SAAM to Buy 21 Starnav Tugs for $198M
SAAM's Towage Division has agreed to buy 17 tugs operating in Brazil from the Brazilian company Starnav. The deal also involves the purchase of four additional tugs currently under construction.
SAAM CEO Macario Valdés said the deal was one of the largest transactions in SAAM’s history.
"The transaction was valued at US$150 million for the 17 active tugs, all state-of-the-art, flexible, high-capacity vessels. Another US$48 million will be disbursed for four tugs under construction," SAAM said.
Once regulators sign off on the deal, SAAM Towage Brazil will take over the debt for the operational tugs and those under construction, which will be deducted from the price paid to Starnav, the company said.
"Once the purchase has been completed, SAAM Towage Brazil can upgrade part of its current fleet and will boast one of the most competitive, most modern fleets in that country," the company said.
The announcement comes on the back of recent agreements to acquire the towage businesses operated by Ian Taylor in Peru and Standard Towing and Davies Tugboats in Canada. SAAM Towage provides services at over 80 ports in the Americas, completing more than 110,000 maneuvers for 37,000 vessels each year.