Jones Act Compliant Bold Ocean Acquired

The Jones Act shipping sector is heating up following news that a set of advisors advised by J.P. Morgan have acquired US shipping and logistics firm Bold Ocean.

The company has been acquired from NOVA Infrastructure for an undisclosed amount. 

The move follows closely on the heels of the formation of a new Jones Act compliant shipping company, Fairwater Holdings. Fairwater is the result of a partnership between Crowley and SEACOR Holdings. 

At present, Bold Ocean operates nine vessels that transport goods under long-term charter for the US government. Bold Ocean itself comprises a series of smaller shipping firms. These are; Schuyler Line Navigation Company, Schuyler Services, Schuyler Technical, Chesapeake Crewing, and Argent Marine Operations. 

It is expected that the change of ownership will see Bold Ocean pursuing growth opportunities within the tightly-regulated US flag market. The company’s CEO, Dion Nicely, will retain his position. 

Commenting on the acquisition, Andy Dacy, the managing director of the global transportation group at J.P. Morgan, said: 

“We believe Bold Ocean will benefit from our global maritime platform, bringing scale and growth opportunities, at a time when we expect the US flag market to continue to evolve and grow”.

The now former owner of Bold Ocean, Nova Infrastructure commented on the deal, with the company’s co-founder and partner, Allison Kingsley, saying: 

“NOVA is honoured to have supported the company during its transformative years of growth, and we are incredibly proud of the Bold Ocean team for building a market-leading business. 

Critical to the success of our partnership was the development and execution of a range of strategic initiatives, including strategic contract renewals, improving the fleet by adding newer and higher quality vessels, and entering into new markets, such as humanitarian food aid.

We are grateful to the company’s founders for their partnership and commend CEO Dion Nicely and the management team for their stewardship of the business. We look forward to great future outcomes for Bold Ocean”.

The transaction represents NOVA’s second successful exit from a business. In December 2023, the company exited Integrated Waste Solutions Group’s assets in central Texas.

Jones Act shipping advice

If you’re operating within US waters and require support with your Jones Act compliant vessels, speak to the Brookes Bell team today. 

3D Marine - the US arm of Brookes Bell - is able to provide a range of consultative services, including; marine consulting and surveying, marine engineering, naval architecture, pollution control advice, personal injury expert witness support, and superyacht services. 

Explore 3D Marine’s services for the US shipping industry now

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