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Chile’s SAAM announces $85m in investments

Chile-based SAAM, the largest logistics company in Latin America that operates port terminals, airports and the largest tugboat fleet in the Americas in association with SMIT in several countries, has announced it will invest $85m in infrastructure and improvements to its tugboat fleet this year.

“In 2017 we concluded a high investment cycle with over $500m in capital expenditures over the last four years, giving us state-of-the-art infrastructure and equipment to continue growing. This year we expect to invest close to $85m, which will be used to maintain our port equipment and infrastructure and reinforce our tug fleet. This could also include inorganic growth opportunities that we are constantly evaluating,” commented SAAM's chairman, Óscar Hasbun who is also ceo of Chilean line CSAV.

He also added that the company began implementing a new operating model last year, aimed at making the organization more flexible, modern and efficient. “These efforts will help us streamline operations and continue expanding to strengthen our leadership in the region,” he remarked.

In the port terminals division, investments consisted of the purchase of two new STS cranes for San Vicente Terminal Internacional (SVTI), new mobile cranes for Iquique Terminal Internacional (ITI), both in Chile, and the installation of new facilities at Florida International Terminal (FIT), in the US, all for an investment close to $53m.

Maintenance of the tugboat fleet and construction of three new tugboats, one for Canada and two for Brazil, will cost around $28.8m and in logistics, some $3.7m will be invested in the installations of Santiago airport.

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