JP Morgan acquires Jones Act carrier Bold Ocean

In 2018, a group of companies in US-flag shipping, fleet technical management and marine personnel consolidated under one parent company. The Bold Ocean companies include Schuyler Line Navigation Co, Schuyler Services, Schuyler Technical, Chesapeake Crewing and Argent Marine Operations. 

In all, Bold Ocean is a Jones Act-compliant operator with nine vessels transporting goods under long-term charter with the US government supplying fuel, humanitarian food aid and other goods.

The new ownership group said it will be pursuing growth to expand the company’s US-flag fleet and logistics services. “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,” said JP Morgan managing director, global transport, Andy Dacy.

Bold Ocean’s current chief executive Dion Nicely will continue to lead the company.

Mr Nicely said, "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."