Marine shipping

17 companies · $26.8B combined revenue · $5.7B operating profit

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The typical US-listed marine shipping company grew revenue -2.3% and earnings -13% in its latest year, at a 31.4% operating margin, and 1 of 16 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

-2.3%Median revenue growth
-13%Median earnings growth
3.6%Median revenue growth, 3 yrs
-9.6%Median earnings growth, 3 yrs
31.4%Median operating margin
11.7%Median ROCE
Fastest revenue growthCadeler A/S CDLR149%Fastest earnings growthCadeler A/S CDLR331%Highest ROCEOkeanis Eco Tankers ECO15.6%Biggest margin gainCadeler A/S CDLR+23.3 pts

Growth engines: the 4 Cylinders

All four working: 0% of companies

A company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.

  • Sales growth · Revenue up 10% or more24%
  • Operating leverage · Operating income growing faster than a growing revenue25%
  • Margin expansion · Operating margin up 1 point or more38%
  • Debt reduction · Debt down 5% or more, or net cash47%

Combined revenue · 16 companies reporting in US dollars

Revenue
$0$10B$20B$30B$40BFY21FY22FY23FY24FY25

Combined operating margin

Operating margin
0%10%20%30%40%FY21FY22FY23FY24FY25

All 17 companies

Median–-2.3%-13%31.4%11.7%0.47x
FROFrontline$2.0B-8.8%▼-23.5%▼30.4%▼11.4%▼1.22x▼
KEXKIRBY$3.4B3%▲23.7%▲14.8%▼9.4%▼0.27x▲
MATXMatson$3.3B-2.3%-6.6%▲14.9%▼12.2%▲0.13x▲
INSWInternational Seaways$843M-11.4%▼-25.8%▼41%▲13.4%▲0.28x▲
CMBTCmb.Tech$1.7B77.2%▲-84%▼33.4%▲7.6%▼1.08x▼
GLNGGolar LNG$394M51.1%▲29.2%▲25.3%▼2.1%▼1.50x▼
STNGScorpio Tankers$938M-24.6%▼-48.5%▼37.9%▲9.3%▼0.19x▲
TDWTidewater$1.4B0.5%▲85.2%▲20.9%▼13.6%▲0.48x▼
TRMDTORM$1.3B-14.1%▼-53.2%▼26.6%▼12%▲0.46x▲
DHTDHT$498M-12.8%▼16.3%▲45.1%▲14.7%▲0.38x▲
ECOOkeanis Eco Tankers$392M-0.4%▲12.9%▲41.5%▲15.6%▲1.06x▼
ZIMZIM Integrated Shipping Services$6.9B-18.1%▼-77.6%▼14.7%▼11.4%▼0.02x▲
TNKTeekay Tankers$952M-22.6%▼-13%32.5%▲14.7%▲–
SBLKStar Bulk Carriers$1.0B-17.6%▼-72.4%▼13.1%▼4%▼–
NMMNavios Maritime Partners$1.3B0.8%▲-22.3%▼–––
LPGDorian LPG$482M36.3%▲115%▲43.6%▲12.3%▲0.49x▼
CDLRCadeler A/SEUR 620M149%▲331%▲51.2%▲10.4%▼1.07x▼

▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).