Intermarine, LLC, a global leader in the transport of project, breakbulk and heavylift cargo, and its affiliates, Industrial Maritime Carriers, LLC (IMC), and affiliate Industrial Terminals, Management, LLC, have transferred the leasehold ownership of their terminal assets to Watco Companies, LLC.
The parties have entered into a long-term agreement for continued and future use of the Industrial Terminals facility. Industrial Terminals is directly adjacent to Watco’s Greens Port terminal on the Houston Ship Channel. Concurrently, Intermarine has entered into a long-term agreement with Watco for the provision of stevedoring and terminal services. Intermarine staff will remain located at Industrial Terminals. Combined, the two properties are comprised of 746 acres, seven berths and more than 5,000 feet of dock space.
“Our ocean carriage business has evolved with the changes in the market and the transaction with Watco will allow us to seamlessly and efficiently continue operations at Industrial Terminals, while focusing on our core liner and worldwide chartering services,” said Michael Dumas, President of Maritime Holdings, LLC and CFO of Intermarine, LLC. “Our partnership with Watco will allow Intermarine to expand its services to better accommodate our clients.”
“We are very excited to add the Industrial Terminals assets to the Greens Port Industrial Park and enter into a long term agreement with IMC. The combined assets will allow us to expand the service offerings and provide unparalleled service to IMC and its customers. We are looking forward to expanding the partnership with IMC and growing this business,” said Bill Kinzeler, Vice President of Network Strategy for Watco Terminal and Port Services.