FORT LAUDERDALE, Fla., April 24, 2019 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the quarter ended March 31, 2019:

  • Net income attributable to stockholders was $7.7 million ($0.41 per diluted share) compared with $0.6 million ($0.04 per diluted share) for the quarter ended March 31, 2018.

  • Operating income was $19.0 million, a $10.9 million increase compared with the quarter ended March 31, 2018, excluding gains on asset dispositions.

  • “Cash Earnings” were $26.7 million compared with $14.5 million for the quarter ended March 31, 2018.  “Cash Earnings” is a non-GAAP financial measure; see the table elsewhere in this release for a reconciliation to its closest U.S. GAAP measure.

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA attributable to SEACOR (excluding our partner’s noncontrolling interests in SEA-Vista) were $12.9 million and $20.1 million in the current year quarter compared with $10.1 million and $19.4 million in the prior year quarter, respectively.  Operating income and OIBDA included $1.9 million of gains on asset dispositions in the prior year quarter.  OIBDA is a non-GAAP financial measure; see the table elsewhere in this release for a reconciliation to its closest U.S. GAAP measure.

Operating income from bulk transportation services was higher despite one fewer vessel in operation in the current year quarter primarily due to higher rates for two U.S.-flag petroleum and chemical carriers.  Operating income from logistics services was also higher as the Company’s PCTCs (Pure-Car-Truck-Carriers) benefited from moving U.S. military, commercial and U.S. government-impelled cargo partially offset by higher regulatory dry-docking costs.

Inland Transportation & Logistics Services - Operating income and OIBDA were $2.7 million and $8.4 million in the current year quarter compared with $3.4 million and $9.6 million in the prior year quarter, respectively.  Operating income and OIBDA included gains on asset dispositions of $0.4 million and $5.2 million in the current year quarter and prior year quarter, respectively.  

Bulk transportation revenues benefited from adverse weather and difficult operating conditions on the U.S. Inland Waterways, which resulted in higher freight rates and increased utilization (due to demurrage and storage days) for the barge pools.  The barge pools also benefited from strong charter rates for a fleet of barges supporting frac sand movements.  The increase in revenues outpaced the higher operating expenses as a result of the difficult operating conditions.

Foreign currency gains in the current year quarter and prior year quarter were primarily due to favorable movements in the exchange rates of the Colombian peso in relation to the U.S. dollar.

Witt O’Brien’s - Operating income and OIBDA were $4.6 million and $4.8 million in the current year quarter compared with $2.5 million and $2.8 million in the prior year quarter, respectively.  The Company continues to support the recovery efforts in the U.S. Virgin Islands and other U.S. locations as a well as its private sector client base.

Capital Commitments - The Company’s capital commitments as of March 31, 2019 were $28.9 million including an interest in two foreign-flag rail ferries, two inland river towboats, other equipment and vessel and terminal improvements.

Liquidity and Debt - During the current year quarter, the Company repurchased $24.0 million in principal amount of its 3.0% Convertible Senior Notes for $23.2 million resulting in debt extinguishment losses of $0.8 million.

As of March 31, 2019, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, marketable securities and construction reserve funds totaled $181.4 million.  Total outstanding debt was $323.6 million including $79.9 million of SEA-Vista debt that is non-recourse to the Company.  SEA-Vista is a consolidated joint venture and had $100.0 million of borrowing capacity under its credit facility as of March 31, 2019.

During the quarter ended March 31, 2019, the Company entered into a new $125.0 million revolving credit facility.  As of March 31, 2019, the Company had no borrowings outstanding under this facility.

Adoption of New Accounting Standards.  On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Topic 842, Leases (“Topic 842”).  Upon adoption, the Company recorded operating lease right-of-use assets and lease liabilities of $174.6 million for certain of its equipment, office and land leases.  In addition, the Company recognized a cumulative-effect adjustment of $25.4 million, net of tax, to the opening balance of retained earnings primarily for previously deferred gains related to sale leaseback transactions.

SEACOR Holdings Inc. (“SEACOR”) is a diversified holding company with interests in domestic and international transportation and logistics and risk management consultancy.  SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements.  Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters.  Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company.  These statements are not guarantees of future performance and actual events or results may differ significantly from these statements.  Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including risks relating to weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels, increased government legislation and regulation of the Company’s businesses that could increase the cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Ocean Transportation & Logistics Services, decreased demand for Ocean Transportation & Logistics Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Ocean Transportation & Logistics Services and Inland Transportation & Logistics Services on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company’s Common Stock, operational risks of Ocean Transportation & Logistics Services and Inland Transportation & Logistics Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland Transportation & Logistics Services’ operations, the ability to realize anticipated benefits from acquisitions and other strategic transactions, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company, changes in U.S. and international trade policies and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A. (Risk Factors) of the Company’s Annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”).  It should be understood that it is not possible to predict or identify all such factors.  Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties.  Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law.  It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the SEC, including  Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).  These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

For additional information, contact Investor Relations at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com.

