SAAM SMIT Towage J/V to Operate 100 Tugboat Fleet

By George Backwell
Wednesday, July 02, 2014
SMIT Brasil tugboats: Image Boskalis

Royal Boskalis Westminster N.V. inform that with SAAM S.A. they have successfully created a joint harbor towage operation within the American Continent in Brazil, Mexico, Canada and Panama, comprising two underlying joint ventures operating in more than 30 port terminals with a hundred tugboats.

The intended partnership, which is between SMIT, a wholly owned subsidiary of Boskalis, and SAAM, a wholly owned subsidiary of Sociedad Matriz SAAM S.A. (SM SAAM), was previously announced in September 2013 and all conditions to form the joint venture have now been fulfilled.

The merger will generate synergies estimated at approximately USD 10 million per year, to be fully captured in the next 24 months. Those synergies will mainly come from an increased fleet efficiency and cost savings, among others. As the operations are further integrated, sharing of best practices and market synergies are expected to generate additional value.

The geographic scope of the first joint venture covers the Brazilian towage market, where SMIT and SAAM already had operations. Boskalis and SAAM each hold a 50% share in this new joint venture. With a total of 42 tugboats, the combination is an important player in the growing market of Brazil, operating in major ports such as Rio Grande, Itajai, Santos and Salvador.

The second joint venture, in which SAAM holds a 51% majority stake, relates to the towage activities in Panama and Canada (SMIT) and Mexico (SAAM). The combination will operate a total number of 58 tugboats. This joint venture will have presence in main ports of Canada (Prince Rupert and Vancouver), Panama (Manzanillo, Balboa, Colon Container Terminal) and Mexico (Veracruz, Lazaro Cardenas, Altamira, Tuxpan).

Boskalis adds that the total value of the SMIT and SAAM assets that have been contributed to SST is comparable, and the joint venture has been formed without an equity contribution by either party.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Maritime Needs More Women Power

United Nations  International Maritime Organization (IMO) Secretary- General Ki Tack Lim pushed for the increased involvement of women in the seafaring industry

Contracts

ABP orders Two Gottwald cranes

Terex Port Solutions (TPS) has received an order from Associated British Ports (ABP) for two electric Terex Gottwald Model 8 portal harbour cranes in the G HSK 8424 B four-rope grab variant.

POSH Bags Shell FLNG Contract

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied

Baltic Index up for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday, for a third straight session, on rising demand across all vessel segments.

Workboats

Alabama Pilots Order High-speed Launch from Gladding-Hearn

The Alabama Pilot, Inc., in Mobile, Ala., has ordered a Chesapeake Class pilot boat from Gladding-Hearn Shipbuilding, Duclos Corporation. Delivery of the new 53-footer is scheduled for mid-2017.

SeaPro FourStroke Making Gains in the Commercial Market

Mercury Marine’s family of SeaPro FourStroke outboard engines is suited for high-hour applications and harsh environments, according to the manufacturer, who said

Ulstein Delivers for BS Offshore

The first of two service operation vessels (SOV) ordered in 2015 by Bernhard Schulte Offshore (BS Offshore) and its client Siemens from Ulstein Verft in is now completed,

Ports

More PPPs Needed to Enhance Dubai Maritime

The Marine Advisory Council has met to discuss the best ways to continue leading the march to excellence pursued by the Dubai Maritime Authority in upgrading the

210 Ships Pass Through Suez Canal Last Week

Suez Canal traffic data revealed that 210 ships transited the canal, with a total load of 12.8m tonnes, from 19 to 23 June.   An average of 42 ships transited the canal per day during that period,

ABP orders Two Gottwald cranes

Terex Port Solutions (TPS) has received an order from Associated British Ports (ABP) for two electric Terex Gottwald Model 8 portal harbour cranes in the G HSK 8424 B four-rope grab variant.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1114 sec (9 req/sec)