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Castine, Maine

We ownworking boats.

We own tugs, barges, ferries and the small terminals they call at, and we hold them for fifteen years because that is how long the steel lasts.

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The terms

Cheque
$10M–$75M
Assets
Vessels and terminals
Hold
Fifteen years

The record

Founded
2010
Vessels
63
Terminals
7
Under management
$1.4B

The practice

Castine, Maine.
Since 2010.

A hull has a thirty-year life. Financing it on a five-year view is how ferries stop running.

Coastal infrastructure fails when its owner needs an exit before the asset is halfway through its life. We buy vessels and terminals to hold for fifteen years, and we budget the drydock before we budget the return.

Our crews are employees, not contractors. It costs more per year and considerably less per decade, which is the only unit we measure in.

We budget the drydock before we budget the return.
Castine Capital  ·  Castine, Maine

What we look for

  • An asset with a route

    A contracted run, a licence, a terminal that has to be served.

  • Steel we can survey

    We put a surveyor on it before we bid. Every time, no exceptions.

  • A crew that stays

    We buy the operation with the people. A boat without a crew is scrap.

Five of sixty-three

Surveyed before purchase · crewed by employees

  • Bagaduce

    Tug, 4,200 hp · Penobscot Bay

    Built 1998

  • Wadsworth

    Deck barge · Gulf of Maine

    Built 2006

  • Isle au Haut

    Passenger ferry · Stonington run

    Built 2011

  • Merrimack

    Tug, 3,000 hp · Portsmouth

    Built 1994

  • Castine Light

    Terminal, 2 berths · Owned since 2016

    Built 1971

The people

Everyone here, and what each of them actually does.

25 people across Castine and New Orleans. The list is complete — there is no second bench.

  1. 01Aaron DrummondManaging Partner
  2. 02Charles DashwoodManaging Partner
  3. 03David YardleyPartner
  4. 04Justin FenwickPartner
  5. 05Karen AshworthPartner
  6. 06Kenneth DashwoodPartner
  7. 07Lisa VancePrincipal
  8. 08Matthew WhitfieldPrincipal
  9. 09Michelle IvesPrincipal
  10. 10Nancy ThistlewoodVice President
  11. 11Nancy WentworthVice President
  12. 12Steven FarnsworthVice President
  13. 13Victoria EverhartAssociate
  1. 14Sylvia HallowayAssociate
  2. 15Desmond SedgwickAssociate
  3. 16Margaret ChadwickHead of Origination
  4. 17Roland MerriweatherHead of Underwriting
  5. 18Vivian WadsworthHead of Portfolio
  6. 19Arthur GarrickChief Financial Officer
  7. 20Constance RadcliffeChief Compliance Officer
  8. 21Curtis CarringtonGeneral Counsel
  9. 22Rosalind LarkinDirector of Research
  10. 23Bernard UnderhillInvestor Relations
  11. 24Josephine FairbanksHead of Operations
  12. 25Norman QuimbyFund Controller

Open role

We are hiring an asset manager, in Castine.

Marine operations background, a master's ticket welcome, and half the year spent on the water.

Write to us