 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
 Three Months Ended
 March 31,
 2019 2018
Operating Revenues$209,524  $184,824 
Costs and Expenses:   
Operating147,111  131,777 
Administrative and general26,746  25,795 
Depreciation and amortization17,136  19,609 
 190,993  177,181 
Gains on Asset Dispositions437  7,045 
Operating Income18,968  14,688 
Other Income (Expense):   
Interest income1,900  1,856 
Interest expense(5,113) (8,563)
Debt extinguishment losses, net(793) (42)
Marketable security gains (losses), net3,068  (3,798)
Foreign currency gains, net405  1,690 
Other, net(644) 283 
 (1,177) (8,574)
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies17,791  6,114 
Income Tax Expense (Benefit)2,205  (281)
Income Before Equity in Losses of 50% or Less Owned Companies15,586  6,395 
Equity in Losses of 50% or Less Owned Companies, Net of Tax(2,518) (837)
Net Income13,068  5,558 
Net Income attributable to Noncontrolling Interests in Subsidiaries5,335  4,917 
Net Income attributable to SEACOR Holdings Inc.$7,733  $641 
    
Basic Earnings Per Common Share of SEACOR Holdings Inc.:$0.42  $0.04 
    
Diluted Earnings Per Common Share of SEACOR Holdings Inc.:$0.41  $0.04 
    
Weighted Average Common Shares Outstanding:   
Basic18,232,562  17,969,970 
Diluted19,571,339  18,178,518 
    
OIBDA(1)$36,104  $34,297 
OIBDA attributable to SEACOR Holdings Inc.(1)$26,996  $25,324 


                        
                        
(1)     Non-GAAP Financial Measure.  See explanation of use of non-GAAP financial measures included elsewhere in this release.


 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
 Three Months Ended
 Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
 2019 2018 2018 2018 2018
Operating Revenues$209,524  $213,838  $220,257  $216,831  $184,824 
Costs and Expenses:         
Operating147,111  150,374  147,529  162,168  131,777 
Administrative and general26,746  26,718  26,083  24,311  25,795 
Depreciation and amortization17,136  17,510  18,616  18,844  19,609 
 190,993  194,602  192,228  205,323  177,181 
Gains on Asset Dispositions437  6,014  6,018  506  7,045 
Operating Income18,968  25,250  34,047  12,014  14,688 
Other Income (Expense):         
Interest income1,900  2,245  2,450  2,179  1,856 
Interest expense(5,113) (6,181) (8,335) (8,604) (8,563)
Debt extinguishment losses, net(793) (6,017) (160) (5,407) (42)
Marketable security gains (losses), net3,068  (11,128) 1,713  782  (3,798)
Foreign currency gains (losses), net405  (2,280) (328) (1,346) 1,690 
Other, net(644) 13  357  54,311  283 
 (1,177) (23,348) (4,303) 41,915  (8,574)
Income Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies17,791  1,902  29,744  53,929  6,114 
Income Tax Expense (Benefit)2,205  (4,519) 3,362  9,853  (281)
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies15,586  6,421  26,382  44,076  6,395 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(2,518) (1,987) 821  1,931  (837)
Net Income13,068  4,434  27,203  46,007  5,558 
Net Income attributable to Noncontrolling Interests in Subsidiaries5,335  9,120  10,136  881  4,917 
Net Income (Loss) attributable to SEACOR Holdings Inc.$7,733  $(4,686) $17,067  $45,126  $641 
          
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:$0.42  $(0.26) $0.94  $2.50  $0.04 
          
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:$0.41  $(0.26) $0.88  $2.14  $0.04 
          
Weighted Average Common Shares of Outstanding:         
Basic18,233  18,165  18,108  18,077  17,970 
Diluted19,571  18,165  21,193  22,588  18,179 
Common Shares Outstanding at Period End18,528  18,330  18,243  18,224  18,165 
          
OIBDA(1)$36,104  $42,760  $52,663  $30,858  $34,297 
OIBDA attributable to SEACOR Holdings Inc.(1)$26,996  $29,822  $38,630  $25,978  $25,324 


                        
                        
(1)     Non-GAAP Financial Measure.  See explanation of use of non-GAAP financial measures included elsewhere in this release.


