Maritime Partners Buys Tanker Assets

Maritime Partners LLC announced August 22 that American Shipping Company (AMSC) based in Oslo, Norway, has agreed to sell the assets of its wholly owned subsidiary American Tanker Holding Company to Maritime Partners. The assets include nine “handysize” product tankers and one handysize shuttle tanker, all currently on long-term bareboat charter to Overseas Shipholding Group Inc. or Keystone Shipping Company, operating in the Jones Act market.

“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, the co-founder and CEO of Maritime Partners LLC. “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.”

AMSC will receive about $249.3 million in cash and the rest in shares and repayment of a shareholder loan, reflecting an enterprise value of ATHC of $746.7 million. The parties expect the transaction to close on or before October 31.