SEACOR Marine Holdings Inc (SMHI)

SEACOR Marine Holdings Inc. (SMHI): A Comprehensive Overview

Company Profile:

History and Background:

SEACOR Marine Holdings Inc. (SMHI) is a Houston-based marine transportation company offering a wide range of services, including offshore transportation, inland river transportation, and offshore energy support. Founded in 1969 by Charles Fabrikant, the company has grown to operate a diverse fleet of approximately 240 vessels, including inland towboats, offshore support vessels, offshore construction vessels, and articulated tugs and barges.

Core Business Areas:

• Offshore Transportation: This segment focuses on transporting crude oil and refined petroleum products between offshore platforms, refineries, and terminals.
• Inland River Transportation: This segment involves transporting various commodities, including petroleum products, grain, and petrochemicals, on the inland waterways of the United States.
• Offshore Energy Support: This segment provides various support services to offshore energy companies, including platform supply, anchor handling, towing, and oil spill response.

Leadership Team and Corporate Structure:

The current leadership team of SMHI comprises:

• President and CEO: John Gellert
• Senior Vice President, Chief Financial Officer and Chief Accounting Officer: Ronald Aucoin
• Chief Operating Officer: John C. Powell
• Vice President and General Counsel: Michael A. Murphy

The company operates through a subsidiary structure, with separate divisions for each of its core business areas.

Top Products and Market Share:

Top Products:

• Offshore Support Vessels: SMHI offers a wide range of offshore support vessels, including platform supply vessels, anchor handling tugs, and offshore construction vessels.
• Inland Towboats: The company operates a fleet of over 100 inland towboats, used to transport various commodities on the inland waterways of the United States.
• Articulated Tugs and Barges (ATBs): SMHI owns and operates a fleet of ATBs, which are used to transport crude oil and refined petroleum products along the coast of the United States.

Market Share:

• Offshore Support Vessels: SMHI is a leading provider of offshore support vessels in the Gulf of Mexico, with a market share of approximately 10%.
• Inland River Transportation: The company holds a significant market share in the inland river transportation of petroleum products in the United States.
• ATBs: SMHI is a leading operator of ATBs in the United States, with a market share of approximately 15%.

Comparison with Competitors:

SMHI faces competition from other marine transportation companies, including Tidewater Inc. (TDW), Hornbeck Offshore Services (HOS), and Crowley Maritime Corporation (CROW). Compared to its competitors, SMHI has a strong presence in the offshore support vessel market and a significant market share in the inland river transportation of petroleum products.

Total Addressable Market:

The total addressable market (TAM) for SMHI is estimated to be around $20 billion. This includes the global market for offshore support vessels, the inland river transportation market in the United States, and the market for ATBs.

Financial Performance:

Recent Financial Statements:

• Revenue: SMHI reported total revenue of $942.3 million in the first half of 2023, compared to $824.5 million in the same period of 2022.
• Net Income: The company's net income in the first half of 2023 was $42.2 million, compared to $35.1 million in the same period of 2022.
• Profit Margins: SMHI's gross profit margin in the first half of 2023 was 19.2%, compared to 18.5% in the same period of 2022. The company's operating margin was 13.8%, compared to 12.9% in the same period of 2022.
• Earnings per share (EPS): SMHI's diluted EPS in the first half of 2023 was $0.82, compared to $0.69 in the same period of 2022.

Year-over-Year Performance:

SMHI's financial performance has shown steady improvement in recent years. The company's revenue, net income, and earnings per share have all increased year-over-year.

Cash Flow and Balance Sheet:

SMHI's cash flow from operations in the first half of 2023 was $70.5 million, compared to $55.7 million in the same period of 2022. The company's total debt-to-equity ratio at the end of the first half of 2023 was 0.65.