 
SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
 Three Months Ended
 Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
 2019 2018 2018 2018 2018
Ocean Transportation & Logistics Services         
Operating Revenues$109,272  $97,366  $109,939  $105,155  $102,384 
Costs and Expenses:         
Operating69,932  64,234  64,683  75,044  65,333 
Administrative and general10,198  10,132  9,170  10,328  10,549 
Depreciation and amortization10,337  10,707  11,298  11,620  12,645 
 90,467  85,073  85,151  96,992  88,527 
Gains on Asset Dispositions17  5,496  5,505  3  1,883 
Operating Income18,822  17,789  30,293  8,166  15,740 
Other Income (Expense):         
Foreign currency losses, net(47) (17) (24) (76) (51)
Other, net(651) (15) (96) 398  283 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax111  (23) 2,073  1,267  315 
Segment Profit(1)$18,235  $17,734  $32,246  $9,755  $16,287 
          
OIBDA(2)$29,159  $28,496  $41,591  $19,786  $28,385 
OIBDA(2) attributable to stockholders$20,051  $15,558  $27,558  $14,906  $19,412 
Dry-docking expenditures for U.S.-flag petroleum and chemical
carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)		$1,581  $6,430  $399  $5,291  $1,988 
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s15  147  —  47  47 
Dry-docking expenditures for all other equipment$1,250  $269  $1,489  $2,139  $178 
          
Inland Transportation & Logistics Services         
Operating Revenues$65,602  $77,513  $78,845  $73,409  $55,921 
Costs and Expenses:         
Operating54,245  60,801  65,667  62,361  48,181 
Administrative and general3,356  3,381  3,230  3,216  3,312 
Depreciation and amortization5,725  5,490  6,197  6,243  6,234 
 63,326  69,672  75,094  71,820  57,727 
Gains on Asset Dispositions420  481  513  503  5,162 
Operating Income2,696  8,322  4,264  2,092  3,356 
Other Income (Expense):         
Foreign currency gains (losses), net459  (2,240) (282) (1,183) 1,703 
Other, net—  37  —  14  — 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(2,472) (2,571) (1,245) 584  (2,454)
Segment Profit(1)$683  $3,548  $2,737  $1,507  $2,605 
          
OIBDA(2)$8,421  $13,812  $10,461  $8,335  $9,590 


 Three Months Ended
 Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
 2019 2018 2018 2018 2018
Witt O’Brien’s         
Operating Revenues$32,943  $37,702  $30,267  $37,308  $26,432 
Costs and Expenses:         
Operating21,772  24,258  16,240  24,399  18,306 
Administrative and general6,402  6,876  7,389  5,140  5,367 
Depreciation and amortization206  660  492  491  301 
 28,380  31,794  24,121  30,030  23,974 
Operating Income4,563  5,908  6,146  7,278  2,458 
Other Income (Expense):         
Foreign currency gains (losses), net—  (1) (12) (17) 2 
Other, net(3) —  —  —  — 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(67) 113  (13) (32) 135 
Segment Profit(1)$4,493  $6,020  $6,121  $7,229  $2,595 
          
OIBDA(2)$4,769  $6,568  $6,638  $7,769  $2,759 
          
Other         
Operating Revenues$1,805  $1,290  $1,214  $969  $116 
Costs and Expenses:         
Operating1,253  1,106  957  392  — 
Administrative and general839  551  606  498  186 
Depreciation and amortization489  237  202  62  — 
 2,581  1,894  1,765  952  186 
Gains on Asset Dispositions—  37  —  —  — 
Operating Income (Loss)(776) (567) (551) 17  (70)
Other Income (Expense):         
Foreign currency gains (losses), net—  (4) —  1  — 
Other, net—  (105) 452  53,902  — 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(90) 494  6  112  1,167 
Segment Profit (Loss)(1)$(866) $(182) $(93) $54,032  $1,097 
          
Corporate and Eliminations         
Operating Revenues$(98) $(33) $(8) $(10) $(29)
Costs and Expenses:         
Operating(91) (25) (18) (28) (43)
Administrative and general5,951  5,778  5,688  5,129  6,381 
Depreciation and amortization379  416  427  428  429 
 6,239  6,169  6,097  5,529  6,767 
Operating Loss$(6,337) $(6,202) $(6,105) $(5,539) $(6,796)
Other Income (Expense):         
Foreign currency gains (losses), net$(7) $(18) $(10) $(71) $36 
Other, net10  96  1  (3) — 


                        
                        
(1)     Includes amounts attributable to both SEACOR and noncontrolling interests.
(2)     Non-GAAP Financial Measure.  See explanation of use of non-GAAP financial measures included elsewhere in this release.


