Spain's Boluda Towage Latam Completes Full Acquisition of Ecuador's CITITUG
en.Wedoany.com Reported - On November 12, Boluda Towage Latam, the Latin American business unit of Spain's Boluda Towage, completed the acquisition of Ecuadorian tugboat operator CITITUG S.A., obtaining 100% of its equity and taking over the company's existing team and 5 tugboats, namely Esperanza I, ASD Santa Fe, ASD Mater, ASD Alyssa and Valentina. CITITUG is headquartered in Guayaquil, Ecuador, and primarily provides port towage, offshore towage and vessel assistance services. The transaction marks Boluda Towage's first entry into the Ecuadorian market.
The acquisition involves all of CITITUG's equity. Ecuador's Superintendency of Economic Competition approved the transaction on November 11 through Resolution No. SCE-CRPI-24-2026, allowing Boluda Towage Latam to obtain sole control of the company. The regulator's review concluded that the acquirer had not previously conducted towage operations in Ecuador, that the transaction would not combine two previously competing enterprises, and that it would not reduce the number of existing operators at the Balao oil terminal. Following completion of the acquisition, CITITUG will continue its existing operations under unified management by the new shareholder.
CITITUG's existing 5 tugboats constitute the main operating assets of the acquisition. Among them, Esperanza I, ASD Santa Fe, ASD Mater and ASD Alyssa are configured as azimuth stern drive (ASD) tugboats of varying specifications, while Valentina performs corresponding port support operations. The fleet can carry out vessel berthing and unberthing assistance, in-port towage, offshore escort, maritime rescue and offshore operations. The company has operated locally in Ecuador for more than 20 years, accumulating port operation experience and customer resources.
CITITUG's key operations are concentrated at the Balao Oil Terminal (Terminal Petrolero de Balao) in Esmeraldas Province, Ecuador. The terminal handles the berthing and unberthing of oil transport vessels, and tugboats must provide assistance based on tanker size, draft, wind and wave conditions, and terminal operating conditions. In addition to conventional tugboat services, CITITUG also provides vessel assistance services for oil terminals, buoys and single-point mooring facilities, with its business scope covering port and offshore towage, escort, maritime rescue and offshore operations.
The integration will also complement Boluda Towage's port service capabilities along the Pacific coast of South America. Through CITITUG's existing team and tugboat assets, Boluda can undertake vessel berthing and unberthing, tanker assistance and offshore towage operations locally in Ecuador without having to build a local operating system from scratch. CITITUG's existing personnel and operational capabilities will be incorporated into the group's network and will continue to serve local customers.
