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Bick Brooks, co-founder and CEO of Maritime Partners said: "We're excited to add USMMI to our portfolio. 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."
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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 which includes an agreement to acquire another medium range tanker expected to close in Q4 2023.
This acquisition represents an 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 as well as access to USMMI's management team with more than 30 years of government contracting experience, knowledge, and expertise.
Filed Under: Business
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