Photo credit: PSA Marine, Image: PSA Shuri

Singapore-based PSA Marine, a provider of integrated marines services, has sealed a deal with CPT for the acquisition of 45% stake in Meyer’s Tugs in Panama.

The company through its wholly-owned subsidiary PSA Marine Americas completed the acquisition of 45% stake in Meyer’s Tugs S.A. from Inversiones Maritimas CPT S.A, a wholly-owned subsidiary of CPT Empresas Maritimas S.A. on 27 April 2023 in Panama.

The two parties “share a passionate belief of growing the towage service offering in Panama,” said Peter Chew, the Managing Director of PSA Marine.

“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 Mr. Carlos Cornelius, CEO of CPT.

Meyer’s Tugs S.A. was incorporated in 2015 and it is headquartered in Panama. It offers towage services between the Pacific and Atlantic coast in Panama. With a team of more than 60 staff, it owns and operates a fleet of six harbour tugs with bollard pull strength ranges between 60 tonnes and 77 tonnes.

Subsequent to the completion of the acquisition, Meyer’s Tugs S.A. will be rebranded for a common identity “to reflect its shared values and vision,” as PSA Marine points out.

Furthermore Mr. Gabriel Forero, General Manager of MTSA, together with his key managers, will continue to lead and run the company.

“This new partnership in MTSA will bring together our networks, expertise, and capabilities in the towage business, thereby driving the best business outcome for our customers. We are proud of what the leadership team in MTSA has achieved. Together, we are stronger.” said Mr Peter Chew.