SAAM Buys 21 Tugs from Starnav

Towage provider SAAM on Thursday announced it has concluded the purchase of 21 tugboats from the Brazilian company Starnav, including 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,” said SAAM CEO Macario Valdés.

The agreed-upon value of the Starnav assets is $198 million, SAAM said, noting the outstanding debt on the assets will be deducted from this amount at closing.

SAAM described the acquired tugs as "state-of-the-art and high-capacity vessels". Once all vessels are integrated into the SAAM fleet, the company will have a fleet of 69 tugboats in 19 Brazilian ports.

In total, SAAM Towage provides services at over 90 ports in the Americas, completing more than 140,000 maneuvers for 40,000 vessels each year.