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KOTUG forms JV with Seabulk for the contract at Buckeye Bahamas Hub in the Bahamas.

M2 EQUITYBITES-April 5, 2017-KOTUG forms JV with Seabulk for the contract at Buckeye Bahamas Hub in the Bahamas

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Towage operator KOTUG International BV and Seabulk Towing Inc on Wednesday jointly announced an agreement to carry out all towage operations in the Bahamas.

This towage agreement was awarded by Borco Towing Company Limited, a subsidiary of Buckeye Partners LP.

In conjunction with the agreement, KOTUG and Seabulk have established the new joint venture, called Kotug Seabulk Maritime LLC (KSM), which will carry out all towage operations at the Buckeye Bahamas Hub in the Bahamas.

KSM is deploying four new tugboats and a bunker barge to execute all Terminal Towage Operations, including Bunker Barge Assistance. The tug fleet consists of two Rotortugs, the RT Blackbeard and RT Raptor and two Stern Drives, SD Calypso and SD Junkanoo.

The Buckeye Bahamas Hub has over 26m barrels of storage capacity and eight berths, including two VLCC-capable berths, making it the largest petroleum products terminal in the Western Hemisphere.

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Publication:M2 EquityBites (EQB)
Date:Apr 5, 2017
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