SEACOR Marine Holdings – Not For Timing But Time Arbitrage

In the June 2017 Newsletter, I had written about SEACOR Marine (SMHI), an owner/operator of offshore support vessels (OSVs) that provides services to the global oil and gas E&P sector.  SMHI was spun off by SEACOR Holdings (CKH) on June 1, 2017.  At the time of my previous writing, SMHI stock was trading at $20.26.  Since then, it has declined 38% to $12.48 without any apparent or significant change in company or macro fundamentals.  This has prompted me to take another look.

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Seacor Marine Holdings (SMHI; 12.48; Market cap $220 M)

As a reminder, SMHI was spun off from parent company CKH on June 1, 2017.  The company, through its...