Maritime Partners has agreed to acquire US Marine Management (USMMI) from AP Moller-Maersk’s US subsidiary Maersk Line Ltd.
USMMI charters US-flag tanker and military support vessels to the US Navy’s Military Sealift Command and is engaged in the operation and maintenance of government-owned vessels.
The Norfolk, Virginia-based company currently operates a fleet of five US-flag vessels: one owned maritime support vessel, three owned tankers and a bareboat-chartered tanker.
In addition, it was recently awarded a new operating agreement for the US Maritime Administration’s Tanker Security Program.
In connection with this award, USMMI has entered into an agreement to acquire another MR tanker. The deal is expected to close in the fourth quarter.
“We’re excited to add USMMI to our portfolio,” said Maritime Partners co-founder and chief executive Bick Brooks.
“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.”
Maritime Partners said the deal is a “significant opportunity for portfolio diversification through the addition of a new vessel class with new capabilities, a new maritime market to serve and a new counterparty to its portfolio”.
The New Orleans-based maritime financier primarily finances and bareboat charters out more than 40,000 barges and towboats.
In late August, Maritime Partners agreed to acquire the Jones Act tanker business of Oslo-listed AMSC in a deal worth $747m.
It will take control of AMSC’s 10 US-flag product tankers when the deal closes in October.
Seven of the ships are on bareboat charter to Tampa-based Overseas Shipholding Group and three to Pennsylvania’s Keystone Shipping.
The ships were built between 2007 and 2011 and all operate in US domestic trades.
