Through its wholly-owned subsidiary PSA Marine Americas (Pte) Ltd, PSA Marine (Pte) Ltd (PSA Marine) completed the acquisition of a 45% stake in Meyer’s Tugs S.A. (MTSA) from Inversiones Maritimas CPT S.A., a wholly-owned subsidiary of CPT Empresas Maritimas S.A. (CPT) on 27 April 2023 in Panama.
“CPT and PSA Marine passionately believe in growing the towage service offering in Panama. This new partnership in MTSA will bring together our networks, expertise, and capabilities in the towage business, thereby driving the best business outcome for our customers. We are proud of what the leadership team in MTSA has achieved. Together, we are stronger.” said Mr Peter Chew, Managing Director of PSA Marine.
“The new company marries CPT’s innovative, high-performance, and local expertise with PSA Marine’s high operational standards, firm background, and strong international branding in the maritime sector. We are eager to achieve more together and look forward to consolidating and developing our market position in the Panamanian business”, said Mr Carlos Cornelius, CEO of CPT.
MTSA was incorporated in 2015, and it is headquartered in Panama. MTSA offers reliable and efficient towage services between Panama’s Pacific and Atlantic coasts. With a team of more than 60 highly professional and dedicated staff, it owns and operates a fleet of six harbour tugs with bollard pull strength ranges between 60 and 77 tonnes.
After the acquisition, MTSA will be rebranded for a common identity to reflect its shared values and vision. Mr Gabriel Forero, General Manager of MTSA, and his key managers will continue to lead and run the company and offer high-quality services to its customers.
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