JP Morgan Asset Management has added to its considerable maritime holdings with the acquisition of the company behind US-flag operator Schuyler Line Navigation.
JP Morgan announced on Thursday that it had taken control of Bold Ocean — the holding company behind Schuyler Line and four other companies — from NOVA Infrastructure Management.
Financial details were not disclosed.
JP Morgan Asset Management global transportation group head Andy Dacy 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.”
Maryland-based Schuyler Line controls seven ships, a mix of tankers and bulkers, primarily carrying cargoes under contract with the US government.
Bold Ocean also owns stevedoring outfit Schuyler Services, technical manager Schuyler Technical and crewing companies Chesapeake Crewing and Argent Marine Operations.
Bold Ocean chief executive Dion Nicely, who will stay on to lead the company, said: “We are thrilled to have JP Morgan’s deep maritime industry experience and transportation-asset focus enhancing the Bold Ocean team.
“Bold Ocean has a great foundation for the future and with JP Morgan’s support, we will continue to meet the needs of the US government with the highest service levels.
“We would like to thank NOVA for being a thoughtful and value-added partner to Bold Ocean as we scaled the business rapidly over the past three years.”
JP Morgan Asset Management controls 140 vessels across every major shipping sector.
In July, TradeWinds reported that it acquired two Chinese-built VLGCs, while its Norwegian Car Carriers added a third LNG-fuelled newbuilding to its orderbook.
Speaking to TradeWinds in May, Dacy said he approaches his job like a shipowner, rather than a banker.
“We strive to build and deploy our resources in the same fashion as any large diversified shipping company, with a disciplined commitment to the commercial, operational and technical areas of our business,” he said.
