Founded in 1860, by Michael Moran as a towing and brokerage firm, the Moran Towing and Transportation Company of New York, New York. In 1863, the company transitioned from a brokerage firm to an owner/operator of towing vessels when the company acquired a one-half interest in the tugboat Ida Miller for $2,700. In 1880, Michael Moran painted the first white "M" on the stack of a Moran tugboat.
According to a survey conducted by the Division in 1993 and 1994, an average of $2.2 million is expended annually to construct and manage New Jersey's ocean reefs. The management portion of the project, which includes the salaries of State marine biologists who select reef sites, coordinate construction activities, and conduct biological and harvest surveys, and the costs of operating a research vessel and sampling equipment, amounts to approximately $215,000 each year. Funding for management is composed of $161,000 in federal Sportfish Restoration Funds, which are obtained from excise taxes on recreational fishing tackle, and $54,000 in state funding.