Boluda Towage to acquire Smit Lamnalco

BOLUDA TOWAGE BECOMES THE WORLD'S LEADING MARITIME COMPANY IN THE TOWAGE INDUSTRY

• Boluda Corporación Marítima, through its Boluda Towage division, has reached an agreement to acquire Smit Lamnalco ("SL"), the world's fifth-largest towage operator.
• Boluda Towage will thus become a world leader, with high growth potential and the capacity to further consolidate the sector.
• This operation will enable the company to strengthen its presence in strategic markets such as Australia, the Middle East, and West Africa, with a presence in 50 countries.

Madrid, February 9, 2023 - With the acquisition of Smit Lamnalco ("SL"), Boluda Towage - the business line of Boluda Corporación Marítima that focuses its activity on port, coastal and offshore towage, as well as maritime salvage - becomes the world's leading company in the sector, with a fleet of 600 tugboats and an intervention capacity in 50 countries and 148 ports around the world.

The Dutch company Smit Lamnalco is 50% owned by Boskalis Group and 50% by Rezayat Group. It employs more than 1,600 people and owns 111 vessels. It is a reference in towage services for port terminals with a global and diversified customer base in the LNG, tanker, and bulk segments. 

This acquisition, which is still subject to regulatory approvals in several countries, confirms the expansion of Boluda Corporación Marítima worldwide, reaching strategic markets where Smit Lamnalco has a strong presence such as Australia, the Middle East, and West Africa.

Vicente Boluda Fos, Chairman of Boluda Corporación Marítima states: "Boluda is a company that has never stopped growing and transforming itself. This new stage is the logical consequence of previous evolutions that, over the last few years, have made us number 1 in port logistics services and in the towage sector. The industry is at a turning point, impacted by the climate emergency and geopolitical tensions. Shipping is at the center of these issues, facing challenges like never before. As a global leader, we are aware of our responsibilities and we will continue to commit to sustainable development, which benefits society and its development".

"Smit Lamnalco is a solid company with more than 55 years of operational experience, present in more than 20 countries and with more than 1,600 employees worldwide. I have no doubt that this operation will be fruitful for both parties and especially for our customers who will benefit from a consolidated team, a diversified offer, and a greater capacity for intervention and innovation," says Vicente Boluda Ceballos, Deputy Chairman at Boluda Towage.

In recent years, Boluda Corporación Marítima, despite the tensions in the world economy, has strengthened its activities, both in its Shipping division and in the Boluda Towage division.