Louisiana-based Maritime Partners has acquired a diversified portfolio of over 1,000 marine vessels operating on bareboat charter from J. Russell Flowers and its affiliates (JRF).
JRF’s fleet includes a variety of towboats, tank barges, hopper barges and deck barges. With this acquisition, Maritime Partners’ portfolio has grown to approximately 1,600 vessels with an estimated fair market value of $1.2bn, making the firm the largest lessor of marine equipment in the US.
Austin Sperry, co-founder and COO of privately held Maritime Partners, founded in 2015, noted: “Six years ago, we established a vision to become the leading equipment provider to the domestic marine industry. This acquisition represents the culmination of our vision. We are excited to continue to partner with the Jones Act operator community to serve as a provider of flexible vessel financing solutions.”