Maersk Line Limited has sold U.S. Marine Management (USMMI), Norfolk, VA to Louisiana-based Maritime Partners, a maritime financing solutions expert which is primarily focused on Jones Act vessels.
The deal was sealed on September 20 and Maritime Partners through one of its managed funds acquired USMMI from Maersk.
Virginia-based USMMI is engaged in chartering U.S. flag tanker and military support vessels, owned and operated by USMMI, to the Military Sealift Command, a division of the U.S. Navy, and the operation and maintenance of U.S. government-owned vessels.
It currently operates a fleet of five U.S.-flagged vessels, including one owned maritime support vessel, three owned tankers, and one bareboat chartered tanker, and one operation and maintenance contract supporting U.S. Army training watercraft in Japan.
In addition, USMMI was recently awarded a new operating agreement for the U.S. Maritime Administration’s Tanker Security Program. In connection with this award, USMMI has entered into an agreement to acquire another medium range tanker, which is expected to close in the fourth quarter of 2023.
“We’re excited to add USMMI to our portfolio,” said Bick Brooks, co-founder and chief executive of Maritime Partners.
“USMMI’s long-term contracts with a strong customer base will nicely complement our existing portfolio of assets by providing diversification across counterparties, assets and end markets. We’re excited to partner with USMMI’s long-tenured and talented management team in the next phase of USMMI’s evolution.”
This acquisition represents yet another significant transaction for Maritime Partners and its managed funds, bringing with it not only a management team with more than 30 years of government contracting experience, knowledge, and expertise, but also a significant opportunity for portfolio diversification through the addition of a new vessel class with new capabilities, a new maritime market to serve, and a new counterparty to the acquiring fund’s portfolio.