 
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
 2019 2018 2018 2018 2018
ASSETS         
Current Assets:         
Cash and cash equivalents$141,152  $144,221  $324,564  $317,389  $272,522 
Restricted cash and restricted cash equivalents2,992  2,991  2,990  2,989  2,982 
Marketable securities33,384  30,316  41,445  39,745  38,963 
Receivables:         
Trade, net of allowance for doubtful accounts174,278  171,828  151,217  142,474  111,083 
Other32,635  38,881  45,197  41,960  41,061 
Inventories4,914  4,530  5,139  4,690  3,821 
Prepaid expenses and other5,809  5,382  6,087  5,940  4,572 
Total current assets395,164  398,149  576,639  555,187  475,004 
Property and Equipment:         
Historical cost1,413,488  1,407,329  1,403,886  1,393,514  1,370,517 
Accumulated depreciation(577,136) (560,819) (545,179) (527,814) (510,418)
Net property and equipment836,352  846,510  858,707  865,700  860,099 
Operating Lease Right-of-Use Assets167,325  —  —  —  — 
Investments, at Equity, and Advances to 50% or Less Owned Companies155,290  156,886  149,184  150,158  170,305 
Construction Reserve Funds3,908  3,908  5,908  16,142  36,790 
Goodwill32,720  32,708  32,767  32,774  32,807 
Intangible Assets, Net23,662  24,551  25,724  26,898  28,072 
Other Assets7,385  8,312  8,938  9,065  9,396 
 $1,621,806  $1,471,024  $1,657,867  $1,655,924  $1,612,473 
          
LIABILITIES AND EQUITY         
Current Liabilities:         
Current portion of long-term debt$8,308  $8,497  $155,737  $8,925  $77,634 
Current portion of long-term operating lease liabilities35,540  —  —  —  — 
Accounts payable and accrued expenses50,097  59,607  56,533  61,732  40,844 
Other current liabilities67,456  55,659  66,179  68,102  59,651 
Total current liabilities161,401  123,763  278,449  138,759  178,129 
Long-Term Debt315,303  346,128  372,657  530,909  495,863 
Long-Term Operating Lease Liabilities131,862  —  —  —  — 
Deferred Income Taxes97,758  94,420  99,565  97,767  102,084 
Deferred Gains and Other Liabilities20,688  52,871  60,502  70,653  74,923 
Total liabilities727,012  617,182  811,173  838,088  850,999 
Equity:         
SEACOR Holdings Inc. stockholders’ equity:         
Preferred stock—  —  —  —  — 
Common stock392  390  389  389  389 
Additional paid-in capital1,598,804  1,596,642  1,593,430  1,592,375  1,576,657 
Retained earnings498,065  474,809  479,495  462,428  417,302 
Shares held in treasury, at cost(1,366,267) (1,366,773) (1,366,773) (1,367,433) (1,367,433)
Accumulated other comprehensive income (loss), net of tax(903) (914) (444) (385) 96 
 730,091  704,154  706,097  687,374  627,011 
Noncontrolling interests in subsidiaries164,703  149,688  140,597  130,462  134,463 
Total equity894,794  853,842  846,694  817,836  761,474 
 $1,621,806  $1,471,024  $1,657,867  $1,655,924  $1,612,473 
                    

Use of non-GAAP Financial Measures

The information furnished in this release includes non-GAAP financial measures that differ from measures calculated in accordance with U.S. GAAP, including OIBDA and Cash Earnings.

