SECURITIES AND EXCHANGE COMMISSION

                          WASHINGTON, D.C. 20549

                                 FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
                                  OF 1934

               For the quarterly period ended March 31, 1998

                     Commission File Number: 33-42039



                   SEABULK TRANSMARINE PARTNERSHIP, LTD.


State of Incorporation: Florida                  I.R.S. Employer I.D. 59-2580172

                              2200 Eller Drive
                               P.O. Box 13038
                        Ft. Lauderdale, Florida 33316
                               (954) 524-4200




Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding  twelve months (or for such shorter period that the registrant was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past ninety days.

                 Yes                              No           X


<PAGE>



SEABULK TRANSMARINE PARTNERSHIP, LTD.

Quarter ended March 31, 1998

Index


                                                                           Page

Part I.  Financial Information

 Item 1.  Financial Statements...........................................   1

    Condensed Balance Sheets at December 31, 1997
    and March 31, 1998 (Unaudited).......................................   2

    Condensed Statements of Operations for the three months
    ended March 31, 1997 and 1998 (Unaudited)............................   3

    Condensed Statements of Cash Flows for the three months
    ended March 31, 1997 and 1998 (Unaudited)............................   4

    Notes to Condensed Financial Statements..............................   5

 Item 2.  Management's Discussion and Analysis of
           Financial Condition and Results of Operations.................   8

Part II.  Other Information

 Item 6.  Reports on Form 8-K............................................   9

 Signature...............................................................   9



<PAGE>




PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements



<PAGE>



                      Seabulk Transmarine Partnership, Ltd.
                                Balance Sheets
                                (in thousands)
<TABLE>
<CAPTION>

                                                                                      December 31,         March 31,
                                                                                          1997               1998
                                                                                  ----------------      ---------------
                                                                                                          (Unaudited)
<S>                                                                               <C>                   <C>
Assets
Current assets:
     Cash and cash equivalents.............................................       $             16      $            22
     Insurance claims and other receivables................................                     14                   --
     Inventory, spare parts and supplies...................................                  1,320                1,320
     Prepaid expenses and deferred costs...................................                    312                  286
                                                                                  ----------------      ---------------
        Total current assets...............................................                  1,662                1,628

Vessels and improvements...................................................                 43,806               43,806
Less accumulated depreciation..............................................                 (9,810)             (10,167)
                                                                                  ----------------      ---------------
                                                                                            33,996               33,639

Deferred costs, net........................................................                    426                  341
                                                                                  ----------------      ---------------
                                                                                  $         36,084      $        35,608
                                                                                  ================      ===============
Liabilities and partners' equity Current liabilities:
     Accrued liabilities ..................................................       $            741      $           690
                                                                                  ----------------      ---------------
Total current liabilities..................................................                    741                  690

Due to affiliates, net ....................................................                 31,777               31,241
Other long term obligations ...............................................                    109                  138

Commitments and contingencies

Partners' equity ..........................................................                  3,457                3,539
                                                                                  ----------------       --------------
                                                                                  $         36,084      $        35,608
                                                                                  ================      ===============
</TABLE>

See accompanying notes.


<PAGE>



                    Seabulk Transmarine Partnership, Ltd.
                           Statement of Operations
                                (in thousands)
<TABLE>
<CAPTION>

                                                                                      Three Months Ended
                                                                                          March 31,
                                                                                      1997          1998
                                                                                 ------------   ----------
                                                                                          (Unaudited)
<S>                                                                              <C>            <C>
Revenues...................................................................      $     2,692    $    2,424
Operating expenses:
    Crew payroll and benefits..............................................              661           679
    Repairs and maintenance................................................              170           142
    Insurance..............................................................              158           109
    Consumables............................................................               72            63
    Other..................................................................               58           101
                                                                                 -----------    ----------
      Total operating expenses.............................................            1,119         1,094

Selling, general and administrative expenses:
    Salaries and benefits .................................................               42            53
    Professional fees......................................................              508           243
    Allocated overhead ....................................................              134           138
    Other .................................................................                9            13
                                                                                 -----------    ----------
      Total overhead expenses .............................................              693           447

Depreciation ..............................................................              353           357
                                                                                 -----------    ----------
Income from operations.....................................................              527           526

Interest expense...........................................................              485           443
Other expense..............................................................               5             --
                                                                                 ----------     ----------
Net income (loss) .........................................................      $       37     $       83
                                                                                 ==========     ==========
</TABLE>


 See accompanying notes.


