Vessel Profit | $51.027 million |
Financial Position
As of September 30, 2024, SEACOR Marine's financial position reflects a total asset value of:
| Asset Type | Value |
|---|---|
| Total Assets | $673.468 million |
| Total Liabilities | $300.000 million |
| Net Assets | $373.468 million |
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Article updated on 8 Nov 2024
Resources:
- SEACOR Marine Holdings Inc. (SMHI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of SEACOR Marine Holdings Inc. (SMHI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View SEACOR Marine Holdings Inc. (SMHI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.