Maritime Partners (via Project Merchant Acquisition) Acquires American Tanker Holding Company from AMSC ASA

August 22, 2023

Funds managed by Maritime Partners, LLC (through newly-formed Project Merchant Acquisition LLC) agreed to buy American Tanker Holding Company, Inc. (ATHC), AMSC ASA's Jones Act tanker business, for aggregate gross cash proceeds to AMSC of US$249.3 million (enterprise value reported at US$746.7 million). ATHC owns nine handysize product tankers and one handysize shuttle tanker on long-term bareboat charters to Overseas Shipholding Group and Keystone Shipping; the deal is intended to complement Maritime Partners' existing vessel-lease portfolio and diversify lessee and asset exposure in the protected Jones Act market.

Buyers
Project Merchant Acquisition LLC, Maritime Partners, LLC
Targets
American Tanker Holding Company, Inc. (ATHC)
Sellers
AMSC ASA
Industry
Transportation
Location
Louisiana, United States
Transaction Type
Buyout

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