MMLP Purchases Marine Equipment From FMT

Press Release
Friday, March 01, 2013

Martin Midstream Partners L.P. (Nasdaq:MMLP) ("MMLP" or the "Partnership") and Florida Marine Transporters, Inc. ("FMT") has announced that MMLP has purchased from FMT affiliates six liquefied petroleum gas ("LPG") pressure barges and two commercial push boats for approximately $50.8 million.



The newly acquired LPG barges enhance MMLP's natural gas liquids ("NGL") handling capabilities. The Partnership intends to use these assets to capitalize on logistical opportunities associated with NGLs on the Gulf Coast. Incremental NGL production volume from the Eagle Ford Shale is one of the primary drivers of the increasing demand for these types of assets. MMLP intends to drive margin by capitalizing on logistical opportunities in excess of the standard marine transportation services revenue. The Partnership believes it will achieve a seven times acquisition multiple based on its cash flow projections for these assets.



The LPG barges will reside in the Natural Gas Services segment of the Partnership, although they will be operated by Martin Marine (Marine Transportation segment). Each LPG barge has a pressurized cargo capacity of approximately 16,000 barrels (total capacity for all LPG barges of approximately 96,000 barrels) and was constructed within the last two years. Similarly, both push boats are modern and efficient, having being built in 2007 and 2010, respectively.

 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Pine Galaxy to Arrive SF Bay Wednesday

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Industry Partnership to Enhance BOP Maintenance

The maintenance of blowout preventers (BOPs) has significant financial, logistical and safety implications for drilling operators and rig owners. DNV GL has now

Shanghai Port's Q2 Profit Down; China Trade Flagging

Shanghai International Port , the operator of the world's busiest container port, reported earnings on Wednesday that showed its second-quarter net profit fell 2.

Marine Equipment

Port of Long Beach Chooses APS Crane OCR System

APS Technology Group, a member of the ABB Group and a leading provider of optical character recognition (OCR) and process automation technology solutions for marine and intermodal container terminals,

Crane Operator Alert: Certification Requirement

Although OSHA Stakeholders have voted to extend the final deadline in four different meetings, the deadline has not been officially extended by US Government agency OSHA as of yet,

Transnet National Ports Authority Orders 9 Voith Water Tractors

In South Africa’s largest local shipbuilding contract Transnet National Ports Authority has ordered nine new Voith Water Tractors (VWT) for use in several ports across the country.

Barges

ABS to Class Ultra Deepwater Offloading Unit

The Remora HiLoad DP BR unit design approved by ABS will have advanced capabilities for offloading operations in Brazil's Santos Basin. ABS, a provider of classification

Scottish Sea Farms Orders Newbuilds

Macduff Shipyards Ltd. has received a contract worth more than £3.3 million pounds from Scottish Sea Farms for the design and build of four 19.8-meter 150T steel

MN 100: AEP River Operations

16150 Main Circle Drive, Suite #400 St. Louis, MO 63017 Tel: (636) 530-2100  Email: info@aepriverops.com Website: www.aepriverops.com President: Keith Darling The

Vessels

US Aircraft Carrier 'Ike' Leaves Drydock

The aircraft carrier USS Dwight D. Eisenhower (CVN 69) (Ike) has left dry dock and moved from Dry Dock 8 to pier 42/43 at Norfolk Naval Shipyard (NNSY) in Portsmouth, Va.

Pariah Containership Banned from Australian Ports

The Australian Maritime Safety Authority (AMSA) informs that it has issued a direction to the container ship 'Vega Auriga' (IMO 9347786) that prohibits the ship

Anchorage Area Obstruction in Freeport

Brazos Pilots Association in Freeport, Texas, advise that a 600-700' long wire is presenting a hazard to vessels in the north Freeport general anchorage. According to advice from the Association,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1380 sec (7 req/sec)