PSA Marine (Pte) Ltd has completed the acquisition of a 45 per cent stake in Meyer’s Tugs S.A. (MTSA) from Inversiones Maritimas CPT S.A., a subsidiary of CPT Empresas Maritimas S.A.
The deal was closed on 27 April through PSA Marine Americas (Pte) Ltd, a wholly-owned subsidiary of PSA Marine.
The two companies aim to grow the towage service offering in Panama, with the partnership bringing together their networks, expertise, and capabilities in the towage business.
After the completion of the acquisition, MTSA will be rebranded to reflect its shared values and vision with PSA Marine.
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“The new company marries the innovative, high-performance, and local expertise of CPT with PSA Marine’s high operational standards, firm background, and strong international branding in the maritime sector,” said Carlos Cornelius, CEO of CPT.
“We are eager to achieve more together and look forward to consolidating and developing our market position in the Panamanian business.”
MTSA, which was incorporated in 2015 and is headquartered in Panama, offers towage services between the Pacific and Atlantic coasts in Panama.
The company owns and operates a fleet of six harbor tugs with bollard pull strength ranging from 60 tonnes to 77 tonnes.
The new brand formed will combine the strengths and capabilities of both companies to offer enhanced service and solution offerings throughout the entire supply chain.
