Greek Shipowner Acquires Altera’s Shuttle Tanker Business

Altera Infrastructure has entered into an agreement to sell all its membership interests in Altera Shuttle Tankers (AST) to Maistros Shiptrade, a company affiliated with the Angelicoussis Group.

Altera Shuttle Tankers, a shuttle tanker provider, owns and operates 18 shuttle tankers in Brazil, Canada and the North Sea.

The Angelicoussis Group is one of the world’s largest privately owned shipping groups, currently with 144 vessels on the water and 23 vessels, including three shuttle tankers, on order.

This transaction brings together Altera Infrastructure’s shuttle tanker business and the Angelicoussis Group, strengthening the business through a shared foundation of maritime expertise and industry heritage.

With this alignment, the combined shuttle tanker operation is well positioned to strengthen its position as one of the largest global fleets in its segment, benefitting from the experience and operational strengths of both parties.

Completion of the transaction is conditional upon receipt of relevant regulatory approvals. Subject to receipt of such approvals, completion is expected to take place in the first half of 2025.

“AST’s long-standing relationships and highly sophisticated fleet of tankers, combined with a common culture of excellence and commitment to a sustainable future, mean that together, AST and our Group are firmly positioned to offer best-in-class services to clients across the expanding shuttle tanker market,” said Maria Angelicoussis, CEO of the Angelicoussis Group.

"This agreement marks the beginning of an exciting new chapter for our shuttle tanker business with a buyer that shares our core values, particularly in safety, sustainability, teamwork and innovation. We believe that under new ownership, this segment will continue to grow, supported by a strong strategic vision and deep industry expertise,” added Duncan Donaldson, Acting CEO of Altera Infrastructure.