Boskalis sells KST and Maju Maritime

The agreement is in conjunction with co-shareholder KS Investments Pte Ltd (Keppel) and involves Keppel Smit Towage Private Limited (KST) and Maju Maritime Pte Ltd (Maju). Under the terms of the agreement, Boskalis expects to receive approximately EUR 80 million in cash for its 49% equity stake. The contribution of KST/Maju to Boskalis’ net profit over the last two years was EUR 4 million per-annum.

KST has been a major player in the Southeast Asia harbour towing scene since establishment in 1991 following the joint venture between Keppel and Smit, a wholly owned subsidiary of Boskalis. During this period KST has operated a combined fleet of 58 tugs in Singapore and through its joint venture in Malaysia.

In 2019 Boskalis took the strategic decision to pull out of harbour towage divesting its stake in both Saam Smit Towage and Kotug Smit Towage in 2019. One such operation is its terminal towage company Smit Lamnalco established after Boskalis bought Smit International to bring the terminal support operations under a single brand. Boskalis recently announced it was reviewing its position as 50% stakeholder in Smit Lamnalco along with the remaining shareholder The Rezayat Group.

Rimorchiatori Mediterranei is a subsidiary of Genoa-based Rimorchiatori Riuniti Group. Established in 1922 the new operator has a fleet of over 100 modern vessels in more than 20 major ports and employs approximately 900 personnel. The agreement is subject to regulatory approval with the transaction expected to close in the first half of 2022.

These changes do not mean that Boskalis no longer has a presence in the world of towing. It is heavily involved in the offshore energy sector including offshore windfarms and can call on a fleet of sixteen modern anchor-handling tugs with bollard pulls between 70t and 205t including the 180tbp AHTs Princess and Sovereign, built in 2002 and 2003 respectively by Yantai Raffles for JP Knight Lowestoft specifically for charter as ETVs to the UK Maritime & Coastguard Agency. Its fleet also includes the 205tbp ocean towing tugs Boka Alpine, Boka Expedition, Boka Glacier, Boka Sherpa and Boka Summit built between 2005 and 2007 by Niigata Shipbuilding & Repair.