Kotug International takes full ownership of Bahamas towage jv

Kotug said it has acquired the interest of its joint venture partner, Fort Lauderdale, Florida-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 US and currently holds the sole operating licence for all bunkering operations in Freeport harbour.

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.

“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,” said Ard-Jan Kooren, CEO of Kotug.

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 harbour 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.”

Earlier this month Seacor sold its Caribbean liner and logistics business Seacor Container Lines (Seacor Island Lines) to King Ocean Services.

Kotug, a family-owned company established in 1911, operates a fleet of more than 70 tugs and barges, providing a range of towing, subsea, and other marine-related services globally.

Add Seatrade Maritime News to your Google News feed.