Genesis Energy LP announced that it has agreed to acquire the MT American Phoenix and two related charters and management agreements from Mid Ocean Tanker Co. for about $157 million. The American Phoenix is a double-hulled Jones Act qualified tanker completed in 2012. It has 330,000 barrels of cargo capacity and is operating under long-term charters into 2020 with high-quality counterparties, including a major integrated oil company.
The acquisition is subject to customary closing conditions, including receipt of regulatory approvals and third-party consents. Genesis Energy intends to fund the acquisition through its $1 billion revolving credit facility. The acquisition is expected to be immediately accretive to the company’s distributable cash flow per unit.
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