<PAGE>



                   Seabulk Transmarine Partnership, Ltd.
                           Statements of Cash Flows
                                (in thousands)
<TABLE>
<CAPTION>

                                                                                            Three Months Ended
                                                                                                  March 31,
                                                                                            1997           1998
                                                                                         -----------   --------
                                                                                                (Unaudited)
<S>                                                                                     <C>            <C>
Operating activities
Net income .......................................................................       $      37      $      83
Adjustments to reconcile net income to net cash
   provided by operating activities:
     Depreciation ................................................................             353            357
     Amortization of drydocking costs ............................................              80             60
     Amortization of debt issuance costs .........................................               2             --
Changes in operating assets and liabilities:
     Accounts receivable .........................................................             186             14
     Other assets ................................................................             (29)            51
     Due to affiliates ...........................................................             217           (536)
     Accrued and other liabilities................................................            (105)           (23)
                                                                                       -----------     ----------
Net cash provided by operating activities ........................................             741              6

Investing activity
Purchase of property .............................................................             (10)            --

Financing activity
Principal payments on allocated term loan borrowings .............................            (723)            --
                                                                                              ----     ----------

Change in cash and cash equivalents ..............................................               8              6
Cash and cash equivalents at beginning of year ...................................              17             16
                                                                                       -----------     ----------
Cash and cash equivalents at end of year .........................................       $      25      $      22
                                                                                         =========      =========

</TABLE>

See accompanying notes.


<PAGE>



                      SEABULK TRANSMARINE PARTNERSHIP, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 1998



1.       Organization and Description of Business

         Organization.  Seabulk  Transmarine  Partnership,  Ltd.  ("STPL" or the
"Partnership"),  a Florida  limited  partnership,  was formed on August 30, 1985
pursuant to a  partnership  agreement  (the  "Agreement"),  to own and operate a
chemical transportation carrier, the Seabulk America. The general partner of the
Partnership is Seabulk  Tankers,  Ltd.  ("STL"),  a Florida limited  partnership
(which owns a 33% interest in the  Partnership),  and the limited  partners (and
their respective interests in the Partnership) are STL (0.33%),  Seabulk America
Partnership,  Ltd. ("SAPL"), a Florida limited partnership  (41.67%),  and Stolt
Tankers (U.S.A) Inc. (25%).  STL and SAPL are 100%- and 82%-owned  subsidiaries,
respectively, of Hvide Marine Incorporated ("HMI").

         Description  of  Business.  The  Seabulk  America is used to  transport
chemicals,  primarily from chemical  manufacturing plants and storage facilities
along the U.S. Gulf of Mexico coast to industrial  users in and around  Atlantic
and Pacific coast ports.  The  Partnership  time charters the Seabulk America to
Ocean Specialty Tankers Corp. ("OSTC"), which is 100% owned by HMI.

2.       Partnership Agreement

         The  general   partner  is  responsible   for  the  management  of  the
Partnership.  Pursuant to the  Agreement,  the  general  partner and the limited
partners  (collectively  referred  to as the  "Partners")  are  required to make
capital  contributions  at such times and in such amounts as the general partner
requests by notice. No additional  capital  contributions have been required for
1996,  1997 or the three  months  ended March 31,  1998.  The  Partners  are not
entitled  to  withdraw  any  part  of the  capital  account  or to  receive  any
distribution  from  the  Partnership  except  as  specifically  provided  in the
Agreement.  All net income or net losses of the Partnership are allocated to the
capital  accounts in proportion to the  partnership  interests.  The Partnership
terminates on August 30, 2010, unless sooner terminated, liquidated or dissolved
by law or pursuant to the  Agreement  or unless  extended  by  amendment  to the
Agreement.

