Angelicoussis Group affiliate Maistros Shiptrade Limited has made a major deal to take over Altera Shuttle Tankers for an undisclosed sum in a major move into the sector.
Specifically, Altera Infrastructure Holdings L.L.C., a wholly owned subsidiary of Altera Infrastructure L.P., has entered into an agreement to sell all its membership interests in Altera Shuttle Tankers L.L.C. (AST) to Maistros Shiptrade Limited, a company affiliated with the Angelicoussis Group.
Altera Shuttle Tankers, a shuttle tanker provider, owns and operates 18 shuttle tankers in Brazil, Canada and the North Sea.
The Greek Angelicoussis Group is a privately owned shipping group, currently with 144 vessels on the water and 23 vessels, including three shuttle tankers, on order.
Through Athens-based companies, Maran Tankers Management, Maran Gas Maritime and Maran Dry Management, the Group operates a diversified fleet serving the oil, gas and dry cargo markets.
With this alignment, the combined shuttle tanker operation is well positioned to strengthen its position as one of the largest global fleets in its segment, Altera Infrastructure said in its statement.
“I am pleased to announce that one of our affiliated companies has signed a deal to acquire Altera Shuttle Tankers,” said Maria Angelicoussis, CEO of the Angelicoussis Group.
“AST’s long-standing relationships and highly sophisticated fleet of tankers, combined with a common culture of excellence and commitment to a sustainable future, mean that together, AST and our Group are firmly positioned to offer best-in-class services to clients across the expanding shuttle tanker market,” Angelicoussis added.
The completion of the transaction is conditional upon receipt of relevant regulatory approvals.
Subject to receipt of such approvals, the deal is expected to close in the first half of 2025.
Duncan Donaldson, Acting CEO of Altera Infrastructure, noted: “This agreement marks the beginning of an exciting new chapter for our shuttle tanker business with a buyer that shares our core values, particularly in safety, sustainability, teamwork and innovation.
“We believe that under new ownership, this segment will continue to grow, supported by a strong strategic vision and deep industry expertise. While we move through this transition, our focus remains on delivering safe and reliable operations and ensuring a seamless handover.”
