Best Buy - Norfolk Tug owner uses Wall Street savvy to fine-tune his company

Published in Work Boat

In 2003 Ed Whitmore bought a small tug company with plans to build it into something more. Sounds like a typical story about someone who’s spent his career in the commercial marine industry, then takes over a vessel company of his own. Not this time. Whitmore spent most of his adult life as a Wall Street executive, working in foreign exchange and derivatives, and later in structured finance.

That all changed four years ago when he returned to his native Virginia and purchased Norfolk Tug Co., which, he said, basically consisted of a good logo, a good location, and a small amount of military towing work in Hampton Roads, Va.