SAAM splashes $198m on 21 Starnav tugs in Brazil

SAAM Towage Brazil, part of Chilean multinational port services company SAAM, has acquired 21 tugboats from the Brazilian company Starnav in a deal worth $198m.

The transaction includes 19 tugs currently in operation and two additional vessels under construction. The outstanding debt on the assets will be deducted from this amount at closing, the company said.

“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.

Once the new assets have been integrated, the company will have a fleet of 69 tugs in 19 Brazilian ports – one of the largest and most efficient fleets in the country and the company’s main market in the region. SAAM Towage provides services at over 90 ports in the Americas, completing more than 140,000 maneuvers for 40,000 vessels each year.