3.       Transactions with Affiliates

         Balances  due  (to)  from  affiliates  consist  of  the  following  (in
thousands):


                                               December 31,          March 31,
                                            -----------------    --------------
                                                   1997                1998
         Due to HMI                          $        (33,212)   $     (32,754)
         Due from STL                                     338              338
         Due from OSTC                                  1,062            1,140
         Other, net                                        35               35
                                            -----------------    -------------
         Total due to affiliates             $        (31,777)   $     (31,241)
                                             ================    =============

         The amount  payable to HMI reflects  various  transactions  between the
Partnership  and  HMI.  There  are no terms of  settlement  associated  with the
account  balance.  The  balance is  primarily  the  result of the  Partnership's
participation in HMI's central cash management  program,  in which substantially
all the  Partnership's  cash receipts are remitted to HMI and  substantially all
cash disbursements are funded by HMI. Other transactions  include  miscellaneous
other administrative expenses incurred by HMI on behalf of the Partnership.

         HMI  provides  various  administrative  services  to  the  Partnership,
including  legal  assistance  and  technical  expertise on ship  management  and
maintenance.  It is HMI's policy to charge these  expenses and all other central
operating  costs on the  basis  of  direct  usage  when  identifiable,  with the
remainder  allocated pursuant to the terms of the Agreement.  Amounts charged by
HMI include a monthly  management  fee, as set forth in the Agreement,  which is
adjusted annually based on changes in the Consumer Price Index. HMI also charges
interest  based on the amount due to HMI.  In the  opinion of the  Partnership's
management, this method of allocation is reasonable.

         An  analysis  of  transactions  in the Due to HMI account for the three
months ended March 31, 1998 follows (in thousands):

         Balance at beginning of year                               $(33,212)
              Net cash remitted to (received from) HMI                 2,424
              Allocated management fees                                 (138)
              Allocated guarantee fee                                    (12)
              Allocated interest expense                                (444)
              Operating expenses                                      (1,095)
              Professional fees                                         (242)
              Miscellaneous administrative expenses                      (35)
                                                                        -----
              Balance at end of year                                $(32,754)
                                                                    =========

              Average balance during the year                       $(32,983)

         At March 31, 1998, the  Partnership  had a stand-by letter of credit in
the amount of $5,600,000  available for the benefit of the Partnership  provided
by HMI (the "Letter of Credit"). The Letter of Credit was terminated in December
1998 (see Note 7).  Included in the  accompanying  statements of operations  are
guarantee fees primarily related to the Letter of Credit.

4.       Guarantees of Indebtedness of Others

         In February 1998, HMI completed an offering of $300.0 million of 8.375%
senior  notes (the  "Senior  Notes").  Interest  on the Senior  Notes is payable
semi-annually  in arrears on February 15 and August 15. The Senior  Notes mature
on February 15, 2008 and are  redeemable,  in whole or in part, at the option of
HMI on or after  February  15,  2003.  The Senior  Notes are  guaranteed  by the
Partnership  and certain  other HMI  subsidiaries;  however,  the  Partnership's
guarantee is limited to HMI's  approximately 67% economic  ownership interest in
the Partnership.

         HMI's credit  facility  with a group of banks (the  "Credit  Facility")
provides for revolving credit loans  aggregating up to $175 million,  subject to
certain  conditions.  The Credit  Facility  also provides for a term loan in the
amount of $150 million. The Credit Facility provides that borrowings  thereunder
will be secured by HMI-owned vessels,  including the Seabulk America,  having an
appraised value of at least $600.0 million and by substantially all other assets
of HMI and its  subsidiaries.  The revolving  and term loan  portions  mature on
February  12, 2003 and March 31, 2005  respectively.  At March 31,  1998,  HMI's
outstanding  indebtedness  under the  revolving  credit  portion  of the  Credit
Facility was  approximately  $20  million,  and  approximately  $145 million was
outstanding under the term loan portion of the Credit Facility.  The Partnership
and certain other  subsidiaries of HMI also jointly and severally  guarantee the
repayment  of  HMI's  indebtedness  under  the  Credit  Facility;  however,  the
Partnership's  guarantee  is  limited  to HMI's 67%  ownership  interest  in the
Seabulk America.

5.       Commitments and Contingencies

         See Note 7.

