All the vessels were developed at Philly Shipyard (after that Aker Philadelphia Shipyard). [Photo: Philly Shipyard]
Metairie, La., headquartered Maritime Partners LLC is entering the Jones Act vessel market, majorly. Best called the biggest owner of united state inland rivers towboats, it is entering the oceangoing industry by getting 9 vessels had by Oslo- provided AMSC ASA (the business previously called American Shipping Company).
All get on long-lasting bareboat charter toOverseas Shipholding Group Inc (NYSE: OSG) or Keystone Shipping Co., and also all were developed at Philly Shipyard (after that Aker Philadelphia Shipyard).
The auto mechanics of the offer are that AMSC and also Project Merchant Acquisition LLC a newly-formed business had and also managed by a fund handled by Maritime Partners LLC, have actually authorized a share acquisition contract covering PM Acquisition’s acquisition of American Tanker Holding Company,Inc (ATHC), a wholly-owned subsidiary of AMSC that, with its subsidiaries, has the 9 handysize items vessels and also one handysize shuttle bus vessel covered by the purchase. Six get on charter to OSG and also 3 to Keystone.
The offer places a venture worth of $746.7 million on ATHC.
“We are thrilled to acquire AMSC’s Jones Act business which is a natural fit for our platform and consistent with our investment strategy,” stated Bick Brooks, the founder and also chief executive officer of Maritime Partners LLC. “The acquired vessels are critical long-lived assets engaged in the transportation of non-discretionary cargo throughout the United States. The vessels are employed on long-term bareboat charters with two strong counterparties. This acquisition will nicely complement our existing lease portfolio by diversifying lessee exposure, asset exposure and end market exposure within the protected Jones Act markets. As we look to the future, we are excited about cultivating a lasting and growing partnership with our two new lessees, Overseas Shipholding Group and Keystone.”
Pål Lothe Magnussen, chief executive officer of AMSC commented that “the management team at AMSC is pleased that a Maritime Partners managed fund, a leading Jones Act leasing company, is acquiring our Jones Act business. We believe this is the ideal new owner of this business for the next phase in the lifecycle of these assets. AMSC’s ownership tenure has surpassed 18 years since the ships were ordered, during which significant financial profits have been created and provided to AMSC and its shareholders. We believe that the long remaining commercial life of the fleet in combination with strong bareboat charter contract cover in a strong market represents a good opportunity and point in time for us to reconsider capital allocation for AMSC and strategy going forward, and this transaction is a natural step in this process.”
The celebrations anticipate the offer to shut on or prior to October 31, 2023.
