SEACOR Marine Posts 33.1% Direct Vessel Margin Despite $9.5 Million Net Loss
Key Facts
SEACOR Marine reported on October 28 results for the third quarter ended September 30, 2026, posting operating revenue of $57.3 million and direct vessel profit of $18.9 million, alongside an operating loss of $1.4 million. The company, however, swung to a net loss of $9.5 million, or $0.36 per basic and diluted share. The results highlight a divergence between improved fleet performance and the bottom line. Average day rates and fleet utilization rose compared with both the year-earlier and preceding quarters. The company said performance by its platform supply vessel fleet led the operational improvement.
Average day rates were $21,100 in the third quarter, compared with $19,490 in the same period of 2025 and $20,227 in the second quarter of 2026. Fleet utilization rose to 71%, versus 66% a year earlier and 68% in the previous quarter. The direct vessel profit margin widened to 33.1%, from 19.4% in the third quarter of 2025 and 14.5% in the second quarter of 2026. Excluding vessels sold during or after the third quarter of 2025, direct vessel profit increased 110.9% year over year and 120.8% quarter over quarter. These comparisons point to improved operating metrics and returns on vessels that remained in the fleet.
The improvement in these metrics did not translate into higher reported revenue year over year; revenue fell 3.3% from the third quarter of 2025 but rose 4.8% from the second quarter of 2026. Adjusting for the impact of vessels sold, revenue increased 25.6% year over year and 6.2% quarter over quarter. The difference between reported and adjusted figures reflects the effect of changes in fleet size on comparisons between periods. Even so, the bottom line remained below the profitability recorded in previous periods. The company posted net income of $9.0 million in the third quarter of 2025 and $3.3 million in the second quarter of 2026, before the latest quarter's loss.
The chief executive said the improvement in utilization, rates and margins was led by the platform supply vessel fleet. He added that ongoing maintenance on the two premium liftboats limited gains. Lower utilization of the fast support vessel fleet, particularly in the Middle East, also weighed on performance. The company attributed the region's weak market mainly to delays in construction and drilling projects due to prevailing operating conditions. This places the slowdown in regional activity among the factors affecting vessel utilization, alongside maintenance work within the fleet.
The company used $3.145 million in cash in operating activities during the quarter and spent $7.076 million on purchases of property and equipment. The figures represent separate items in the period's cash flows. In the second quarter of 2026, SEACOR Marine sold five vessels and other equipment for net cash proceeds of $44.7 million. It recorded gains of $31.3 million after transaction costs at the time. These sales provide context for the financial comparisons between the two quarters, as they changed the asset base and contributed to the prior period's result.
The board continues to review strategic alternatives with the help of independent financial advisers, after the company announced the review on July 29, 2026. The company has not set a timetable for completing it and said there is no assurance it will lead to a transaction or strategic outcome. At the same time, management expects to take delivery of two new supply vessels in the coming months and said it is confident about leasing opportunities for them. The company is also focused on increasing long-term contract coverage in less volatile markets. SMHI shares closed at $8.93 on October 28, 2026.