KOTUG takes full ownership of Kotug Seabulk Maritime

KSM acts as the exclusive provider of maritime terminal support services for Buckeye Partners’ Bahamas Hub. [Image: KOTUG]

KOTUG International B.V. said today that it has concluded the acquisition of Kotug Seabulk Maritime LLC (KSM), taking full ownership of the business. KOTUG has acquired the interest held by its joint venture partner, SEACOR Holdings Inc. through 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, “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.”

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 United States and currently holds the sole operating license for all bunkering operations in Freeport harbor.

“This is an extremely positive outcome,” said Dan Thorogood, CEO of Seabulk. “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.”

The KSM sale is the latest in a string of sell-offs by SEACOR, which since 2021 has been a portfolio company of New York-based private equity firm American Industrial Partners (AIP). Last September’s sale of its U.S. harbor towing business was followed by the sale of its Inland River Transport Holdings LLC (“SCF”) to Ingram Barge Company LLC the following month. Then, earlier this month, it announced the sale of its SEACOR Island Lines Caribbean liner and logistics business to Sweetwater, Fla., headquartered King Ocean Services Ltd i