Hurricane season affected Seacor Holdings’ operations in the US and Puerto Rico but the firm has since recovered.
Announcing results for the third quarter ended September 30, 2017, Executive Chairman and CEO Charles Fabrikant said the marine businesses, including harbour towing, Seacor Island Lines, Seabulk Tankers and Trailer Bridge, were affected in September by hurricanes Harvey, Irma, and Maria. But activity had recovered in October.
Mr Fabrikant said Seacor was in the process of making grants to assist relief efforts and delivering containers of supplies.
Elsewhere, the addition of two new towboats on a time charter with the SCF Bunge Marine joint venture and increased activity in the covered barge market and terminal operations helped lift the inland river services’ operating income to US$4.9 million.
Operating results from the company’s Colombian barge and towboat operation were affected by seasonal low water conditions and were $0.8 million lower than the preceding quarter.
Shipping services operating results included $3.5 million of drydocking costs for one US-flag product tanker and reflected a $2.5 million reduction of revenues for short-sea liner transportation primarily due to fewer voyages.
Among the highlights, the net income attributable to Seacor Holdings was $17.6 million, including net income of $10.9 million resulting from the sale of Illinois Corn Processing on July 3, 2017.
The net income from continuing operations was $6.6 million, including a net “mark-to-market” loss of $8.1 million on 9,177,135 shares of Dorian LPG.
Operating income from the company’s continuing operating businesses - primarily Inland River Services, Shipping Services and Witt O’Brien’s - was $15.1 million, and operating income before depreciation and amortization (“OIBDA”) was $35.6 million.