Financing provider Maritime Partners has revealed that one of its “managed funds” has acquired US Marine Management (USMMI), a tanker and military support craft chartering corporation.
USMMI owns a portfolio of vessels and charters for a division of the US Navy called Military Sealift Command.
The Norfolk, VA-based company also engages in the operation and maintenance (O&M) of US government-owned vessels. It currently holds an O&M contract supporting US Army training crafts in Japan.
USMMI currently operates a fleet of five US-flagged vessels, including one owned maritime support vessel, three owned tankers and one bareboat chartered tanker.
The newly acquired company has recently won a contract with the US Maritime Administration and its Tanker Security Program. The agreement led to USMMI acquiring a fourth tanker, this one medium-range, to be delivered in Q4.
Bick Brooks, co-founder and CEO of Maritime Partners, said the company was “excited” to bring USMMI into its fold: “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.
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“We’re excited to partner with USMMI’s long-tenured and talented management team in the next phase of USMMI’s evolution.”
The acquisition will increase Maritime Partners’ portfolio of nearly 2,000 managed vessels leased from its New Orleans headquarters.