Company Type

Water Transportation


$75 Million

Investment Type


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Work Cat Holdings (WCH) has developed a catamaran hulled container vessel that helps solve three crucial problems in the transportation industry – capacity, cost and carbon.

WCH is raising $75 million for its initial two container vessels in a multi-phased plan that will raise $175 million for 5 vessels. Target vessel price of $30 million each and financing at 3:1 ratio debt to equity.

the logistics industry enjoys a large, easily reachable customer base. There are > 5,750 companies in the US with a transportation spend greater than $30 million each

compelling financials – 44% EBITDA projection with 2 vessels, 55% with 5 vessels

eligible for grants and financing programs through the Department of Transportation, Maritime Administration Agency’s Marine Highway program

competing technology such as fully autonomous trucks are many years from complete development. WCH vessels are ready for construction now

lower cost and an 80% carbon savings as compared to an equivalent volume shipped by truck



The logistics industry in the United States is a highly integrated supply chain network that links producers and consumers through multiple transportation modes, including air and express delivery services, freight rail, maritime and truck transport. Much of the freight is transported in standard sized containers.


Market Size and Customer Base

In the US, trucking companies carry 65% of all freight and had a total revenue of $732 billion in 2020. Rail accounts for 8% and maritime 5% of freight volume.

The logistics industry enjoys a large, easily reachable customer base. There are > 5,750 companies in the US with a transportation spend greater than $30 million each.

WCH will provide its catamaran vessel services to intermodal trucking and railroad companies and third party logistics operations.


Industry Problems

In short, the transportation industry needs new capacity, reduced costs, and lower carbon emissions.

truck – driven by changing consumer habits demanding same or next day delivery there is an estimated 80,000 long haul truck driver shortage in the US. Due to this shortage and rising fuel prices, spot rates per mile have surged from $1.51 to $2.63 a mile

rail – limited intermodal rail coverage in crucial areas of the country

maritime – North America uses standard container sizes of 53’ versus the 40’ ISO containers used in international shipping. There are very few Jones Act(1) compliant container ships operating US port to US port

business processes – fragmented brokering of freight by mode type, lack of visibility and connection to back office functions

carbon emissions – each semi-truck on the road emits an average of 233 tons of carbon per year. The WCH vessel offers an 80% reduction in emissions

Helping Great Companies Grow



The proprietary WCH vessel is designed specifically to complement the existing cargo networks of truck and rail intermodal companies and third-party logistics providers. Target markets and routes include:

Gulf of Mexico (GOM). Links two of the largest and fastest growing markets in North America. Virtually no competing intermodal rail service. The marine route is almost a 30% distance shortcut

WC LNG. WCH has engineered modification to its vessel design that enables short to intermediate distance transport of small quantities of LNG delivery as well as LNG vessel bunkering. Both services are in high and growing demand

Shipbuilding. WCH has designed “boat-in-a-box”—a pre-engineered vessel “kit” for transport to domestic and offshore shipyards. Management believes that this is both a key future revenue stream as well as a key defensive strategy

Vessel Features

total deck space for 300+ 53’ intermodal containers and/or roll-on/roll-off cargo, each vessel has the capacity of 300+ trucks

simple construction—75+% of frames and bulkheads are identical; major cost reduction

direct drive tier 4 emissions diesel propulsion (convertible to LNG) with bow thrusters for maneuverability

fully autonomous navigation capable—enables reduced crew size, greater operating efficiency, and improved safety

Marine Transportation Management System

being developed in cooperation with OpenTug – end-to-end logistics/transportation solution

Interfaces with clients’ legacy software systems

uses machine learning and AI

active available capacity pricing and collaborative co-loadings

enable networking and optimization of capacity throughout multiple markets – marine, truck, rail


A single Work Cat vessel will cost $25 million and have a service life of at least thirty years. A fleet of trucks with the same capacity costs $45 million and has a service life of less than ten years

The Work Cat requires a crew of seven while the equivalent truck fleet requires 250 long-haul drivers plus support mechanics

Fuel is the single largest variable cost for trucks and the Work Cat vessel will use less than 15% of the gallons consumed by trucks to do the same work



A Work Cat making a one-way trans-Gulf sailing with an average cargo load (200+ containers), will emit approximately 75 metric tons of CO2 while the equivalent number of trucks will emit over 450 metric tons—more than an eighty percent carbon savings


Henry Hoffman



35 years’ executive management experience in the transportation industry

President of Tri-State Motor Transit

Owner and President of Hook Up, Inc., the second largest new truck driveaway service in the U.S

Founder and Chairman of SiriCOMM, Inc., a wireless networking and applications service provider dedicated to the commercial trucking industry

President of SeaBridge Freight, a short sea intermodal barge business and a precursor to Work Cat

Bachelor of Science degree from the United States Military Academy, West Point, NY

MBA from the University of Wisconsin, Oshkosh, WI

Rob Norton

Chief Naval Architect and Designer


17 years’ experience as a Naval Architect and Marine/Mechanical engineer

President of SwiftWater Consultants.

Extensive experience with classing societies (ABS DNV LLOYDS) and Coast Guard certifications

Rob has designed a substantial portfolio of maritime vessels: Offshore Supply Vessels, Barges and large Catamarans

Bachelor degree in Mechanical Engineering from University of Tennessee

Master’s degree in Mechanical Engineering from University of South Florida

Chris Raley

Chief Executive Officer


20 years of executive leadership experience in transportation and commercial finance.

Founder of First Prime Capital (a general lessor with $45MM in assets), Transportation Capital (a transportation focused finance company), and Raley Commercial Finance & Leasing (a boutique finance and advisory firm)

Bachelor degree in English from University of South Carolina at Conway

Charles Raymond




Capped a 34-year career with Sea-Land Service inc. in December 1999 when, as Chief Transportation Officer, he co-managed the sale of its international businesses to Maersk, Inc

He was an executive Officer of CSX Corporation from 1994 to 2002

He was Chairman and CEO of Horizon Lines, Inc. (NYSE-HRZ) from 2002 until 2011

He served as Chairman of the Marine Transportation National Advisory Council from 2000 to 2003.

He is the recipient of numerous transportation industry awards, including Admiral of the Ocean Seas, The International Maritime Hall of Fame, the Container Institute Connie Award and USMMA Alumnus of the year

Mr. Raymond is a graduate of the United States Merchant Marine Academy and the Harvard Business School Advanced Management Program

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Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
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