SAAM in $198m deal to acquire tugs from Brazil’s Starnav

The deal includes 19 tugs currently in operation and two additional vessels in the final phase of construction.

“This is one of the largest transactions in SAAM's history and is part of our strategy to continue advancing our leadership in the towage industry. Brazil is home to our company’s largest operations and with this deal we will have one of the most competitive, most modern fleets in that country,” commented SAAM’s CEO Macario Valdés.

The new tugs are all state-of-the-art and high-capacity vessels. The agreed-upon value of the Starnav assets is $198m. The outstanding debt on the assets will be deducted from this amount at closing.

Once the new assets have been integrated, the company will have a fleet of 69 tugboats in 19 Brazilian ports.

SAAM Towage provides services at over 90 ports in the Americas, completing more than 140,000 manoeuvres for 40,000 vessels each year.

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