ONE of the towage industry’s long-standing rumours has been confirmed with Engage Marine (EM) announcing it is tying the knot with Indonesia’s Asian Bulk Logistics.
In a statement released to DCN overnight Engage managing director Mark Malone said that in order to continue growth and increase capability the company has been "exploring opportunities in the market for a strategic partnership to enable this ambition".
"Our goal was to find a strategic partner that delivers on this ambition, whilst encouraging us to continue operating as we do today. This continuity means no change to the EM culture, brand, strategy or personnel.
"The partner we have chosen is Asian Bulk Logistics (ABL), who will increase our financial strength and capability, whilst also retaining and supporting the way we currently work," Mr Malone said.
"The current status of this arrangement is reliant on several approvals, from both regulatory authorities (e.g. ACCC) and clients, which need to be granted over the next couple of months.
"If approved, the relationship moving forward will be an alliance between ABL and EM, with ABL holding the majority of shares in the new entity and EM’s current shareholders holding the balance. This structure offers continuity between the current business and new structure.
"This arrangement is not yet ratified and therefore it remains premature to announce. However, we are aware of rumours in the market and want to reassure our people and clients of our focus on continuity and ensuring no change to our current operations," Mr Malone said. "Further and full information will be provided in due course whilst the approval process progresses."
ABL has been expanding rapidly in Australia, having acquired Adelaide-based specialist SCF Containers at the end of 2025 and Perth-headquartered Transhipment Services Australia in February 2025. Earlier, in 2023, ABL purchased One Rail Australia.
Engage is known to have been seeking additional capital for some time, in anticipation of pursuing new business and challenging for major Australian port towage contracts coming up for renewal.
There are hurdles to be overcome, however, before the marriage with ABL can be consummated.
While the Australian Securities Investment Commission issued a waiver on 6 March for the proposed 100% takeover, the ACCC declined, stating on 19 March "The Australian Competition and Consumer Commission has determined under section 51ABV(1)(b) of the Competition and Consumer Act 2010 (Cth) not to make the notification waiver determination applied for".
"The ACCC is unable to reach a view that the Acquisition would not be likely to raise competition issues in any market based on the information provided. It considers that the Acquisition warrants consideration through the notification process, including via further information gathering and consultation with third parties.
"This may include a focus on:
The extent of any potential horizontal overlap and/or complementary relationship between PT Asian Bulk Logistics (including its subsidiaries) and Engage Marine in the supply of marine services, transhipment services, port logistics, and freight and logistics, in Australia.
The relevant geographic dimension of the supply of PT Asian Bulk Logistics’ and Engage Marine’s services in Australia.
"Given the above, the ACCC has determined not to make the notification waiver determination applied for. The ACCC considers that the determination is consistent with the object of the Act and the interests of consumers in promoting competition."