Chile-headquartered SAAM finalised the sale of its port terminals and logistics operations to Hapag-Lloyd for approximately USD995 million at the turn of August. SAAM will focus on expanding its towage business.
The transfer of assets from SAAM to Hapag-Lloyd was signed at a ceremony in Santiago. The company transferred 10 port terminals in Chile, USA, Mexico, Costa Rica, Colombia and Ecuador, as well as its bonded warehouses and logistics operations in Chile.
“SAAM is beginning a new stage focused on two business areas where we see growth opportunities. We will strengthen our towage business to grow in new markets and become a world leader,” said Macario Valdés, ceo of SAAM, who added that the group will expand its regional air cargo logistics business Aerosan.
SAAM is a leading player in the Americas towage business with more than 210 vessels operating at more than 90 ports in 13 countries. “SAAM is consolidating its status as a solid, stable company with a robust capital structure, a unique operating model and a growth plan in attractive industries,” Valdés added.
SAAM reported net income of USD33.5 million for first half of 2023. Sales totalled USD449.2 million, up 10 percent year on year. Consolidated EBITDA stood at USD136.2 million, down 2 percent over the same period of last year. “The towage division has continued to grow, thanks to increased activity and newly consolidated operations, as well as new assets in Brazil and adequate cost containment. However, there was a drop in the volumes of port operations and inland logistics, mainly due to less dynamic trade in Chile, which was partially offset by an increase in cargo at foreign terminals,” said Valdés. During the second quarter of 2023, it closed the acquisition of 19 tugs from Starnav for USD176 million, with two still under construction scheduled for delivery in the third quarter.
The continuing operations that SAAM will continue to manage following the sale of its port terminal and logistics operations, ended the first half of the year with USD257.6 million in revenue, a 17 percent year on year increase. Meanwhile, EBITDA reached USD79.2 million, up 14 percent. The discontinued operations (port terminals and inland logistics), which are now owned by Hapag-Lloyd, reported revenue of USD192 million ( up 1 percent) and EBITDA of USD54.3 million (down 20 percent), mainly due to weaker results from inland logistics in Chile.
