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Genesis Energy to acquire tanker, related charters for $157M

  • Genesis Energy (NYSE:GEL +0.8%) agrees to acquire the M/T American Phoenix from Mid Ocean Tanker Company and two related charters and management agreements for ~$157M.
  • GEL says the American Phoenix is a modern, double-hulled, Jones Act qualified tanker with 330K barrels of cargo capacity operating under long-term charters into 2020 with high quality counterparties, including a major integrated oil company.
  • GEL expects the acquisition to be immediately accretive to distributable cash flow per unit.

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Genesis Energy, L.P. Class A Common Units