Rimorchiatori Mediterranei Buys Keppel Smit Towage and Maju Maritime

Dutch marine services firm Boskalis and its co-shareholder KS Investments Pte. Ltd. (Keppel) have completed the sale of their equity stakes in their harbor towage activities in Singapore and Malaysia - Keppel Smit Towage Pte Ltd and Maju Maritime Pte Ltd - to Rimorchiatori Mediterranei.

Boskalis received EUR 92 million in cash for its 49% equity stake in the joint ventures resulting in a pre tax book gain of approximately EUR 50 million. Keppel Smit Towage (KST) was established in 1991 as a joint venture between Keppel and SMIT, a subsidiary of Boskalis. 

Over the past thirty years, Boskalis said, KST/Maju has developed into one of the largest and leading providers of harbor towage services in Southeast Asia. 

KST/Maju operates a large fleet of tugboats in Singapore and through its joint venture in Malaysia. 

"The sale of KST/Maju follows the strategic decision taken by Boskalis in 2019 to divest its harbor towage activities. Boskalis divested its stakes in Saam Smit Towage and Kotug Smit Towage in 2019," Boskalis said.

The buyer, Rimorchiatori Mediterranei, is a subsidiary of Rimorchiatori Riuniti Group, a maritime service provider headquartered in Genoa, Italy established in 1922. Rimorchiatori Mediterranei operates a fleet of more than 100 modern vessels in more than 20 major ports employing approximately 900 people.