PSA Marine buys 45% stake in Panama’s Meyer’s Tugs


Through its wholly-owned subsidiary PSA Marine Americas Ltd, PSA Marine completed the acquisition of 45% stake in Meyer’s Tugs S.A. (MTSA) from Inversiones Maritimas CPT, a wholly-owned subsidiary of CPT Empresas Maritimas on 27 April 2023 in Panama.

“CPT and PSA Marine share a passionate belief of growing the towage service offering in Panama,” said Peter Chew, Managing Director of PSA Marine. “This new partnership in MTSA will bring together our networks, expertise, and capabilities in the towage business, thereby driving the best business outcome for our customers. We are proud of what the leadership team in MTSA has achieved. Together, we are stronger.”

Carlos Cornelius, CEO of CPT, said: “The new company marries the innovative, high-performance, and local expertise of CPT with PSA
Marine’s high operational standards, firm background, and strong international branding in the maritime sector. We are eager to achieve more together and look forward to consolidating and developing our market position in the Panamanian business.”

MTSA was incorporated in 2015 and it is headquartered in Panama. MTSA offers reliable and efficient towage services between the Pacific and Atlantic coast in Panama. With a team of more than 60 highly professional and dedicated staff, it owns and operates a fleet of six harbour tugs with bollard pull strength ranges between 60 tonnes and 77 tonnes.

Subsequent to the completion of the acquisition, MTSA will be rebranded for a common identity to reflect its shared values and vision. Gabriel Forero, General Manager of MTSA, together with his key managers, will continue to lead and run the company and offer high-quality services to its customers.

A wholly owned subsidiary of PSA International and headquartered in Singapore, PSA Marine provides integrated marine services – pilotage, towage, and offshore windfarm crew transfer to the ports and terminals, oil and gas, shipping and renewable energy sectors, employing some 1,800 people and operating more than 70 tugs worldwide.