Written by
Nick Blenkey
KSM acts because the unique supplier of maritime terminal assist companies for Buckeye Companions’ Bahamas Hub. [Image: KOTUG]
KOTUG Worldwide B.V. mentioned immediately that it has concluded the acquisition of Kotug Seabulk Maritime LLC (KSM), taking full possession of the enterprise. KOTUG has acquired the curiosity held by its three way partnership companion, SEACOR Holdings Inc. by means of its Seabulk subsidiary’s KS Maritime Holdings LLC, which had held a 50% share in KSM.
Ard-Jan Kooren, CEO of family-owned KOTUG, commented, “Along with Seabulk, we’ve developed KSM right into a famend, main towage model within the Caribbean. We’re excited to take full possession of the enterprise and to proceed providing important assist to Buckeye Companions Freeport operations for a few years to come back, with one of many area’s most fashionable and complex fleets. Our operations are supported by a superb workforce, with greater than 93% of the employees being Bahamians, each in our workplaces and on board.”
Based in 2017, KSM acts because the unique supplier of maritime terminal assist companies for Buckeye Companions’ Bahamas Hub, which incorporates launch and line dealing with companies. Buckeye Companions is without doubt one of the largest impartial operators of liquid petroleum merchandise pipelines and terminals in the US and presently holds the only working license for all bunkering operations in Freeport harbor.
“That is a particularly optimistic final result,” mentioned Dan Thorogood, CEO of Seabulk. “Over the course of our decade-plus relationship, we not solely built-in the proprietary Rotortug vessel into the KSM JV but in addition into the previously owned Seabulk U.S.-flag harbor towing fleet. KOTUG is a pacesetter in towing innovation, and I can confidently say they’re uniquely suited to hold the enterprise ahead and make sure the continuation of high-quality, customer-centric operations.”
The KSM sale is the most recent in a string of sell-offs by SEACOR, which since 2021 has been a portfolio firm of New York-based personal fairness agency American Industrial Companions (AIP). Final September’s sale of its U.S. harbor towing enterprise was adopted by the sale of its Inland River Transport Holdings LLC (“SCF”) to Ingram Barge Firm LLC the next month. Then, earlier this month, it introduced the sale of its SEACOR Island Traces Caribbean liner and logistics enterprise to Sweetwater, Fla., headquartered King Ocean Providers Ltd i
