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 June 30, 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 June 30, 1998

Index


                                                                           Page

Part I.  Financial Information

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

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

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

    Condensed Statements of Cash Flows for the
    six months ended June 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......................8

Part II.  Other Information

 Item 6.  Reports on Form 8-K............................................... 10

 Signature.................................................................. 10



<PAGE>




10

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements



<PAGE>

<TABLE>
<CAPTION>


                                        Seabulk Transmarine Partnership, Ltd.
                                                   Balance Sheets
                                                   (in thousands)

                                                                                      December 31,            June 30,
                                                                                          1997                  1998
                                                                                      -------------         -----------
                                                                                                             (Unaudited)
<S>                                                                              <C>                   <C>

Assets
Current assets:
     Cash and cash equivalents.............................................       $             16      $            21
     Insurance claims and other receivables................................                     14                   --
     Inventory, spare parts and supplies...................................                  1,320                1,320
     Prepaid expenses and deferred costs...................................                    312                  280
                                                                                  ----------------      ---------------
        Total current assets...............................................                  1,662                1,621

Vessels and improvements...................................................                 43,806               43,806
Less accumulated depreciation..............................................                 (9,810)             (10,525)
                                                                                  ----------------      ---------------
                                                                                            33,996               33,281

Deferred costs, net........................................................                    426                  281
                                                                                  ----------------      ---------------
                                                                                  $         36,084      $        35,183
                                                                                  ================      ===============
Liabilities and partners' equity Current liabilities:
     Accrued liabilities ..................................................       $            741      $           786
                                                                                  ----------------      ---------------
Total current liabilities..................................................                    741                  786

Due to affiliates, net ....................................................                 31,777               30,652
Other long term obligations ...............................................                    109                  124

Commitments and contingencies

Partners' equity ..........................................................                  3,457                3,621
                                                                                  ----------------       --------------
                                                                                  $         36,084      $        35,182
                                                                                  ================      ===============

See accompanying notes.
</TABLE>


<PAGE>

<TABLE>
<CAPTION>


                                        Seabulk Transmarine Partnership, Ltd.
                                               Statement of Operations
                                                   (in thousands)

                                                                  Three Months Ended               Six Months Ended
                                                                     June 30,                          June 30,
                                                                 1997           1998             1997          1998
                                                             ------------   ------------     ------------   -----------
<S>                                                        <C>             <C>             <C>             <C>

Revenues..............................................      $     2,615     $    2,791      $     5,307     $     5,215
Operating expenses:
    Crew payroll and benefits.........................              735            717            1,396           1,396
    Repairs and maintenance...........................              165            216              335             358
    Insurance.........................................              120             86              278             195
    Consumables.......................................               53             91              125             154
    Other.............................................              117            143              175             244
                                                            -----------     ----------      -----------     -----------
      Total operating expenses........................            1,190          1,253            2,309           2,347

Selling, general and administrative expenses:
    Salaries and benefits ............................               34             51               76             104
    Professional fees.................................              775            331            1,283             574
    Allocated overhead ...............................              134            137              268             275
    Other ............................................               10             10               19              23
                                                            -----------     ----------      -----------     -----------
      Total overhead expenses ........................              953            529            1,646             976

Depreciation .........................................              354            358              707             715
                                                            -----------     ----------      -----------     -----------
Income from operations................................              118            651              645           1,177

Interest expense......................................              407            569              892           1,012
Other expense.........................................               29             --               34              --
                                                            -----------     ----------      -----------     -----------
Net income (loss) ....................................      $      (318)    $       82      $      (281)    $       165
                                                            ===========     ==========      ===========     ===========


 See accompanying notes.

</TABLE>

<PAGE>

<TABLE>
<CAPTION>


                                          Seabulk Transmarine Partnership, Ltd.
                                              Statements of Cash Flows
                                                   (in thousands)

                                                                                             Six Months Ended
                                                                                                  June 30,
                                                                                            1997          1998
                                                                                         -----------    ---------
                                                                                                (Unaudited)
<S>                                                                                     <C>            <C>

Operating activities
Net income (loss).................................................................       $    (281)     $     165
Adjustments to reconcile net income to net cash
   provided by operating activities:
     Depreciation ................................................................             707            715
     Amortization of drydocking costs ............................................             159            195
     Amortization of debt issuance costs .........................................              21             --
Changes in operating assets and liabilities:
     Accounts receivable .........................................................             (24)            14
     Other assets ................................................................             (48)           (17)
     Due to affiliates ...........................................................             720         (1,125)
     Accrued and other liabilities................................................             240             59
                                                                                       -----------     ----------
Net cash provided by operating activities ........................................           1,494              6

Investing activity
Purchase of property .............................................................             (50)            (1)

Financing activity
Principal payments on allocated term loan borrowings .............................          (1,446)            --
                                                                                            -------    ----------

Change in cash and cash equivalents ..............................................              (2)             5
Cash and cash equivalents at beginning of year ...................................              17             16
                                                                                       -----------     ----------
Cash and cash equivalents at end of year .........................................       $      15      $      21
                                                                                         =========      =========


See accompanying notes.
</TABLE>


<PAGE>



                      SEABULK TRANSMARINE PARTNERSHIP, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 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 six months ended June 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 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):
<TABLE>
<CAPTION>

                                             December 31,           June 30,
                                          -----------------    ----------------
                                                1997                 1998
     <S>                                 <C>                   <C>


