New York-listed Florida-based Seacor Holdings has announced the sale of Inland River Transport Holdings (SCF) to Ingram Barge Company, a division of Ingram Marine Group, headquartered in Nashville, Tennessee. Inland River Transport Holdings (SCF), a part of Seacor Holdings for over two decades, operates a fleet comprising more than 1,000 covered dry cargo hopper barges, eight towboats, and a network of terminal and fleeting infrastructure along the Mississippi River. Nashville-based Ingram Barge Company, on the other hand, manages a fleet of approximately 150 towboats and 4,000 barges. Nashville-based Ingram Barge Company’s operations encompass the transportation of various goods, including aggregates, grain, fertilizer, coal, ores, alloys, steel products, chemicals, and more, spanning over 4,500 miles of US inland waterways. Eric Fabrikant, Chief Executive Officer of Seacor Holdings, expressed satisfaction with the transaction, highlighting Ingram Barge Company’s reputation as one of the most respected river transportation providers. Eric Fabrikant emphasized the alignment of corporate culture and values between the two companies, anticipating a smooth transition for employees and customers, along with opportunities for future growth. Tim Power, President and CEO of Inland River Transport Holdings (SCF), noted that access to Nashville-based Ingram Barge Company’s towing fleet and other efficiencies will enhance customer service, particularly in the competitive global agricultural export market. Additionally, the expanded platform resulting from the acquisition positions them well to develop innovative technologies and sustainable solutions to meet the evolving needs of the industry. The deal is subject to regulatory approval and customary closing conditions. In recent developments, Seacor Holdings had also agreed to sell its harbor towing operations and assets from its Seabulk Towing subsidiary to separate buyers, E.N. Bisso & Son and Bay-Houston Towing. The US inland river system is a vital commercial waterway network, covering 12,000 miles and transporting approximately 630 million tons of staple agricultural goods, industrial products like steel and cement, and bulk liquids annually. 25-October-2023
New York-listed Florida-based Seacor Holdings has divested its harbor towing operations and assets from its Seabulk Towing subsidiary to two separate buyers: E.N. Bisso & Son and Bay-Houston Towing. In the E.N. Bisso transaction, New York-listed Florida-based Seacor Holdings is selling twelve (12) harbor tugs located in ports in Florida and Alabama. Meanwhile, Bay-Houston Towing is acquiring eight (8) vessels that operate in Texas, specifically along the Sabine Neches Navigation District and in the port of Lake Charles. Following this transaction, Seacor Holdings will retain ownership and operation of a fleet of tugs and barges that support its Caribbean terminal and bunkering operations, including the KSM joint venture with Kotug. New York-listed Florida-based Seacor Holdings CEO Eric Fabrikant emphasized that both E.N. Bisso and Bay-Houston are well-established harbor towing providers known for their safe and reliable operations. This move not only secures long-term homes for Seacor Holdings’ assets and personnel but also ensures the continued delivery of high-quality service to their customers. 24-September-2023
Crowley and New York-listed Florida-based Seacor Holdings, operating through its subsidiary Seabulk Tankers, have unveiled plans to establish a joint venture known as Fairwater Holdings. This venture will combine Crowley and Seabulk Tankers liquid energy and chemical transportation ships, operations, and associated services to create an independent US Jones Act service provider. The Fairwater Holdings fleet will consist of twenty (20) ocean-going articulated tug-barges and eleven (11) tankers, with many of them already under long-term charter agreements. Additionally, the joint venture will take on crewing and technical management responsibilities for third-party owned ships. Daniel Thorogood, CEO of Seabulk, will assume the role of CEO at Fairwater Holdings. The joint venture’s headquarters will be located in Florida, with additional offices in Fairfield, Houston, Jacksonville, and Seattle. The transaction for the establishment of this joint venture is anticipated to be finalized in the Q1 2024. 13-September-2023
New York-listed Florida-based Seacor Holdings has completed the acquisition of U.S. Shipping Corp (USSC), a privately owned company specializing in long-haul marine transportation of chemical and petroleum cargoes within the US coastwise trade, in compliance with the Jones Act. U.S. Shipping Corp (USSC) brings a fleet of six vessels to the merger, comprising one (1) parcel tanker, one (1) product tanker, and four (4) articulated tug barges. These vessels will join New York-listed Florida-based Seacor Holdings’ subsidiary Seabulk’s existing fleet of 15 vessels. Dan Thorogood, CEO of Seabulk, which is a part of the Seacor Holdings family of companies, expressed enthusiasm for the merger. Dan Thorogood emphasized that the combination of these two fleets and operating teams will provide customers with enhanced flexibility, access to best-in-class equipment, and a commitment to delivering excellent service in the long term. 15-August-2021
Seacor Holdings has reported a decline in its Q3 profit, particularly in its ocean shipping division, contributing to lower-than-expected earnings for the company as a whole. In the ocean transportation and logistics services segment, Seacor Holdings saw a profit of $17.1 million, marking a significant 46.8% drop from the $32.2 million earned in the same period in 2018. Operating income also decreased, slipping to $17.4 million from $19.5 million. The ocean shipping sector, which includes car carriers, dry cargo, tankers, and rail ferry operations, experienced a decrease in revenue, falling to nearly $103 million from approximately $110 million in the previous year. The bulk transportation business within Seacor Holdings’ shipping portfolio also faced challenges, with a decline of $8 million in operating revenue during the quarter. This was attributed to the return of a leased tanker, the dry docking of another tanker, and lower spot and time-charter rates. Additionally, the logistics services business suffered a $1.5 million decrease due to declines in both military and commercial cargoes. Despite the drop in profits, Seacor Holdings emphasized its $238 million contract backlog after gaining full control of its Sea-Vista tanker joint venture in August. Seacor Holdings currently controls 73 vessels, including tankers, bulkers, oceangoing barges, car carriers, roll-on/roll-off (ro-ro) vessels, and rail ferries.
Inland barge business also faced challenges, reporting a $2.26 million loss compared to a $2.74 million profit in the same period in 2018. Operating income dropped to $600,000 from $4.3 million in the previous year, largely due to difficult conditions in the inland transportation and logistics services segment, as well as the lingering effects of extreme flooding and trade restrictions. The US-China trade tensions and competition from cheaper South American grain were additional challenges mentioned by Seacor Holdings. While Seacor Holdings’ earnings fell slightly short of expectations, it was noted that Ebitda (Earnings Before Interest, Taxes, Depreciation, and Amortization) performed somewhat better than anticipated, according to Stifel analyst Ben Nolan. The primary discrepancy was a smaller gain from marketable securities than expected. 29-October-2019