Maritime Partners acquires U.S. Marine Management from Maersk Line
Maritime Partners, a Louisiana-based provider of maritime financing solutions primarily focused on Jones Act vessels, announced that on September 20, 2023, one of its managed funds acquired Norfolk, Va.-based U.S. Marine Management LLC (USMMI) from Maersk Line, Limited.
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. USMMI 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 O&M 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.
The company will continue to do business as USMMI without significant changes to its current management team.
The announcement confirms rumors that had been circulating for several weeks after Maersk Line, Limited—a subsidiary of Danish shipping giant A.P. Moller - Maersk—had informed select partners in August that its sale of USMMI was immanent.
Maritime Partners in August reached a deal to acquire AMSC subsidiary American Tanker Holding Company, which owns a fleet of 10 oceangoing Jones Act tankers.
