Dutch maritime services company Royal Boskalis Westminster and SAAM have announced the successful creation of a joint harbor towage operation consisting of 100 tugboats within North and South America.
The partnership, which is between SMIT – a Boskalis subsidiary, and SAAM was previously announced in September 2013.
The combined companies will operate two JVs under the name SAAM SMIT Towage (SST) and with a fleet of 100 tugboats operating in more than 30 port terminals in Brazil, Mexico, Canada and Panama. The total combined 2013 EBITDA of SST was USD 100 million.
The merger will generate synergies estimated at approximately USD 10 million per year, to be fully captured in the next 24 months, a statement from Boskalis said. Those synergies will mainly come from an increased fleet efficiency and cost savings, among others.
The geographic scope of the first joint venture covers the Brazilian towage market, where SMIT and SAAM already had operations. Boskalis and SAAM each hold a 50% share in this new joint venture.
With a total of 42 tugboats, the combination is an important player in the growing market of Brazil, operating in major ports such as Rio Grande, Itajai, Santos and Salvador.
The second joint venture, in which SAAM holds a 51% majority stake, relates to the towage activities in Panama and Canada (SMIT) and Mexico (SAAM). The combination will operate a total number of 58 tugboats. This joint venture will have presence in main ports of Canada (Prince Rupert and Vancouver), Panama (Manzanillo, Balboa, Colon Container Terminal) and Mexico (Veracruz, Lazaro Cardenas, Altamira, Tuxpan).
(Bloomberg) — Ukraine’s fight against Russia’s invasion has entered a new phase, pitting homegrown drone technology against a 2,000 kilometer (1,200 mile) swathe of largely Soviet-era oil facilities. At least...
March 19 (Reuters) – Tanker company Euronav will exit Belgium’s blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime...
MOSCOW, March 19 (Reuters) – The new head of Russia’s Navy was formally presented in his new role for the first time on Tuesday at a pomp-filled ceremony, the state RIA news agency reported,...
March 19, 2024
Total Views: 2484
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.