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Water Transportation: capital spending and supply chain

SIC 4400 · 9 companies with filed cash-flow statements

Capital spending, 12 months$15.1B
Operating cash flow$20.4B
Capex / cash flow74%
Capex / revenue19.6%
Top 3 share78%

Analysis

9 companies in Water Transportation (SIC 4400) spent $15.1B on capital projects over their latest twelve months, 74% of the $20.4B their operations generated; the three largest spenders — RCL, CCL, NCLH — account for 78%.

Capital spending is 19.6% of the industry's $77.2B of annual revenue.

By the industry's asset mix most of it goes to equipment (50%); about $877M is imported.

The largest supplier of that spending is ship building and repairing ($5.1B).

Its largest supplying industries, by the input-output tables: commercial and industrial machinery and equipment rental and leasing ($5.0B), travel arrangement and reservation services ($4.6B), petroleum refineries ($4.4B).

Charts

Water Transportation: capital spending by company, latest twelve monthsWater Transportation: capital spending by company, latest twelve monthsRCL$5.4BCCL$3.6BNCLH$2.7BNCL$2.7BMATX$355MKEX$236MTDW$40.1MINSW$1.9MOMEX$15K
Filed cash-flow statements (SEC XBRL).
Water Transportation: what the capital spending buys (US part)Water Transportation: what the capital spending buys (US part)Structures$601MEquipment$7.1BSoftware$5.5BOther$1.0B
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Water Transportation: the industries that build and sell what it buysWater Transportation: the industries that build and sell what it buysShip building and repairing$5.1BSoftware publishers$3.3BBoat building$1.9BCustom computer programming servi…$1.2BComputer systems design services$829MTransportation structures and hig…$510MData processing, hosting, and rel…$170MManagement of companies and enter…$111MOffice and commercial structures$91.4MLight truck and utility vehicle m…$71.7M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Water Transportation: its first-tier supplying industriesWater Transportation: its first-tier supplying industriesCommercial and industrial machine…$5.0BTravel arrangement and reservatio…$4.6BPetroleum refineries$4.4BScenic and sightseeing transporta…$3.5BImports$2.9BPostal service$2.7BShip building and repairing$2.1BPlate work and fabricated structu…$1.8BManagement of companies and enter…$1.7BPetroleum and petroleum products$1.5B
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Water Transportation: where the industry's cash came from (+) and went (−)Water Transportation: where the industry's cash came from (+) and went (−)Operating cash flow$20.4BCapital spending−$15.1BOther financing (out)−$4.4BNet borrowing$3.6BBuybacks−$2.1BDividends−$2.0BCash added to the balance she…−$972MCash drawn from the balance s…$813MNet debt repaid−$690MOther financing (in)$624MOther investing (in)$494MOther investing (out)−$372MTaxes paid on employees' shar…−$109MAcquisitions−$105M
The companies’ cash-flow statements, latest four quarters or fiscal year: every figure filed (grade A).

Capital spending by company

CompanyCapital spendingOperating cash flowCapex / OCFPeriod
RCL Royal Caribbean Cruises$5.4B$6.9B78%TTM to Q3 2026
CCL Carnival$3.6B$6.8B53%TTM to Q3 FY26
NCLH Norwegian Cruise Line Holdings$2.7B$2.2B126%TTM to Q3 2026
NCL$2.7B$2.2B126%TTM to Q3 2026
MATX Matson$355M$638M56%TTM to Q3 2026
KEX Kirby$236M$626M38%TTM to Q3 2026
TDW Tidewater$40.1M$311M13%TTM to Q2 2026
INSW International Seaways$1.9M$798M0%TTM to Q3 2026
OMEX Odyssey Marine Exploration$15K−$17.3M—TTM to Q3 2026

The interactive money flow: switch views, follow each dollar →

Evidence grades: A filed figure · B computed from filed figures · C industry average (BEA input-output and fixed-asset tables) applied to filed figures. Estimates are not the companies’ own records. Not investment advice.