Maritime Partners acquires JRF portfolio of 1,000+ vessels

Maritime Partners, a Louisiana-based provider of maritime financing solutions, has acquired from J. Russell Flowers and its affiliates (JRF) a diversified portfolio of over 1,000 marine vessels operating on bareboat charter.

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 United States.

JRF, a Mississippi-based leasing company of inland marine barges and towboats, has a large fleet of towboats, tank barges, hopper barges, and deck barges.

“We are thrilled to complete the acquisition of the JRF portfolio. With this transaction, we’ll expand and diversify our fleet, enhancing our product offering as a one-stop solution for all marine equipment requirements,” Bick Brooks, co-founder and CEO of Maritime Partners, commented.

“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,” Austin Sperry, co-founder and COO of Maritime Partners, noted.

In related news, the company has embarked on a project to build the world’s first methanol-hydrogen fuel cell towboat that will join the fleet in 2023.

The 27-meter towboat, Hydrogen One, designed to push barges along inland waterways, is intended for deployment on the vast 14,500-mile waterway network that extends from the Port of New Orleans, operating along the Mississippi River and its many tributaries.

Next to Maritime Partners, the project partners include Elliott Bay Design Group (EBDG), e1 Marine and ABB.