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Focus on Panama

PSA Marine completes acquisition of 45% stake Meyer’s Tugs in Panama

Photo: Meyer's Tugs/PSA Marine Meyer’s Tugs’ harbour tug, Dichato, assisting in aunberthing job at the PSA Panama Port[10].jpg
PSA Marine has completed the acquisition of 45% stake in Meyer’s Tugs (MTSA) from Inversiones Maritimas CPT a wholly owned subsidiary of CPT Empresas Maritimas SA (CPT).

“CPT and PSA Marine share a passionate belief of growing the towage service offering in Panama. This new partnership in MTSA will bring together our networks, expertise, and capabilities in the towage business, thereby driving the best business outcome for our customers. We are proud of what the leadership team in MTSA has achieved. Together, we are stronger,” said Peter Chew, Managing Director of PSA Marine.

“The new company marries the innovative, high-performance, and local expertise of CPT with PSA Marine’s high operational standards, firm background, and strong international branding in the maritime sector. We are eager to achieve more together and look forward to consolidating and developing our market position in the Panamanian business,” said the CEO of CPT, Carlos Cornelius.

MTSA was incorporated in 2015 and it is headquartered in Panama. MTSA offers reliable and efficient towage services between the Pacific and Atlantic coast in Panama. With a team of more than 60 highly professional and dedicated staff, it owns and operates a fleet of six harbour tugs with bollard pull strength ranges between 60 tonnes and 77 tonnes.

MTSA will be rebranded for a common identity to reflect its shared values and vision. Gabriel Forero, General Manager of MTSA, together with his key managers, will continue to lead and run the company and offer high-quality services to its customers.