Maritime Companions, a Louisiana-based supplier of maritime financing options primarily targeted on Jones Act vessels, introduced that on September 20, 2023, one among its managed funds acquired Norfolk, Va.-based U.S. Marine Administration LLC (USMMI) from Maersk Line, Restricted.
USMMI is engaged in chartering U.S. flag tanker and navy assist vessels, owned and operated by USMMI, to the Army Sealift Command, a division of the U.S. Navy, and the operation and upkeep of U.S. government-owned vessels. USMMI presently operates a fleet of 5 U.S.-flagged vessels (together with one owned maritime assist vessel, three owned tankers, and one bareboat chartered tanker) and one O&M contract supporting U.S. Military coaching watercraft in Japan.
As well as, USMMI was lately awarded a brand new working settlement for the U.S. Maritime Administration’s Tanker Safety Program. In reference to this award, USMMI has entered into an settlement to accumulate one other medium vary tanker, which is anticipated to shut within the fourth quarter of 2023.
The corporate will proceed to do enterprise as USMMI with out important modifications to its present administration staff.
The announcement confirms rumors that had been circulating for a number of weeks after Maersk Line, Restricted—a subsidiary of Danish delivery big A.P. Moller – Maersk—had knowledgeable choose companions in August that its sale of USMMI was immanent.
Representatives from Maersk weren’t instantly accessible for remark.
“We’re excited so as to add USMMI to our portfolio,” stated Bick Brooks, co-founder and CEO of Maritime Companions. “USMMI’s long-term contracts with a powerful buyer base will properly complement our current portfolio of property by offering diversification throughout counterparties, property and finish markets. We’re excited to accomplice with USMMI’s long-tenured and gifted administration staff within the subsequent part of USMMI’s evolution.”
For Maritime Companions, the transfer represents one other notable acquisition because it diversifies into new enterprise areas. The corporate, which has historically targeted on brown water property equivalent to towboats and barges, in August reached a deal to accumulate AMSC subsidiary American Tanker Holding Firm, which owns a fleet of 10 oceangoing Jones Act tankers.