Air heaters are commonly used devices in steam power plants. In base-loaded conventional power plants, air heaters usually use flue gases for air heating. In this paper, the air heater from a marine steam propulsion plant is analyzed, using superheated steam as a heating medium. In a marine propulsion plant, flue gases from steam generator are not hot enough for the air heating process. In a wide range of steam system loads, the analyzed steam air heater has low energy power losses and high energy efficiencies, ranging from 98.41% to 99.90%. Exergy analysis of the steam air heater showed that exergy destruction is quite high, whereas exergy efficiency ranged between 46.34% and 67.14%. Air heater exergy destruction was the highest, whereas exergy efficiency was the lowest at the highest steam system loads, which was an unexpected occurrence because the highest loads can be expected in the majority of marine steam plant operations. The change in the ambient temperature significantly influences steam air heater exergy efficiency. An increase in the ambient temperature of 10 °C reduces analyzed air heater exergy efficiency by 4.5%, or more, on average.