Maritime Partners, a provider of maritime financing solutions primarily focused on Jones Act vessels, has announced that on 20 September, one of its managed funds acquired Norfolk, Va.-based US Marine Management (USMMI) from Maersk Line, Limited.
USMMI is engaged in chartering US flag tanker and military support vessels, owned and operated by USMMI, to the Military Sealift Command, a division of the US Navy, and the operation and maintenance (O&M) of US government-owned vessels.
USMMI currently operates a fleet of five US-flagged vessels (including one owned maritime support vessel, three owned tankers, and one bareboat chartered tanker) and one O&M contract supporting US Army training watercraft in Japan.
In addition, USMMI was recently awarded a new operating agreement for the US 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 the year.
Bick Brooks, co-founder and CEO of Maritime Partners, commented, “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.”