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SMIT and SAAM in Latin American tug business alliance

SMIT and SAAM in Latin American tug business alliance
Santiago: Chile’s largest logistics company SAAM, that operates tugs, ports and agencies, has signed an agreement with Boskalis Holding BV parent company of SMIT, creating two joint ventures for the joint operation of the tug business in Canada, Brazil, Mexico, Panama and Colombia.

SAAM, formerly part of the CSAV Group, was separated in 2012 from the shipping line and listed on the Chilean Santiago Stock Exchange.  SMIT was acquired in 2010 by Boskalis.

In Brazil, where both companies currently operate, following the merger of their operations, SMIT –would have a 51% stake with SAAM the remaining 49%. The alliance will leave the new entity as a leading tugboat operator in the country, with 41 vessels.

The second joint venture incorporates business assets of SAAM tugs and SMIT de Canada Mexico and Panama. In this business, the participation of SAAM will be 51% and the remaining 49% held by SMIT. It will havea fleet of  55 tugs. The contributions of SAAM and SMIT are equivalent in terms of economic values of their assets.

SAAM is now the largest tug operator in the Americas, and the fourth worldwide, with 126 units. With the closing of these two alliances, participating companies operate a modern fleet of 96 tugs in the countries involved.

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