Seacor Holdings continues to sell off assets in its shipping sector, most recently divesting Seacor Island Lines, its Caribbean container transport business.
The deal with King Ocean Services Ltd. includes nine specialized, shallow draught vessels and more than 1,500 containers and chassis. Terms of the transaction were not disclosed.
Based in Fort Lauderdale, Florida, Seacor Island Lines serves about 30 stops across the Bahamas and Turks and Caicos islands, transporting a range of containerized and refrigerated cargoes as well as breakbulk and heavy equipment via weekly liner and charter services.
Seacor Holdings acquired Seacor Island Lines, formerly G&G Shipping, in 2011.
“Seacor Island Lines not only vastly enhances our existing platform by adding new end-markets and marine and shoreside infrastructure, but also augments our team with highly qualified transportation and logistics professionals,” Jose Da Costa Gomez, King Ocean’s president and CEO, said in a news release.
Miami-based King Ocean Services specializes in marine transportation and logistics solutions to about 50 destinations across the Caribbean and the Americas. The company also offers in-house trucking, consolidation and terminal operations. King Ocean Services is currently the largest container operator in Port Everglades, Florida.
The sale of Seacor Island Lines is the third transaction Seacor Holdings has made in recent months. In September, Seacor Holdings offloaded its Gulf of Mexico towing subsidiary, Seabulk Towing, followed by selling its inland shipping unit, Inland River Transport Holdings, in October.
Seacor Holdings also announced a joint venture with maritime and logistics services provider Crowley in September, with the two companies integrating their liquid energy and chemical transportation vessels and related services into a new, independent provider, Fairwater Holdings LLC.
Fairwater includes 20 oceangoing, articulated tug-barges and 11 tanker vessels. The joint venture will provide crewing and technical management for an additional 21 third-party-owned vessels.
Fort Lauderdale-based Seacor Holdings is a subsidiary of American Industrial Partners, a New York-based industrial-focused private equity firm.
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