Crowley, SEACOR Form Joint Venture

Images via Crowley Maritime, SEACOR Holdings.

Crowley Maritime and SEACOR Holdings (through its Seabulk Tankers, Inc. subsidiary) have formed a joint venture called Fairwater Holdings LLC to expand both companies’ capabilities in liquid energy and chemical transportation vessels, operations and services, the companies announced Sept. 13.

Fairwater will be a standalone company based in Fort Lauderdale, Fla., but would also maintain offices in Seattle and on the East and Gulf coasts. It intends to serve the U.S. market with 20 articulated tug-barges and 11 tankers as well as crewing and technical management for another 21 third-party owned vessels, according to the announcement.

“Fairwater marks an important milestone in meeting the evolving needs for safe, efficient and sustainable U.S. domestic maritime transportation solutions,” said Seabulk CEO Daniel Thorogood, who is expected to become Fairwater’s chief executive when the deal closes in 2024.

Through this new joint venture, Crowley Chairman and CEO Tom Crowley said, Fairwater is expected to 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,” he said.

The joint venture transaction is expected to close in the first quarter of 2024 and begin operations following regulatory approval, Crowley and SEACOR said.

By Karen Robes Meeks