A report in this morning’s Miami Herald says that a private equity company is set to make a significant investment in Windjammer Barefoot Cruises, the troubled Miami Beach company. TAG Virgin Islands, based in St. Thomas, aims to expand the fleet and move into markets beyond the Caribbean, according the Herald.

The Herald also reports that three of Windjammer’s four vessels are docked, two as a result of labor disputes which a TAG spokesman said were being resolved.

Windjammer operates the tall ships Legacy, Mandalay, Yankee Clipper and Polynesia. The family-owned company was founded in 1947 by Capt. Mike Burke. In March his son Daniel, the president of Windjammer, was found dead in a Miami hotel.