SAAM closes deal to acquire tugs from Starnav and is positioned as one of the market leaders in Brazil
SAAM Towage Brazil will have 69 vessels, one of the largest and most efficient fleets in the country, the company’s main market in the region.
May 3rd, 2023. SAAM, a company providing port, logistics and towage services in the Americas, concluded the purchase of 21 tugboats from the Brazilian company Starnav, which includes 19 tugs currently in operation and two additional vessels in the final phase of construction.
“This is one of the largest transactions in SAAM’s history and is part of our strategy to continue advancing our leadership in the towage industry. Brazil is home to our company’s largest operations and with this deal we will have one of the most competitive, most modern fleets in that country,” commented CEO Macario Valdés.
The new tugs are all state-of-the-art and high-capacity vessels. The agreed-upon value of the Starnav assets is US$ 198 million. The outstanding debt on the assets will be deducted from this amount at closing.
Once the new assets have been integrated, the company will have a fleet of 69 tugboats in 19 Brazilian ports.
SAAM Towage provides services at over 90 ports in the Americas, completing more than 140,000 maneuvers for 40,000 vessels each year.
SAAM is a multinational corporation providing services for international trade through its four divisions: Port Terminals, Towage, Logistics and Aerosan.
With more than 60 years in business, SAAM has operations in 14 countries in North, Central and South America, creating jobs for more than 8,500 employees.
It is the leading provider of towage services in the Americas and an important port and logistics operator in the region.