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TransMontaigne has announced two of its wholly-owned subsidiaries have entered into separate agreements for the sale of terminal facilities on Fisher Island, Miami and in Fairfax, Virginia.

The Fisher Island terminal has played a long-standing role in the local bunker market and TransMontaigne reports that the facility currently has active storage capacity for 700,000 barrels of marine fuels.

In a statement issued on 22 January, TransMontaigne said that the purchase price for the terminal will be around $180 million and the sale is scheduled to close on or about 15 May, subject to customary closing conditions. TransMontaigne did not divulge the name of the buyer. However, the company said that after the sale is completed it will lease the terminal from the buyer to allow it to ‘continue servicing its current customer agreements’, so the change in ownership may have little direct impact on the local bunker market.

The Fairfax terminal, which is being sold for around $30.75 million, has active capacity of around 500,000 barrels for the storage of gasoline, diesel, ethanol, and fuel additives. This sale is expected to complete in June next year.

Randy Maffett, Chief Executive Officer of TransMontaigne, said: ‘These terminal sales reflect the intrinsic value of TransMontaigne’s assets. The transactions will allow us to continue to focus on strategic growth to support our customer demand and facilitate energy transition related projects.’

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