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Crowley and SEACOR Holdings, through its subsidiary Seabulk Tankers, have announced a joint venture that will integrate their liquid energy and chemical transportation vessels, operations and related services into a single independent U.S. Jones Act service provider.
The joint venture, Fairwater Holdings, will offer vessels and marine transportation solutions in the U.S. domestic market with a fleet 20 ocean-going, articulated tug-barges (ATBs) and 11 tankers, many under long-term charter. The services will cover the petroleum and chemical trades, as well as related third-party ship management services. The joint venture will also provide crewing and technical management for an additional 21 third-party owned vessels.
The joint venture is expected to close in Q1 2024. Daniel Thorogood, CEO of Seabulk, will assume the CEO role at Fairwater at closing.
“Fairwater marks an important milestone in meeting the evolving needs for safe, efficient and sustainable U.S. domestic maritime transportation solutions,” said Thorogood. “I am honored to take the helm alongside highly experienced seagoing and shoreside team members and provide our customers and the communities we serve with a maritime transportation provider whose values and performance will set the industry standard.”
Fairwater Holdings be based in Fort Lauderdale with offices in Fairfield, Connecticut; Houston, Jacksonville and Seattle.Crowley’s chairman and CEO, Tom Crowley, said the joint venture with Seabulk will create more value for customers, as Seabulk is a complementary partner with expertise in safe, sustainable, and reliable maritime results and innovation, similar to Crowley.
“The new company will not only be a historic moment for Crowley and SEACOR, but it will also align with our continuing growth strategy with solutions for customers and partners that deliver clear benefits for today and promise to advance tomorrow,” Crowley said.“Fairwater provides an exciting path for continued growth and investment benefiting our exceptional talent pool, our customers and this essential industry at large,” added Eric Fabrikant, CEO of SEACOR. “We welcome the opportunity to partner with Tom and the entire Crowley organization and look forward to jointly supporting this new venture ensuring seamless service during this transitional time and beyond.”
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