6.       Income Taxes

         The Partnership has received a ruling from the Internal Revenue Service
that it will be  classified as a  partnership  for federal  income tax purposes.
Accordingly,  no provision for income taxes is made in the financial  statements
of the Partnership. Taxable income or loss of the Partnership is reported in the
income tax returns of the Partners. 7. Subsequent Event

         In 1990,  the  Partnership  withheld  approximately  $2,400,000  from a
shipyard  relating to delays and other problems  encountered in the construction
of the  Partnership's  vessel.  In 1993,  the shipyard  filed a claim to recover
approximately  $6,100,000 for additional  construction  costs  allegedly due the
shipyard.  The proceeding  was settled in the fourth quarter of 1998.  Under the
terms  of  the   settlement,   all  claims  were  dismissed  with  prejudice  in
consideration of the payment to the shipyard of $4,750,000 in installments  from
December  1998 to May  1999.  As  part  of the  settlement,  a  $5,600,000  bond
previously  provided by HMI was released and a related letter of credit provided
as collateral to the bond was terminated.





<PAGE>




Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations

         The  following  Management's   Discussion  and  Analysis  of  Financial
Condition and Results of Operations  ("MD&A") should be read in conjunction with
the  condensed  financial  statements  and the related  notes  thereto  included
elsewhere in this Report.

         The MD&A contains  "forward-looking  statements"  within the meaning of
Section 27A of the  Securities  Act of 1933, as amended,  and Section 21E of the
Securities  Exchange  Act of  1934,  as  amended.  All  statements,  other  than
statements  of  historical  fact,  included  in  the  MD&A  are  forward-looking
statements.  Although the Partnership believes that the expectations and beliefs
reflected in such  forward-looking  statements  are  reasonable,  it can give no
assurance that they will prove correct.

Results of Operations

         Three months ended March 31, 1998  compared with the three months ended
March 31, 1997

         Revenue.  Revenue  decreased 11.1% to $2.4 million for the three months
ended March 31, 1998 from $2.7 million for the three months ended March 31, 1997
due to a decreased charter rate in the Partnership's time charter on the Seabulk
America.

         Operating Expenses. Operating expenses remained relatively flat for the
three months ended March 31, 1998 as compared  with the three months ended March
31, 1997. As a percentage of revenue,  operating expenses increased to 45.1% for
the three  months  ended March 31, 1998 from 41.6% in the 1997 period due to the
decreased charter rate of the Seabulk America.

         Overhead  Expenses.  Overhead expenses  decreased 35.5% to $0.4 million
for the three months ended March 31, 1998 from $0.7 million for the three months
ended March 31, 1997, primarily due to a decrease in fees related to litigation.
As a percentage of revenues,  overhead expenses decreased to 18.4% for the three
months ended March 31, 1998 from 25.7% for the three months ended March 31, 1997
due to this reduction in fees and the increase in revenue.

         Depreciation Expense. Depreciation expense remained relatively flat for
the three  months  ended March 31, 1998 as compared  with the 1997 period due to
minimal amounts of new capital expenditures.

         Income from Operations. Income from operations remained relatively flat
for the three  months  ended March 31, 1998 as  compared  with the three  months
ended March 31, 1997 as a result of the factors noted above.

         Net Interest  Expense.  Net interest expense decreased 8.7% to $443,000
for the three  months  ended March 31, 1998 from  $485,000  for the 1997 period,
primarily  as a  result  of a  decrease  in the  interest  rate  charged  on the
intercompany balance with HMI.

         Other Income (Expense).  Other income was $275,000 for 1998 as compared
to other expense of $36,000 for 1997, primarily due to a settlement with a third
party insurance company.

         Net  Income.  The  Partnership  had net income of $83,000 for the three
months  ended  March  31,  1998 as  compared  to  $37,000  for the 1997  period,
primarily as a result of the factors noted above.

PART II.  OTHER INFORMATION

Item 6.    Reports on Form 8-K

b.       Reports on Form 8-K.

                  Not applicable.



SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this report has been signed by the following  persons in the  capacities  and on
the dates indicated.

SEABULK TRANSMARINE PARTNERSHIP, LTD.

By:      SEABULK TANKERS, Ltd.
         its General Partner

By:      HVIDE MARINE TRANSPORT, INCORPORATED
         its General Partner



By:      /s/ JOHN H. BLANKLEY
         John H. Blankley, Executive Vice President,
         Chief Financial Officer and Director


Date:    July 29, 1999