Stock Photo: TAH Media/Shutterstock
Dutch towage operator KOTUG International has acquired full ownership of its Freeport, Bahamas-focussed joint venture with SEACOR Holdings, with KOTUG buying out the 50% stake held by SEACOR via its Seabulk subsidiary KS Maritime Holdings LLC.
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.
KSM, founded in 2017, has been the exclusive provider of maritime terminal support services, including launch and line handling services, for Buckeye Partners’ Bahamas Hub. Buckeye Partners, one of the largest independent operators of liquid petroleum products pipelines and terminals in the United States, holds the sole operating license for all bunkering operations in Freeport harbor. KOTUG will continue the operations with its full ownership.
“Together with Seabulk, we have developed KSM into a renowned, leading towage brand in the Caribbean,” said Ard-Jan Kooren, CEO of KOTUG. “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.”
Dan Thorogood, CEO of Seabulk, also voiced his optimism about the transaction.
“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 US-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,” Thorogood said.
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