Maritime Partners Acquires Navy Contractor USMMI from Maersk
Privately-held Maritime Partners is further expanding its portfolio of domestic maritime assets with the acquisition of Norfolk, Va.-based U.S. Marine Management (USMMI) from Maersk Line, Limited (MLL), the U.S. flag shipping arm of A.P. Moller-Maersk.
USMMI operates a fleet of five U.S.-flagged vessels which it charters to Military Sealift Command, a division of the U.S. Navy. The five vessels include one owned maritime support vessel, three owned tankers, and one bareboat chartered tanker. It is also engaged in the operation and maintenance of government-owned vessels, with one O&M contract supporting U.S. Army training watercraft in Japan.
USMMI also has an agreement to acquire another medium range tanker after being awarded a new operating agreement for the U.S. Maritime Administration’s Tanker Security Program. The purchase is expected to close in Q4 2023.
“We’re excited to add USMMI to our portfolio,” said Bick Brooks, co-founder and CEO of Maritime Partners. “USMMI’s long-term contracts with a strong customer base will nicely complement our existing portfolio of assets by providing diversification across counterparties, assets and end markets. We’re excited to partner with USMMI’s long-tenured and talented management team in the next phase of USMMI’s evolution.”
Maritime Partners, founded in 2015 by Bick Brooks and Austin Sperry, has rapidly established itself as a leading provider of maritime financing solutions for the domestic Jones Act trade. The company manages a fleet of approximately 1,850 vessels in service, comprised of modern pushboats, towboats, and various types of barges, such as hopper and tank barges, that participate in the transportation of agricultural products, chemicals, aggregates, and energy products. The company offers inland bareboat charters, flexible lending options, and maritime leasing services to customers shipping commodities across a range of waterways.
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