(LYSAKER, Norway and NEW ORLEANS) — Maritime Partners LLC, based in New Orleans, has reached a deal to acquire American Tanker Holding Co. (ATHC), a subsidiary of Norway-based AMSC that owns a fleet of 10 Jones Act product tankers.
Maritime Partners’ newly created Project Merchant Acquisition company signed a share purchase agreement with AMSC for $746.7 million. ATHC, through its subsidiaries, owns nine handysize products tankers and one handysize shuttle tanker. All 10 of the ships, built at Aker Philadelphia Shipyard (now known as Philly Shipyard), are on long-term bareboat charter to Overseas Shipholding Group or Keystone Shipping Co. in the Jones Act market.
The parties expect the transaction to close on or before Oct. 31.
“We are thrilled to acquire AMSC’s Jones Act business, which is a natural fit for our platform and consistent with our investment strategy,” said Bick Brooks, co-founder and CEO of Maritime Partners. “The acquired vessels are critical long-lived assets engaged in the transportation of non-discretionary cargo throughout the United States. The vessels are employed on long-term bareboat charters with two strong counterparties. This acquisition will nicely complement our existing lease portfolio by diversifying lessee exposure, asset exposure and end market exposure within the protected Jones Act markets. As we look to the future, we are excited about cultivating a lasting and growing partnership with our two new lessees, Overseas Shipholding Group and Keystone.”
