- A Memorandum of Understanding (MoU) has been signed between SMIT, a subsidiary of Royal Boskalis Westminister N.V., and the Sudamericana Agencias Aereas y Maritimas (SAAM) regarding two joint harbour towage operations within the American continent.
The first joint venture concerns Brazilian towage, where SMIT will have a 51 percent majority share of 41 tug boats.
The second venture sees SAAM holding a 51 percent majority stake in the towage activities in Panama and Canada (SMIT) and Mexico (SAAM). The combination will operate a total number of 55 tug boats.
The joint operation will establish a leading provider of towage service in Central and South America. By exercising operational synergy, these ventures will strengthen the market position of both SMIT and SAAM.
The implementation of the MoU is subject to customary conditions including a due diligence process and approval from regulatory agencies in the respective countries involved.
Ben Oliver Briceno, Staff writer at Port Technology International.
