Dutch transportation operator KOTUG International has acquired full ownership of its joint venture with SEACOR Holdings in Freeport, Bahamas, by purchasing SEACOR’s 50% stake through its Seabulk subsidiary KS Maritime Holdings LLC. KOTUG, a family-owned company with a fleet of more than 70 tugs and barges, offers towing, subsea, and maritime services globally. The joint venture, KSM, provides marine terminal support services to Buckeye Partners’ Bahamas hub and will now be solely operated by KOTUG.
KOTUG’s CEO Ard-Jan Kooren expressed satisfaction with the acquisition, highlighting KSM’s success in becoming a leading tugboat brand in the Caribbean. With a workforce comprised mostly of Bahamians, KOTUG aims to continue supporting Buckeye Partners’ operations with its modern and advanced fleet. Seabulk CEO Dan Thorogood also commended the acquisition, noting KOTUG’s innovative towing capabilities and ability to ensure high-quality, customer-focused operations.
The deal marks a positive outcome of the long-standing relationship between KOTUG and SEACOR, with integration of innovative technologies like the Rotortug vessel. Moving forward, KOTUG is positioned to drive the business forward and maintain its commitment to excellence in maritime operations. The acquisition underscores KOTUG’s dedication to enhancing its services and supporting its partners in the maritime industry.
More Stories
Growing Interest in Ammonia as Technology Advances
Green Shipping May Lead to Huge Job Growth
Dali crew experienced emotional distress: Seafarers’ unions