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 September 30, 1998

                            Commission File Number: 33-42039



                            SEABULK AMERICA PARTNERSHIP, LTD.


State of Incorporation: Florida                  I.R.S. Employer I.D. 59-2324484

                                  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 AMERICA PARTNERSHIP, LTD.

Quarter ended September 30, 1998

Index


                                                                            Page

Part I.  Financial Information

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

    Condensed Balance Sheets at December 31, 1997
    and September 30, 1998 (Unaudited).....................................   2

    Condensed Statements of Operations for the three and nine months
    ended September 30, 1997 and 1998 (Unaudited)..........................   3

    Condensed Statements of Cash Flows for the nine months
    ended September 30, 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...................   7

Part II.  Other Information

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

 Signature.................................................................   8



<PAGE>




PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements



<PAGE>



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

                                                                                     December 31,        September 30,
                                                                                        1997                 1998
                                                                                  ----------------      ---------------
                                                                                                          (Unaudited)
<S>                                                                               <C>                   <C>
Assets
Cash and cash equivalents..................................................       $              1      $             1
Investment in affiliate....................................................                  2,723                2,766
                                                                                  ----------------      ---------------
    Total assets...........................................................       $          2,724      $         2,767
                                                                                  ================      ===============

Liabilities and partners' equity
Due to affiliates, net ....................................................       $             20      $            22

Commitments and contingencies
Partners' equity ..........................................................                  2,704                2,745
                                                                                  ----------------       --------------
                                                                                  $          2,724      $         2,767
                                                                                  ================      ===============
</TABLE>

See accompanying notes.


<PAGE>



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

                                                                         Three Months Ended              Nine Months Ended
                                                                            September 30,                   September 30,
                                                                       1997            1998            1997           1998
                                                                   ------------    ------------    ------------    -------
                                                                            (Unaudited)                     (Unaudited)
<S>                                                                <C>            <C>              <C>             <C>
Expenses:
     Professional fees........................................      $        --    $          1     $        --    $         1
     Other....................................................               --              --              --              1
     Interest.................................................               --              --              --             --
                                                                   ------------    ------------    ------------    -----------
       Total Expenses.........................................               --               1              --              2

Equity income loss in earnings of affiliate...................               14             (25)           (102)            43
                                                                   ------------    ------------    ------------    -----------
Net Income....................................................      $        14             (26)           (103)            41
                                                                    ===========    ============-   ============    ===========
</TABLE>



 See accompanying notes.


<PAGE>



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

                                                                                             Nine Months Ended
                                                                                               September 30,
                                                                                            1997           1998
                                                                                         -----------   --------
                                                                                                (Unaudited)
<S>                                                                                      <C>           <C>
Operating activities
Net income .......................................................................       $    (103)     $      41
Adjustments to reconcile net income to net cash
   provided by operating activities:
     Undistributed earnings of affiliate..........................................             103            (43)
                                                                                       -----------     ----------
Changes in operating assets and liabilities:
     Due to affiliates............................................................              --              2
Net cash provided by operating activities ........................................              --             --

Change in cash and cash equivalents ..............................................              --             --
Cash and cash equivalents at beginning of year ...................................               1              1
                                                                                       -----------     ----------
Cash and cash equivalents at end of year .........................................       $       1      $       1
                                                                                         =========      =========
</TABLE>


See accompanying notes.


<PAGE>



                     SEABULK AMERICA PARTNERSHIP, LTD.
                      NOTES TO FINANCIAL STATEMENTS
                          September 30, 1998



1.       Organization and Description of Business

         Seabulk  America  Partnership,  Ltd.  (the  "Partnership"),  a  Florida
limited  partnership,  was formed on September 14, 1983. The general  partner of
the Partnership is Seabulk Tankers,  Ltd. ("STL"), a Florida limited partnership
(which owns an 81.59% interest in the  Partnership),  and the limited partner is
Stolt Tankers (U.S.A.) Inc. (which owns an 18.41% interest in the  Partnership).
STL is a 100% owned subsidiary of Hvide Marine Incorporated ("HMI").

         The Partnership is a pass-through  investment entity, the only asset of
which  is  a  41.67%  limited   partnership   interest  in  Seabulk  Transmarine
Partnership,  Ltd.  ("STPL").  STPL's  primary asset is the Seabulk  America,  a
46,300  deadweight ton chemical product carrier.  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  partnership  agreement  (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 nine  months  ended
September  30,  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 September 13, 2008, 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,      September 30,
                                             -------------      -------------
                                                  1997               1998
         Due to HMI                          $         (31)     $         (31)
         Due from STL                                   (2)                (2)
         Due from STPL                                  13                 13
                                            --------------      -------------
         Total due to affiliates             $         (20)     $         (22)
                                             =============      =============

         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.

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
STPL's operating vessel, the Seabulk America.

         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  September 30, 2005  respectively.  At September 30, 1998,
HMI's outstanding  indebtedness under the revolving credit portion of the Credit
Facility was  approximately  $121 million,  and  approximately  $139 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.       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.



<PAGE>




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

         The Partnership has no revenues or expenses. Any income is derived from
its equity investment in STPL (see the financial  statements of STPL included at
the end of this report beginning on page S-1).



<PAGE>




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 AMERICA 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 30, 1999