Angelicoussis Group snaps up Altera’s shuttle tanker business 

Greece’s Angelicoussis Group has struck a deal with Altera Infrastructure to take over its shuttle tanker business.

Angelicoussis affiliate Maistros Shiptrade is taking 18-vessel strong Altera Shuttle Tankers (AST), which operates in Brazil, Canada and the North Sea, for an undisclosed sum, adding to the group’s 144 ships on the water and 23 newbuilds set to enter the fleet, including three shuttle tankers.

With this alignment, the combined shuttle tanker operation is well positioned to strengthen its position as one of the largest global fleets in its segment, the companies said in a joint statement.

Commenting on the deal, Maria Angelicoussis, chief executive of the Angelicoussis Group, said: “AST’s long-standing relationships and highly sophisticated fleet of tankers, combined with a common culture of excellence and commitment to a sustainable future, mean that together, AST and our Group are firmly positioned to offer best-in-class services to clients across the expanding shuttle tanker market.”

Shuttle tankers are usually built in response to tenders, with a typical initial charter lasting between five and 10 years. The majority of vessels operate in the North Sea and Brazil, where Angelicoussis’ Maran Tankers landed a contract for the three newbuilds with Petrobras this year.

The Altera deal is expected to close in the first half of 2025.

“We believe that under new ownership, this segment will continue to grow, supported by a strong strategic vision and deep industry expertise,” added Duncan Donaldson, acting CEO of Altera. Earlier this year, the company also offloaded its anchor-handling and towage unit, ALP Maritime, to Dutch-based Boskalis.