Continuing Consolidation of the U.S. Maritime Sector
In one week, the U.S. domestic shipping industry had two major mergers and acquisitions (M&A) headlines.
Family office Redwood Holdings announced its agreement to acquire Canal Barge and its fleet of more than 800 barges and tugs.
Maritime Partners LLC announced their deal to acquire Centerline Logistics and its fleet of 123 tugs and tank barges.
Maritime Partners’ transaction ends Macquarie’s tumultuous ownership of Centerline Logistics, previously “Harley Marine”, which included a legal battle spanning from 2018-2024 beginning with CEO, founder, and company namesake Harley Franco suing Macquarie for ousting him amidst accusations of financial misconduct.
With this new Centerline Logistics deal underway, Maritime Partners continues their rapid growth, having amassed a fleet of more than 1,900 vessels since the group’s founding 10 years ago by Bick Brooks and Austin Sperry. M&A transactions like this have been central to Maritime Partners’ expansion.
2021 | Maritime Partners acquired a portfolio of more than 1,000 barges and towboats from independent leasing company J Russel Flowers Inc.
2023 | Maritime Partners acquired 10 Jones Act MR Product tankers for $747 million from Norwegian shipowning company AMSC ASA.
2023 | Maritime Partners acquired U.S. Marine Management and its fleet of Maersk Line Limited vessels operating on behalf of the U.S. government.
There is no getting around the fact that the U.S. shipping sector is consolidating around a handful of dominant companies.
SEACOR and Crowley combined their Jones Act tanker fleets to form Fairwater in 2023.
Saltchuk agreed to take OSG private for $950 million in 2024.
Rand Logistics acquired Great Lakes tug and barge company Andrie in 2024.
J.P. Morgan Asset Management acquired U.S. flag operator Bold Ocean in 2024.
Redwood Holdings acquired tug and towboat specialist Marquette Transportation in 2024.