      Due to HMI                          $        (33,212)     $     (32,243)
      Due from STL                                     338                338
      Due from OSTC                                  1,062              1,218
      Other, net                                        35                 35
                                          -----------------    ---------------
      Total due to affiliates             $        (31,777)     $     (30,652)
                                          ================      =============
</TABLE>


         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 six
months ended June 30, 1998 follows (in thousands):
<TABLE>
<CAPTION>
    <S>                                                               <C>

     Balance at beginning of year                                      $(33,212)
         Net cash remitted to (received from) HMI                         5,215
         Allocated management fees                                         (276)
         Allocated guarantee fee                                            (12)
         Allocated interest expense                                      (1,013)
         Operating expenses                                              (2,347)
         Professional fees                                                 (573)
         Miscellaneous administrative expenses                              (25)
                                                                          -----
         Balance at end of year                                        $(32,243)
                                                                       =========

         Average balance during the year                               $(32,728)
</TABLE>


         At June 30, 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 June 30,  1998,  HMI's
outstanding  indebtedness  under the  revolving  credit  portion  of the  Credit
Facility was  approximately  $92  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 June 30, 1998  compared  with the
three months ended June 30, 1997

         Revenue.  Revenue  increased  6.7% to $2.8 million for the three months
ended June 30, 1998 from $2.6  million for the three  months ended June 30, 1997
due to an  increased  charter  rate in the  Partnership's  time  charter  on the
Seabulk America.

         Operating  Expenses.  Operating expenses increased 5.3% to $1.3 million
for the three  months  ended June 30, 1998 as  compared to $1.2  million for the
three months ended June 30, 1997. As a percentage of revenue, operating expenses
decreased  to 44.9% for the three  months  ended June 30, 1998 from 45.5% in the
1997 period due to the increased charter rate of the Seabulk America.

         Overhead  Expenses.  Overhead expenses  decreased 44.5% to $0.5 million
for the three  months ended June 30, 1998 from $1.0 million for the three months
ended June 30, 1997,  primarily due to a decrease in fees related to litigation.
As a percentage of revenues,  overhead expenses decreased to 19.0% for the three
months  ended June 30, 1998 from 36.4% for the three  months ended June 30, 1997
due to this reduction in fees and the increase in revenue.

         Depreciation Expense. Depreciation expense remained relatively flat for
the three  months  ended June 30, 1998 as  compared  with the 1997 period due to
minimal amounts of new capital expenditures.

         Income from Operations. Income from operations increased 451.7% to $0.7
million for the three  months  ended June 30,  1998 from $0.1  million the three
months ended June 30, 1997 as a result of the factors noted above.

         Net Interest  Expense.  Net interest  expense  increased  39.8% to $0.6
million for the three  months ended June 30, 1998 from $0.4 million for the 1997
period, primarily as a result of an increase in the interest rate charged on the
intercompany balance with HMI.

         Net  Income.  The  Partnership  had net income of $82,000 for the three
months  ended June 30, 1998 as  compared to a net loss of $318,000  for the 1997
period, primarily as a result of the factors noted above.

       Six months ended June 30, 1998  compared with the six months ended June
30, 1997.

         Revenue.  Revenue  decreased  1.7% to $5.2  million  for the six months
ended June 30, 1998 from $5.3 million for the six months ended June 30, 1997 due
to a decreased  charter  rate in the  Partnership's  time charter on the Seabulk
America in the 1998 first quarter compared to the 1997 first quarter.

         Operating Expenses. Operating expenses remained relatively flat for the
six months ended June 30, 1998 as compared  with six months ended June 30, 1997.
As a percentage of revenue,  operating  expenses  increased to 45.0% for the six
months  ended June 30, 1998 from 43.5% in the 1997  period due to the  decreased
charter rate of the Seabulk America discussed above.

         Overhead  Expenses.  Overhead expenses  decreased 40.7% to $1.0 million
for the six months  ended  June 30,  1998 from $1.6  million  for the six months
ended June 30, 1997,  primarily due to a decrease in fees related to litigation.
As a percentage of revenues,  overhead  expenses  decreased to 18.7% for the six
months ended June 30, 1998 from 31.0% for the six months ended June 30, 1997 due
to this reduction in fees.

         Depreciation Expense. Depreciation expense remained relatively flat for
the six  months  ended June 30,  1998 as  compared  with the 1997  period due to
minimal amounts of new capital expenditures.

         Income from Operations.  Income from operations increased 82.5% to $1.2
million for the six months  ended June 30, 1998 from $0.6 million the six months
ended June 30, 1997 as a result of the factors noted above.

         Interest Expense.  Interest expense increased 13.5% to $1.0 million for
the six  months  ended  June 30,  1998 from $0.9  million  for the 1997  period,
primarily  as a result  of an  increase  in the  interest  rate  charged  on the
intercompany balance with the HMI.

         Net Income.  The  Partnership  had net income of  $165,000  for the six
months  ended June 30, 1998 as  compared to a net loss of $281,000  for the 1997
period, primarily as a result of the factors noted above.



<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 TRANSMARINE PARTNERSHIP, LTD.

By:      SEABULK TANKERS, Ltd.
         its General Partner

By:      HVIDE MARINE TRANSPORT, INCORPORATED
         its General Partner



By:
         John H. Blankley, Executive Vice President,
         Chief Financial Officer and Director


Date: