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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Coast Guard Foundation to Honor Longtime Supporter

National Tribute Set for Thursday, October 9, 2014 The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families,

Last Call to Register for SHIPPINGInsight

Maritime industry conference and exhibition opens next week in Stamford, Conn. There’s still time to register online for SHIPPINGInsight 2014, the North American

Aage Hempel to Service and Distribution Simrad Products Aage Hempel Netherlands b.v. signed an agreement with Navico Europe b.v. for service and distribution

Contracts

Aage Hempel to Service and Distribution Simrad Products Aage Hempel Netherlands b.v. signed an agreement with Navico Europe b.v. for service and distribution

Two More Damen Twin Axe Catamarans for SeaZip

Damen Shipyards and SeaZip Offshore Service signed another contract for two Damen Fast Crew Suppliers (FCS) 2610 at Wind Energy in Hamburg. The two new vessels,

Boeing, Liquid Robotics Enter Maritime Surveillance Partnership

Boeing and Liquid Robotics signed a global, multiyear teaming agreement for collaboration on product development, maritime services and operational deployments.

Workboats

Steel Cut on First of Three ISVs for KT Maritime

A steel cutting ceremony held last week at the Singapore shipyard of partner company, ASL Shipyard Pte Ltd. marked the start of construction for the first of three

Damen Delivers Tug to Bremenports

Bremenports, the management company for the twin German ports of Bremen and Bremenhaven, took delivery of its first Damen-built vessel – a Stan Tug (Stu) 1606.

MN 100: Willard Marine

1250 N. Grove St. Anaheim, CA 92806 Telephone: 714 666 2150 E-mail: kjacquelin@willardmarine.com Website: www.willardmarine.com CEO/President: Ulrich Gottschling Number

Ports

Fire at Los Angeles Port Stops Container Traffic

Thick smoke from a smoldering fire started by a welder's torch at the Port of Los Angeles was preventing the movement of containers at the facility on Tuesday,

Air Pollution Continues Decline at Port of Long Beach

Diesel air pollution from ships, trucks, trains and other big machines at the Port of Long Beach has declined by 82 percent since 2005, a comprehensive air quality analysis has found.

New Rotation of CMA CGM Joint Service Unveiled

CMA CGM S.A. (CMA CGM) announced the rotation of its new service in cooperation with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL)

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1272 sec (8 req/sec)