Maritime Partners, a provider of maritime financing solutions primarily focused on Jones Act vessels, announces that one of its managed funds acquired Norfolk, VA-based U.S. Marine Management from Maersk Line.
U.S. Marine Management (USMMI) is engaged in chartering U.S. flag tanker and military support vessels, that it owns and operates for the Military Sealift Command, a division of the U.S. Navy, and the operation and maintenance of U.S. government-owned vessels. U.S. Marine Management 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, U.S. Marine Management was recently awarded a new operating agreement for the U.S. Maritime Administration’s Tanker Security Program. In connection with this award, U.S. Marine Management has entered into an agreement to acquire another medium range tanker, which is expected to close in Q4/23.
“We’re excited to add USMMI to our portfolio,” Bick Brooks, co-founder and CEO of Maritime Partners, said. “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.”
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