SAAM’s Towage Division is buying 17 tugs operating in Brazil from Starnav, plus four newbuilds under construction, for $198m.

SAAM CEO Macario Valdés said the deal was one of the largest transactions in SAAM’s history.

“The transaction was valued at $150m for the 17 active tugs, all state-of-the-art, flexible, high-capacity vessels. Another $48m will be disbursed for four tugs under construction,” he said.

SAAM Towage Brazil will take over the debt for the operational tugs and those under construction, which will be deducted from the price paid to Starnav, once regulators agree on the deal, SAAM said.

“Once the purchase has been completed, SAAM Towage Brazil can upgrade part of its current fleet and will boast one of the most competitive, most modern fleets in that country.”

SAAM has recently agreed to acquire the towage businesses operated by Ian Taylor in Peru and Standard Towing and Davies Tugboats in Canada.

SAAM Towage provides services at over 80 ports in the Americas, completing more than 110,000 maneuvers for 37,000 vessels each year.

Source: Seatrade Maritime News