Crowley and SEACOR Holdings, through its subsidiary Seabulk Tankers, have successfully launched Fairwater Holdings, a new U.S. company combining the tanker vessel fleets of both companies. Fairwater, now an independent entity, will provide petroleum and chemical transportation vessels, capabilities, and personnel to the domestic Jones Act shipping market.
The combination was first announced in September 2023. Fairwater is now active in all major Jones Act coastwise tank vessel trades, supporting the transportation of petroleum products, chemicals, specialty parcels, and Alaskan crude oil. The new fleet comprises 31 owned vessels, including both “ECO” and conventional medium-range product tankers, 114,000 DWT Aframax tankers, and advanced articulated tug-barges (ATBs). Fairwater provides ship management services for a diverse fleet of 20 third-party-owned vessels.
“I am excited to lead a team of nearly 1,700 seagoing and shoreside professionals under the new Fairwater banner,” said Daniel Thorogood, CEO of Fairwater and former CEO of Seabulk, part of the SEACOR group of companies. “Our geographic reach, operational and technical expertise, and the diversity of our assets enable Fairwater to serve as the industry’s next-generation provider of safe, highly flexible, and reliable energy transportation solutions.”
Tom Crowley, chairman and CEO of Crowley Corporation, said the combination creates a new leader in the domestic industry, combining the strengths of Crowley and SEACOR to provide value, efficiency, and high performance for customers.
“Together, with Crowley, we stand ready to support the business as it solidifies its position in the market and explores new avenues of sustainable, long-term growth across the coastwise trades and other adjacent markets,” added Eric Fabrikant, CEO of SEACOR.
Fairwater’s seagoing and shoreside operations are headquartered in Fort Lauderdale, Florida, with offices in Fairfield, Connecticut; Houston; Jacksonville, Florida; and Seattle.
Crowley is a U.S.-owned maritime, energy, and logistics company with $3.5 billion in annual revenues, over 170 vessels, and around 7,000 employees. It employs more U.S. mariners than any other company and has invested over $3.2 billion in maritime transport.
Milbank LLP, Watson Farley & Williams LLP, and Baker Botts L.L.P. acted as legal advisors to SEACOR. Vinson & Elkins LLP served as legal advisor to Crowley. J.P. Morgan acted as financial advisor to Fairwater.