- Seacor Holdings persists in shedding assets.
- The sale of Seacor Island Lines marks the third divestment.
- Seacor Holdings announced a joint venture with Crowley.
Seacor Holdings, a prominent player in the shipping sector, persists in shedding assets, recently finalizing the sale of Seacor Island Lines, its Caribbean container transport business, reports Freight Waves.
Details of the Deal
The transaction with King Ocean Services Ltd. encompasses nine specialized vessels with shallow draughts, alongside over 1,500 containers and chassis. However, specific terms of the deal remain undisclosed.
Seacor Island Lines: An Overview
Operating from Fort Lauderdale, Florida, Seacor Island Lines caters to approximately 30 stops within the Bahamas and Turks and Caicos islands. Its services span containerized and refrigerated cargoes, as well as breakbulk and heavy equipment, facilitated through weekly liner and charter services.
History of Acquisition
Originally known as G&G Shipping, Seacor Island Lines became part of the Seacor Holdings portfolio in 2011.
Reaction from King Ocean Services
Jose Da Costa Gomez, President and CEO of King Ocean Services, expressed enthusiasm over the acquisition, citing the expansion of end markets and the addition of seasoned transportation and logistics professionals to their team.
King Ocean Services: A Snapshot
Based in Miami, King Ocean Services specializes in marine transportation and logistics solutions across 50 destinations in the Caribbean and the Americas.
Their offerings extend to in-house trucking, consolidation, and terminal operations, cementing their position as the largest container operator in Port Everglades, Florida.
Seacor Holdings’ Recent Moves
The sale of Seacor Island Lines marks the third divestment by Seacor Holdings in recent months. Preceding this, the company offloaded its Gulf of Mexico towing subsidiary, Seabulk Towing, in September, followed by the sale of its inland shipping unit, Inland River Transport Holdings, in October.
Strategic Partnerships
Additionally, Seacor Holdings announced a joint venture with Crowley, a maritime and logistics services provider, in September. This collaboration birthed Fairwater Holdings LLC, an independent provider integrating their liquid energy and chemical transportation vessels and related services.
Fairwater Holdings: A New Venture
Comprising 20 oceangoing articulated tug barges and 11 tanker vessels, Fairwater Holdings will also provide crewing and technical management for 21 third-party-owned vessels.
About Seacor Holdings
Headquartered in Fort Lauderdale, Seacor Holdings operates as a subsidiary of American Industrial Partners, a New York-based private equity firm focusing on industrial investments.
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Source: Freight Waves
