SMIT Acquires Brazilian Shipbuilder

Maritime Activity Reports, Inc.

December 19, 2005

SMIT recently acquired 50% of Rebras, Rebocadores de Brazil S.A. Rebras already owns three 55-ton BP ASD harbor tugs, which are chartered out on bare boat basis. The company, to be renamed SMIT Rebocadores do Brazil S.A., plans to operate a minimum of twenty tugs in the range 45 to 65 tons bollard pull. The company has a commitment from a Brazilian Shipyard for building twelve 45-ton BP and six 65-ton BP tugs to be locally financed. Delivery of the first new tugs is planned in the course of 2007.
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