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We
hold a 60% interest in Servicios Mexicanos en Remolcadores
S.A. de C.V. ("SMR"), and Smit International
Americas, Inc. the remainder 40%. SMR provides
port tow service (assistance to boats for dockage maneuvers, moorage,
amendments, entrances and exits) in the port of Manzanillo under
a 10 year concession (since January 1997).
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