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Rimorchiatori Riuniti, €24 million investment in Malta

Date: 20/02/2018

Genoa - The Rimorchiatori Riuniti Group will invest €24 million in its subsidiary Tug Malta Limited, which operates out of the Maltese ports. The plan, which the company provided to Il Secolo XIX/The MediTelegraph in advance, was presented today at La Valletta, on the occasion of the launch of a new vessel, St Angelo. The tugboat – which is part of the Genoese company’s plan to enlarge its fleet – will be the first of three new models to enter service: the other two units will come into operation in the first quarter of 2019 and 2021 respectively. With this €8 million tugboat St Angelo, Tug Malta Ltd now has eight units available. This latest acquisition, the Rimorchiatori Riuniti Group explained, will contribute to modernising the company’s fleet in terms of typology, power and towing capacity and this will better meet the demands of local port activity, particularly in the Marsaxlokk basin, where increasingly large container ships are calling.

Today’s presentation was also attended by Maltese Prime Minister Joseph Muscat and Minister of Transport Ian Borg, in addition to the Rimorchiatori Riuniti Group chiefs, Giovanni Delle Piane and Gregorio Gavarone. The new tug, built by Damen Shipyards in Galati, Romania, is equipped with two Rolls Royce “Aquamaster” propulsion units and two Caterpillar main engines, as well as having a liquefied natural gas system for operations at the Delimara LNG terminal on the island of Malta. Last November, as reported by Il Secolo XIX/The MediTelegraph, the Genoese company opened its doors to a partnership with Deutsche Bank. The Pan European Infrastructure II fund, managed by the infrastructure division of Deutsche AM, part of the Deutsche Bank Group, acquired a 35% share of Rimorchiatori Mediterranei Ltd, in which Rimorchiatori Riuniti now holds the other 65%. The fund was chosen from four that responded to the search for a financial partner that was launched by the group - which owns over 100 tugboats. After this deal, public listing on the stock exchange could be in the Rimorchiatori Riuniti Group’s future.



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