Maritime Partners LLC, a provider of maritime financing solutions primarily focused on Jones Act vessels, announced earlier this month that one of its managed funds acquired Norfolk, Va.-based U.S. Marine Management LLC (USMMI) from Maersk Line Ltd.
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 Navy, and the operation and maintenance 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 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 the fourth quarter.
“We’re excited to add USMMI to our portfolio,” Bick Brooks, co-founder and CEO of Maritime Partners, said in a statement. “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.”