KOTUG Takes Full Ownership of Its Bahamas Towage JV with SEACOR
KOTUG International, a marine services and towage provider based in the Netherlands, announced on Thursday it has concluded its acquisition of Kotug Seabulk Maritime (KSM), taking full ownership of the Caribbean marine towage business.
KOTUG said it has acquired the interest of its joint venture partner, Fort Lauderdale, Fla.-based SEACOR Holdings via its Seabulk subsidiary KS Maritime Holdings, owner of the 50% share in KSM.
Founded in 2017, KSM acts as the exclusive provider of maritime terminal support services for Buckeye Partners’ Bahamas Hub, which includes launch and line handling services. Buckeye Partners is one of the largest independent operators of liquid petroleum products pipelines and terminals in the U.S. and currently holds the sole operating license for all bunkering operations in Freeport harbor.
KMS deploys four tugboats, two line handlers, a crew tender launch and a bunker barge to execute all terminal towage operations, including bunker barge assistance. The tug fleet consists of two Rotortugs, the RT Blackbeard and RT Raptor and two stern drive tugs, SD Calypso and SD Junkanoo.
Ard-Jan Kooren, CEO of KOTUG, said, “Together with Seabulk, we have developed KSM into a renowned, leading towage brand in the Caribbean. We are excited to take full ownership of the business and to continue offering essential support to Buckeye Partners Freeport operations for many years to come, with one of the region’s most modern and sophisticated fleets. Our operations are supported by an excellent team, with more than 93% of the staff being Bahamians, both in our offices and on board.”
Dan Thorogood, CEO of Seabulk, said, “This is an extremely positive outcome. Over the course of our decade-plus relationship, we not only integrated the proprietary Rotortug vessel into the KSM JV but also into the formerly owned Seabulk U.S.-flag harbor towing fleet. KOTUG is a leader in towing innovation, and I can confidently say they are uniquely suited to carry the business forward and ensure the continuation of high quality, customer-centric operations.”
For SEACOR, a portfolio company of American Industrial Partners, the sale is one of several executed in recent months. In September the company sold its U.S. harbor towing operations and assets from its Seabulk subsidiary to two parties, E.N. Bisso & Son, Inc. and Bay-Houston Towing Co., and in October it sold its inland river transportation and logistics business to Ingram Barge Company. Earlier this month it sold its Caribbean liner and logistics business SEACOR Container Lines (SEACOR Island Lines) to King Ocean Services.
Family-owned KOTUG offers towing, subsea and other marine-related services to customers worldwide. Presently, its fleet comprises more than 70 tugs and barges.
