Direct Answer
8 SEC filers are classified under the Standard Industrial Classification codes that describe the marine transportation industry, and their latest annual reports show $59.0 billion of combined revenue and a median operating margin of 10.6%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Marine transportation companies operate vessels such as tankers, bulk carriers, barges and container ships to carry cargo for customers. Rates follow trade and fleet supply, and fuel and regulation add cost. The first numbers to compare across companies here are charter rates and utilization, fleet size and age and operating cost per day.
Key Industry Metrics
- Charter rates and utilization: Daily hire earned per vessel and the share of days actually employed. Together they give daily revenue, and moves in either direction depend on cargo demand relative to fleet supply.
- Fleet size and age: Number of vessels and their average age. Older ships face higher maintenance and regulatory costs, while newer ones are more efficient but add capital commitment and supply.
- Operating cost per day: Crew, maintenance, insurance and stores cost per vessel per day. Compare it with peers and with charter rates to judge the breakeven level the business can tolerate.
- Contract coverage: Share of fleet days committed under fixed-term charters or contracts. Higher coverage stabilizes earnings, while lower coverage gives more upside and downside to market rates.
- Net debt: Borrowings less cash, usually secured on vessels. With volatile earnings, high net debt relative to fleet value or cash flow limits flexibility when rates fall.
Primary Macro Drivers
- Trade volumes: More cargo moved raises vessel use and charter rates, so trade growth shows up in fleet utilization and day rates.
- Fleet supply: Ship deliveries and scrapping set how many vessels chase cargo, so supply growth against demand decides rates and utilization.
- Fuel prices: Bunkers are a large voyage cost, so price moves affect margin for voyage-charter operators more than time-charter owners.
- Environmental regulation: Emission and ballast rules require retrofits, slower speeds or fuel changes, raising cost and retiring older ships.
Major Risks
- Rate volatility: Charter earnings swing with the market, so cash flow and covenants move; watch contract coverage, breakeven and net debt.
- Newbuild supply: A large order book adds vessels later, often as demand eases, pushing rates lower; watch the order book against the fleet.
- Regulation: New environmental or safety rules add compliance cost and capex and can shorten ship lives; watch fleet age and spending disclosure.
- Geopolitical events: Conflict and sanctions reroute cargo, creating sudden rate shifts, higher insurance and uneven demand; watch route changes and war-risk costs.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | High |
| Regulatory Intensity | Medium |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Marine Transportation Filers in the SEC Record
8 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 4400, 4412. Their latest fiscal years end in 2025, and together they reported $59.0 billion of revenue. Median revenue growth over the prior year was 3.3%. Median operating margin was 10.6% and median net margin 3.7%. Median total liabilities were 75% of total assets, and 5 of 8 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Carnival Corp Ltd. | $26.6 billion | 6.4% | 16.8% | 10.4% | FY 2025 |
| Royal Caribbean Cruises Ltd | $17.9 billion | 8.8% | 27.4% | 23.8% | FY 2025 |
| Norwegian Cruise Line Holdings Ltd. | $9.8 billion | 3.7% | 15.9% | 4.3% | FY 2025 |
| Kirby Corp | $3.4 billion | 3.0% | 14.8% | 10.5% | FY 2025 |
| Pangaea Logistics Solutions Ltd. | $632 million | 17.8% | 6.5% | 3.1% | FY 2025 |
| Genco Shipping & Trading Ltd | $342 million | -19.1% | 2.2% | -1.3% | FY 2025 |
| Seacor Marine Holdings Inc. | $228 million | -16.0% | 6.0% | -12.2% | FY 2025 |
| Odyssey Marine Exploration Inc | $353,719 | -54.0% | -3797.1% | -12180.6% | FY 2025 |
Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Marine Transportation guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Marine Transportation industry?
Key performance indicators for the Marine Transportation industry include: Charter rates and utilization, Fleet size and age, Operating cost per day, Contract coverage, Net debt. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Marine Transportation industry?
The Marine Transportation industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Marine Transportation industry?
The primary risks for Marine Transportation companies include: Rate volatility, Newbuild supply, Regulation, Geopolitical events. Investors should assess each company's exposure to these factors and its track record of navigating them.