Global maritime and logistics leaders Crowley and SEACOR Holdings (“SEACOR”), through its subsidiary Seabulk Tankers, Inc.(“Seabulk”), today announced an agreement to form a joint venture that will integrate their liquid energy and chemical transportation vessels, operations and related services into a new, independent U.S. Jones Act service provider, Fairwater Holdings LLC (“Fairwater”).
Fairwater will leverage and scale both entities’ unique operational and safety-focused capabilities to serve the U.S. domestic market with vessels and marine transportation solutions across the petroleum and chemical trades, as well as related third-party ship management services. It will include 20 ocean-going, articulated tug-barges and 11 tankers, many under long-term charter. The joint venture will provide crewing and technical management for an additional 21 third-party owned vessels.
Daniel Thorogood, CEO of Seabulk, will assume the CEO role at Fairwater at closing. The joint venture will be based in Fort Lauderdale with offices in Fairfield, Conn.; Houston, Jacksonville and Seattle.
“Through this new joint venture, Fairwater will create more value for customers. Seabulk is an ideal and complementary partner with proven expertise in providing safe, sustainable and reliable maritime results and in driving innovation, much like Crowley,” said Tom Crowley, chairman and CEO of Crowley. “The new company will align with our continuing growth strategy with solutions for customers and partners that deliver clear benefits for today and promise to advance tomorrow.”
The joint venture transaction is expected to close in the first quarter of 2024 and begin operations following the satisfaction of customary closing conditions and regulatory approval.
Reprinted from Marine Construction Magazine Issue V, 2023.
