Genesis Energy Acquires the Black Oil Barge Transportation Business of Florida Marine Transporters for $141M

Genesis Energy GEL announced today that it has agreed to acquire for $141 million the black oil barge transportation business of Florida Marine Transporters, Inc. and its affiliates. That business is primarily comprised of 30 barges (7 of which will be sub-leased under similar terms of an existing FMT lease) and 14 push/tow boats which transport heavy refined petroleum products, principally 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. The barges, which have an average age of approximately three years, are double-hulled and fully compliant with the requirements of the Oil Pollution Act. The boats are modern and efficient, 13 of which have been in service three years or less.