Boskalis to offload another tug unit

Dutch company Boskalis, together with its joint venture partner Kotug International, has signed a letter of intent (LOI) relating to the sale of Kotug Smit Towage to Boluda Group.

Boskalis expects to receive approximately EUR90m ($102.3m) in cash for its 50% equity stake in the joint venture.

The Kotug Smit Towage joint venture between Boskalis and Kotug was formed in 2016 and covers a number of ports in European countries including the Netherlands, Belgium, Germany and UK.

Boskalis and Kotug believe further consolidation of the European harbour towage market would be beneficial.

Boluda is a leading tugboat operator in the Spanish and French market with a fleet of over 230 vessels.

Last month, Boskalis also entered into agreement to sell its stake in its towage unit SAAM SMIT Towage.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
Back to top button