Genesis Energy Acquires FMT Business

Wednesday, August 10, 2011

Genesis Energy, L.P. has completed the previously announced acquisition of the black oil barge transportation business of Florida Marine Transporters, Inc. and its affiliates (FMT). The purchase price was $141 million plus customary adjustments. The acquired business is comprised of 30 barges (seven of which are being sub-leased under similar terms of an existing FMT lease) and 14 push/tow boats which transport heavy refined petroleum products, primarily serving refineries and storage terminals along the Gulf Coast, Intracoastal Canal and western river systems of the United States, including the Red, Ouachita and Mississippi Rivers.

Grant Sims, Genesis’ Chief Executive Officer, said, “The acquisition of these high quality vessels represents a significant step forward in the development of our marine transportation of crude oil and heavy refined petroleum products. The integration of organic projects with focused external acquisitions is designed to expand our customer base and capabilities, creating long-term value for all our stakeholders.”

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Henriksen Unveils Strongest SOLAS Boat Lifting Hook

H Henriksen of Norway has received SOLAS certification for a new off-load single-point boat lifting hook capable of holding up to 22.5-tonnes. The quick release

S&P Raises Steamship Mutual outlook to Positive

Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed. In their announcement Standard

SSA Welcomes Decision To Extend BEO

The Singapore Shipping Association (SSA) has welcomed the decision by Singapore’s Minister for Trade and Industry to extend the Competition (Block Exemption


McAllister Towing – 150 Years of Family Business

“Early in 1864, a young man names James McAllister stood on board a sailing vessel where he served as a mate. The boat was about to set sail from the Red Bay of

Lightering Operations Begin for Sunken Lake Barge

Lightering operations has begunn for the  tanker barge Argo sunken in Lake Erie as Unified Command responders took advantage of a favorable weather window, the U.

Helm Announces Maintenance & Compliance Release

In line with the Subchapter M waterways rules which are due to come into effect in 2016, Helm Operations will introduce the full capability of it’s latest Maintenance and Compliance solution,

Maritime Contracts Maritime Security Naval Architecture Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1610 sec (6 req/sec)