Posted on September 29, 2023
U.S. Military Marine Services Contractor Sells to a Maritime Partners-Managed Fund
NEW ORLEANS, Sept. 26, 2023 /PRNewswire/ — Maritime Partners, LLC (“Maritime Partners”), a leading provider of maritime financing solutions primarily focused on Jones Act vessels, announces 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 (“O&M”) 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 Q4 2023.
“We’re excited to add USMMI to our portfolio,” said Bick Brooks, co-founder and CEO 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.
