SAAM closes deal to acquire 21 tugs from Starnav
SAAM, a company providing port, logistics and towage services in the Americas, concluded the purchase of 21 tugboats from the Brazilian company Starnav.
Starnav’s fleet 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 CEO Macario Valdés.
SAAM said that the new tugs are all state-of-the-art and high-capacity vessels. The agreed-upon value of the Starnav assets is $ 198 million. 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 maneuvers for 40,000 vessels each year.