The Company defines OIBDA as operating income (loss) plus depreciation and amortization.  The Company includes maintenance and repair costs, including major overhauls and regulatory dry-dockings, and gains or losses (or impairments) on asset dispositions in OIBDA.  The Company defines Cash Earnings as OIBDA further adjusted to exclude the amortization of non-cash deferred gains and the dollars attributed to its minority partner in SEA-Vista and include the gain or loss associated with marking-to-market securities held for investment, the accrued net cash expense associated with interest on debt obligations, and the Company’s estimate of cash taxes.  Other companies may calculate OIBDA and Cash Earnings differently than the Company, which may limit their usefulness as comparative measures.  In addition, each of these measures does not necessarily represent funds available for discretionary use and are not measures of the Company’s ability to fund its cash needs.  OIBDA and Cash Earnings are each financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to Company officers and other shore-based employees; and (iii) to compare to the OIBDA and Cash Earnings of other companies when evaluating potential acquisitions.  The Company views OIBDA and Cash Earnings as measures of operating performance not liquidity.  In addition, the Company believes Cash Earnings is meaningful to investors because it assists in evaluating the Company’s results of operations and net cash generated by business activities across previous and subsequent accounting periods and to better understand the long-term performance of the Company.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The following tables reconcile these non-GAAP measures to their most closely comparable GAAP measures (amounts in thousands, except per share data).

  
 Three Months Ended March 31,
 2019 2018
U.S. GAAP Measures   
Net Income attributable to stockholders$7,733  $641 
Diluted Earnings Per Common Share(1)$0.41  $0.04 
    
Reconciliation of non-GAAP Financial Measures   
Operating Income (U.S. GAAP)$18,968  $14,688 
(+) Depreciation and amortization17,136  19,609 
OIBDA(2)36,104  34,297 
(–) Amortization of deferred gains(3)(331) (3,075)
(–) OIBDA less amortization of deferred gains attributable to noncontrolling interests(9,108) (8,053)
(–) Cash interest expense, net(4)(912) (4,021)
(–) Income tax obligation(2,080) (830)
(+/–) Marketable security gains (losses), net3,068  (3,798)
Cash Earnings(5)$26,741  $14,520 


                        
                        
(1)     Includes diluted earnings per common share of $0.12 and diluted loss per common share of $0.17 for the quarter ended March 31, 2019 and 2018, respectively, related to marking-to-market the Company’s investment in 5.2 million shares of Dorian LPG Ltd.
(2)     All references to OIBDA in this release are calculated in the same manner.
(3)     For the quarter ended March 31, 2019, amortization of deferred gains is included in gains on asset dispositions.  For the quarter ended March 31, 2018, amortization of deferred gains may be included in operating expenses as a reduction to rental expense and/or included in gains on asset dispositions.
(4)     Amount is net of interest income, excludes an immaterial amount and $0.2 million of capitalized interest, and is net of our partner’s portion of SEA-Vista interest expense of $0.5 million and $0.7 million, in each case for the three months ended March 31, 2019 and 2018 respectively.
(5)     See the Company’s 2018 letter to stockholders for a further discussion related to this non-GAAP financial measure.


 
SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
 Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
 2019 2018 2018 2018 2018
Ocean Transportation & Logistics Services         
Bulk Transportation Services:         
Petroleum and chemical carriers - U.S.-flag9  10  10  10  10 
Bulk carriers - U.S.-flag2  2  2  2  2 
Port & Infrastructure Services:         
Harbor tugs - U.S.-flag24  24  24  24  23 
Harbor tugs - Foreign-flag8  8  8  8  8 
Offshore tug - U.S.-flag1  1  1  1  1 
Ocean liquid tank barges - U.S.-flag5  5  5  5  5 
Ocean liquid tank barges - Foreign-flag1  1  1  1  1 
Specialty vessel - Foreign-flag(1)1  —  —  —  — 
Logistics Services:         
PCTC(2) - U.S.-flag4  4  4  4  4 
Short-sea container/RORO(3) vessels - Foreign-flag9  9  9  9  9 
RORO(3) & deck barges - U.S.-flag7  7  7  7  7 
Rail ferries - Foreign-flag2  2  2  2  2 
 73  73  73  73  72 
          
Inland Transportation & Logistics Services         
Bulk Transportation Services:         
Dry-cargo barges1,374  1,372  1,372  1,378  1,378 
Liquid tank barges20  20  20  20  20 
Specialty barges(4)5  5  5  5  5 
Towboats:         
4,000 hp - 6,600 hp18  18  18  18  18 
3,300 hp - 3,900 hp3  3  3  3  3 
Less than 3,200 hp2  2  2  2  2 
Port & Infrastructure Services:         
Harbor boats:         
1,100 hp - 2,000 hp18  18  18  18  17 
Less than 1,100 hp6  6  6  6  7 
Logistics Services:         
Dry-cargo barges33  35  35  30  30 
 1,479  1,479  1,479  1,480  1,480 


                        
                        
(1)     Line handling vessel.
(2)     Pure Car/Truck Carrier.
(3)     Roll On/Roll Off.
(4)     Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.

 

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