SEACOR Sells Its Inland River Business to Ingram
Fort Lauderdale, Fla. based SEACOR Holdings Inc. announced it has signed a definitive agreement to sell its inland river transportation and logistics business to Ingram Barge Company LLC, a division of Nashville-based Ingram Marine Group.
Part of the SEACOR family of businesses for over two decades, Inland River Transport Holdings LLC (SCF) includes more than 1,000 covered dry cargo hopper barges, eight 6,000-plus horsepower towboats and a network of terminal and fleeting infrastructure along the Mississippi River.
“I am extremely pleased to enter this transaction with Ingram, one of the most respected river transportation providers,” said Eric Fabrikant, SEACOR CEO. “As an organization, Ingram upholds a corporate culture and value system akin to our own, which will not only ensure a smooth transition for our people and customers but create a strong foundation for future growth.”
“Not only does SCF operate a robust network of terminals and a modern, young fleet of complementary marine assets, but it is run by an industry-leading team of transportation and logistics professionals,” said John Roberts, Ingram's president and CEO. “We are excited to diversify Ingram’s service offerings and welcome SCF’s team, customers and equipment to the Ingram family.”
Ingram operates across more than 4,500 miles of the U.S. inland waterways system transporting a variety of agriculture and industrial commodities via 4,000 covered and open top dry cargo and liquid tank barges and 150 towboats.
“Access to Ingram’s towing fleet and other efficiencies will enhance service to SCF’s customers at a time of fierce competition for global agricultural exports,” said Tim Power, president and CEO of SCF. “Additionally, the larger platform will be better positioned to develop innovative technologies and sustainable solutions in response to the industry’s evolving needs.”
Terms of the transaction were not disclosed. The deal remains subject to regulatory approval and customary closing conditions, SEACOR said.
The move comes amid big fleet shifts for SEACOR, which in September announced the creation of Fairwater Holdings, a new joint venture combining the company's liquid energy and chemical transportation vessels, operations and services with Crowley's.
Last month, SEACOR also agreed to sell its U.S. harbor towing operations and assets from its Seabulk subsidiary to E.N. Bisso & Son, Inc. and Bay-Houston Towing Co.
