Genesis Buys Jones Act Tanker

Genesis Buys Jones Act Tanker

Genesis Energy, L.P. has bought the 49,000 dwt products tanker M/T American Phoenix from Mid Ocean Tanker Company, and two related charters and management agreements for around USD 157 million, the Houston-based company said in a release.

The American Phoenix, completed in 2012, is a double-hulled, Jones Act qualified tanker with 330,000 barrels of cargo capacity. The vessel is operating under long term charters into 2020.

“This asset fits squarely within our focus of providing the logistical capability to get the right barrel to the right location,” said Grant Sims, Chief Executive Officer of Genesis.

The company will use a part of its USD 1 billion revolving credit facility to finance the purchase.

Genesis Energy, L.P. is a midstream energy master limited partnership involved in pipeline transportation, refinery services and supply and logistics. The company’s supply and logistics division is engaged in the transportation, storage and supply and marketing of energy products, including crude oil, refined products, and certain industrial gases.

Genesis’ operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida and the Gulf of Mexico.

Press Release

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